A |
B |
C |
D |
E |
F |
G |
H |
I |
J |
K |
L |
M |
N |
O |
P |
Q |
R |
S |
T |
U |
V |
W |
X |
Y |
Z
Administrator for Funds
An entity which provides administration services to collective investment schemes and which requires specific authorisation under the IIA to carry on that particular investment business service.
Authorised Advisor
A specific type of investment business firm that can provide investment advice on retail investment instruments, i.e. those investment instruments set out in Section 25 and 26 (1)(a) of the IIA, without the necessity to hold a letter of appointment and that can act as a deposit agent or deposit broker. In addition, it can receive and transmit orders to a product producer from which it holds a letter of appointment. An Authorised Advisor is obliged to recommend the most suitable investment product available in the market, regardless of whether or not it holds an appointment from the relevant product producer.
Authorised Designated Investment Company
A variable capital investment company which raises capital by providing facilities for the direct or indirect participation by the public and which is authorised under section 256(5) of the Companies Act, 1990, Part XIII.
Authorised Non Designated Investment Company
A variable capital investment company which shall not provide facilities for direct or indirect participation by the public and which is authorised under section 256 (7) of the Companies Act, Part XIII.
Back to top
Branch (Credit Institutions)
In relation to credit institutions, ‘branch’ means a place of business which forms a legally dependent part of a credit institution and which carries out directly all or some of the transactions inherent in the business of the credit institutions.
In relation to other financial service providers ‘branch’ usually means a place of business set up (as a branch of a company) in a jurisdiction separate from the jurisdiction in which the financial service provider is regulated, and which is permitted to offer financial services under freedom of establishment rules under EU legislation.
Branch (General)
There is no definition of the term “branch”. It is a concept of Community law whose meaning is ultimately to be determined by the European Court of Justice. There is some European case law which would support the view that a branch is a place of business, which has the appearance of permanency, such as an extension of the parent body, has a management and is materially equipped to negotiate business with third parties, without resource to the parent body, the head office of which is abroad. However, there are certain provisions of Community law that have “branch” specifically defined for the purposes of that particular piece of legislation (see below definitions).
Branch (Insurance/Reinsurance Intermediary - IMD)
‘Branch’ means a place of business other than the head office which is a part of an insurance/reinsurance intermediary, which has no legal personality and which provides insurance/reinsurance mediation services; all the places of business set up in the same Member State by an insurance/reinsurance intermediary with headquarters in another Member State shall be regarded as a single branch.
Branch (MIFID)
‘Branch’ means a place of business other than the head office which is a part of an investment firm, which has no legal personality and which provides investment services and/or activities and which may also perform ancillary services for which the investment firm has been authorised; all the places of business set up in the same member state by an investment firm with headquarters in another member state shall be regarded as a single branch.
Building Society
Building Society means a building society incorporated or deemed by section 124(2) to be incorporated under the Building Societies Act 1989.
Bureaux de Change and Money Transmission Business
A Bureau de Change is a business that provides members of the public with a service that involves buying or selling foreign currency. A money transmission business is a business authorised under part V of the Central bank Act 1997 where members of the public are provided with a service whereby monies are transmitted on their behalf. See also definition of Money Transmission Business and Money Transmission Service below.
Back to top
CCA
Consumer Credit Act, 1995 (as amended)
Collective Investment Scheme
A legally constituted vehicle (e.g. unit trust, investment company, investment limited partnership) which pools together funds subscribed by investors and these funds are invested, through professional managers, in a range of assets in accordance with the investment objectives and policy as set out in a prospectus. There are two broad categories of Collective Investment Schemes (CIS) - UCITS and Non-UCITS.
Common Contractual Fund
A collective investment undertaking, being an unincorporated body established by a management company, under which the participants by contractual arrangement participate and share in the property of the collective investment undertaking as co-owners, provided:
a) it is expressly stated in its deed of constitution to be established pursuant to the Investment Funds, Companies & Miscellaneous Provisions Act, 2005;
b) it holds an authorisation issued in accordance with the Investment Funds, Companies & Miscellaneous Provisions Act, 2005; and
c) it is not established pursuant to Council Directive No. 85/611/EEC of 20 December 1985, as amended from time to time.
Credit Institution
Credit Institution means:
a) an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credits for its own account; or
b) an electronic money institution.
Credit Union
Credit Unions are mutual non-profit making organisations whose principal activities are the accepting of shares and deposits from members and the making of loans to members.
Back to top
Deposit Agent
Deposit Agent means any person who holds an appointment in writing from a single credit institution enabling him to receive deposits on behalf of that institution and prohibiting him from acting in a similar capacity on behalf of another credit institution. The deposit agent may accept cash in repect of the deposit agency business. Only investment business firms authorised under the IIA (i.e. Multi-Agency Intermediaries or Authorised Advisors or Full Section 10 investment firms) may act as deposit agents.
