Dáil Éireann Debate, Wednesday - 19 December 2018
125. Deputy Michael McGrath asked the Minister for Finance the number of licence applications made to the Central Bank of Ireland in 2018 by the type of financial services provider, that is, retail credit firm and so on; and if he will make a statement on the matter. [53737/18]
Amharc ar fhreagra126. Deputy Michael McGrath asked the Minister for Finance the number of open licence applications with the Central Bank of Ireland ; the length of time these applications have remained open; and if he will make a statement on the matter. [53738/18]
Amharc ar fhreagraI propose to take Questions Nos. 125 and 126 together.
I must remind the Deputy that the Central Bank cannot comment publicly on individual regulatory relationships or the applications for authorisation of specific firms.
Information relating to the number of applications that have been processed by the Central Bank is published on its website, available here: https://centralbank.ie/regulation/how-we-regulate/authorisation/service-standards. The Central Bank publishes these Regulatory Service Standards Performance reports twice a year. The H1 2018 report is available here: https://centralbank.ie/docs/default-source/regulation/how-we-regulate/authorisation/service-standards-performance-reports/regulatory-service-standards-performance-report-h1-2018.pdf?sfvrsn=4. I am informed by the Bank that the report for H2 2018 will be published in early 2019. For the Deputy's convenience, the H1 2018 information is summarised in the table.
|
Sector |
Standard |
Target |
Performance |
Number of Submissions |
|
Service Standards for Funds |
To process UCITS and RIAIF applications**Note that UCITS / RIAIF applications typically involve more than one submission. |
90% of initial submissions assessed within 20 business days 90% of subsequent submissions assessed within 10 business days |
100% |
144 |
|
Service Standards for Funds |
To process UCITS and RIAIF funds/sub funds (fast track) applications |
90% of initial submission assessed within 10 business days90% of subsequent submission assessed within 5 business days |
99% |
990 |
|
Service Standards for Funds |
To process QIAIF applications |
100% authorised within 1 business day |
100% |
328 |
|
Service Standards for Fund Service Providers |
To process UCITS Management Company applications |
90% of authorisations within 6 months |
100% |
3 |
|
Service Standards for Fund Service Providers |
To process AIF Management Company applications |
90% of approvals within 6 months |
100% |
1 |
|
Service Standards for Fund Service Providers |
To process externally managed AIFM applications |
90% of authorisations / Registrations within 6 months |
100% |
Authorisation 3 Registration 5 |
|
Service Standards for Fund Service Providers |
To process Fund Administrator applications |
90% of authorisations within 6 months |
None applicable |
0 |
|
Service Standards for Fund Service Providers |
To process Fund Depository applications |
90% of authorisations within 6 months |
None applicable |
0 |
|
Service Standards for Self-Managed Investment Companies, Internally Managed AIFs and Investment Managers |
To process applications for Self-Managed Investment Companies |
90% of initial submissions assessed within 20 business days 90% of subsequent submissions assessed within 10 business days |
85%* *This is the first time that these service standards have not been met and was due to increases in the number of Investment Manager Submission’s processed during the period (205) and in particular a 27% spike in submissions received in Q2 compared to the same period in Q2 2017. This increase in volume impacted both services standards as they are processed by the same team. The Central Bank continues to prioritise assessing and processing applications in line with its published standards and is applying its resources accordingly. |
13 |
|
Service Standards for Self-Managed Investment Companies, Internally Managed AIFs and Investment Managers |
To process applications for Internally Managed AIFs (Authorised) |
90% of initial submissions assessed within 20 business days 90% of subsequent submissions assessed within 10 business days |
None applicable |
0 |
|
Service Standards for Self-Managed Investment Companies, Internally Managed AIFs and Investment Managers |
To process applications for Internally Managed AIFs (Registered) |
90% of initial submissions assessed within 5 business days90% of subsequent submissions assessed within 3 business days |
None applicable |
0 |
|
Service Standards for Self-Managed Investment Companies, Internally Managed AIFs and Investment Managers |
