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Case by Case Basis – The Central Bank of Ireland’s primary approach to Competent Authority Discretions under the new Investment Firm’s legislative framework

On 14 January 2021, the Central Bank of Ireland issued the much anticipated CP135: Consultation on Competent Authority Discretions in the Investment Firms Directive and the Investment Firms Regulation, signaling its  “proposed approach and perspectives in relation to provisions contained” within the Investment Firms Directive and Investment Firms Regulation where the competent authority can or must exercise its discretion.

In this insight we consider these discretions, the Central Bank of Ireland’s proposal in respect of same and what they will mean for impacted firms.