Welcome to the FIG Top 5 at 5

On 27 March 2026, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) (Amendment) Regulations 2026 (“2026 Regulations”) were published in Iris Oifigiúil.

The 2026 Regulations amend the Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025 (SI No. 81 of 2025) (“2025 Regulations”).

The 2025 Regulations set out cross-sectoral requirements applying across all sectors, and other sector specific requirements applying to the provision of consumer banking, credit and arrears, insurance and investments.

The 2026 Regulations, which came into effect on 25 March 2026, consist of a number of targeted miscellaneous amendments to the 2025 Regulations that were required to address specific drafting, operational and alignment issues that were identified after the publication of the 2025 Regulations.

The amendments are aimed at promoting clarity and predictability in the application of the 2025 Regulations and to obviate avoidable burden for firms and consumers.

The main changes are as follows:

MiCA

• regulation 16 (knowing the consumer in terms of information to be gathered and recorded) – the scope of the application of suitability assessment obligations under regulation 16 to CASPs is now only applicable where advice on crypto-assets or portfolio management of crypto-assets under article 81 of the regulation on markets in crypto-assets (“MiCA”) is engaged in;
• regulation 18 (the provision of a statement of suitability) – the  scope of application of suitability assessment obligations under regulation 18 to CASPs is now only applicable where advice on crypto-assets or portfolio management of crypto-assets under Article 81 of MiCAR is engaged in; and
• regulation 370 (assessing and determining suitability of investment product transaction or series of such transactions) – this amendment clarifies that regulation 17 (assessing and ensuring suitability) is now only applicable where advice on crypto-assets or portfolio management of crypto-assets under article 81 of MiCA is engaged in.

Other amendments

• the definition of “working day” has been amended to improve the practical operation of the framework in circumstances where the existing definition may not fully reflect how firms and consumers operate in practice;
• the requirement that “written” consent is obtained prior to telephoning a referral in regulation 110(1)(d) has been removed; and
• regulation 136 is amended by disapplying the regulation to “credit documentation in respect of a credit agreement” to which Directive (EU) 2023/2225 (“CCD2”) applies.

Th Central Bank, in its cost and benefits analysis (“Analysis”), stated that the amendment to regulation 110(1)(d), as regards referrals and consent, and the exemption under regulation 136 (the exemption under Directive (EU) 2023/2225 (“CCD2”))  removes or reduces procedural requirements in limited circumstances where those requirements are no longer necessary or would create avoidable friction. This amendment also serves to support a smoother process for obtaining consent in the relevant circumstances.

The Analysis also emphasises that the amendments clarify the operation of specific requirements, including those applicable to services regulated under MiCA. Further, it is stated that the numbering of regulation 371(1), supports more consistent interpretation and application by firms and supervisors.

Additionally, the Analysis highlights that the MiCA-related clarification and the exemption linked to CCD2 support a more coherent interaction between the 2025 Regulations and relevant EU legal frameworks

On 2 April 2026, Governor of the Central Bank of Ireland (“Central Bank”), Gabriel Makhlouf published a blog post (“Blog”) focused on the digital transformation and, in that context, the Central Bank’s goal of ensuring that central bank money can continue to perform its “stabilising role” as a safe asset for settlement.

The Governor highlighted the benefit of a well designed digital asset ecosystem in that it can create a more integrated European financial market as a near-term reality, citing technological developments such as distributed ledger technology (“DLT”) and tokenisation. He also acknowledged the new risks that may be introduced, noting that, already, the Central Bank needs to develop new frameworks for authorisation and supervision of entities providing on-chain and assets in digital form.

Governor Makhlouf also pointed out that technological change also means that payment and settlement infrastructures need to be modernised – highlighting the fact that Europe is still dependent on a small number of non-European providers.

Discussing the importance of the stabilising role of central bank money, the Governor emphasised the need to “enable public money for the digital age”, while, at the same time, ensuring that the private sector continues to innovate and meet the financial needs of households and businesses.

Considering the operationalisation of central bank money in a digital capacity, the Governor highlighted that innovative technologies would enable a “unified shared digital infrastructure with low barriers to entry.” He further stated that established governance and the capacity to host multiple types of asset would allow for efficiency and seamless integration with other financial market infrastructures. This, the Governor stated, would provide “pan-European ‘rails’ for both public and private digital money and tokenised assets with safe, instant settlement.”

