Capital Markets & Trading Regulations in Ireland

🇮🇪 CBI News

July 30th 2026

Issue 15 2026

No description available.

Sectors:

Investment Management Capital Markets & Trading

Topics:

Authorisation & Licensing Reporting & Disclosure

Asset ManagerAll Firms

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🇮🇪 CBI Enforcement high

July 23rd 2026

Russell Administration Limited (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Russell Administration Limited (CLONE) Website https://russelladministration.co.uk/ Email addresses used info@russelladministration.co.uk Phone number used 0208 058 3679 Authorisation in Ireland Russell Administration Limited (CLONE) is not authorised to provide investment services in Ireland. This unauthorised firm has cloned the details of authorised firm to pass itself off as legitimate to deceive consu...

AI Analysis

The Central Bank of Ireland has issued a warning notice on 23 July 2026 against “Russell Administration Limited (CLONE)”, an unauthorised investment / investment business firm that is cloning the identity of a legitimate authorised firm to deceive consumers. This highlights ongoing risks from clone investment scams and reinforces the need for Irish- and EU-authorised firms to strengthen controls around impersonation, client communications, and checks against the Central Bank Registers and unauthorised firms list.

What Changed

- The Central Bank of Ireland has formally designated “Russell Administration Limited (CLONE)” as an unauthorised investment firm under section 53 of the Central Bank (Supervision and Enforcement)...
The warning confirms that Russell Administration Limited (CLONE) is not authorised to provide investment services in Ireland, and that there is no connection between this clone entity and the...
The Central Bank has publicly disclosed specific identifiers for the unauthorised firm (website, email address, and phone number) to assist firms and consumers in recognising and blocking fraudulent...
The notice reiterates that firms and individuals can report suspected unauthorised or clone firms directly to the Central Bank via designated telephone contact points.
By publishing the warning, the Central Bank reinforces its policy that operating as an investment firm in Ireland without appropriate authorisation is unlawful and subject to supervisory and...

Suggested Considerations

Verify that your firm’s name, contact details, and regulatory authorisation information have not been cloned or misused by Russell Administration Limited (CLONE) or other similar entities, and escalate any evidence of impersonation to the Central Bank and local law enforcement.
Update client-facing communications, including website fraud alerts and investor letters, to warn about clone firms and specifically list known identifiers (such as the Russell Administration Limited (CLONE) website, email address, and phone number) where relevant to your client base.
Instruct front-office, call centre, and relationship management staff to advise clients to check the Central Bank Registers and unauthorised firms list before engaging with any entity claiming to be regulated in Ireland, and to report any suspicious contact immediately.
Review and strengthen internal financial crime and fraud detection controls to include explicit screening for clone firm indicators, such as mismatched contact details, unregistered domains, and requests to transfer funds to newly introduced counterparties.
Incorporate the Russell Administration Limited (CLONE) warning and similar Central Bank warning notices into your firm’s ongoing financial crime risk assessments and customer risk profiling, particularly for high-risk investment products and cross-border services.

Key Dates

23 July 2026

- Central Bank of Ireland publishes the warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 naming Russell Administration Limited (CLONE) as an unauthorised investment firm

Compliance Impact

Non-compliance primarily manifests as failure to detect and respond to clone firm activity, which can expose clients to fraud, generate significant conduct and reputational risk, and trigger supervisory scrutiny of your firm’s financial crime and consumer protection controls. While the warning is directed at consumers and unauthorised activity, regulated firms that ignore such warnings may face regulatory questions about the adequacy of their systems and controls.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

AML / Financial Crime Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerBroker DealerWealth Manager

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🇮🇪 CBI Speech

July 23rd 2026

Reinforcing the foundations - openness through resilience in the face of change - Speech by Deputy Governor McMunn at PWC

Good morning, I am delighted to be here and many thanks to Andrea for the invitation. 1 I very much look forward to the discussion and to hearing from you, but first of all I would like to set the scene with some perspectives on the environment we are operating in. Last month I set out my views on some of the key structural changes in the external environment underway, and how they are reshaping the financial system and in particular the funds sector. 2 I would like to briefly re-iterate a nu...

Sectors:

Investment Management Capital Markets & Trading

Topics:

Operational Resilience / Outsourcing Senior Managers / Governance Technology & Cyber

Asset Manager

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🇮🇪 CBI News

July 21st 2026

Issue 14 2026

No description available.

Sectors:

Capital Markets & Trading Payments & E-Money

Topics:

Reporting & Disclosure Operational Resilience / Outsourcing

All Firms

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🇮🇪 CBI Enforcement high

July 17th 2026

Aoncfd (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Aoncfd (CLONE) Websites https://aoncfd.com https://client.aoncfd.com/app.php Email addresses used support@aoncfd.com Purported address Iveagh Court 6, Harcourt Road, Dublin 2, Irlanda Phone number used None Authorisation in Ireland Aoncfd (Clone) is not authorised to operate as an investment firm or investment business firm in Ireland. Additional information It has come to the attention of the Central Bank...

AI Analysis

The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **Aoncfd (CLONE)**, an unauthorised online CFD trading provider that is falsely claiming a Dublin presence and cloning details of **Aon Solutions Ireland Limited**, a CBI‑authorised firm. This reinforces regulatory expectations that authorised firms and intermediaries implement robust controls to detect and respond to clone‑firm activity, particularly where their own identity is being misused to target consumers and investors.

What Changed

- The CBI has formally listed Aoncfd (CLONE) as an unauthorised investment firm / investment business firm that is not permitted to provide investment services or operate as an investment firm in...
The CBI has publicly identified Aoncfd (CLONE)’s websites, email address, and purported Dublin address to support monitoring and blocking efforts by firms and market infrastructures.
The CBI has clarified that Aoncfd (CLONE) is a clone entity that has copied the name, address and foreign registration details (CONSOB Registration 5141) of Aon Solutions Ireland Limited, and that...
The publication reiterates that the CBI will use its section 53 naming power under the Central Bank (Supervision and Enforcement) Act 2013 to publicly warn about unauthorised firms.
The notice reinforces existing expectations that firms, consumers, and intermediaries should use the CBI’s authorisations register and list of unauthorised firms as part of fraud and clone‑risk...

Suggested Considerations

Firms should immediately screen client referral sources, onboarding records, and any existing or prospective relationships against the identifiers published for Aoncfd (CLONE) (names, URLs, email, and purported address) and block or terminate any exposure.
Compliance teams should update internal fraud and financial crime watchlists and sanctions‑style screening tools to include Aoncfd (CLONE) and the specific URLs, email address and address cited in the warning.
Authorised firms, particularly Aon Solutions Ireland Limited, should conduct brand‑misuse and impersonation checks (including web‑scraping, social media monitoring and domain surveillance) to identify further clone activity and prepare incident‑response plans.
Client‑facing staff should be briefed via targeted compliance communications to warn clients about clone firms and to ensure they direct clients to the CBI’s register and unauthorised firms list when verifying any investment provider claiming an Irish authorisation.
Firms should review and, where necessary, enhance KYC and onboarding controls to include explicit verification of a counterparty’s regulatory authorisation in Ireland (or relevant jurisdiction) and checks for inconsistencies between provided details and registry information.

Key Dates

17 July 2026

- CBI issues the formal warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 naming Aoncfd (CLONE) as an unauthorised firm and publishing its details

Compliance Impact

Non‑compliance with expectations around detecting and responding to clone‑firm activity can lead to significant consumer harm, conduct risk and supervisory scrutiny, including potential enforcement if firms fail to maintain adequate systems and controls to prevent misuse of their identity. While the warning is directed at an unauthorised third party, authorised firms implicated by cloning risk reputational damage, client loss and potentially civil claims if they are perceived not to have taken reasonable steps to warn and protect customers.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Capital Markets & Trading Wealth & Private Banking

Topics:

AML / Financial Crime Consumer Protection / Conduct Authorisation & Licensing

Broker DealerBankFintech

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🇮🇪 CBI News

July 17th 2026

Issue 13 2026

No description available.

Sectors:

Capital Markets & Trading

Topics:

Market Abuse / Surveillance Consumer Protection / Conduct

Broker DealerAll Firms

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🇮🇪 CBI Enforcement high

July 15th 2026

Opening Statement by Governor of Central Bank of Ireland Gabriel Makhlouf, at the Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach

Cathaoirleach and Committee members, thank you for the invitation to be here today. I am joined by my colleagues Deputy Governor for Monetary and Financial Stability, Vasileios Madouros, and Colm Kincaid, Deputy Governor for Consumer and Investor Protection. The Economic Outlook Let me begin with the economic outlook. The global economy continues to face challenges and heightened uncertainty from the Middle East conflict and the disruption in the Strait of Hormuz, with implications for energy...

AI Analysis

The Central Bank of Ireland (CBI) Governor used this Oireachtas hearing to restate that the CBI will act only within its statutory mandate on prospectus approval, while also signalling that the EU Prospectus Regulation framework has changed materially since 5 June 2026 because of Regulation (EU) 2024/2809. For compliance teams, the key point is that prospectus-related processes, disclosures, and approval planning should now be reviewed against the amended EU regime and the CBI’s existing approval timetable requirements, including the 90 working day decision rule for non-SME prospectuses and 100 working day rule for SMEs.

What Changed

- Regulation (EU) 2024/2809 amends elements of the Prospectus Regulation, and those amendments fully took effect on 5 June 2026.
The Prospectus Regulation continues to apply as the core EU framework for prospectuses, with the CBI acting as the competent authority in Ireland for approval matters.
The CBI states that it must decide on a prospectus application within 90 working days of receipt of the initial application, or 100 working days for an SME.
If the review exceeds the applicable working-day limit, the CBI will cease reviewing the prospectus without approving it and will notify the issuer, offeror, or person seeking admission to trading.
A one-off extension of 30 working days may be requested before the original 90 working-day period lapses, including for SMEs.

Suggested Considerations

Review all prospectus templates, disclosure checklists, and approval workflows against the amended Prospectus Regulation provisions that became fully applicable on 5 June 2026.
Reassess transaction timetables to ensure the planned filing date allows for the 90 working day or 100 working day CBI review window, plus any needed extension request.
Submit any request for a one-off 30 working day extension before the original approval period expires, and include the required reference details in the request.
Confirm whether any current or planned issuance qualifies as an SME transaction, because the approval deadline differs from the standard timetable.
Update internal sign-off procedures so legal, finance, and compliance teams can demonstrate that prospectus materials are prepared in line with the CBI’s statutory mandate and the amended EU framework.

