The freedom to ‘passport’ financial services throughout the European Union from an authorised undertaking in one-member state is a fundamental principle underlying EU directives.
Where the undertaking operates on a freedom of services basis, prudential supervision of the undertaking is the responsibility of the Home Member State. The Host State supervisor is purely responsible for conduct of business supervision.
When a financial services firm is notified to the Central Bank of Ireland by an equivalent EU/EEA supervisory body they are added to the Central Bank’s register of service providers or branch establishments. In addition, they are advised of the requirements of the Central Bank’s Consumer Protection Code and are supervised by the Central Bank in respect of consumer protection.
The Register of firms authorised by the Central Bank of Ireland is available on its website: http://registers.centralbank.ie/
It is not yet clear what the nature of the UK's relationship with the EU will be after it leaves the Union. The Government is determined that all possible preparations are made ahead of the UK leaving the EU. We are focused on protecting and advancing Ireland’s interest at every turn.
The Government isn’t under any illusions about the complexity of challenges presented by Brexit, and our comprehensive response to the potential impacts of Brexit is continuing. Detailed work is underway across all Government Departments and agencies, including the Central Bank, to prepare for the UK’s exit. This includes contingency planning for all possible scenarios, of which a "hard Brexit" is one possible scenario.
