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On 29 February 2024, the Central Bank of Ireland (the
“Central Bank“) published a new Regulatory & Supervisory Outlook Report
outlining the key trends and risks which the Central Bank has
identified as moulding the financial sector operating landscape and
its consequent regulatory and supervisory priorities for the next
two years (2024/25) (the “Report“). The
report was accompanied by a letter to the Minister for Finance and a
subsequent cross-sectoral Dear CEO letter outlining a number of key
regulatory initiatives for the year ahead (the
“Letter“). The aim of the Report is to
supplement the feedback provided by the Central Bank to regulated
entities through its sector-specific supervisory engagement as well
as its various consultative forums, conferences and publications.
It also includes specific Spotlight chapters touching on
areas of particular concern, such as consumer protection1,
artificial intelligence (“AI“) and
financial crime. The scope of the Report extends to internationally
active regulated entities and the interests of their consumers and
investors and is not limited to those segments of the financial
sector associated with the domestic economy. While the scope of the
Report is far reaching, we have sought to highlight those risks and
supervisory priorities identified by the Central Bank, which are of
most relevance for funds and their service providers.
Central Bank Consultation Paper (CP158) on the
revision of its Consumer Protection Code
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