The purpose of this briefing is to summarise the licensing process for (i) credit institutions (banks); (ii) MiFID investment firms; (iii) AIFMs1 ; (iv) (re)insurance undertakings; and (v) payment institutions in Ireland, together with some of the key issues for licence applicants.
The regulator responsible for licensing and supervising all of the institutions above in Ireland is the Central Bank of Ireland (the CBI). The European Central Bank (the ECB) is also involved in the licensing process for credit institutions under the Single Supervisory Mechanism.
A key issue for all applicant firms is what degree of substance they will require in Ireland in order to meet the CBI’s “mind and management” test. There is no black and white test and no set formula to apply. Each application will be considered on its merits on a case-by-case basis and so we recommend that this question is at the top of the agenda for any initial meeting with the CBI.