The Governor highlighted that such infrastructures need to be available at both retail and wholesale levels and he pointed to the work of the Central Bank, in collaboration with Eurosystem colleagues, on the digital euro and the roadmap for a European digital asset.

DLT

Governor Makhlouf identified DLT as an opportunity to facilitate seamless and secure settlement in central bank money across Europe at scale – something that is not possible with traditional systems. He highlighted that a number of “enablers” are needed in order to successfully leverage the benefits of a modern digital ecosystem and in that regard, he pointed to the Central Bank’s recently published discussion paper on DLT and tokenisation in financial services where those enablers are set out – for more information, see FIG Top 5 at 5 dated 12 March 2026.

Less fragmentation, more integration

The need to mitigate the risk of fragmentation in the existing ecosystem was a matter that the Governor highlighted, further stating that risks “from activities outside the perimeter that could interact with it” also need to be monitored. He advocated for a balanced approach that aims to align public and private interests and stated that, in his view, this means preventing central bank money settlement from being displaced by “riskier settlement assets on private financial market infrastructures”.

The Governor concluded by stating that the goal of all European policymakers should be the realisation of a more integrated financial system, one that will result in a stronger European economy and one that, for Ireland, will result in the achievement of “efficiencies of scale that greatly surpass the capacity of our domestic market.” 

Tasks for central banks

Governor Makhlouf stated that apart from modernising the infrastructure, central banks have two other important tasks:

• ensuring that the financial system of the future is safe through regulating and supervising well; and
• remaining engaged so as to understand the dynamics that are driving innovation and their implications and in that regard, the Governor highlighted:
  • the work of the Central Bank through its innovation sandbox programme; and
  • the Central Bank’s analysis of the macro-financial and macroeconomic effects of innovation in money and payments for broad cohorts in society, highlighting the recent publication of two papers – one being a signed article considering the existing infrastructure that underpins both traditional and emerging payment systems and the other being a staff insight on attitudes to the digital euro in Ireland.

On 27 March 2026, the Central Bank of Ireland (“Central Bank”) published a notice of intention (“Notice”) to amend the Minimum Competency Code 2017 (“MCC”) to incorporate the European Securities and Markets Authority’s (“ESMA”) Markets in Crypto-Assets Regulations (“MiCA”) guidelines (“Guidelines”).

The Guidelines aim to promote greater convergence in the criteria for the assessment of knowledge and competence of staff providing advice or information about crypto-assets or crypto-asset services and their application. Accordingly, the Guidelines strengthen investor protections by ensuring that staff in CASPs possess a minimum level of knowledge and competence.

ESMA consulted on the Guidelines in February 2025 – for more information, see FIG Top 5 at 5 dated 20 February 2025.

The Guidelines, and their official translations, were published on ESMA’s website on 28 January 2026 – they apply six months from that date, being 28 July 2026.

Under article 16(3) of the ESMA Regulation, competent authorities and CASPs are required to make every effort to comply with the Guidelines. Additionally, competent authorities are required to incorporate the Guidelines into their national and / or legal supervisory frameworks.

As a result, the Central Bank proposes to revise the scope of the MCC to incorporate the Guidelines. The Notice sets out that the amendments are being introduced to ensure that staff in CASPs meet the minimum thresholds for knowledge and competence to enhance investor protection and will apply to staff in CASPs providing information or advice on crypto-assets or crypto-asset services.