Key Dates

20 July 2017

- The Prospectus Regulation entered into force at EU level

21 July 2019

- The Prospectus Regulation fully applied, and Ireland’s implementing regulations for the regime came into operation

31 March 2022

- New Irish Central Bank fee regulations for prospectus and related document approvals came into operation

7 March 2024

- The Central Bank’s revised Prospectus Regulatory Framework Q&A was published, updating operational guidance on approval, publication, and passporting matters

11 March 2024

- GEM rule amendments took effect for certain retail debt securities listings, providing related market infrastructure context

Compliance Impact

Non-compliance risk is high because a failed or delayed prospectus approval can block issuance, delay admission to trading, and disrupt capital raising. Firms also face execution and disclosure risk if they do not align their documentation and timetables to the amended EU regime and the CBI’s approval mechanics.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Capital Markets & Trading Banking & Credit Investment Management

Topics:

Reporting & Disclosure Authorisation & Licensing Senior Managers / Governance

BankBroker DealerAsset Manager

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🇮🇪 CBI Speech

July 13th 2026

Governor’s Pre-Budget Letter Published

Central Bank of Ireland has today (13 July) published the annual letter from Governor Gabriel Makhlouf to the Tánaiste and Minister for Finance ahead of Budget 2027. In his letter, the Governor underscores the importance of building economic resilience in the face of heightened global uncertainty and structural economic transitions. He highlights the need to prioritise five key areas: Growing the supply-side capacity of the economy, particularly housing, transport, energy and water infrastruc...

Sectors:

Banking & Credit Capital Markets & Trading

Topics:

Prudential / Capital Requirements Reporting & Disclosure

All Firms

View Original

🇮🇪 CBI Enforcement high

July 10th 2026

MacKay Shields UK LLP (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm / Investment Business Firm / Alternative Investment Fund Manager Unauthorised Firm Name MacKay Shields UK LLP (CLONE) Website(s) None Email address(es) used support@mackay-shields.email Phone number(s) used WhatsApp nr(s) used: +351 916 719 422 +351 933 813 914 WhatsApp Q91 Group Telephone nr(s) used: +351 916 719 422 +351 933 813 914 +966 684 260 Authorisation in Ireland MacKay Shields UK LLP (CLONE) is not authorised to provide Investment services or In...

AI Analysis

The Central Bank of Ireland has issued a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **MacKay Shields UK LLP (CLONE)**, a fraudulent, unauthorised clone firm using messaging apps and mobile numbers to offer fake investments and operate the NYLI and NYLIPLUS applications. The entity has cloned the details of the legitimately authorised MacKay Shields UK LLP (CBI register C121665) and is unlawfully holding itself out as an investment firm, investment business firm and AIFM in Ireland, which has direct implications for Irish‑authorised firms whose brands are cloned and for any intermediary or distributor interacting with Irish clients.

What Changed

- The Central Bank of Ireland has formally designated “MacKay Shields UK LLP (CLONE)” as an unauthorised investment firm / investment business firm / alternative investment fund manager and published...
The notice clarifies that MacKay Shields UK LLP (CLONE) is not authorised to provide investment services, investment business services or AIFM services in Ireland and therefore any financial services...
The Central Bank highlights that the clone firm has been offering fake investments via the applications NYLI and NYLIPLUS, emphasising a specific scam vector via investment apps rather than...
The warning confirms that the clone firm has cloned the name and registration details of the legitimate MacKay Shields UK LLP (Central Bank register C121665), reinforcing the pattern of...
The firm’s name is being published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, signalling that the Central Bank considers the activity sufficiently serious to warrant...

Suggested Considerations

Review and update client‑facing communications, website content and FAQs to warn clients about clone‑firm risks, specifically referencing messaging‑app contact details and investment apps such as NYLI and NYLIPLUS that are not associated with authorised firms.
Implement or enhance procedures within AML / financial crime and fraud‑risk frameworks to identify and escalate interactions involving the listed email address (support@mackay-shields.email) and the specified WhatsApp and telephone numbers, treating them as indicators of potential scam activity.
Instruct front‑office, client‑relationship and call‑centre staff to verify authorisation status using the Central Bank’s public registers before acknowledging or forwarding any investment proposals that reference “MacKay Shields UK LLP” or similar branding.
Notify internal legal and regulatory affairs teams, and where relevant the legitimate MacKay Shields UK LLP, of the clone warning to coordinate responses, client communications and potential reporting of any attempted impersonation or fraudulent use of the authorised firm’s details.
Review existing third‑party distribution and referral arrangements to ensure counterparties are not using or promoting NYLI, NYLIPLUS or similar unregulated applications, and add contractual provisions requiring immediate notification if cloning or impersonation is suspected.

Key Dates

10 July 2026

- Central Bank of Ireland issues and publishes the warning notice against MacKay Shields UK LLP (CLONE) as an unauthorised investment firm / investment business firm / AIFM and lists its name under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Compliance Impact

Non‑compliance primarily manifests as failure to detect, prevent and appropriately respond to client exposure to unauthorised clone firms, which can lead to significant consumer detriment, reputational damage, supervisory scrutiny and potential enforcement action where firms’ conduct or controls are found inadequate. Firms whose identities are cloned also face operational disruption and possible regulatory queries if they do not actively manage and communicate around impersonation risks.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

AML / Financial Crime Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerWealth ManagerBank

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🇮🇪 CBI Enforcement high

July 10th 2026

Arbionis - Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm Unauthorised Firm Name Arbionis Website https://arbionis-ireland.com Phone number used +353 612 34 56 78 Authorisation in Ireland Arbionis is not authorised to provide investment services in Ireland. Notes: Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 5800 or report an unauthorised firm directly to the Central Bank . For more information on how to protect yourself from financial scam...

AI Analysis

The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **Arbionis**, stating that it is an **unauthorised investment firm** and is **not authorised to provide investment services in Ireland**. This matters for compliance teams because it reinforces obligations around dealing only with duly authorised counterparties, screening against CBI’s unauthorised firms list, and ensuring robust customer and third‑party due diligence to avoid facilitation of unregulated investment activity.

What Changed

- The CBI has formally designated Arbionis as an unauthorised investment firm and published its details (name, website, phone number) as a warning notice on its website.
The CBI has clarified that Arbionis is not authorised to provide investment services in Ireland, meaning it cannot lawfully carry out regulated investment activities in or into Ireland.
The name Arbionis has been published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, confirming this is part of the CBI’s supervisory and enforcement toolkit against...
The warning reiterates that market participants and the public should use the CBI’s channels (telephone line and online reporting tool) to report suspected unauthorised firms or persons.
The CBI re‑emphasises its consumer‑protection messaging, directing individuals and firms to its dedicated financial scams information page, thereby underlining expectations that firms proactively...

Suggested Considerations

Screen all existing and prospective counterparties, introducers, and investment product providers against the CBI unauthorised firms list, and update internal watchlists to include Arbionis and its known identifiers (name, website, phone number).
Prohibit onboarding Arbionis as a counterparty, intermediary, or service provider and ensure no marketing, introduction, or distribution arrangements exist or are entered into with this firm.
Conduct an immediate review of client transaction flows and communications to identify any exposure to Arbionis, including referrals, introductions, payments, or client queries referencing Arbionis or its website.
If any exposure to Arbionis is identified, escalate to compliance and legal functions, assess potential consumer detriment, and consider notifying the Central Bank of Ireland via the dedicated phone number or online reporting channel.
Enhance client‑facing communications and website content to warn clients about unauthorised investment firms, referencing the CBI’s financial scams guidance and explaining how clients can verify authorisation status.

Key Dates

10 July 2026

- CBI issues and publishes the warning notice that Arbionis is an unauthorised investment firm and is not authorised to provide investment services in Ireland, with the name published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Compliance Impact

Non‑compliance with Irish regulatory requirements on authorisation and dealings with unauthorised firms can expose entities to enforcement risk, civil liability, and significant consumer‑protection issues, especially if clients suffer losses through referrals or introductions to such firms. Failure to detect or act on CBI warning notices may also be viewed negatively in supervisory assessments of governance, conduct risk, and financial crime controls.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

Consumer Protection / Conduct Authorisation & Licensing AML / Financial Crime

Asset ManagerBroker DealerWealth Manager

View Original

🇮🇪 CBI Enforcement high

July 10th 2026

LGIM Managers (Europe) Limited (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name LGIM Managers (Europe) Limited (CLONE) Website None Email addresses used info@lgimeu.com (no longer active) office@bunqpartner.com Purported address Friedrich-Ebert-Anlage 49 60311 Frankfurt am Main Phone number used +49 69 9675 5450 Authorisation in Ireland LGIM Managers (Europe) Limited (CLONE) is not authorised to operate as an investment firm or investment business firm in Ireland. Additional informati...

AI Analysis

The Central Bank of Ireland (CBI) has issued a warning notice that a **clone entity using the name “LGIM Managers (Europe) Limited (CLONE)” is offering fake investments and falsely claiming partnerships with bunq Bank and other institutions, without any authorisation to provide investment services in Ireland**. This matters for compliance teams because it highlights active impersonation of a CBI‑authorised MiFID/AIFM firm, the risk of client and staff being deceived by sophisticated cloning scams, and the need for strengthened controls around firm verification, client communications, and scam response.

What Changed

- The CBI has formally designated “LGIM Managers (Europe) Limited (CLONE)” as an unauthorised investment firm / investment business firm and published its details on the CBI unauthorised firms list...
The CBI has explicitly stated that the clone entity is not authorised to operate as an investment firm or investment business firm in Ireland, thereby clarifying that any investment services offered...
The warning identifies specific contact details associated with the scam, including email addresses info@lgimeu.com (now inactive) and office@bunqpartner.com, a purported address at...
The CBI has confirmed that the clone has copied the name and registration details of the legitimate CBI‑authorised firm LGIM Managers (Europe) Limited (C173733), while emphasising that there is no...
By publishing the firm under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, the CBI has activated its statutory regime for public warning notices on unauthorised firms,...

Suggested Considerations

Update customer‑facing fraud warnings, website scam information pages, and client communications to include reference to the CBI warning on the LGIM clone and to explain how clients can verify whether a firm is authorised in Ireland.
Enhance onboarding and periodic KYC / KYB procedures to include independent verification of counterparties’ authorisation status on the CBI register and cross‑check any claimed partnership with LGIM Managers (Europe) Limited, bunq Bank, or similar institutions.
Implement or update internal guidance requiring staff to escalate immediately any client queries, introductions, or marketing materials referencing “LGIM Managers (Europe) Limited (CLONE)” or using the listed contact details to the compliance and financial crime teams.
Conduct a targeted review of recent and ongoing distribution, referral, and introducer arrangements to identify any potential exposure to unauthorised clone entities or intermediaries misusing the LGIM brand or falsely claiming CBI authorisation.
Train frontline staff, relationship managers, and call‑centre agents on the specific red flags associated with clones of authorised firms, including copied registration details, foreign addresses, and use of generic email domains, and on the process for verifying authorisation with the CBI.

Key Dates

28 April 2023

– CBI previously issued a warning notice regarding a fraudulent entity cloning LGIM Managers (Europe) Limited and offering fake “Legal & General” bond investments, establishing a history of cloning activity around this authorised firm

10 July 2026

– CBI publishes the current warning notice “LGIM Managers (Europe) Limited (CLONE) – Central Bank of Ireland Issues Warning on Unauthorised Firm”, formally identifying the clone, its contact details, and its unauthorised status under section 53 of the Central Bank (Supervision and Enforcement) Act 2013

Compliance Impact

Non‑compliance exposes firms to regulatory enforcement, criminal law risk where unauthorised activity is facilitated, and significant reputational damage for failing to prevent or respond adequately to clone‑firm scams involving their brand or clients. Firms that do not implement robust verification and reporting processes may face heightened conduct‑risk, customer detriment, and potential supervisory scrutiny from the CBI and other EU regulators.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Banking & Credit Capital Markets & Trading

Topics:

AML / Financial Crime Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerBankBroker Dealer

View Original

🇮🇪 CBI News

July 10th 2026

Issue 12 2026

No description available.

