Regulators

Central Bank of Ireland (CBI)

The Central Bank of Ireland was established on February 1, 1943 as a government regulatory agency.

Organization Profile

Type of organization: government agency
Agency introduction: The Central Bank of Ireland is responsible for implementing the European Central Bank's monetary policy and maintaining market price stability in Ireland. As a member of the ECB's Governing Council, the Governor can directly contribute to monetary policy decisions and other major policies. While the Governor has sole decision-making authority over ECB monetary policymaking, the effectiveness with which he can perform his duties in this regard can be enhanced by the quality of monetary policy briefings, statistical information and the analysis and research provided. Its mission is to maintain economic market stability and protect consumers.

Supervisory functions
In addition to issuing licenses to CBI regulated brokers, the Central Bank of Ireland has several important regulatory responsibilities. It also provides for the management of the following activities:
(1) Issues related to investment intermediaries, credit institutions, financial exchanges, stock brokers, collective investment plans, funds, and investor remuneration;
(2) Insurance, including life and general insurance and related consumer issues;
(3) Mortgage and credit providers, money lenders, monitoring of customer charges of these companies and related consumer issues;
(4) Credit unions.
Regulatory Objectives
(1) Promote safe and fair financial services for consumers;
(2) Promote consumer confidence in the safety of their funds;
(3) Monitor and enforce consumer protection, business conduct and prudence requirements and minimum requirements set.

Licence application

1. Application Requirements
2. Application process
Forex brokers are broker/retail intermediaries and therefore operating in Ireland must be licensed and regulated by the Central Banking Commission of Ireland. His regulations are very strict and each applicant must be able to meet the authorization criteria set by the central bank to be able to meet various regulations. Only applicants who meet the criteria will be authorized.
(1) An authorised Irish forex broker must first submit an application form and all supporting documents, which are confirmed by CBI. Required documents include a business plan and an operating plan.
(2) After CBI's discretion, all key information and documents have been substantiated and the applicant will be provided with the login details of the bank's online reporting system.
(3) Completion of the Personal Questionnaire and, if the applicant is a director or a company of a director, a Garda Review Form is also required. When the central bank has all the information files, it will enter the evaluation phase of the process.
3. Application time: about 113 days

License Type

Regulatory Rules

Regulatory Inquiries

Step 1: 1. Log in to the official website of the Central Bank of Ireland: http://www.centralbank.ie/, and click Register of Firms at the bottom of the page to enter the query interface.
2. Go directly to: http://registers.centralbank.ie/?utm_medium=website&utm_source=CBI-footer&utm_content=43731
Step 2: After entering, as shown in the figure below, click on the left to search by company name and other specific information, click on the right to display the list of all registered companies, and the red below is the warning list of unauthorized companies.

Step 3: Click "By name of Financial Service Provider or CIS" at the top left of the picture and enter the interface as shown below, select "Financial Service Providers", enter the company name, and then click "Search" to complete the search.

Step 4: If you click on the "By Register" interface at the top right of the picture, as shown in the figure below, select "Register of Investment Firms (MiFID)" and click, then select the first item to download the overview form.
Step 5: Please pay attention to carefully check whether there are words such as "rolling spot F/X" or "Financial CFDs" in the options behind the company. If not, the company has absolutely no right to conduct leveraged foreign exchange transactions. Investors are asked to proofread the company's English name, address and other information one by one. If there is a letter or word that is different, it is suspicious. The key point is that in the 'Client Money' column, it is necessary to mark 'Yes' to be the company that is truly authorized to hold and control client funds. Business Services: You can see that the business scope of Squared Financial consists of the following items: Receiving/Transmitting Orders This indicates that the company is only responsible for the acceptance and transmission of customer transaction orders. There is no market maker behavior (ie betting with customers). The business scope of some companies will include: Executing Client Orders This shows that such companies can compete with customers. Investment products (Investment Instruments): The investment varieties that Squared Financial allows to operate: rolling spot FX, which is a spot foreign exchange product.

Regulatory complaints

1. Complaints against the Irish Central Bank
Please complete the appeal by completing the relevant form at: https://www.centralbank.ie/contact-us/make-a-complaint/complaints-against-the-central-bank-of-ireland/make-a-complaint
2. Complaints against financial service providers
Step 1: Notify the financial service provider of the complaint. First you need to negotiate with the service provider, all regulated financial services companies under the Consumer Protection Act are required to have a complaint handling procedure in place.
Step 2: Submit your complaint to the FSPO, and if you are not satisfied with the response you have received, you can get in touch with the agency. If you wish to seek personal compensation, you will need to contact the FSPO above. For complaints against a financial services provider, please contact the Financial Services and Pensions Ombudsman. Please see 'Financial Complaints Authority' below for steps. The Central Bank of Ireland does not investigate individual consumer complaints.
Tel: 353 (0)1 224 6000
3. Dispute Resolution
(1) Introduction to the organization
Financial Services and Pensions Ombudsman (FSPO), In 2017, the government decided to merge the Office of the Financial Services Ombudsman and the Office of the Pensions Ombudsman to form the FSPO. The FSPO was established by the Financial Services and Superannuation Ombudsman Act 2017 and officially became operational on 1 January 2018.
(2) Contact information
Email: [email protected]
Tel: 353 1 567 7000
(3) Related links: https://www.fspo.ie/ (official website)

Example of punishment

FAQs

For details, please click this link: https://www.centralbank.ie/search-results?indexCatalogue=MainEnglish&searchQuery=FAQ.

Related Links

Regulation Process for Retail Intermediaries: http://www.centralbank.ie/regulation/industry-sectors/retailintermediaries/pages/authorisationprocess.aspx
Irish Stock Exchange: http://www.ise.ie/
Irish Treasury: http://www.finance.gov.ie/
European Central Bank: http://www.ecb.int/home/html/index.en.html
European Banking Authority: http://www.eba.europa.eu/
European Securities and Markets Authority: http://www.esma.europa.eu/
MiFID Database (Committee of European Securities Regulatory Authorities): http://mifiddatabase.esma.europa.eu/

Contact information

Phone: 353 (0)1 224 6000
Fax: 353 (0)1 671 6561
Email: [email protected]

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