DUBLIN: The Central Bank has issued a Brexit FAQ document providing general information to financial services firms who are considering relocating their operations from the UK to Ireland. This follows the recent ESMA sector specific Brexit Opinions as discussed here.
The document gives some helpful guidance on the Central Bank’s position regarding substance, oversight & control and outsourcing. It is also interesting to note the reference to “dual-hatting” models. The Central Bank will consider proposals where senior management are gradually transitioned into the Irish business (from other roles in the group) as it develops.The messages in the FAQ accord with the feedback we are getting on the new Manco and MIFID firm applications which we are working on. This is welcome guidance for the many financial services firms considering their Brexit contingency planning.
