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Banking Regulations and Compliance in Ireland: A Comprehensive Guide
The Central Bank of Ireland has outlined its policy under several headings, with a comprehensive list of codes and requirements imposed on various industry sectors available on its website. The bank’s commitment to strengthening corporate governance standards and practices across the financial services industry is evident in its latest publications.
New Corporate Governance Requirements for Captive Insurance and Captive Reinsurance Undertakings 2015
The Central Bank has published new Corporate Governance Requirements for Captive Insurance and Captive Reinsurance Undertakings, which will come into effect from January 1, 2016. The requirements aim to promote high standards of corporate governance within firms.
Corporate Governance Requirements for Insurance Undertakings and Credit Institutions
Separate Corporate Governance Requirements have been published for Insurance Undertakings and Credit Institutions, replacing the previous Corporate Governance Code for Credit Institutions and Insurance Undertakings. These requirements will come into effect from January 11, 2016.
Investment Firms and Market Operators
The Central Bank has also published Corporate Governance Requirements for Investment Firms and Market Operators 2018, which provide clarity to industry and promote high standards of corporate governance within firms. The requirements are intended to apply to firms authorized by the Central Bank that are designated as High, Medium High or Medium Low Impact under the Central Bank’s Probability Risk Impact System (PRISM).
Additional Guidance
The Central Bank has also published a range of additional guidance documents, including:
- FAQs
- Guidelines on compliance statements for Credit Institutions and Insurance Undertakings
These publications aim to provide greater clarity on the requirements and promote best practice within the industry.
Related Party Lending Code
A Code of Practice on Related Party Lending, applicable to Credit Institutions, was published in 2013. The code aims to promote transparency and accountability in lending practices.
Auditor Protocol
The Auditor Protocol has also been published by the Central Bank, providing guidance on auditing practices within the industry.
Conclusion
In conclusion, the Central Bank’s policy on banking regulations and compliance in Ireland is designed to promote high standards of corporate governance and risk management within the financial services industry. By publishing a range of guidelines, codes, and requirements, the bank aims to ensure that firms operating in Ireland are compliant with relevant regulations and best practices.