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Financial Supervision

Banks, credit institutions and insurance companies are subject to supervision and regulation. This topic gives an introduction to how this is done.



Instruments used to regulate Investment Services, Stock Exchange Member Firms and Collective Investment Schemes

A look at the primary legislation governing the provision of investment services

Introduction

The primary legislation governing the provision of investment services are the Investment Intermediaries Act, 1995 (IIA), the Investor Compensation Act, 1998  and the Markets in Financial Instruments and Miscellaneous Provisions Act 2007.

These acts broadly define the objectives of regulation of investment firms and exchanges in terms of the maintenance of the proper and orderly regulation and supervision of investment business firms/financial markets and the protection of investors.

The legislation establishes the framework within which the Financial Regulator must work when authorising and supervising investment firms; criteria for authorisation, the ability to impose conditions and requirements on firms, the powers available to officers of the Financial Regulator when inspecting firms and the ability to issue directions up to, and including, a direction to suspend trading as an investment firm. The legislation also imposes obligations on auditors of investment firms to report certain issues relating to the business and/or the safeguarding of client assets to the Financial Regulator. Following the enactment of the Central Bank and Financial Services Authority of Ireland Act, 2003, the Financial Regulator itself has obligations to report issues to the Revenue Commissioners, the Director of Corporate Enforcement, the Competition Authority and the Garda Siochana.

Further information is available from the Irish Financial Services Regulatory Authority website, by clicking the links in the 'Associated Links' section of this page.




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