Sectors:

Investment Management Capital Markets & Trading

Topics:

Authorisation & Licensing Reporting & Disclosure

Asset ManagerAll Firms

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🇮🇪 CBI News

July 7th 2026

Leadership appointments at Central Bank

Central Bank of Ireland has appointed Gavin Curran as Director of Capital Markets and Funds and Max Patanella as Chief Information Officer. Director – Capital Markets and Funds Gavin joined the Central Bank in September 2022 and has been Head of Funds Supervision Division since January 2025. Gavin has over 20 years’ experience in capital markets and funds, having held senior roles in both industry and regulatory environments. Chief Information Officer Max joins the Central Bank from Virgin Me...

Sectors:

Capital Markets & Trading Banking & Credit

Topics:

Senior Managers / Governance Operational Resilience / Outsourcing

All Firms

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🇮🇪 CBI Speech

July 3rd 2026

Understanding your lane, managing turning points - Speech by Governor Gabriel Makhlouf - Les Rencontres Économiques d’Aix-en-Provence

In the summer of 2012, with bond markets pricing in a chance of a euro breakup, Mario Draghi pledged to do “whatever it takes” to preserve the currency union. It worked: spreads fell, though the programme behind the pledge, Outright Monetary Transactions (OMT), was never used. Despite having no formal relationship with national fiscal authorities, the central bank stepped in because markets had doubts about some governments’ solvency, and this threatened the monetary union’s existence. We are...

Sectors:

Banking & Credit Capital Markets & Trading

Topics:

Prudential / Capital Requirements Reporting & Disclosure

BankAll Firms

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🇮🇪 CBI News

July 3rd 2026

Issue 11 2026

No description available.

Sectors:

Banking & Credit Capital Markets & Trading Payments & E-Money

Topics:

Reporting & Disclosure Consumer Protection / Conduct

All Firms

View Original

🇮🇪 CBI News

June 24th 2026

Issue 10 2026

No description available.

Sectors:

Capital Markets & Trading Payments & E-Money Crypto & Digital Assets

Topics:

Authorisation & Licensing Reporting & Disclosure

Crypto ExchangePayment ProviderAll Firms

View Original

🇮🇪 CBI Speech

June 22nd 2026

Opening remarks by Governor Gabriel Makhlouf at 10th Annual Macroprudential Conference

Good morning. It is a pleasure to welcome you this morning to the Central Bank of Ireland and to the tenth annual Macroprudential Conference, organised jointly with the Deutsche Bundesbank, the Nederlandsche Bank, and the Sveriges Riksbank. Let me begin by thanking the scientific committee for bringing together such a distinguished group of policymakers and researchers, and for developing a programme that is both ambitious and timely. Let me also note that it is the first time the conference ...

Sectors:

Banking & Credit Capital Markets & Trading Payments & E-Money

Topics:

Prudential / Capital Requirements Operational Resilience / Outsourcing Technology & Cyber

BankAll Firms

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🇮🇪 CBI Speech

June 22nd 2026

Better decisions, better regulation, better outcomes

Good regulation matters. It matters for consumers and for investors. It matters for firms and the wider economy, and for resilience and the stability of the financial system. In the Central Bank, regulation is central to how we deliver our safeguarding outcomes: protecting consumers and investors, maintaining financial stability, supporting the safety and soundness of firms, and protecting the integrity of the financial system. As I have said before, good regulation should be forward looking,...

Sectors:

Banking & Credit Capital Markets & Trading Investment Management

Topics:

Prudential / Capital Requirements Consumer Protection / Conduct Reporting & Disclosure

All Firms

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🇮🇪 CBI News

June 18th 2026

Quarterly Bulletin 2026:2 – Domestic resilience even as inflation rises, but effects of the Middle East conflict hang over the outlook

Inflation forecasts have been revised upwards notably, to 3.5 per cent this year and 2.9 per cent in 2027 Weaker consumer spending expected in 2026 but continued growth in MDD is projected over the forecast horizon with MNE-related investment playing a prominent role GDP fell sharply in the first quarter of 2026, highlighting its sensitivity to the (onshore and offshore) activities of a small number of multinational enterprises A swift resolution to the conflict would see oil and gas prices f...

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Reporting & Disclosure Prudential / Capital Requirements

All Firms

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🇮🇪 CBI Enforcement high

June 17th 2026

MakoTrade - Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm / Unauthorised Investment Business Firm Unauthorised Firm Name MakoTrade Website address https://www.makotrade.net Email address used support@Makotrade.com Authorisation in Ireland MakoTrade purporting to be part of the BlauStein Investitionen Gruppe is not authorised as an investment firm or an investment business firm in Ireland. Notes: Any person wishing to contact the Central Bank with information regarding such firms / persons may telephone (01) 224 ...

AI Analysis

The Central Bank of Ireland (CBI) issued a warning on **17 June 2026** stating that **MakoTrade** is **not authorised in Ireland** as an investment firm or investment business firm and that it is purporting to be part of the **BlauStein Investitionen Gruppe**. For compliance teams, this is a clear indicator of an **unauthorised-firm / potential clone-style scam risk**, requiring immediate counterparty, marketing, and client-onboarding controls to prevent customer harm and reputational spillover.

What Changed

- The CBI has formally identified MakoTrade as an unauthorised investment firm / unauthorised investment business firm in Ireland.
The warning confirms that MakoTrade is not authorised to provide investment services in Ireland, regardless of any claimed affiliation with the BlauStein Investitionen Gruppe.
The CBI has published the firm’s website address and email address used as part of its warning notice, signaling an active consumer-protection alert.
The publication falls under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, which is the statutory basis for naming the unauthorised firm.
The CBI directs the public to its financial scams guidance and provides a reporting route for information about unauthorised firms.

Suggested Considerations

Screen all new and existing client introductions, counterparties, and external inquiries against the CBI warning list and treat MakoTrade as unauthorised unless independently proven otherwise.
Block or escalate any payments, transfers, or onboarding requests involving MakoTrade, its website, its email domain, or any claimed BlauStein Investitionen Gruppe affiliation.
Update fraud and scam detection playbooks to include the CBI’s warning notice as a trigger for enhanced due diligence and referral to financial crime teams.
Notify relationship managers, client-facing staff, and call-centre teams that MakoTrade must not be represented as authorised in Ireland.
Review client complaints, inbound leads, and suspicious payment patterns for any contact with the listed website or email address and preserve evidence for reporting.

Key Dates

17 June 2026

- The Central Bank of Ireland issued the warning notice naming MakoTrade as an unauthorised investment firm

Compliance Impact

The practical severity is high because CBI unauthorised-firm warnings are designed to stop ongoing consumer harm and often indicate a scam or clone-style impersonation risk. Firms that fail to detect, block, or escalate dealings with such entities can face conduct, fraud, AML, and reputational consequences, especially if customer money is routed through their systems.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Capital Markets & Trading

Topics:

Authorisation & Licensing Consumer Protection / Conduct AML / Financial Crime

All FirmsAsset ManagerBroker Dealer

View Original

🇮🇪 CBI Enforcement high

June 17th 2026

AllianceBernstein Limited (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name AllianceBernstein Limited (CLONE) Email Address’s • clientservices@abprivatemanagement.com • info@abprivatemanagement.com Authorisation in Ireland AllianceBernstein Limited (Clone) is not authorised to operate as an investment firm or investment business firm in Ireland. Additional Information This scam firm cloned the details (name and address) of the legitimate Central Bank authorised firm in order to ad...

AI Analysis

What Changed

- The CBI has formally published AllianceBernstein Limited (CLONE) under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 as an unauthorised firm.
The warning confirms that the clone is not authorised to provide investment firm or investment business firm services in Ireland.
The CBI identifies the use of cloned identity details—specifically the legitimate firm’s name and address—as a deceptive tactic intended to add legitimacy to the scam.
The notice provides the specific scam email addresses used by the unauthorised entity, which should be treated as fraud indicators in screening and client-education controls.
The CBI reiterates that consumers and counterparties can report suspicious firms directly to the regulator and that the publication sits within its broader anti-scam warning framework.

Suggested Considerations

Verify that any entity claiming to be AllianceBernstein Limited is matched against the CBI authorisation register before any onboarding, trading, mandate acceptance, or payment activity.
Block or escalate any contact using the email addresses clientservices@abprivatemanagement.com and info@abprivatemanagement.com as potential fraud indicators.
Update fraud and onboarding controls to detect clone-firm impersonation, including mismatches in firm name, address, domain, and regulator reference details.
Notify client-facing teams and operations staff that the legitimate authorised firm has no connection with the clone entity and that enquiries should be independently verified.
Refresh customer communications and website warnings to remind clients to confirm authorisation status before sharing funds or instructions.

Key Dates

17 June 2026

- The Central Bank of Ireland issued the warning notice identifying AllianceBernstein Limited (CLONE) as an unauthorised investment firm/investment business firm

Compliance Impact

The severity is high because the publication signals an active unauthorised-firm scam that can lead to client losses, reputational damage, and potential control failures if firm verification processes are weak. Firms that ignore clone warnings may inadvertently facilitate fraud, miss suspicious activity indicators, or expose clients to non-compensable losses.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

Authorisation & Licensing Consumer Protection / Conduct AML / Financial Crime

Asset ManagerWealth ManagerAll Firms

View Original

🇮🇪 CBI Enforcement high

June 17th 2026

SMH Markets (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm / Investment Business Firm / Crypto-Asset Service Provider Unauthorised Firm Name SMH Markets (Clone) Website https://smh-markets.com/ Email addresses used • support@smh-markets.com • complaints@smh-markets.com • privacy@smh-markets.com • legal@smh-markets.com • bryan.stone@smh-markets.com Phone number used • +1 6479481664 • +1 787 945 2353 • +35315314800 Authorisation in Ireland SMH Markets is not authorised to provide investment services in Ireland. Thi...

Sectors:

Investment Management Capital Markets & Trading Crypto & Digital Assets

Topics:

Consumer Protection / Conduct AML / Financial Crime Authorisation & Licensing

Asset ManagerBroker DealerCrypto Exchange

View Original

🇮🇪 CBI Enforcement high

June 17th 2026

Oristan Ireland Designated Activity Company (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm/ Investment Business Firm/Alternative Investment Firm Manager Unauthorised Firm Name Oristan Ireland Designated Activity Company (CLONE) Website • www.oristanirelanddac.com • https://oristanireland-dac.com/ • https://oristan-ire.com/ • https://oristanportal.com/ Email address used • info@oristanirelanddac.com • j.armstrong@oristanirelanddac.com • r.gorman@oristanirelanddac.com • r.gorman@oristan-ireland.com • glenmiller@oristanirelanddac.com Phone number(...