To assess applications for the clearance of Investment Managers (EU authorised) |
90% of submissions assessed within 1 business day |
100% |
42 |
|
Service Standards for Self-Managed Investment Companies, Internally Managed AIFs and Investment Managers |
To assess applications for the clearance of Investment Managers (Non – EU Authorised) |
90% of initial submissions assessed within 5 business days90% of subsequent submissions assessed within 3 business days |
84%**This is the first time that these service standards have not been met and was due to increases in the number of Investment Manager Submission’s processed during the period (205) and in particular a 27% spike in submissions received in Q2 compared to the same period in Q2 2017. This increase in volume impacted both services standards as they are processed by the same team. The Central Bank continues to prioritise assessing and processing applications in line with its published standards and is applying its resources accordingly. |
205 |
|
Service Standards for Investment Firms |
To process MiFID Level 1 applications (Small firms with non-complex investment strategies) |
90% of initial submissions assessed within 20 business days 90% of responses to first comments assessed within 10 business days 90% of final submissions assessed within 10 business days |
None applicable |
0 |
|
Service Standards for Investment Firms |
To process MiFID Level 2 applications (Larger firms or those with complex investment strategies) |
90% of initial submissions assessed within 40 business days 90% of responses to first comments assessed within 10 business days 90% of responses to second comments assessed within 20 business days 90% of final submissions assessed within 10 business days |
100% |
4 |
|
Service Standards for Prospectus Approval |
Debt Prospectuses |
90% of initial submissions assessed within 10 business days 90% of subsequent submissions assessed within 10 business days 90% of financial supplements approved on same day 90% of initial submissions for Recognised Prospectus Advisor (RPA) assessed within 3 business days 90% of subsequent submissions for RPA assessed within 2 business days |
99% |
1,871 |
|
Service Standards for Prospectus Approval |
Closed – ended Funds Prospectuses |
90% of initial submissions assessed within 10 business days 90% of subsequent submissions assessed within 10 business days 90% of initial submissions for RPA assessed within 5 business days 90% of subsequent submissions for RPA assessed within 2 business days |
100% |
7 |
|
Service Standards for Prospectus Approval |
Equity Prospectuses |
90% of initial submissions assessed within 10 business days / 20 business days for Initial Public Offerings (IPOs) 90% of subsequent submissions assessed within 10 business days / 20 business days for IPOs 90% of initial submissions for RPA assessed within 10 business days / 20 business days for IPOs 90% of subsequent submissions for RPA assessed within 10 business days / 20 business days for IPOs |
98% |
42 |
|
Service Standards for Retail Intermediaries(Investment Intermediaries, Insurance Intermediaries, Mortgage Intermediaries and Mortgage Credit Intermediaries) and Debt Management |
To acknowledge receipt of application |
95% within 3 business days of receipt of application |
99% |
70 |
|
Service Standards for Retail Intermediaries(Investment Intermediaries, Insurance Intermediaries, Mortgage Intermediaries and Mortgage Credit Intermediaries) and Debt Management |
To complete key information check |
95% within 10 business days of receipt of application |
100% |
55 |
|
Service Standards for Retail Intermediaries(Investment Intermediaries, Insurance Intermediaries, Mortgage Intermediaries and Mortgage Credit Intermediaries) and Debt Management |
To complete the assessment phase and notify applicant of outcome3 |
90% within 90 business days of commencement of assessment phase |
100% |
50 |
|
Service Standards for Retail Intermediaries(Investment Intermediaries, Insurance Intermediaries, Mortgage Intermediaries and Mortgage Credit Intermediaries) and Debt Management |
To complete the notification of decision phase and notify applicant of outcome |
90% within 10 business days of receipt of satisfactory response to issues set out in notification of outcome of assessment phase |
100% |
24 |
|
Service Standards for Moneylenders, Retail Credit Firms and Home Reversion Firms |
To complete acknowledgement of receipt of application |
95% within 3 business days of receipt of application |
100% |
2 |
|
Service Standards for Moneylenders, Retail Credit Firms and Home Reversion Firms |
