COVID-19 Coronavirus Business Impact: Central Bank of Ireland Announces COVID-19-related Forbearance Measures

The Central Bank of Ireland (“CBI”) has issued a markets update1 (the “Update”) confirming flexibility for filing dates relating to certain regulatory returns due from investment firms, fund service providers and investment funds over the COVID-19 period.
The CBI also clarifies certain other matters in the Update including:

• its expectations regarding deadlines for submission of reports regarding safeguarding of client assets or investor money;
• its expectations regarding risk mitigation programme (RPM) implementation dates; and
• postponement of its regular assessments of the domestic regulatory policy framework for investment firms.

The update follows a number of recent announcements by ESMA issued on 9 April calling on national regulators to exercise flexibility in relation to issues arising from COVID-19 disruption.

The decision by the CBI to allow funds and investment firms this flexibility in relation to submission of regulatory returns is welcome news for the industry during these challenging times.

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