AI Analysis

The Central Bank of Ireland (CBI) has issued a warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 regarding **“Oristan Ireland Designated Activity Company (CLONE)”**, an unauthorised firm falsely claiming to be the CBI‑authorised Oristan Ireland DAC and using multiple websites, emails, and Irish phone numbers to deceive consumers. This is part of a broader pattern of clone-firm scams targeting Irish and EU investors and requires compliance teams to tighten client‑onboarding, name‑screening, and website/email verification controls to prevent dealings with unauthorised entities.

What Changed

- The CBI has formally identified “Oristan Ireland Designated Activity Company (CLONE)” as an unauthorised investment firm / investment business firm / alternative investment fund manager and...
The CBI confirms that the clone firm is not authorised in Ireland to provide investment services, investment business services, or AIFM activities, despite using the name, address and CBI...
The warning enumerates specific fraud infrastructure used by the clone: four domains (including “oristanirelanddac.com”, “oristan-ire.com” and “oristanportal.com”), multiple email addresses...
The CBI explicitly clarifies there is no connection whatsoever between the legitimate authorised Oristan Ireland DAC and the clone entity or its websites.
The firm’s name is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013, reinforcing the statutory basis for public warning notices against unauthorised firms.

Suggested Considerations

Update internal unauthorised / fraud firm watchlists and screening tools to include “Oristan Ireland Designated Activity Company (CLONE)” and all associated domains, email addresses and phone numbers listed in the CBI notice.
Implement or enhance name‑matching and clone‑detection controls in onboarding processes to distinguish between the legitimate Oristan Ireland DAC (as per the CBI register) and any entity using the clone websites or contacts.
Review and adjust KYC/CDD procedures to ensure that unusual or mismatched email domains, websites, or phone numbers (particularly those not appearing on the CBI register or official corporate filings) trigger enhanced due diligence and formal second‑line review.
Conduct a targeted communication and training for relationship managers, sales staff, call‑centre agents and client‑facing teams on the Oristan clone case and recent CBI clone‑firm warnings, with practical red‑flag indicators and escalation channels.
Review current fraud‑risk and AML / financial crime frameworks to confirm that clone‑firm risks (including identity theft of authorised entities) are explicitly covered in risk assessments, controls, and monitoring scenarios.

Key Dates

17 June 2026

– CBI warning notice published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 identifying Oristan Ireland Designated Activity Company (CLONE) as an unauthorised firm

Compliance Impact

Clone‑firm exposure engages both consumer protection / conduct risk and financial crime risk, and failure to detect or respond appropriately could lead to client losses, mis‑selling exposure, civil liability, and regulatory criticism for inadequate systems and controls. Given the pattern of CBI warnings, regulators are likely to expect demonstrable, risk‑based controls around verification of counterparties and claimed authorisations, making this a high‑priority enhancement area for compliance teams.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

AML / Financial Crime Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerBroker DealerWealth Manager

View Original

🇮🇪 CBI Speech

June 16th 2026

Monetary Policy and the Economic Outlook – Speech by Governor Gabriel Makhlouf at the European Chamber of Ireland

Good afternoon and thank you for inviting me to speak today. Last week, the ECB’s Governing Council decided to raise interest rates by 0.25%. This is the first change since June 2025 – the first increase since 2023 – and brings the main policy rate, the Deposit Facility Rate, to 2.25%. Our decision is a response to inflation pressures from higher oil prices and other supply disruptions arising from the war in the Middle East. My colleagues and I on the Governing Council were unanimous in maki...

Sectors:

Banking & Credit Capital Markets & Trading

Topics:

Prudential / Capital Requirements Consumer Protection / Conduct

All Firms

View Original

🇮🇪 CBI News

June 9th 2026

Issue 9 2026

No description available.

Sectors:

Capital Markets & Trading Payments & E-Money

Topics:

Reporting & Disclosure Operational Resilience / Outsourcing

All Firms

View Original

🇮🇪 CBI News

June 8th 2026

Issue 8 2026

No description available.

Sectors:

Capital Markets & Trading Investment Management

Topics:

Prudential / Capital Requirements Reporting & Disclosure

Asset ManagerAll Firms

View Original

🇮🇪 CBI Speech

June 8th 2026

“Navigating and responding to change – resilience, innovation and regulation in the Funds Sector” – Speech by Deputy Governor McMunn

Deputy Governor McMunn's speech to IOB Funds and Asset Management Forum on 8 June 2026.

Sectors:

Investment Management Capital Markets & Trading

Topics:

Operational Resilience / Outsourcing Technology & Cyber Authorisation & Licensing

Asset ManagerAll Firms

View Original

🇮🇪 CBI News

June 5th 2026

The Central Bank’s 2025 Annual Report & Annual Performance Statement

In his latest blog, Governor Gabriel Makhlouf writes about the release of the latest Annual Report and Annual Performance Statement. He uses his blog to reflect how the Central Bank delivered on its mandate for the people of Ireland and gives an overview of the economic outlook, summarises achievements and provides an update on the financial position at the end of last year.

Sectors:

Banking & Credit Capital Markets & Trading Payments & E-Money

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Operational Resilience / Outsourcing

All Firms

View Original

🇮🇪 CBI Enforcement high

June 3rd 2026

Apel Investments (CLONE) - Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Apel Investments trading name of Apel Financial Services Distribution (CLONE) Website(s) • https://apelinvestments.com • https://client.apelinvestments.com/register • https://client.apelinvestments.com/login • https://apelinvestments.com/metatrader/ • https://apelinvestments.com/webtrader/ Email address(es) used • support@apelinvestments.com • help@apelinvestments.com • claim@apelinvestments.com • sup@apel...

AI Analysis

The Central Bank of Ireland (CBI) has issued a warning under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 against **Apel Investments**, a **clone** of authorised firm **APEL Financial Distribution Services Limited**, which is not authorised to provide investment or investment business services in Ireland. This highlights heightened expectations on regulated firms to strengthen client‑facing controls, fraud‑risk frameworks and screening processes to detect and respond to clone frauds and unauthorised investment activity.

What Changed

- The CBI has formally listed Apel Investments (trading as Apel Financial Services Distribution) as an unauthorised investment firm / investment business firm that is not permitted to provide...
The CBI confirms that Apel Investments is a clone of an authorised firm (APEL Financial Distribution Services Limited) and has been passing itself off as the legitimate firm to deceive consumers.
The CBI explicitly states that there is no connection between the authorised firm and the unauthorised clone, clarifying that any services provided by Apel Investments are outside the regulated...
The warning identifies specific websites and client portals (including trading platforms such as “metatrader” and “webtrader” paths) associated with the unauthorised firm, signalling that these URLs...
The CBI lists multiple email addresses and phone numbers used by the unauthorised firm, effectively expanding the set of indicators firms should use in fraud‑monitoring, sanctions‑screening‑adjacent...

Suggested Considerations

Review and update fraud‑risk, financial‑crime, and customer‑onboarding procedures to screen against the specific Apel Investments URLs, email addresses and phone numbers listed in the CBI warning.
Update internal watchlists and case‑management systems to flag Apel Investments and associated identifiers as a known unauthorised clone entity and ensure alerts are generated where they appear in customer interactions or transaction narratives.
Conduct a targeted review of recent and pending client complaints, queries and transaction patterns to identify any potential exposure of clients to Apel Investments or similarly named entities.
Enhance staff training, particularly for front‑office, contact‑centre and complaints teams, to ensure they can recognise clone‑firm indicators and correctly advise customers about unauthorised firms and the CBI warning.
For firms with similar names or branding, prepare clear customer communications and website notices that distinguish the authorised entity from any clone and direct clients to the CBI’s warning list and scam‑awareness materials.

Key Dates

03 June 2026

- CBI issues the warning notice under section 53 of the Central Bank (Supervision and Enforcement) Act 2013 in relation to Apel Investments (CLONE) as an unauthorised investment firm / investment business firm

Compliance Impact

The immediate regulatory risk from this particular notice is indirect, but failure to implement reasonable fraud‑prevention, perimeter‑breach detection and client‑protection controls in light of repeated CBI clone‑firm warnings can drive significant conduct, supervisory and reputational risk, including possible supervisory findings on governance, consumer protection and financial‑crime systems and controls. Firms that ignore such warnings face heightened exposure to client loss events, redress costs and intensive CBI scrutiny of their control environment.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

AML / Financial Crime Consumer Protection / Conduct Authorisation & Licensing

Asset ManagerBroker DealerWealth Manager

View Original

🇮🇪 CBI Enforcement high

June 3rd 2026

Research Vision Limited (CLONE)– Central Bank of Ireland Issues Warning on Unauthorised Firm

Warning: Unauthorised Investment Firm / Investment Business Firm Unauthorised Firm Name Research Vision Limited (CLONE) Website address www.researchvision.com Email addresses used michael.parker@researchvision.com info@researchvision.com privacy@researchvision.com trading@researchvision.com client.services@researchvision.com Telephone Numbers +44 2070978261 +44 2070978260 +44 7403934849 Authorisation in Ireland Research Vision Limited (CLONE) is not authorised to operate as an investment busi...

AI Analysis

CBI has publicly identified **Research Vision Limited (CLONE)** as an unauthorised investment firm operating in Ireland and using cloned details of a legitimate FCA-authorised entity. This matters because clone-firm scams typically rely on identity theft, false contact details, and urgency tactics to induce transfers or account opening, making them a direct financial crime and consumer-protection risk for regulated firms.

What Changed

- CBI has designated Research Vision Limited (CLONE) as an unauthorised investment business firm / investment firm in Ireland.
CBI states the entity is not authorised to operate as an investment business firm or investment firm in Ireland.
CBI confirms the scam firm cloned the details of a legitimate FCA-authorised firm and that there is no connection between the legitimate firm and the fraudulent entity.
CBI has published the firm’s website, email addresses, and telephone numbers to support detection and consumer screening.
The warning notice is published under section 53 of the Central Bank (Supervision and Enforcement) Act 2013.

Suggested Considerations

Screen all incoming client and counterparty requests for the name Research Vision Limited, the website www.researchvision.com, the listed email addresses, and the listed phone numbers before any engagement or transfer is accepted.
Verify authorisation independently using the relevant regulator’s official register rather than relying on contact details provided by the counterparty.
Escalate any approach using cloned credentials to fraud, AML, and legal teams immediately and treat it as potential impersonation fraud.
Block or delay transactions where payment instructions, onboarding details, or communications reference the warning-listed domain or telephone numbers until authenticity is confirmed.
Update adverse media and scam-monitoring controls to capture CBI warning notices involving clone firms and cross-border impersonation cases.