To complete key information check |
95% within 10 business days of receipt of application |
100% |
2 |
|
Service Standards for Moneylenders, Retail Credit Firms and Home Reversion Firms |
To complete the assessment phase and notify applicant of outcome4 |
90% within 90 business days of commencement of assessment phase |
None applicable |
0 |
|
Service Standards for Moneylenders, Retail Credit Firms and Home Reversion Firms |
To complete the notification of decision phase and notify applicant of outcome |
90% within 10 business days of receipt of satisfactory response to issues set out in notification of outcome of assessment phase |
None applicable |
0 |
|
Service Standards for Moneylenders, Retail Credit Firms and Home Reversion Firms |
To process complete renewals of moneylender licences |
100% prior to expiry of existing licence |
100% |
8 |
|
Service Standards for Payment Firms (Payment Institutions, Electronic Money Institutions, Small Electronic Money Institutions and Money Transmission Businesses) and Bureaux de Change |
To complete acknowledgement of receipt of application |
95% within 3 business days of receipt of application |
100% |
7 |
|
Service Standards for Payment Firms (Payment Institutions, Electronic Money Institutions, Small Electronic Money Institutions and Money Transmission Businesses) and Bureaux de Change |
To complete key information check |
95% within 10 business days of receipt of application |
100% |
6 |
|
Service Standards for Payment Firms (Payment Institutions, Electronic Money Institutions, Small Electronic Money Institutions and Money Transmission Businesses) and Bureaux de Change |
To complete the assessment phase and notify applicant of outcome5 |
90% within 90 business days of commencement of assessment phase |
None applicable |
0 |
|
Service Standards for Payment Firms (Payment Institutions, Electronic Money Institutions, Small Electronic Money Institutions and Money Transmission Businesses) and Bureaux de Change |
To complete the notification of decision phase and notify applicant of outcome |
90% within 10 business days of receipt of satisfactory response to issues set out in notification of outcome of assessment phase |
None applicable |
0 |
|
Service Standards for Insurance / Reinsurance Undertakings |
To process complete applications |
100% within 6 months of becoming complete |
None applicable |
0 |
|
Service Standards for Insurance / Reinsurance Undertakings |
To process complete applications |
75% within 3 months of becoming complete |
None applicable |
0 |
|
Service Standards for Insurance / Reinsurance Undertakings |
To return incomplete applications |
100% within 2 weeks of receipt |
100% |
10 |
|
Service Standards for Credit Institutions |
To process complete applications |
100% within 6 months of becoming complete |
None applicable |
0 |
|
Service Standards for Credit Institutions |
To process complete applications |
75% within 3 months of becoming complete |
None applicable |
0 |
|
Service Standards for Credit Institutions |
To return incomplete applications |
100% within 2 weeks of receipt |
None applicable |
0 |
|
Service Standards for Trust or Company Service Providers |
To process complete applications |
90% within 3 months of becoming complete |
100% |
2 |
|
Service Standards for Trust or Company Service Providers |
To return incomplete applications |
100% within 2 weeks of receipt |
None Applicable |
0 |
|
Fitness and Probity Service Standards |
Provide a response to submitting entity where an IQ is incomplete6. |
85% of cases within 5 business days |
99% |
87 |
|
Fitness and Probity Service Standards |
Process IQ application for Qualifying Investor Fund (QIF)/ Qualifying Investor Alternative Investment Funds (QIAIF). |
85% of applications within 5 business days |
98% |
231 |
|
Fitness and Probity Service Standards |
Process IQ application for individual previously approved by Central Bank of Ireland or European Economic Area (EEA) Financial Services Regulator. |
85% of applications within 12 business days |
92% |
294 |
|
Fitness and Probity Service Standards |
Process “standard” IQ Application – i.e. non QIF/QIAIF and/or individual not previously approved. |
85% of applications within 15 business days |
91% |
417 |
|
Contact Management Service Standards |
To answer telephone calls to the Central Bank’s Helpline 8 |
80% answered within 20 seconds |
93% |
7,455 |
|
Contact Management Service Standards |
To respond to ‘call back requests’ made to the Central Bank’s Helpline |
90% of ‘call backs’ made within 1 business day |
None applicable |
0 |
