AUTHORIZATION

AUTHORIZATION

1. Investment Intermediaries

   • Deposit Agents
     • 1 Bank Appointment in writing, CANT operate as Deposit Broker in the same Bank
     • Arrange Deposits for consumers
   • Deposit Brokers
     • 2 or more Banks
     • Seek to make deposit in return to commission- fees- rewards
   • Deemed Authorised
     • Automatically Authorised for ANY retail Financial Product
     • Already acting as insurance intermediaries on 1 April 2001
       • BEFORE April 2001
     • RAIPIs Restricted Activity Investment Product Intermediaries
     • need Agency Appointment with EACH Product Producer
   • Authorised under section 10
     • Require authorization for EACH Financial Product
     • Authorised granted /requested after 1 April 2001
       • AFTER April 2001
     • AUTHORISATION needed to Act as Insurance Intermediary
   • INVESTMENT INTERMEDIARY ACT 1995
   • CENTRAL BANK
     • Prudential Requirements
       • Obtain Approval
         • if engaging in new financial services, or services that required amendments to initial authorisation
       • NOTIFY
         • Report Frauds, misappropriation
         • Impending Legal actions in detail
         • Changes
           • new branch
           • Subsidiary
           • Legal name
             • Trading name
             • website address
             • email
         • Cease operations
       • Hold Professional Indemnity Insurance
         • €1.25 million per claim
         • €1.85 million aggregate cover per annum
       • prepare
         • Annual audited account within 6 months
           • compliance record 6 years
     • AUTHORISED
       • wider range of investments
   • Bonds
     • Tracker Bonds
   • collective investments funds
     • Unit Trust
     • UCITS
   • PRSAs
     • SHARES
   • Insurance Policies
   • Certified Persons
     • Approved by CENTRAL BANK
       • ICAI
       • regulated by
         • ACCA
         • CPA
         • incidental Manner
           • no more than 20% Annual fee
     • Accountants
   • MIFID Investment firms
     • Clients FUNDS and ASSETS
       • PORTFOLIO MANAGEMENTS
         • BUY AND SELL INVESTMENTS
     • contract for difference CFDs
     • OPTIONS
     • SWAPS
     • other DERIVATIVES
     • AUTHORISATION needed as Insurance Intermediary

2. MORTGAGE CREDIT Intermediaries

   • Insurance Intermediaries
     • Mortgage Intermediaries
       • Credit Intermediaries
         • GARAGE
           • CAR FINANCE
         • SHOPS
         • \LETTING OFF GOODS IN RETURN FOR: commis, letting of goods, payment of other considerations
         • AUTHORISED
           • COMPETITION AND CONSUMER PROTECTION COMMISION
           • CCPC
       • LiCENSED
         • CONSUMER CREDIT ACT 1995
       • HOUSING LOAN
         • Purchase
         • iMPROVE
         • BUILT
         • REFINANCE
       • Authorised
         • CENTRAL BANK
       • is a person (other than a mortgage lender or credit institution) who, in return for commission or some other form of consideration:
         • arranges, or offers to arrange, for a mortgage lender to provide a consumer with a housing loan
           • loan which falls outside the scope of the European Union (Consumer Mortgage Credit Agreements) Regulations (such as equity release products)
             • Introduces Consumer to Intermediaries
       • Minimum Competency Code
         • a) have completed a recognised qualification: • Qualified Financial Adviser (QFA), • Accredited Product Adviser (Loans), • Professional Certificate in Mortgage Practice (formerly the Mortgage Diploma, Certificate/Specialist Certificate in Mortgage Practice), • Certified Insurance Practitioner plus QFA loans
           • b) Be a grandfathered person, or c) be a new entrant participating in a training process under the supervision of a qualified or grandfathered person. And in the case of a) and b), be compliant with the CPD requirements.
     • CENTRAL BANK
       • European Communities (Insurance Mediation) Regulation 2005
       • REQUIRED
         • Professional Indemnity Insurance
           • €1.85 million aggregate per annum
           • €1.25 million per Claim
           • RING FENCED
             • for EACH activity
     • Insurance Agent
       • no more than 4 Insurer
         • Hold Agency Appintments
         • Separate Status for Life & General Insurance
     • Insurance Broker
       • 5 Insurer
     • Tied Insurance Agent
       • 1 Insurer
     • Life Assurance EMPLOYEES
       • DONOT need Authorisation from Central Banks
         • Employer had accepted FULL RESPONSIBILITY for their insurance actions
     • Tied Agent of Life Assurance Company
   • conclude credit agreements with consumers on behalf of the creditor
   • Authorised
     • EUROPEAN UNION (CONSUMER MORTGAGE CREDIT AGREEMENT) REGULATION 2016
     • CENTRAL BANK
   • Present or OFFER CREDIT AGREEMENTS to consumers
   • Assist Consumers UNDERTAKE preparatory work
     • pre contractual administration in respect of credit agreement
   • Mortgage Credit Intermediaries may also be authorised to provide advisory services (i.e. the provision of personal recommendations to a consumer in respect of one or more transactions relating to credit agreements)

