Central Bank Funding Levy
Tue Jun 18 2019
The Central Bank published its guidance on its move to 100% funding for the costs of financial services regulation and supervision, the Central Bank are committed to moving to 100% funding by 2023. In the future, levies will be based on incurred costs, so the 2019 levies will be issued in 2020.
Transition rate to 100% funding for intermediaries
- 70% – 2019 (levy noticed issued 2020)
- 75% -2020 (levy noticed issued 2021)
- 80% – 2021 (levy noticed issued 2022)
- 90% – 2022 (levy noticed issued 2023)
- 100% 2023 (levy noticed issued 2024)
The slower rate of transition to 100% for intermediaries is to acknowledge the feedback that CB have received from Brokers Ireland.
New AML Section in members section of website
Given the importance of AML/CFT, the Compliance unit has created a new section entitled Anti-Money Laundering and Counter Financing of Terrorism in the compliance support section of the Brokers Ireland website. This section also contains the Brokers Ireland AML/CFT Template Presentation 2019. Read more
Submission of Annual Online Returns to Central Bank
It is a requirement for ALL intermediaries to make an annual return to the Central Bank of Ireland via the online system within 6 months of the end of the firms accounting period.
Please note: All members who have a year end of the 31st December 2018 are required to make this return before Sunday the 30th of June 2019. For these members, the Central Bank has indicated that the return will be open for completion on the online system from the 1st of June 2019.
In order to make a timely return, members are advised to commence collating the required information now to make the return. For your reference, please click on this link to bring you to the Central Bank Guidance on making a return and an up to date mock-up of the return is available here.
IMPORTANT – Firms authorised under the Investment Intermediaries Act, 1995 (IIA) – See Below
Sole traders/Partners
It is important to note that sole traders, partnerships or an un-incorporated body of persons are required to prepare a Certificate of Solvency in line with 3.7 of the 2014 Handbook of Prudential Requirements for Investment Intermediaries which can be requested by the Central Bank at any time. The Certificate of Solvency is only required to be submitted if requested by the Central Bank.
Sole traders/Partners/Ltd Companies
Following the submission of the firm’s annual online return, the firms auditor is required to submit a Statutory Duty of Confirmation (SDC) to the Central Bank in relation to the authorised entity. Template copies of SDCs are available from the auditor’s accountancy body. A scanned copy of the SDC should be submitted by e-mail to statutoryduty@centralbank.ie within 1 month of the date of the audit report. The report must state whether or not circumstances have arisen that require the auditor to report a matter to the Central Bank under a prescribed enactment. Members should seek confirmation from their auditor that this requirement has been complied with.
Members who are having technical difficulties with the online Reporting System should contact the Regulatory Transactions Division directly at OnlineReturns@centralbank.ie