Main changes

A high-level overview of some of the main amendments is as follows:

• ‘appropriate qualification’, ‘appropriate experience’ and ‘client’, in the context of MiCA services are defined;
• the definition of ‘consumer’ has been updated and now includes reference to an incorporated body having an annual turnover in excess of €5 million in the previous financial year;
• the terms ‘crypto-asset’, ‘crypto-asset service’, ‘crypto-asset service provider’, ‘providing advice on crypto-assets or crypto-asset services’ and ‘giving information on crypto-assets or crypto-asset services’ have been defined;
• the definition of ‘new entrant’, has been updated;
• a person giving information on crypto-assets or crypto-asset services is required to meet the knowledge and competence requirements as set out in section 5.2 of the Guidelines;
• a person providing advice on crypto-assets or crypto-asset services is required to meet the knowledge and competence requirements as set out in section 5.3 of the Guidelines;
• a person performing MiCA services is also required to demonstrate the appropriate experience to perform the relevant function;
• a new entrant providing MiCA services must be working towards obtaining appropriate experience on a full-time equivalent basis, for a minimum period of six months when giving information about crypto-assets or crypto-asset services and one year when providing advice on crypto-assets or crypto-asset services; and
• a person who is giving information on crypto-assets or crypto-asset services is required to complete 10 hours CPD and a person who is providing advice on crypto-assets or crypto-assets services is required to complete 20 hours CPD each year.

Transitional relief

The Notice sets out that existing staff may be treated as competent where they have provided information or advice on a full‑time equivalent basis, under or without supervision, for at least one year prior to the application of the Guidelines.

Next Steps

The Notice states that the Central Bank will publish the addendum to the MCC. These changes will come into force for anyone giving information or providing advice on crypto-assets or crypto-asset services, as defined in article 3(1)(16) of MiCA, from 28 July 2026.

The Central Bank will also consider whether any consequential amendments may need to be made to the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) Minimum Competency Regulations 2017.

On 25 March 2026, the Central Bank of Ireland (“Central Bank”) published an industry notice (“Notice”) stating that it has updated its retail intermediaries authorisation documentation. The changes relate to the following:

CPC 2025

As a result of the new Consumer Protection Code 2025 (“CPC”) coming into effect on 24 March 2026, references to the 2012 CPC within the application forms and guidance have been updated accordingly.

B-Form and guidance  

The retail intermediaries application form – B Form, and the guidance as regards completion of the B Form, have been updated and now includes questions regarding:

• the use of artificial intelligence, for example, information as to disclosures that will be made in any customer facing documentation;
• digitalisation, specifically, whether an applicant intends to deliver services digitally and if it is intended to do so then an applicant should provide sufficient information to demonstrate that the digital delivery of services in the firm will be subject to appropriate governance, oversight and controls;
• third country branches, for example, the B Form seeks information regarding the governance arrangements, internal systems (including IT infrastructure) and the controls and procedures in place in the branch, as well as the procedures in place to oversee the activities of the branch, the reporting arrangements to management in Ireland, who will carry out these activities and at what frequency. Applicants should be able to clearly articulate why the use of a third country branch is necessary and appropriate for their business model. This should include an explanation of why the relevant activities cannot reasonably be carried out in Ireland and how the arrangements align with the firm’s overall strategy and risk profile; and
• requirements arising from DORA, stated to be specifically for insurance, reinsurance and ancillary insurance intermediaries only.

The Central Bank explains that the updates are intended to ensure that information that it requests is in line with current regulatory developments.

The Notice reminds applicants that, from 1 May 2026, the updated B Form must be used and that applications using the previous version may be returned.

A-Form and guidance

The Notice sets out that there have been some minor changes to the retail intermediaries application form – A Form and the related guidance, including updated references to the CPC 2025.

As reported in the FIG Top 5 at 5 dated 26 February 2026, the Central Bank recently updated its authorisation process for retail intermediaries, specifically that, since 1 January 2026, it  will no longer accept Word-based application forms for ‘A Form’ applicants. Consequently, the Central Bank will now only accept online applications via the Central Bank’s Portal.

Review

The Central Bank advises all applicants to review the updated authorisation documentation, and related guidance, in advance of submitting an application.

1. Central Bank publishes NCID reports for mid year 2025 private motor premium and settled claims data

On 31 March 2026, the Central Bank of Ireland (“Central Bank”) published the private motor insurance mid-year 2025 premium data release and the settled claims data release of the National Claims Information Database (“NCID“).

The following is an overview of each of the published reports:

Private motor insurance mid-year 2025 premium data release of the NCID (“Premium Report”)

The Premium Report contains updated information on premium trends in private motor insurance, covering the period from 1 January 2025 to 30 June 2025 (“H1 2025“). It highlights key findings and emerging trends as regards premiums.