Key Dates

03 June 2026

- CBI issued the warning notice identifying Research Vision Limited (CLONE) as an unauthorised firm in Ireland

Compliance Impact

The severity is high because clone-firm activity can lead to client loss, misdirected payments, AML exposure, and regulatory scrutiny if a firm fails to detect or respond to the impersonation risk. Non-compliance can also create consumer harm and reputational damage, especially where the firm’s controls fail to identify a publicly warned unauthorised entity.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Capital Markets & Trading

Topics:

Authorisation & Licensing Consumer Protection / Conduct AML / Financial Crime

Asset ManagerBroker DealerAll Firms

View Original

🇮🇪 CBI Speech

May 27th 2026

Opening remarks at Financial Stability Review press conference – Governor Gabriel Makhlouf

Good morning and welcome to the launch of our first Financial Stability Review of 2026 . During 2026, risks facing the domestic financial system from the global environment have intensified. In 2025, the origin of external risks related primarily to swings in global trade policy. This year, the origin relates to the pricing, and the sustainability of global energy supplies, following the start of the war in the Middle East. This shock, coming less than a year after the previous trade shock, a...

Sectors:

Banking & Credit Capital Markets & Trading Investment Management

Topics:

Prudential / Capital Requirements Operational Resilience / Outsourcing Technology & Cyber

BankAsset ManagerAll Firms

View Original

🇮🇪 CBI Speech

May 27th 2026

Global risks to Irish financial system have intensified - Central Bank of Ireland’s Financial Stability Review

Risks to Ireland's financial system from the global environment have intensified, Central Bank of Ireland has said today. The Financial Stability Review , published today, assesses the risks to and resilience of the Irish financial system. A persistent global energy supply shock triggered by the conflict in the Middle East, the risk of a correction in financial markets, potentially amplified by financial vulnerabilities in parts of the global non-bank sector, and increasing cyber risks could ...

Sectors:

Banking & Credit Capital Markets & Trading Investment Management

Topics:

Prudential / Capital Requirements Operational Resilience / Outsourcing Technology & Cyber

BankAsset ManagerAll Firms

View Original

🇮🇪 CBI News

May 26th 2026

Issue 7 2026

No description available.

Sectors:

Capital Markets & Trading Banking & Credit

Topics:

Reporting & Disclosure Market Abuse / Surveillance

Asset ManagerBankBroker Dealer

View Original

🇮🇪 CBI Enforcement medium

May 26th 2026

Finance in transition: the Central Bank’s approach to tokenised finance – Speech by Deputy Governor Vasileios Madouros

1 We are at the early stages of a potential technological rewiring of finance. Fast-forward ten or twenty years, and it seems likely that the use of shared, programmable ledgers – and the tokenisation of financial assets – will have become embedded across the financial system. Today, we stand at a juncture. The question is less whether the technology will transform finance. Rather, it is how we collectively shape this ongoing transition, so that the potential of tokenised finance is realised,...

AI Analysis

The Deputy Governor’s speech sets out the Central Bank of Ireland’s (CBI) emerging regulatory stance on tokenised finance and distributed ledger technology (DLT), framing it as a structural transition rather than a niche innovation. While it does not introduce new binding rules, it clearly signals supervisory expectations, impending policy development (including follow‑up to the March 2026 Discussion Paper on tokenisation and DLT), and the need for regulated firms to integrate tokenisation risks, governance and operational resilience into existing regulatory frameworks.

What Changed

- The CBI formally recognises tokenisation and shared, programmable ledgers as a likely core infrastructure of the future financial system and signals that regulation will evolve to treat tokenised...
The speech confirms that CBI’s regulatory approach will be “technology‑neutral but not technology‑blind”, indicating that existing EU and Irish rules (e.g.
The CBI emphasises the need to keep central bank money at the core of tokenised finance, aligning its stance with Eurosystem work on wholesale and retail central bank digital currency (CBDC) and...
The speech reinforces that tokenised instruments representing traditional financial assets (securities, deposits, fund units) will generally be treated as regulated financial instruments, triggering...
The CBI highlights operational resilience, cyber risk, interoperability and smart‑contract governance as critical supervisory focus areas for tokenised finance infrastructure and platforms.

Suggested Considerations

Map all current and planned tokenisation and DLT initiatives (including pilots and proofs of concept) across the group and identify which EU and Irish regulatory regimes they fall under (MiFID II, UCITS, AIFMD, CRR/CRD, PSD2/PSR, Solvency II, MiCA, DORA, etc.).
Perform a regulatory gap analysis to confirm that tokenised products and services are fully captured within existing licensing permissions and assess whether any variation of permission, new authorisation, or recognition as a market infrastructure is required.
Review and update governance arrangements so that boards and senior management explicitly oversee tokenisation strategies, risk appetite, and the use of DLT, including ensuring clear allocation of responsibilities under the firm’s senior manager or fitness and probity framework.
Integrate tokenisation‑specific risks into the firm’s risk management framework, covering legal enforceability of tokens, smart‑contract risk, cyber and operational resilience, data integrity, interoperability, concentration risk in technology providers, and settlement and counterparty risk.
Review outsourcing and third‑party risk management frameworks to ensure that DLT platform providers, smart‑contract developers, node operators and custodians are treated as critical or important outsourced service providers where appropriate, with robust contractual, oversight and exit provisions.

Key Dates

05 March 2026

- CBI publishes its Discussion Paper on tokenisation and distributed ledger technology in financial services, initiating a structured consultation on tokenised markets, funds, money and payments

26 May 2026

- Deputy Governor speech sets out the CBI’s strategic approach to tokenised finance, confirming that consultation feedback will inform subsequent policy, supervisory expectations and potential rule changes

05 June 2026

- Closing date for submissions to the CBI Discussion Paper on tokenisation and DLT, after which CBI will prepare a feedback statement and refine its policy stance

TBD (post‑June 2026)

- CBI feedback statement on the tokenisation Discussion Paper expected, likely followed by more granular guidance and potential adjustments to supervisory and authorisation processes for tokenised activities

Compliance Impact

Non‑compliance will not immediately trigger new standalone tokenisation fines, but CBI is likely to use existing conduct, prudential, governance and operational resilience powers to challenge poorly controlled tokenised activities and may restrict or prohibit projects that do not meet its expectations. Firms that treat tokenised finance as “outside the regulatory perimeter” or fail to integrate it into existing compliance frameworks risk supervisory intervention, authorisation issues, enforcement action and reputational damage.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Banking & Credit Capital Markets & Trading Crypto & Digital Assets

Topics:

Technology & Cyber Authorisation & Licensing Operational Resilience / Outsourcing

BankAsset ManagerFintech

View Original

🇮🇪 CBI Speech

May 19th 2026

Makhlouf calls for genuine single market in goods, services and capital to boost European competitiveness

Governor of Central Bank of Ireland Gabriel Makhlouf today (Tuesday 19 th May) spoke at the AFME Annual European Financial Integration conference , where he called for a more ambitious approach to Europe’s Single Market, arguing that greater integration in goods, services and capital is essential to enhance European competitiveness and resilience. The Governor outlined two primary conditions for building a genuine single capital market: completing the regulatory architecture and establishing ...

Sectors:

Capital Markets & Trading Banking & Credit Investment Management

Topics:

Authorisation & Licensing Prudential / Capital Requirements Reporting & Disclosure

All Firms

View Original

🇮🇪 CBI Speech

May 19th 2026

One Single Market: Goods, Services and Capital - Speech by Governor Gabriel Makhlouf at AFME European Financial Integration Conference

Thank you for the invitation to speak this afternoon. I want to talk about the Single Market, which is one of Europe's greatest political and economic achievements. Over more than three decades, it has been an engine of European growth and resilience, delivering scale, opportunity, and tangible benefits for citizens and businesses across the Union. As António Costa has pointed out, it connects 450 million consumers and 32 million companies, supporting around 56 million jobs through trade with...

Sectors:

Capital Markets & Trading Banking & Credit Investment Management

Topics:

Authorisation & Licensing Reporting & Disclosure Prudential / Capital Requirements

All Firms

View Original

🇮🇪 CBI Enforcement low

May 7th 2026

“Capital, Competition, and Complexity – regulatory perspectives on the regulatory debate” – Remarks by Deputy Governor Mary-Elizabeth McMunn

Introduction Good morning – I am delighted to be here, and many thanks to Brian and the BPFI for hosting us. 1 I very much look forward to the discussion, and to hearing from you all today, but before I do I would like to set out some reflections on a number of topics which are currently high on the regulatory agenda. While the discussion is multifaceted, and tied up with a regulatory cycle which has turned, an economic one which has become more challenging, not to mention a renewed focus by ...

Sectors:

Banking & Credit Investment Management Capital Markets & Trading Payments & E-Money Crypto & Digital Assets Consumer Credit

Topics:

AML / Financial Crime Consumer Protection / Conduct Prudential / Capital Requirements

All Firms

View Original

🇮🇪 CBI Speech

May 7th 2026

Central Bank publishes research on the Irish lending market and reinforces importance of capital and resilience

Central Bank loan-level research shows the Irish lending market is significantly less concentrated when considering the full diversity of lenders. Robust capital and liquidity positions have served the sector well – with the evidence not supporting a lowering of overall levels of resilience on the basis of bank credit, profitability or international competitiveness. Central Banks best serve these broader objectives related to productivity and growth by delivering on their core mandates, effec...

Sectors:

Banking & Credit Capital Markets & Trading Payments & E-Money Consumer Credit

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Technology & Cyber

Bank

View Original

🇮🇪 CBI Speech

May 1st 2026

From Washington to Frankfurt via Dublin: policy priorities in an uncertain world

I was in Washington for the Spring Meetings of the International Monetary Fund (IMF) two weeks ago and this week I was in Frankfurt at the latest meeting of the ECB Governing Council, to decide interest rates to achieve our price stability target of 2 per cent inflation over the medium term. I wanted to use this blog to offer some reflections on both meetings. Inevitably the war in the Middle East cast a shadow over both meetings. Uncertainty about the global outlook dominated the discourse: ...

Sectors:

Banking & Credit Capital Markets & Trading Payments & E-Money

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Operational Resilience / Outsourcing

All Firms

View Original

🇮🇪 CBI Enforcement critical

April 29th 2026

Remarks by Director of Horizontal Supervision, Patricia Dunne to the European Anti-Financial Crime Summit, Dublin

Safeguarding Financial Integrity – Central Bank of Ireland’s Approach to Financial Crime Prevention Thank you for the invitation to speak at today’s event. This is an important opportunity for us to engage and share our experiences and approaches to deal with the global challenges and issues we are facing in financial crime. Change, instability, flux, unpredictability - all words that I guarantee you will hear on multiple occasions throughout the day’s events. I will not be any different. We ...

Sectors:

Banking & Credit Investment Management Capital Markets & Trading Payments & E-Money Crypto & Digital Assets

Topics:

AML / Financial Crime Consumer Protection / Conduct Operational Resilience / Outsourcing

Bank

View Original

🇮🇪 CBI Warning

April 28th 2026

Vigilance and Resilience - Strengthening Credit Unions in a Changing Landscape - Remarks by Domhnall Cullinan at ILCU Annual Conference

Good morning. Brendan, thank you for the warm introduction. It is a pleasure to join you at the ILCU Internal Audit Services Conference. I also want to thank Barry Harrington for the invitation to address you here today. 1 When I addressed the ILCU Annual Conference last April, I spoke about a time of transformative change for credit unions, a period that would bring both significant opportunities and important challenges. 2 One year on, we can see that transformation taking shape. A revised ...

