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European Union (Investment Firms) Regulations 2021 [S.I. No. 355 of 2021]Introductory TextPart 1 Preliminary (regs. 1-4)Regulation 1 CitationRegulation 2 InterpretationRegulation 3 ScopeRegulation 4 Bank discretionPart 2 Competent Authority (regs. 5-7)Regulation 5 Designation of competent authorityRegulation 6 Cooperation within European System of Financial SupervisionRegulation 7 European Union dimension of supervisionPart 3 Initial Capital (regs. 8-9)Regulation 8 Initial capitalRegulation 9 Composition of initial capitalPart 4 Prudential Supervision (regs. 10-50)Chapter 1 Principles of prudential supervision (regs. 10-20)Regulation 10 Competence of Bank and host Member State competent authorityRegulation 11 Cooperation between competent authoritiesRegulation 12 On-the-spot checking and inspection of branches established in another Member StateRegulation 13 Professional secrecy and exchange of confidential informationRegulation 14 Cooperation arrangements with third countries for the exchange of informationRegulation 15 Duties of persons responsible for the control of annual and consolidated accountsRegulation 16 SanctionsRegulation 17 Publication of sanctionsRegulation 17A Accessibility on ESAP of information referred to in Regulation 17Regulation 18 Reporting sanctions to EBARegulation 19 Reporting of breachesRegulation 20 Right of appealChapter 2 Review Process (regs. 21-41)Regulation 21 Internal capital and liquid assetsRegulation 22 Scope of application of Regulations 23 to 31Regulation 23 Internal governanceRegulation 24 Country-by-country reportingRegulation 25 Role of management body in risk managementRegulation 26 Treatment of risksRegulation 27 Remuneration policiesRegulation 28 Investment firms that benefit from extraordinary public financial supportRegulation 29 Variable remunerationRegulation 30 Remuneration committeeRegulation 31 Oversight of remuneration policiesRegulation 32 Supervisory review and evaluationRegulation 33 Ongoing review of the permission to use internal modelsRegulation 34 Supervisory measuresRegulation 35 Supervisory powersRegulation 36 Additional own funds requirementRegulation 37 Guidance on additional own fundsRegulation 38 Specific liquidity requirementsRegulation 39 Cooperation with resolution authoritiesRegulation 40 Publication requirementsRegulation 40A Accessibility on ESAP of information referred to in Regulation 40Regulation 41 Obligation to inform EBAChapter 3 Supervision of investment firm groups (regs. 42-50)Regulation 42 Determination of the group supervisorRegulation 43 Information requirements in emergency situationsRegulation 44 Colleges of supervisorsRegulation 45 Cooperation requirementsRegulation 46 Verification of information concerning entities located in other Member StatesRegulation 47 Inclusion of holding companies in supervision of compliance with group capital testRegulation 48 Qualifications of directorsRegulation 49 Mixed-activity holding companiesRegulation 50 Assessment of third-country supervision and other supervisory techniquesPart 5 Publication (reg. 51)Regulation 51 Publication requirementsPart 6 Amendment of Other Enactments (regs. 52-64)Regulation 52 Amendment of Act of 1942Regulation 53 Amendment of Central Bank Act 1971Regulation 54 Amendment of Criminal Justice (Money Laundering and Terrorist Financing) Act 2010Regulation 55 Amendment of European Communities (Financial Conglomerates) Regulations 2004Regulation 56 Amendment of European Communities (Insurance and Reinsurance Groups Supplementary Supervision) Regulations 2007Regulation 57 Amendment of European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011Regulation 58 Amendment of European Union (Alternative Investment Fund Managers) Regulations 2013Regulation 59 Amendment of European Union (Capital Requirements) Regulations 2014Regulation 60 Amendment of European Union (Credit Institutions: Financial Statements) Regulations 2015Regulation 61 Amendment of European Union (Bank Recovery and Resolution) Regulations 2015Regulation 62 Amendment of European Union (Insurance and Reinsurance) Regulations 2015Regulation 63 Amendment to MiFID RegulationsRegulation 64 Amendment of European Union (Payment Services) Regulations 2018Given underExplanatory Note
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AI Summary of Regulation 12 On-the-spot checking and inspection of branches established in another Member State

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 21 September 2021 - onwards

Regulation 12 On-the-spot checking and inspection of branches established in another Member State

(1) Where an investment firm authorised in another Member State carries out its activities through a branch in the State, the competent authority of the home Member State of the investment firm may, after having informed the Bank, carry out, itself or through intermediaries that it appoints for that purpose, on-the-spot checks of the information referred to in Regulation 11(1) and inspect the branch.

(2) Where the State is the host Member State of an investment firm, the Bank shall, for supervisory purposes and where it considers it to be relevant for reasons of stability of the financial system in the State, have the power to carry out, on a case-by-case basis, on-the-spot checks and inspections of the activities carried out by branches of the investment firm in the State and require information from a branch about its activities.

(3) Before carrying out the checks and inspections referred to in paragraph (2), the Bank shall, without delay, consult the competent authority of the home Member State of the investment firm.

(4) As soon as possible following the completion of the checks and inspections referred to in paragraph (2), the Bank shall communicate to the competent authority of the home Member State of the investment firm the information obtained and findings that are relevant for the risk assessment of the investment firm.

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