Some of the key findings highlighted in the Premium Report are as follows:

• the average written premium per policy was €655 in H1 2025. This was 4% higher than in 2024;
• the proportion of policies providing comprehensive cover remained as 93% of all polices in H1 2025; and
• in H1 2025, firms representing 98% of the private motor insurance market reported gross written premium of approximately €798 million across 1.2 million policies.

Private motor insurance mid-year 2025 settled claims data of the NCID (“Settled Claims Report”)

The Settled Claims Report contains updated information on settled claims trends and on the personal injuries guidelines (“Guidelines“), covering H1 2025 and highlights key findings and emerging trends, while the accompanying data annex provides an update to the underlying data.

Some of the key findings highlighted in the Settled Claims Report are as follows:

• the total cost of claims settled in H1 2025 was €374 million, excluding nil claims, representing an increase of 2% on H2 2024 and 25% higher than the pre-Covid 2015- 2019 average. This compares to a 29% increase in policy count since the pre-Covid average;
• since 2023 damage claims have overtaken injury claims as the largest component of claim costs. In H1 2025 they represented 56% of claim costs;
• in H1 2025, total injury claims cost decreased by 4% and were 24% lower than the pre-Covid average;
• the number of injury claims settled increased by 3% in H1 2025 compared to H2 2024 but remained 22% lower than the 2015-2019 average;
• as regards injury claims that settled for less than €100,000 in H1 2025 (94% of all injury claims):
  • average compensation cost was down 20% compared to 2020; and
  • the average total cost decreased by 7% compared to 2020 and is now €23,955.
• in H1 2025, 85% of all claims settled under the Guidelines (70% of litigated claims); and
• the average cost of claims that settled under the Guidelines in H1 2025,  when compared to claims that settled in the same channel under the Book of Quantum in 2020, were:
  • 30% lower for claims that settled directly before the Injuries Resolution Board;
  • 11% lower for claims settling through Injuries Resolution Board; and
  • 12% lower for claims settling directly after the Injuries Resolution Board.

2. EIOPA publishes technical specification for calculation of SNCUs and SNCGs

On 7 April 2026, the European Insurance and Occupational Pensions Authority (“EIOPA”) published a document (“Document”) setting out the technical specification for the calculation of the criteria for small and non-complex undertakings (“SNCUs”) and groups (“SNCGs”).

Background

The review of Solvency II introduced a strengthened framework for the application of the principle of proportionality, aimed at ensuring that regulatory requirements are applied in a way that is commensurate with the nature, scale and complexity of undertakings and groups. One of the main features of this revised framework is the new category of SNCUs and SNCGs, which are identified on the basis of a set of quantitative and qualitative criteria, which must be met consistently for two consecutive financial years.

The quantitative criteria for solo undertakings are identified under article 29a of Solvency II and those for groups are identified under article 213a.

Document

The Document aims to provide operational assistance to undertakings and supervisory authorities to support the accurate identification of eligible undertakings and the consistent calculation of the applicable risk indicators.

Some of the main areas addressed in the Document are as follows:

• a set of qualitative criteria to identify undertakings that, by their nature, cannot be considered small and non-complex, for example, undertakings that rely on approved partial or full internal models for the calculation of the solvency capital requirement (“SCR”) are excluded from the small and non-complex status, as the use of such models reflects a higher level of organisational complexity;
• the qualitative criteria ensure that undertakings with complex group structures, advanced risk modelling frameworks or significant pension-related activities are not classified as small and non-complex, irrespective of their quantitative profile;
• the quantitative criteria consist of risk-based and volume-based indicators that are differentiated according to the nature and the risks of the business carried out by the undertaking, namely life insurance, non-life insurance, or a combination of both; and
• technical specifications for the calculation of the nine risk indicators to be applied to consider undertakings and groups as small and non-complex, for example:
• the cross-border gross written premium income is lower than either €20 million or 10% of the total gross written premium income; and
• the accepted reinsurance is not higher than 50 % of total annual gross written premium income.

Next Steps

EIOPA has stated that the Document may be amended in the future to ensure the continuous, correct identification and calculation of the risk indicators