A raft of new regulations is expected from the Central Bank of Ireland (CBI) in 2023.
A new report from fscom aims to guide investment firms on where to focus their efforts over the coming year to keep their compliance process ahead of the evolving regulatory landscape.
The report covers regulatory developments around safeguarding and consumer protection, operational resilience, cyber security, financial crime, and other critical areas where the regulator expects companies to manage risk.
Among the main changes it identifies are:
- Consumer protection and safeguarding of customer funds are at the heart of the regulators’ expectations, and only growing more important given recent developments with FX, Celsius and Silicon Valley Bank.
- The Senior Executive Accountability Regime (SEAR) will be the CBI’s landmark regulation to come into force this year, bringing individual accountability to executives in regulated firms.
- New ESG requirements are expected, including to prevent ‘greenwashing’ of investment funds.
- Firms are required to test their operational resilience to identify vulnerabilities ahead of the CBI’s deadline at the end of the year.
While the report focuses on investment firms in Ireland, the insights are also relevant for the wider financial sector. You can download the report for free here:
Or to speak to one of fscom’s experts about how we can help your business prepare for the coming regulatory changes, contact us today: