Statement - Roundtable discussion with consultants and legal experts - July 2017

As part of the Central Bank's ongoing engagement with external stakeholders a roundtable discussion was held on 19 July 2017 with consultants and legal experts that are working with financial services firms considering relocating activities to Ireland as a result of Brexit.

The Central Bank set out how it was responding to the challenges and risks posed by Brexit in the context of its regulatory and supervisory priorities and mandate. It also highlighted the importance of ensuring that regulatory standards are maintained and how it was contributing to the development of a European-wide approach particularly through the work of the ECB and the three European Supervisory Authorities.

The Central Bank also outlined the significant engagement it is having with potential applicants and the resources it is putting in place to deliver on its gatekeeper and supervisory mandates.

There was an open discussion on a range of issues including:

• The level and nature of engagement with potential applicants across all sectors.
• The importance of taking a consistent approach across Europe on key Brexit issues.
• The role of the European authorities and the guidance they have issued or are developing.
• Substance and the level of resourcing expected by the Bank.
• Central Bank engagement with State agencies on Brexit matters.
• The pre-application and authorisation processes and feedback on how the Central Bank is engaging with firms.

The Acting Deputy Governor, Financial Regulation, Bernard Sheridan confirmed that the Central Bank will consider hosting a further roundtable later in the year.

The following stakeholders attended the Roundtable:

1. McCann Fitzgerald
2. Maples and Calder
3. Dechert
4. Grant Thornton
5. BDO
6. Eversheds-Sutherland