Regulatory Service Standards Performance Report: H1 2016

• Central Bank reports on performance against authorisation standards
• 27 of the 28 standards which applied during the period were met
• 2 new standards introduced from 1 July

The Central Bank of Ireland is the competent authority in Ireland for the authorisation and supervision of Securities Issues Statistics, financial service providers and associated firms. The authorisation of applications is an important supervisory gateway and a significant operational activity of the Central Bank. The Central Bank is committed to providing a clear, open and transparent authorisation process while ensuring a rigorous assessment of the applicable regulatory standards.  Against this background the Central Bank has today published the (PDF 1.05MB) (PDF 1.05MB)Securities Issues Statistics.  This document sets out the Central Bank’s performance against Service Standards that it has committed to for the authorisation of financial service providers and Pre-Approval Control Functions under the fitness and probity regime.

The Service Standards were introduced to inform stakeholders how long certain regulatory processes will take.  There are 40 Service Standards covering most sectors we regulate.  An additional two standards were introduced from 1 July 2016.

Notes

The prior approval of the Central Bank of Ireland is required before an individual can be appointed to a Pre-Approval Controlled Function.  Further information is available on our website.

The targets were set following a consultation ( Consultation on Authorisation of Regulated Firms, Funds and Intermediaries: Process Improvements and Service Standards (PDF 792.66KB)).  This consultation set out proposed new service standards for authorisation activities across a variety of sectors and the proposed dates for their introduction.