Sectors:

Banking & Credit Capital Markets & Trading Payments & E-Money Mortgage & Lending

Topics:

AML / Financial Crime Consumer Protection / Conduct Prudential / Capital Requirements

All Firms

View Original

🇮🇪 CBI News medium

April 20th 2026

Issue 4 2026

No description available.

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Reporting & Disclosure Operational Resilience / Outsourcing Technology & Cyber

Asset ManagerBroker DealerBank

View Original

🇮🇪 CBI Enforcement high

April 17th 2026

Central Bank statement on High Court judgment

Today, the High Court published its written judgment in the matter of the Central Bank’s application under the Fitness & Probity Regime to confirm the one-year prohibition issued to a senior executive on 02 February 2022 concerning his role in a regulated firm in the investment fund and asset management sector. The decision of the High Court was to refuse the application. The Central Bank acknowledges the importance of the Court’s findings and the clarity that the judgment provides in this ca...

AI Analysis

The Central Bank of Ireland (CBI) issued a statement on 17 April 2026 acknowledging a High Court judgment refusing to confirm a one-year prohibition on a senior executive in the investment fund and asset management sector due to inadequate fair procedures during the CBI's Fitness & Probity (F&P) investigation. This matters for compliance professionals as it underscores the critical need for robust fair procedures in F&P processes and highlights recent legislative and guidance enhancements under the Individual Accountability Framework (IAF) Act 2023 to address such shortcomings. Firms must prioritize these updates to mitigate enforcement risks.

What Changed

- Legislative enhancements via IAF Act 2023: Introduced changes to strengthen CBI's investigation and prohibition powers under the F&P Regime, including additional safeguards for fair procedures in...
Updated Regulations and Guidance (April 2023): CBI published revisions reflecting IAF Act changes, focusing on improved investigation and decision-making processes...
CP-150 Consultation (2025): Led to updated Guidance on consolidated Fitness and Probity Standards, separate from F&P investigations...
CP-166 Consultation on Supplemental Guidance: Public consultation on prohibitions closed 25 March 2026; final guidance expected summer 2026...

Suggested Considerations

Review and implement April 2023 updated F&P Regulations and Guidance to ensure investigations and prohibitions incorporate IAF Act fair procedure safeguards (https://www.centralbank.ie/news/article/press-release-central-bank-statement-on-high-court-judgment-17-april-2026).
Conduct internal audits of F&P processes, focusing on fair procedures (e.g., notice, representation rights) for senior executives in CF/PCF roles.
Monitor and prepare for summer 2026 final guidance from CP-166 on prohibitions; submit any late feedback if applicable.
Train compliance and HR teams on heightened procedural standards, referencing High Court emphasis on fair procedures.
For firms in investment funds/asset management: Assess PCF suitability assessments against consolidated F&P Standards from CP-150.

Compliance Impact

Urgency: High – The High Court ruling directly critiques CBI's past F&P procedures, signaling elevated scrutiny on fair process compliance; failure risks court refusals of prohibitions, reputational damage, and escalated enforcement. With final CP-166 guidance imminent (summer 2026), firms face immediate pressure to align processes, especially post-IAF Act, to avoid similar outcomes in ongoing or future investigations.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

Senior Managers / Governance Authorisation & Licensing

Asset ManagerWealth ManagerHedge Fund

View Original

🇮🇪 CBI Speech medium

April 9th 2026

Minding the Tails: Safeguarding Resilience of Non-Bank Finance – Speech by Deputy Governor Vasileios Madouros

Good morning. I am delighted to join you here this morning – and thank you to Irish Funds for organising this event. 1 As you know, a key part of our job at the Central Bank of Ireland is to focus on ‘tail risks’. Not just what we expect will happen, but what could happen. And the range of possible outcomes that could happen has recently widened considerably. What might have been considered close to unthinkable a few years ago, is no longer so. Unpredictable geopolitical developments – includ...

Sectors:

Investment Management Capital Markets & Trading

Topics:

Prudential / Capital Requirements Operational Resilience / Outsourcing Market Abuse / Surveillance

Asset ManagerHedge Fund

View Original

🇮🇪 CBI News medium

March 27th 2026

Governor Gabriel Makhlouf Calls for Genuine Single Market to Mobilise Europe’s Savings

Governor Gabriel Makhlouf of the Central Bank of Ireland today emphasised the critical need to strengthen Europe’s Single Market as the foundation for mobilising the continent’s substantial savings in an increasingly fragmented global environment.

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Prudential / Capital Requirements Consumer Protection / Conduct Market Abuse / Surveillance

BankAsset ManagerWealth Manager

View Original

🇮🇪 CBI Speech

March 27th 2026

Bridge to the Future: Mobilising Europe's Savings in a Fragmenting World - Speech by Governor Gabriel Makhlouf at Eurofi

In his remarks, Governor Gabriel Makhlouf emphasised that Europe must mobilise its substantial savings by strengthening economic growth, completing the Single Market, and building more integrated capital markets, as capital currently flows abroad due to perceived higher returns elsewhere. He argued that central banks must anchor price stability and financial stability as preconditions for effective capital allocation, and that by addressing these fundamentals, European savings will naturally ...

Sectors:

Banking & Credit Investment Management Capital Markets & Trading

Topics:

Prudential / Capital Requirements Consumer Protection / Conduct Technology & Cyber

BankAsset ManagerBroker Dealer

View Original

🇮🇪 CBI Warning high

March 19th 2026

EU Bonds - Central Bank of Ireland Issues Warning on Unauthorised Firm

Sectors:

Investment Management Capital Markets & Trading

Topics:

Authorisation & Licensing Consumer Protection / Conduct

All Firms

View Original

🇮🇪 CBI News medium

March 19th 2026

Issue 3 2026

No description available.

Sectors:

Banking & Credit Capital Markets & Trading Crypto & Digital Assets

Topics:

Prudential / Capital Requirements Technology & Cyber Authorisation & Licensing

BankBroker DealerCrypto Exchange

View Original

🇮🇪 CBI Enforcement high

March 9th 2026

“Regulating with purpose – outcomes-focused regulation and supervision, a practitioner’s perspective” – Remarks by Deputy Governor McMunn at Outcomes-focused Regulation in Financial Services conference, University College Dublin (UCD)

Good morning everyone, I am delighted to be here for what looks set to be an interesting conference on a topic which is both very close to my heart and central to what we do at Central Bank of Ireland (“the Central Bank”) – as we work to deliver on our mission, and in particular ensuring the financial system is operating in the best interests of consumers and the wider economy. 1 I am particularly delighted to be back in UCD – where I had the pleasure to study economics as an undergraduate, w...

AI Analysis

This speech by Deputy Governor Mary Elizabeth McMunn outlines the Central Bank of Ireland's (CBI) shift toward **outcomes-focused regulation and supervision**, emphasizing five key priorities from the 2026 Regulatory and Supervisory Outlook (RSO) to address geopolitical risks, consumer protection, technology, and resilience in a volatile environment. It matters for compliance professionals as it signals intensified CBI scrutiny on firm behaviors and outcomes rather than mere rule compliance, with direct implications for supervisory engagements, thematic reviews, and enforcement across banking, funds, insurance, and payments sectors.

What Changed

No new legislative changes are introduced in the speech itself, which serves as a practitioner's perspective on implementing the RSO 2026 priorities.
Resilience to geopolitical/macro risks (operational resilience, cyber security, financial resilience).
Consumer/investor protection (customer experience, digitalisation risks, financial crime/fraud).
Technology transformations (AI, digital money, tokenisation). These build on prior developments like the revised Consumer Protection Code (CPC), DORA implementation, and enhanced AML/CFT frameworks,...

Suggested Considerations

Conduct gap analyses for revised CPC compliance, focusing on thresholds, customer experience, and fraud support (immediate if in-scope).
Enhance resilience frameworks: Map operational/cyber risks, perform realistic scenario testing, document risk management for geopolitical/macro uncertainties.
Strengthen financial crime controls: Improve fraud detection, victim support, scam awareness; update AML/CFT via enhanced questionnaires and transaction monitoring.
Review technology/AI governance: Assess AI models, digital innovations (e.g., tokenisation); engage CBI supervisors pre-implementation; ensure data quality/reliability.
Embed ESG/climate risks: Integrate into governance/business models; prepare for desktop/onsite reviews and greenwashing checks.

Key Dates

24 March 2026 DEADLINE

- Revised Consumer Protection Code (CPC) takes effect (12-month lead-in complete; firms must be compliant)

H1–H2 2026

- DORA implementation including threat-led penetration testing (survey issued H1)

H1–H2 2026

- Enhanced AML/CFT Risk Evaluation Questionnaire

H1 2026–H2 2027

- Thematic inspection of transaction monitoring and STR reporting

H1–H2 2026

- UCITS Value at Risk (VaR) model review and depositary oversight

Compliance Impact

Urgency: High – The speech, delivered today (9 March 2026), underscores imminent RSO 2026 execution with CPC effective in 2 weeks (24 March 2026) and H1 2026 activities (e.g., DORA testing, AML questionnaires) starting soon. Non-compliance risks intensified supervision, thematic inspections, enforcement, and reputational damage in a high-geopolitical-risk environment; outcomes-focus demands proactive evidence of resilience and consumer safeguards over procedural box-ticking.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Banking & Credit Capital Markets & Trading Insurance & Pensions

Topics:

Consumer Protection / Conduct Operational Resilience / Outsourcing Technology & Cyber

BankAsset ManagerInsurance

View Original

🇮🇪 CBI Consultation medium

March 5th 2026

Central Bank of Ireland Launches Discussion Paper on Tokenisation and Distributed Ledger Technology in Financial Services

Central Bank of Ireland today published a Discussion Paper examining the potential role of Distributed Ledger Technology (DLT) and tokenisation in the financial system . Deputy Governor Vasileios Madouros, commenting on the publication, said: “Distributed ledger technology and tokenisation have the potential to transform how financial services are delivered. We believe this technology, if enabled and deployed correctly, can change the financial system for the better, including by helping the ...

AI Analysis

The Central Bank of Ireland (CBI) has launched Discussion Paper 12 (DP12) on Distributed Ledger Technology (DLT) and tokenisation in financial services to explore their transformative potential in areas like markets, funds, payments, and money, while assessing opportunities, risks, and enablers such as legal clarity and interoperability. This matters for compliance professionals as it signals CBI's proactive stance on integrating these technologies into a resilient financial system, aligning with EU ambitions like the Savings and Investment Union, and invites stakeholder input to shape future policy without proposing immediate rules. (Source: https://www.centralbank.ie/news/article/press-release-discussion-paper-tokenisation-and-distributed-ledger-technology-in-financial-services-5-march-26 [publication]; https://www.arthurcox.com/insights/central-bank-issues-discussion-paper-on-dlt-tokenisation-in-financial-services/ )

What Changed

This is a non-binding discussion paper, not a regulatory change or new requirement; it poses 16 questions on topics including legal recognition of tokenised instruments, governance, infrastructure, funds (e.g., tokenised MMFs and ETFs), payments, and risks like operational resilience and interoperability. It highlights needs for policy intervention to avoid fragmented "walled gardens," ensure central bank money's role, and address challenges in fractionalisation, transparency, and settlement finality, but no mandates are imposed yet.

