Authorisation Process for Fund Administrators

All applicants seeking to provide services to collective investment schemes are requested to contact the Central Bank of Ireland in advance of making a formal application.

It is normal practice for the Central Bank to meet with new applicants to discuss their proposed business prior to engaging in the authorisation/approval process.

This serves a dual purpose by enabling the Central Bank to familiarise itself with the background and business credentials of the applicant whilst identifying, at a critical early stage, any potential issues with the proposed business.

Applications for authorisation pursuant to the Investment Intermediaries Act, 1995 ("IIA") require the submission of:

• Application Form for Authorisation
• A completed Individual Questionnaire ("IQ") in respect of each director and senior manager, where relevant
• A detailed business plan which takes account of the requirements of the Guidance Note on Completing and Submitting an Application

For the IQ component, applicants are directed to our Fitness and Probity section. Applications that do not contain the key authorisation documents listed above will be regarded as incomplete and will be returned to the applicant.

Each applicant should bear in mind the nature of its proposed business and structure in preparing an application for submission.

The Central Bank will advise the applicant of any additional information or clarification required, having reviewed the documentation submitted, by issuing detailed written comments to the applicant or its legal representative, as appropriate.

An effective and expeditious authorisation process depends on the timeliness and quality of responses received to the Central Bank's comments.