Irish Regulatory Update

Author: Clerkin Lynch LLP

Date Published 03/03/2022

Central Bank CP140 Guidance Published

The Central Bank published its statement on Cross Industry Guidance on Operational Resilience on 1st December 2021 (the “Guidance”). This was an element of its feedback on Consultation Paper 140 (CP140). All regulated fund service providers are in scope for this guidance. It consists of three core principals and 15 industry guidelines based on these. The Guidance is aimed at communicating the related expectations of the Central Bank to board and senior executives in regulated service providers, highlighting their responsibilities and ensuring that appropriate actions are taken in response to this. Firms in scope are expected to be fully compliant with the requirements of the Guidance within two years of its issuance at the very latest.