Suggested Considerations

Review DP12 (PDF available via CBI site) and prepare/ submit responses to the 16 questions by 5 June 2026, focusing on legal clarity, risks, funds tokenisation, and enablers like interoperability.
Engage in CBI's structured stakeholder dialogues to influence future frameworks.
Assess internal DLT/tokenisation pilots or plans against discussed risks (e.g., operational resilience, scalability) and opportunities (e.g., fractional ownership, 24/7 liquidity).

Key Dates

5 June 2026 DEADLINE

- Deadline for stakeholder submissions responding to the 16 questions in DP12

Post

5 June 2026; - CBI to publish a feedback statement assessing responses and existing policy fit. (Source: https://www.centralbank.ie/news/article/press-release-discussion-paper-tokenisation-and-distributed-ledger-technology-in-financial-services-5-march-26 [publication]; https://www.arthurcox.com/insights/central-bank-issues-discussion-paper-on-dlt-tokenisation-in-financial-services/ )

Compliance Impact

Urgency: Medium – This consultative paper poses no immediate rules but represents a key opportunity to shape emerging DLT/tokenisation regulation amid CBI's 2026 priorities on tech-driven transformations and resilience; inaction risks missing input on critical enablers like legal finality for tokens, potentially leading to stricter future requirements misaligned with firm needs. It aligns with broader EU/BIS pushes (e.g., MiCA, tokenized reserves), amplifying relevance for firms in funds, payments, and crypto.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Capital Markets & Trading Crypto & Digital Assets Payments & E-Money

Topics:

Technology & Cyber Operational Resilience / Outsourcing Authorisation & Licensing

Asset ManagerBankFintech

View Original

🇮🇪 CBI News medium

February 27th 2026

Issue 2 2026

No description available.

Sectors:

Investment Management Banking & Credit Capital Markets & Trading

Topics:

Authorisation & Licensing Reporting & Disclosure Prudential / Capital Requirements

Asset ManagerBankBroker Dealer

View Original

🇮🇪 CBI Enforcement medium

February 18th 2026

Institutions, Anchors, and Their Discontents: The Role of Central Banks - Speech by Governor Gabriel Makhlouf to Blavatnik School of Government

It is a pleasure to be here in Oxford 1 While I’m aware that this is a school of government and I’m a central banker, the two are inextricably linked. Societies and indeed economies are shaped by their institutions, specifically the legal, social, cultural, formal and informal norms that impact the way citizens interact with each other. Successful institutions are those that are trusted by the societies that created them and for which they ultimately serve. Today I am going to resist the oppo...

AI Analysis

Governor Gabriel Makhlouf's speech at the Blavatnik School of Government addresses central bank independence as a foundational institutional mechanism for delivering price stability and economic prosperity, rather than as a shield from accountability. The speech is not a regulatory enforcement action or new requirement, but rather a governance statement clarifying the Central Bank of Ireland's institutional philosophy on independence, credibility, and accountability—matters that directly affect how the CBI exercises supervisory discretion over regulated firms.

What Changed

This is not a regulatory change document but a governance clarification with compliance implications:
Reframing of independence: Central bank independence is characterized as an "anchor" enabling long-term decision-making rather than isolation from society.
Credibility framework: Credibility depends on competence, engagement, coherence, and public trust—not institutional distance alone.
Accountability emphasis: Independence requires continuous dialogue with society and other economic governance institutions; it "does not mean isolation."
Historical validation: The speech references the 1960s-1970s macroeconomic instability under political pressure versus post-pandemic effectiveness of credible central banks in controlling inflation.

Suggested Considerations

*Understand CBI decision-making philosophy: Recognize that CBI supervisory decisions are grounded in long-term economic stability objectives, not short-term political cycles.
*Align governance with credibility principles: The speech identifies four credibility pillars—competence, engagement, coherence, and public trust. Regulated firms should ensure their governance frameworks reflect these principles in their own operations.
*Monitor 2026 supervisory priorities: The speech references CBI's published 2026 Regulatory and Supervisory Priorities, which include maintaining resilience to geopolitical risks, securing consumer and investor interests, and delivering new responsibilities under Access to Cash legislation.

Key Dates

Second half 2026

- Ireland assumes EU Council Presidency; CBI will support government during this period

10 February 2026

- CBI published its 2026 Regulatory and Supervisory Priorities, which establish the operational framework within which this governance philosophy applies

18 February 2026

- This speech delivered, reinforcing institutional independence principles

Compliance Impact

Urgency: MEDIUM

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Banking & Credit Capital Markets & Trading Payments & E-Money

Topics:

Senior Managers / Governance Operational Resilience / Outsourcing Prudential / Capital Requirements

BankAsset ManagerPayment Provider

View Original

🇮🇪 CBI Enforcement medium

January 14th 2026

Speech by Gerry Cross, Director, Capital Markets and Funds, Central Bank of Ireland at Compliance Institute AGM - Supervising for success: some themes for a time of change

Introduction Good morning and thank you to Michael for inviting me to speak at the Compliance Institute’s Annual General Meeting. It is always a real pleasure to engage with compliance professionals. At the Central Bank, we recognise the essential role played by the compliance community in ensuring that financial firms are well-run and contributing to a financial system that is trusted and resilient. We also recognise the important role played by the compliance institute, equipping those work...

AI Analysis

This speech by Gerry Cross, Director of Capital Markets and Funds at the Central Bank of Ireland (CBI), outlines key supervisory priorities including securing customers' interests via the revised Consumer Protection Code, Individual Accountability Framework (IAF) implementation, regulatory simplification, resilience, technology leverage, and an evolving outcomes-focused supervision approach. It matters because it signals CBI's expectations for compliance professionals to drive these outcomes in firms, emphasizing proportionality and ongoing engagement amid regulatory evolution. Compliance teams must integrate these themes to align with CBI's shift toward less process-driven, more effective oversight.

What Changed

- Revised Consumer Protection Code: Introduces new Standards for Business, building on the Code reviewed with industry input; focuses on delivering good outcomes for consumers and the economy.
Individual Accountability Framework (IAF): Implemented 18 months prior (circa mid-2024); enhances clarity on responsibilities, supports governance, and aligns with outcomes-focused regulation rather...
Supervisory Approach Evolution: Shifting in 2025-2026 to risk-based, outcomes-focused, less process-driven supervision integrated across financial stability, consumer protection, safety/soundness,...
Regulatory Simplification: Openness to reviewing frameworks (e.g., fitness and probity) for simpler, outcomes-based alternatives without compromising effectiveness; supports broader simplification...
Resilience and Technology: Ongoing focus on financial resilience post-reforms, leveraging technology for supervision; no specific new rules but emphasis on embedding these in operations. No new...

Suggested Considerations

Implement Revised Consumer Protection Code: Complete readiness by 24 March 2026; apply new Standards for Business in operations, leveraging CBI workshops for guidance.
Embed IAF: Maintain enhanced responsibility mapping, support decision-making, and engage with CBI on implementation feedback to mature governance.
Adopt Outcomes-Focused Practices: Shift from process-driven to outcomes-based compliance (e.g., customer interests, resilience); review internal frameworks for simplification opportunities.
Engage with CBI: Participate in ongoing consultations, workshops, and stakeholder feedback on supervision evolution, IAF, and Consumer Protection Code.
Leverage Technology: Integrate tech for resilience and compliance efficiency, aligning with CBI's supervisory priorities.

Key Dates

24 March 2026 DEADLINE

- Revised Consumer Protection Code comes into force; firms must ensure full readiness and ongoing embedding of provisions, including new Standards for Business

Compliance Impact

Urgency: Medium. This speech reinforces imminent obligations like the 24 March 2026 Consumer Protection Code effective date (less than 2 months from speech/publication), requiring immediate readiness checks, but lacks new rules or critical enforcement threats. It matters for long-term alignment with CBI's outcomes-focused supervision, reducing future supervisory risks through proactive embedding of IAF and simplification; non-engagement could signal poor governance amid evolving oversight.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Capital Markets & Trading Banking & Credit

Topics:

Consumer Protection / Conduct Senior Managers / Governance Operational Resilience / Outsourcing

Asset ManagerBankAll Firms

View Original

🇮🇪 CBI Warning high

August 27th 2025

CFD Trades 24 – Central Bank of Ireland Issues Warning on Unauthorised Firm

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

Authorisation & Licensing Consumer Protection / Conduct AML / Financial Crime

Broker DealerWealth ManagerFintech

View Original

🇮🇪 CBI Warning high

August 21st 2025

Clermont Meridian Trading - Central Bank of Ireland Issues Warning on Unauthorised Firm

Sectors:

Investment Management Wealth & Private Banking Capital Markets & Trading

Topics:

Authorisation & Licensing Consumer Protection / Conduct AML / Financial Crime

Broker DealerWealth ManagerFintech

View Original

🇮🇪 CBI Consultation medium

July 23rd 2024

Central Bank publishes feedback statement on macroprudential policy for investment funds

The Central Bank of Ireland has today (Tuesday 23 July) published a Feedback Statement to the Discussion Paper on an approach to macroprudential policy for investment funds.

AI Analysis

The Central Bank of Ireland (CBI) published a Feedback Statement on 23 July 2024 summarizing stakeholder responses to its Discussion Paper (DP11) on developing a macroprudential policy framework for investment funds, emphasizing the sector's growth and systemic risks. This matters for compliance professionals as it signals ongoing domestic and international efforts to enhance fund resilience amid rapid expansion of non-bank financial intermediation (NBFI), with Ireland's funds sector reaching €6.2 trillion in assets by end-2022. No immediate new rules are imposed, but it underscores evaluation of existing measures and future policy evolution.

What Changed

This Feedback Statement introduces no new regulatory changes or requirements; it is a summary of feedback on DP11 and CBI's perspectives on macroprudential considerations for funds.
Restrictions on leverage and liquidity mismatch for Irish-authorised property funds (introduced prior to 2024).
A codified minimum 300bps yield buffer for Irish-authorised GBP-denominated Liability Driven Investment (LDI) funds, requiring resilience to UK interest rate shocks, with liquid assets in the buffer...

Suggested Considerations

For property funds: Continue adhering to pre-existing leverage/liquidity mismatch limits.
All relevant managers: Monitor CBI updates on measure evaluations, conduct ongoing vulnerability analysis, and prepare for potential toolkit expansions (e.g., stress testing, data sharing). Engage in international coordination via FSB/IOSCO and EU consultations.
General: Review fund strategies for systemic risks, update governance for macroprudential oversight, and align with CBI's DP11 principles.

