Financial services firms seeking market entry in Ireland sometimes struggle with the detail and level of information required when making an application for authorisation. While there may be an understanding of the overall strategy of the firm, often, it is difficult to map these activities to the applicable regulations and produce a thorough business plan to meet with requirements of the Central Bank of Ireland (‘the Central Bank’).
PwC has extensive experience in assisting financial services firms determine their market entry strategy and we can work with your through each stage of the authorisation process.
How can PwC assist you?
Whether seeking bank, fund, fund service provider, investment management or insurance company authorisation, PwC's dedicated regulatory compliance services team can assist you in all aspects of the application pack.
Our services include:
A feasibility study is usually undertaken to determine and document a project's viability. We can combine a wide range of skills in order to conduct a study relating to the feasibility of your proposed project. The potential issues can range from the need to understand the regulatory implications for your chosen business model to understanding the range of future scenarios in terms of the feasibility of your chosen plans.
The continued growth of the financial services sector in Ireland has led to an increase in the number of firms requiring authorisation from the Central Bank. The type of authorisation required i.e. whether bank, fund, investment management company or insurance company, will dictate the substance of the application. Generally the authorisation process for any regulatory licence is iterative in nature and the length of the process will depend on the quality of the initial submission to the Central Bank.
The type of assistance PwC can provide includes:
Regulatory Business Plan
The Regulatory Business Plan (RBP) is a core section of the overall written application. It should contain business objectives, the financial projections and also the sponsors' perception of the key regulatory risks to the business.
The Central Bank will generally require a substantial amount of supporting documentation such as policies, procedures, financial projections etc to be submitted as part of the any application. We can provide:
Ongoing support for regulatory questions that arise during the application process.
As part of the application pack for authorisation, the Central Bank will expect documented evidence supporting the governance arrangements for the applicant firm. Regulated financial services firms are under increased pressure to have strong risk management procedures in place. Corporate governance is a key component of a firms risk management framework. PwC can provide support in determining the governance arrangements specific to the needs of your firm and will provide guidance on these arrangements in terms of them meeting with the requirements of the Central Bank.
We will support you with the following:
The compliance framework is another key factor in the overall risk management process for the firm. The design and structure of the compliance framework should be given extensive consideration at the outset so that both regulatory requirements are met and that your firm has a robust compliance structure in place to deal with all regulatory risks.
We can assist you with the following:
Financial services firms seeking authorisation with the Central Bank will be required to demonstrate their capital adequacy arrangements and evidence of the appropriate capital held as part of the application process. Whether you are looking to establish a fund, a management company, an investment firm, bank or insurance company, the entity will be subject to capital adequacy requirements. Specific legislation is in place for the determination of capital for all of these entity types.
We can support and assist with the following:
Inward marketing of foreign funds and "passporting" activities will require formal notification to the Central Bank. There are set procedures and requirements to be followed in both instances.
In completing the formal notification process, we will assist you with the following:
Why Choose PwC?