Written answers

Thursday, 11 July 2019

Department of Finance

Central Bank of Ireland Data

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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164. To ask the Minister for Finance the number of licence applications made to the Central Bank between 2014 and 2018 and to date in 2019, by the type of financial services provider, that is, retail credit firm and so on; and if he will make a statement on the matter. [30791/19]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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It was not possible to provide all of the information sought in the time available and, therefore, I will make arrangements to provide the information in line with Standing Orders.

Reports on the Central Bank’s Regulatory Service Standards Performance are published twice a year and are available on the Central Bank website at the link below. The available information includes details from January 2015 to December 2018.

https://centralbank.ie/regulation/how-we-regulate/authorisation/service-standards 

Information for 2014 will be compiled and provided to the Deputy in line with Standing Orders.

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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165. To ask the Minister for Finance the number of open licence applications with the Central Bank; the length of time these applications have remained open; the type of financial services provider; and if he will make a statement on the matter. [30792/19]

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael)
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I have been advised by the Central Bank that the information sought by the Deputy is published on the Central Bank website at the link below. Reports on the Central Bank’s Regulatory Service Standards Performance are published twice a year and are available at present up to the end of 2018.

The information specifically sought by the Deputy is set out below.

Funds and Fund Service Providers Authorisation

UCITS and RIAIF applications: of 676 Submissions 98% of initial submissions were assessed within 20 business days (98% of subsequent submissions assessed within 10 business days).

UCITS and RIAIF funds/sub funds (fast track) applications: of 1,117 Submissions, 99% of initial submissions were assessed within 10 business days (99%of subsequent submissions assessed within 5 business days).

QIAIF applications: of 216 Submissions, 100% were authorised within 1 business day.

Fund Service Providers Authorisation

UCITS Management Company applications: of 14 Applications, 100% were authorised within 6 months.

Externally managed AIFM applications: of 14 authorisations and 1 Registration, 100% were authorised/registered within 6 months.

Fund Administrator applications: 1 Application was authorised within 6 months.

Self-Managed Investment Companies, Internally Managed AIFs and Investment Managers Authorisation

Self-Managed Investment Companies: of 10 Submissions, 100% of initial submissions were assessed within 20 business days (subsequent submissions assessed within 10 business days).

Internally Managed AIFs (Authorised): of 2 Submissions, 100% of initial submissions were assessed within 20 business days (subsequent submissions assessed within 10 business days).

Internally Managed AIFs (Registered): of 1 Submission, 100% of initial submissions were assessed within 5 business days (subsequent submissions assessed within 3 business days).

Clearance of Investment Managers (EU authorised): of 32 Submissions, 100% were assessed within 1 business day.

Clearance of Investment Managers (Non – EU Authorised): of 197 Submissions, 100% of initial submissions were assessed within 5 business days (subsequent submissions assessed within 3 business days).

Investment Firms Authorisation

MiFID applications: of 8 Applications, 88% of initial submissions were assessed within 40 business days (final submissions assessed within 10 business days).

Regulated Disclosures - Prospectus Approval

Debt Prospectuses: of 1,607 Applications, 99.5% were assessed within 10 business days.

Closed–ended Funds Prospectuses: of 2 Applications, 100% were assessed within 10 business days.

Equity Prospectuses: of 47 Applications, 100% were assessed within 10 business days (20 business days for Initial Public Offerings (IPOs)).

Retail Intermediaries and Debt Management Firms Authorisation

For 211 Applications, 99% were acknowledged within 3 business days of receipt of application.

For 217 Applications, 98% had completed key information check within 10 business days of receipt of application.

For 70 Applications, 100% had assessment phase completed and outcome notified to applicant within 90 business days of commencement of assessment phase.

For 70 Applications, 99% had notification of decision phase completed and outcome notified to applicant within 10 business days of receipt of satisfactory response to issues set out in notification of outcome of assessment phase.

Moneylenders, Retail Credit Firms and Home Reversion Firms Authorisation

For 2 Applications, 100% were acknowledged within 3 business days of receipt.

For 2 Applications, 100% had key information check completed within 10 business days of receipt of application.

For 2 Applications, 100% had assessment phase completed and outcome notified to applicant within 90 business days of commencement of assessment phase.

For 1 Application, 100% had notification of decision phase completed and outcome notified to applicant within 10 business days of receipt of satisfactory response to issues set out in notification of outcome of assessment phase.

For 37 Applications, 100% of renewals of moneylender licences were completed prior to expiry of existing licence.

Payment Firms (Payment Institutions, Electronic Money Institutions, Small Electronic Money Institutions and Money Transmission Businesses) and Bureaux de Change Authorisation

For 40 Applications, 95% were acknowledged within 3 business days of receipt of application.

For 37 Applications, 100% had completed key information check within 10 business days of receipt of application.

For 1 Application, 100% had assessment phase completed and outcome notified to applicant within 90 business days of commencement of assessment phase.

For 1 Application, 100% had notification of decision phase completed and outcome notified to applicant within 10 business days of receipt of satisfactory response to issues set out in notification of outcome of assessment phase.

Insurance / Reinsurance Undertakings Authorisation

Of 9 complete Applications, 100% were processed within 3 months of completion.

Of 12 incomplete Applications, 100% were returned within 2 weeks of receipt.

Trust or Company Service Providers Authorisation

Of 2 complete Applications, 100% were processed within 3 months of completion.

Of 1 incomplete Applications, 100% were returned within 2 weeks of receipt.

Across all sectors, in H2 2018, 22 applications / submissions were withdrawn by the applicant; and 18 applications / submissions were deemed dormant.

Fitness and Probity PCF

For 99 Applications with an incomplete Individual Questionnaire, 98% had a response provided to the submitting entity within 5 business days.

For 202 Individual Questionnaires (IQ) Applications for Qualifying Investor Fund (QIF)/ Qualifying Investor Alternative Investment Funds (QIAIF), 98% were processed within 5 business days.

For 206 IQ Applications for individuals previously approved by Central Bank of Ireland or European Economic Area (EEA) Financial Services Regulator, 94% were processed within 12 business days.

For 510 “standard” IQ Applications – i.e. non QIF/QIAIF and/or individual not previously approved, 95% were processed within 15 business days.

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