Deposit Broker
Deposit Broker means any person who brings together with credit institutions persons seeking to make deposits in return for a fee, commission or other reward. A deposit broker may act for one or a number of credit institutions. The deposit broker may not accept cash. All cheques must be made payable to the relevant credit institution.
Designated Credit Institution
A designated credit institution means an institution designated by the Financial Regulator under the Asset Covered Securities Act 2001 to issue asset covered securities.
Back to top
EEA Branch (in relation to Credit Institutions)
European Economic Area (EEA) refers to the Member States of the EU and Norway, Liechtenstein and Iceland. An EEA Branch is an entity authorised in another member state of the EEA and operating in the State on a branch basis.
EEA Branch (in relation to Insurance entities)
The covering of a risk by an insurance undertaking in a Member State through a Branch situated in that State
EEA Branch-EEA Cross Border
An entity which provides services both on a branch basis within the State and also on a cross border basis
EEA Cross Border (in relation to Credit Institutions)
European Economic Area (EEA) refers to the Member States of the EU and Norway, Liechtenstein and Iceland. An EEA Cross Border entity is authorised to provide services on a cross border basis (no physical presence)
EEA Cross Border (in relation to Insurance entities)
The covering of a risk by an insurance undertaking in a Member State through a head-office or branch situated in another Member State.
Electronic Money Institution
An institution which issues electronic money. Electronic money means monetary value as represented by a claim on the issuer which is:
a) stored on an electronic device;
b) issued on receipt of funds of an amount not less in value than the monetary value issued; or
c) accepted as means of payment by undertakings other than the issuer.
Back to top
Home Reversion Firm
Home Reversion Firm means a person carrying on a business of entering into home reversion agreements. Home Reversion agreement means an agreement between a vendor and a home reversion firm that provides:
(a) for the conveyance by the vendor to the home reversion firm of an estate or interest in land (which includes the principal residence of the vendor or of the vendor's dependants) for a discounted sum or an income (or both), and
(b) for the vendor to retain the right to live in the residence until the occurrence of one or more events specified in the agreement.
Back to top
ICAV
An entity which is registered under the Irish Collective Asset-management Vehicles Act 2015
ICAV Act
Irish Collective Asset-management Vehicles Act 2015
IIA
Investment Intermediaries Act, 1995 (as amended)
Insurance Intermediary
A person who, for remuneration, undertakes or purports to undertake insurance mediation.
Insurance Mediation
Means any activity involved in proposing or undertaking preparatory work for entering into insurance contracts, or of assisting in the administration and performance of insurance contracts that have been entered into (including dealing with claims under insurance contracts), but does not include such an activity that:
a) is undertaken by an insurance undertaking or an employee of such an undertaking in the employee’s capacity as such; or
b) involves the provision of information on an incidental basis in conjunction with some other professional activity, so long as the purpose of the activity is not to assist a person to enter into or perform an insurance contract; or
c) involves the management of claims of an insurance undertaking on a professional basis; or
d) involves loss adjusting or expert appraisal of claims for insurance undertakings.
Insurance Mediation Register
A Register of insurance and/or reinsurance intermediaries which have been registered with the Financial Regulator, maintained pursuant to Section 25 (1) of the European Communities (Insurance Mediation) Regulations.
Investment Business Firm (IIA)
Means any person, an Investment Firm (MiFID), who provides one or more investment business services or investment advice to third parties on a professional basis and for this purpose where an individual provides an investment business service and where that service is carried on solely for the account of and under the full and unconditional responsibility of an investment business firm or an insurance undertaking or a credit institution that activity shall be regarded as the activity of the investment business firm, insurance undertaking or credit institution itself.
Investment Firm (MiFID)
Means, subject to paragraph 2 European Communities (Markets in Financial Instruments) Regulations 2007 any person, other than a tied agent which person’s regular occupation or business is the provision of one or more investments services to third parties on a professional basis, or the activity of dealing on own account on a professional basis, but does not include a natural person unless:
a) his or her legal status ensures a level of protection for third parties’ interests equivalent to that afforded by legal persons;
b) he or she is subject to equivalent prudential supervision appropriate to his or her legal status; and
c) if paragraph 3 of the European Communities (Markets in Financial Instruments) Regulations 2007 is applicable, he or she ensures that the conditions set out in that paragraph are fulfilled.
Investment Limited Partnership
A partnership which holds a certificate of authorisation issued in accordance with the Investment Limited Partnerships Act, 1994.
