Central Bank of Ireland publishes CP120

On 10 May 2018 the Central Bank of Ireland (the “Central Bank”) published CP120: Second Consultation Paper on the Corporate Governance Requirements for Investment Firms and Market Operators (“CP120”). CP120 sets out draft corporate governance provisions (the “Revised Requirements”) and seeks stakeholder feedback; subject to which the provisions may be modified. The submission deadline for responses is 31 July 2018.

CP120 refines the provisions set out in the Central Bank’s previous consultation paper on this topic, CP94 with regard to both responses received to CP94 and to various equivilant provisions of the European Union (Markets in Financial Instruments) Regulations 2017 (S.I. No. 375 of 2017), the delegated acts issued under MiFID II and the Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders under CRD IV and MiFID II (together, the “MiFID II Regime”). CP120 is to be read in conjunction with the MiFID II Regime.

As a general comment, CP120 sharply reduces the level of requirements that had previously been proposed under CP94.

 

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