Central Bank speech on IFR/IFD
The IFR/IFD will apply to MiFID investment firms from 26 June 2021. This speech from Gerry Cross of the Central Bank of Ireland on 27 January 2021 sets out a good summary of the new regime – and also puts the changing investment services environment in Ireland post-Brexit into context.
The Central Bank expects there to have been board-level engagement already in preparation for the IFR/IFD and, most importantly, expects that firms have already stood-up their implementation projects.
We produced a short briefing on IFR/IFD last week: Investment Firms: New prudential rules will apply from 26 June 2021
The IFR/IFD entered into force in December 2019 and will be applicable for all firms from 26 June 2021. We appreciate that both COVID-19 and Brexit were impactful for firms throughout 2020. However, at this point we expect that firms’ preparation for the IFR/IFD has been discussed at board level and that firms have stood up their implementation projects.