Key Dates

18 January 2024 DEADLINE

- Consultation deadline for CP157 on macroprudential measures for GBP LDI funds

29 April 2024

- Announcement and start of three-month implementation period for GBP LDI yield buffer measures

23 July 2024

- Publication of Feedback Statement to DP11 on macroprudential policy for investment funds

29 July 2024 DEADLINE

- Effective date for GBP LDI funds' minimum 300bps yield buffer compliance (three months post-announcement)

22 November 2024

- CBI response to European Commission consultation on macroprudential policies for NBFI

Compliance Impact

Urgency: Medium—No new rules from the Feedback Statement itself, reducing immediate pressure, but firms must ensure full compliance with implemented LDI (by July 2024) and property fund measures while preparing for evaluations and EU-level developments (e.g., November 2024 CBI response). This matters as Ireland's funds dominance (global hub status, 16% of world financial assets) amplifies systemic scrutiny, with non-compliance risking supervisory actions under AIFMD Article 25 or future tools; proactive monitoring prevents disruptions in a €68 trillion global sector.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Capital Markets & Trading

Topics:

Prudential / Capital Requirements

Asset ManagerHedge Fund

View Original

🇮🇪 CBI Consultation high

April 29th 2024

Central Bank of Ireland introduces macroprudential measures for Irish-authorised GBP-denominated LDI funds

The Central Bank of Ireland has today (29 April 2024) announced the introduction of macroprudential measures for Irish-authorised GBP-denominated Liability Driven Investment (LDI) funds. Building on the recent Consultation Paper “Macroprudential measures for GBP Liability Driven Investment funds”, the measures require that GBP-denominated LDI funds authorised in Ireland maintain sufficient resilience to be able to withstand a sudden and adverse shocks to UK interest rates.

AI Analysis

The Central Bank of Ireland (CBI) introduced binding macroprudential measures on 29 April 2024 requiring Irish-authorised GBP-denominated Liability Driven Investment (LDI) funds to maintain a minimum **300 basis point yield buffer** to withstand adverse UK interest rate shocks. This regulatory intervention directly addresses systemic risks exposed during the September-October 2022 UK gilt market crisis, where excessive leverage in LDI funds amplified financial stress across markets.

What Changed

The framework establishes the following core requirements for in-scope GBP-denominated LDI funds: Yield Buffer Requirement
Minimum resilience threshold of 300 basis points increase in UK yields
CBI clarifies this is a minimum floor, not a target; funds may prudently maintain higher buffers
Assets must be sufficiently liquid under both normal and stressed market conditions Yield Buffer Composition Rules
"External assets" or "third-party assets" cannot be included in the yield buffer

Suggested Considerations

*For Existing Fund Managers (by 29 July 2024):
*Audit & Classification: Determine whether each fund falls within the regulatory scope by assessing whether the investment strategy matches asset sensitivity to UK interest rates/inflation against pre-defined investor liabilities
*Yield Buffer Assessment: Calculate current yield buffer position and identify any shortfalls against the 300 bps minimum threshold
*Portfolio Restructuring: If necessary, rebalance portfolios to achieve and maintain the 300 bps yield buffer, ensuring:
Removal of external/third-party assets from buffer calculations

Key Dates

29 April 2024

- CBI announces finalised macroprudential framework

29 July 2024 DEADLINE

- Compliance deadline for existing Irish GBP-denominated LDI funds authorised before 29 April 2024 (3-month implementation period)

Immediate DEADLINE

- Compliance requirement for newly authorised LDI funds after 29 April 2024

Ongoing DEADLINE

- New funds seeking authorisation must notify CBI of framework scope applicability

Compliance Impact

Urgency Rating: HIGH

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Investment Management Capital Markets & Trading Wealth & Private Banking

Topics:

Prudential / Capital Requirements Authorisation & Licensing Operational Resilience / Outsourcing

Asset ManagerHedge FundWealth Manager

View Original

🇮🇪 CBI Enforcement critical

April 18th 2023

Address by Director of Insurance Supervision, Domhnall Cullinan, to the Insurance Ireland-Milliman CRO Forum

I’d like to thank Insurance Ireland and Milliman for inviting me here today for this Chief Risk Officer (CRO) Forum. I’d like to use this opportunity to briefly reflect on the recent turmoil we’ve seen in the banking sector, what this might mean for (re)insurers, and to highlight some of our supervisory priorities going forward. Much commentary has already been devoted to the fallout from SVB and Signature Bank in the US, and to the acquisition of Credit Suisse by UBS. Whilst the exposure of ...

Sectors:

Banking & Credit Insurance & Pensions Capital Markets & Trading Payments & E-Money Crypto & Digital Assets

Topics:

AML / Financial Crime Consumer Protection / Conduct Prudential / Capital Requirements

BankInsurance

View Original

🇮🇪 CBI Enforcement low

October 6th 2022

Insurance supervision in an uncertain environment - Remarks by Domhnall Cullinan, Director of Insurance Supervision, at Financial Services Ireland

Introduction Good morning everyone. Thank you for inviting me to speak here today. Before I begin, I’d like to acknowledge the important role played by Financial Services Ireland in advocating for its members, and in promoting the Irish financial services sector, both here and abroad. Whilst the respective missions we undertake are undoubtedly different, we have a shared interest in a strong and stable financial services sector. It is claimed that the phrase “may you live in interesting times...

Sectors:

Banking & Credit Investment Management Insurance & Pensions Capital Markets & Trading Payments & E-Money Crypto & Digital Assets

Topics:

AML / Financial Crime Consumer Protection / Conduct Prudential / Capital Requirements

Insurance

View Original

🇮🇪 CBI Enforcement low

June 23rd 2021

Supervisory Priorities in Uncertain Times - Domhnall Cullinan, Director of Insurance Supervision

Introduction Good morning, and thank you for attending our Insurance Industry Event, the second of these which we’ve held virtually. Hopefully, as the vaccine rollout continues and restrictions are eased, there won’t have to be a third! The COVID 19 crisis has brought about a significant amount of change to all of our personal and professional lives, and with it has provided the opportunity to reflect on what is important, and where our priorities should lie. With this in mind, I would like t...

Sectors:

Banking & Credit Insurance & Pensions Capital Markets & Trading Payments & E-Money Crypto & Digital Assets

Topics:

AML / Financial Crime Consumer Protection / Conduct Prudential / Capital Requirements

Insurance

View Original

🇮🇪 CBI Enforcement critical

November 12th 2020

Opening remarks at the 2020 Insurance Industry Briefing - Domhnall Cullinan, Director of Insurance Supervision

Opening remarks at the 2020 Insurance Industry Briefing Good morning everyone. I would like to thank you for attending today’s industry briefing. In my remarks this morning, I will take this opportunity to touch on: the role that insurance can play in society; some of the reasons why the industry in Ireland is negatively perceived; and the areas of supervisory focus for the Central Bank moving forward. 2020 has been an unprecedented year in so many respects and the emergence of COVID-19 has a...

Sectors:

Banking & Credit Insurance & Pensions Capital Markets & Trading Payments & E-Money

Topics:

AML / Financial Crime Consumer Protection / Conduct Prudential / Capital Requirements

BankInsurance

View Original

🇮🇪 CBI Enforcement critical

November 12th 2019

Introductory statement by Derville Rowland, Director General, Financial Conduct, at the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach

I am joined today by Gráinne McEvoy, Director of Consumer Protection, and Domhnall Cullinan, Director of Insurance Supervision. Thank you for this opportunity to speak to you today about the Central Bank’s work in regulating and supervising the Irish insurance industry and specifically the practices of differential pricing and dual pricing. Insurance serves a critical role in the functioning of a modern society, through reducing uncertainty by protecting people and businesses against the risk...

Sectors:

Banking & Credit Wealth & Private Banking Insurance & Pensions Capital Markets & Trading

Topics:

Consumer Protection / Conduct Prudential / Capital Requirements Operational Resilience / Outsourcing

BankInsurance

View Original

🇮🇪 CBI Enforcement medium

December 18th 2017

Merrion Stockbrokers Limited fined €200,00 in respect of failings pursuant to the Fitness and Probity regime.

Settlement Agreement between the Central Bank of Ireland and Merrion Stockbrokers Limited Merrion Stockbrokers Limited fined €200,000 by the Central Bank of Ireland in respect of failings pursuant to the Fitness and Probity regime. On 12 December 2017, the Central Bank of Ireland (the ‘Central Bank’) fined Merrion Stockbrokers Limited (‘Merrion’) €200,000 and reprimanded it for a breach of section 21 of the Central Bank Reform Act 2010 (the ‘2010 Act’). Merrion has admitted this breach, which...

AI Analysis

The Central Bank of Ireland (CBI) fined Merrion Stockbrokers Limited €200,000 on 12 December 2017 for breaching section 21 of the Central Bank Reform Act 2010 by failing to implement adequate systems and controls under the Fitness and Probity (F&P) regime from 1 December 2011 to at least April 2015. This first-ever enforcement action against a firm for section 21 violations underscores firms' primary responsibility for ongoing due diligence on Controlled Functions (CFs) and Pre-Approval Controlled Functions (PCFs), signaling heightened CBI scrutiny on governance and accountability post-financial crisis.

What Changed

This 2017 enforcement does not introduce new regulatory changes but enforces existing requirements under the F&P regime, established via the Central Bank Reform Act 2010 and effective from 1 December...
Firms must maintain adequate systems and procedures for initial and ongoing due diligence to ensure CFs/PCFs meet F&P Standards (fitness: competence, integrity; probity: honesty).
Ongoing monitoring beyond initial checks, with written records and centralized documentation for each individual.
Accurate classification of roles as CFs/PCFs; failure here constituted a breach. No subsequent statutory changes are noted in the publication, but it reinforces that firms bear ultimate...

Suggested Considerations

Develop/improve written policies and procedures for initial and ongoing due diligence on CFs/PCFs, including centralized records per individual.
Conduct thorough due diligence at appointment and continuously monitor compliance with F&P Standards; maintain demonstrable records.
Ensure accurate CF/PCF classification for all relevant roles (e.g., executive directors, finance heads, client advisors).
Implement monitoring systems to detect changes in fitness/probity and report to CBI if Standards are breached.
Board-level oversight: Review and remediate gaps, as post-2016 Merrion Board did.

Key Dates

1 December 2011

- Fitness and Probity regime effective; Merrion's breach period begins

Late 2014 DEADLINE

- Management buy-out and new Board appointed; initial compliance improvements start

24 April 2015

- Merrion implements first written F&P policies and procedures

2016

- CBI inspection identifies breaches

12 December 2017

- CBI imposes €200,000 fine and reprimand via settlement agreement; investigation closed

Compliance Impact

Urgency: Medium - While from 2017, this foundational enforcement remains highly relevant for ongoing F&P obligations, with risks of fines/reprimands during CBI inspections (as in Merrion's 2016 review). It matters because firms hold primary accountability for a regime designed post-crisis to prevent unfit individuals in key roles; non-compliance exposes entities to significant reputational, financial (€200k precedent), and operational risks, especially amid evolving governance scrutiny.

References

AI-generated analysis. May contain errors or omissions — verify with the original CBI source before acting. Full disclaimer.

Sectors:

Capital Markets & Trading Investment Management Wealth & Private Banking

Topics:

Senior Managers / Governance Authorisation & Licensing

Broker DealerWealth ManagerAll Firms

View Original