If you provide investment services or provide investment advice in financial instruments then you will need to be authorised under MiFID unless you can avail of an exemption.
The authorisation process can be time consuming and difficult unless you invest sufficient time into understanding your obligations under the MiFID Regulations. Even then it is easy to overlook important operational matters. Business managers starting a MiFID firm have enough to do planning business growth, finding perspective clients, sourcing funding, building your management team, arranging agreements with counter-parties (e.g. prime brokers), and implementing technology.
Compliance Ireland Regulatory Services Limited have project managed numerous MiFID applications filed with the (Irish) Financial Regulator, assisting with ICAAP and client asset requirements and drafted associated compliance manuals and procedures.
Case Study 1: Proprietory Trading Firm
Case Study 2: Stock Broking Firm
Click here to read services of Compliance Ireland.
Click here for more on Authorisations
Click here for more on MiFID services
Click here to read examples of recent assignments and case studies.
We have set out below the information an applicant must provide when applying for authorisation with the (Irish) Financial Regulator:
-
-
General Business Information
-
Memorandum and Articles of Association or other Constituting Document
-
Financial Information
-
Directors and Managers
-
Shareholders/Members and Qualifying Shareholders
-
Organisational Structure
-
Provision of Information on an Ongoing Basis
-
Ability to Supervise Applicant
-
Regulatory Background
-
Individual Questionnaires for each director and senior manager
-
Services to be provided
-
Financial Instruments to be transacted
-
Qualifying Shareholder Requirements
-
Client Assets Procedures
-
Business Plan setting out expected activities over the forthcoming three years
-
-
-
-
Professional Indemnity Insurance