3. provide advised on RETAIL FINANCIAL PRODUCTS

   • Life Assurance Policies
   • Pension arrangements
   • Savings and Investments
   • Personal General Insurance
   • Private Medical Insurance & Associated Insurance
   • Housing loans, Home Reversion Arrangement & Associated Insurances
   • Consumer Credit Agreements & Associated Insurances
   • FINANCIAL ADVISOR
     • Must Comply with Minimum Competency code
       • will comply ONLY if
         • Undergoes relevant recognised training program or get part recognised qualification
         • Act under Supervision of a qualified person
         • Working towards getting a recognised qualification
         • Obtain the recognised qualification within 4 years

4. PRODUCT PRODUCERS

   • FINANCIAL INSTITUTIONS
   • GENERAL INSURANCE COMPANIES
   • INVESTMENT MANAGER
   • PRODUCE PRODUCTS FOR CONSUMERS
   • LIFE ASSURANCE COMPANIES
   • GRANT AGENCY APPOINTMENTS IN WRITING TO AUTHORISE INTERMEDIARIES
   • CENTRAL BANK
     • REQUIRED
       • MAINTAIN REGISTER OF APPOINTED INTERMEDIARIES
       • PROVIDE the central bank with details of registered agency appointments
       • ONLY allowed to accept money, application from AUTHORISED appointed agencies
       • under CONSUMER PROTECTION CODE
         • Must PROVIDE
           • Product key charasteristis
             • target market of consumer
             • nature and extent of the risk
           • level, nature, extent and limitations of any guarantee attathing to the product
           • N/A to Deposits /life assurance policy
     • MAINTAINS register
       • Investment Products Intermediaries Section 31 Register
     • CENTRAL BANK
   • INVESTMENT intermediaries acting as product producers
     • minimum solvency €50k

5. MAIN REGULATOR

   • CENTRAL BANK
   • FINANCIAL SERVICE REGULATIONS
     • STRUCTURAL
       • AUTHORISATION
         • Once Authorised firms will
           • Free to conduct bussiness in other EU State
             • FREEDOM OF SERVICES
           • Free to open a branch in other EU state
             • FREEDOM OF ESTABLISHMENT
     • SYSTEMIC
       • Minimise Risk to the Overall Financial System
         • CREATE EARLE WARNING SYSTEMS AND INFORMATION NETWORKS
     • PRUDENTIAL
       • Solvency and Liquidity
         • Aims to establish compliance with rules to ensure solvency, liquidity and ability to meet their financial obligations to their customers
     • CONDUCT OF BUSINESS
       • consumer protection
         • Aims to establish there n for consumers dealing with financial service firms
           • Specifies certain procedures, disclosure of information and competency requirements that MUST be followed by a firm

6. STRUCTURAL REGULATION

   • COVERS INITIAL AUTHORIZATION PROCESS
     • ENSURE THAT ONLY THOSE FIRMS
       • WITH SUFFICIENT FINANCIAL STANDING
       • INTEGRITY, COMPETENCE AND EXPERIENCE
         • can set up financial firms
   • Responsibility of Home member State