Investment Product Intermediary
Means an investment business firm or a solicitor holding a practising certificate (within the meaning of the Solicitors Acts, 1954 to 1994) who does all or any of the following:
a) acts as a deposit agent or as a deposit broker;
b) provides a service for the reception and transmission of orders to a product producer in units or shares in undertakings for collective investments in transferable securities within the meaning of the Regulations of 1989:
i. units in a unit trust;
ii. other collective investment scheme instruments;
iii. shares in a company which are listed on a stock exchange;
iv. bonds listed on a stock exchange or prize bonds;
v. tracker bonds; and
vi. Personal Retirement Savings Accounts within the meaning of Part X of the Pensions Act, 1990.
Back to top
Licensed Bank
A bank licensed pursuant to Section 9 of the Central Bank Act 1971.
Life Insurance Undertaking
The holder of an authorisation under SI 360/1994, EC (Life Assurance) Framework Regulations 1994, which underwrites life assurance contracts.
Back to top
Money Transmission Business
A business that comprises or includes providing a money transmission service to members of the public. See also definition of Bureaux de Change above.
Money Transmission Service
A service that involves transmitting money by any means, other than such a service provided:
a) by a person or body regulated by the Bank referred to in section 32(1)(a) to (k) of the Criminal Justice Act 1994; or
b) by a person or body prescribed as a designated body under section 32(10)(a) of that Act (but only if the person or body is regulated by the bank under a designated enactment or designated statutory instrument); or
c) by a person or body on an ancillary basis in the ordinary course of providing services to customers of the person or body.
Moneybroker
A person carrying on a moneybroking business.
Moneybroking business
Any business which consists of the business of arranging all or any of the following, that is to say:
a) loans or borrowings of money;
b) purchases or sales of foreign exchange;
c) transaction of a type which for the time being stand prescribed by order under Section 109; and
d) other transactions which are similar in effect to any of those to which paragraph (a), (b) or (c) relate, between any two or more persons being a holder of a licence under Section 9 of Act of 1971, a building society, or a financial institution, and ‘moneybroking’ shall be construed accordingly.
Moneylender
A person who carries on the business of moneylending, or who advertises or announces himself or holds himself out in any way as carrying on that business; but does not include:
a) any pawnbroker in respect of business carried on by him in accordance with the provisions of the Pawnbrokers Act, 1964 (as amended by Part XV);
b) a society which is registered as a credit union under the Industrial and Provident Societies Acts, 1893 to 1978, by virtue of the Credit Union Act, 1966;
c) a registered society within the meaning of the Friendly Societies Acts, 1896 to 1977;
d) a credit institution;
e) a person who supplies money for the purchase, sale or hire of goods at an APR which is less than 23 per cent (or such other rate as may be prescribed);
f) a mortgage lender.
Moneylending
Credit supplied by a moneylender to a consumer on foot of a moneylending agreement.
Moneylending Agreement
A credit agreement into which a moneylender enters, or offers to enter, with a consumer in which one or more of the following apply:
a) the agreement was concluded away from the business premises of the moneylender or the business premises of the supplier of goods or services under the agreement;
b) any negotiations for, or in relation to the credit were conducted at a place other than the business premises of the moneylender or the business premises of the supplier of goods or services under the agreement;
c) repayments under the agreement will, or may, be paid by the consumer to the moneylender or his representative at any place other than the business premises of the moneylender or the business premises of the supplier of goods or services under the agreement; or
d) where the total cost of credit to the consumer under the agreement is in excess of an APR of 23 per cent, or such other rate as may be prescribed.
Mortgage Intermediary
A person (other than a mortgage lender or credit institution) who, in return for commission or some other form of consideration:
a) arranges, or offers to arrange, for a mortgage lender to provide a consumer with a housing loan; or
b) introduces a consumer to an intermediary who arranges, or offers to arrange, for a mortgage lender to provide the consumer with such a loan.
Multi-Agency Intermediary
A specific type of investment business firm that may receive and transmit orders in retail investment instruments, i.e. those investment instruments set out in Section 25 and 26 (1)(a) of IIA, and provide advice on retail investment instruments only on behalf of product producers from whom it holds an appointment in writing and that can act as a deposit agent or deposit broker.
Back to top
Non-Life Insurance Undertaking
The holder of an authorisation under SI 359/1994, EC (Non-Life Insurance) Framework Regulations 1994, which underwrites non-life insurance contracts.
Non-UCITS
Collective investment schemes authorised under the Unit Trusts Act 1990, Part XIII of the Companies Act 1990, the Investment Limited Partnerships Act 1994 and the Investment Funds, Companies and Miscellaneous Provisions Act 2005.
Non-UCITS Management Company
This is a management company approved under the provisions of the Unit Trusts Act, 1990, Part XIII of the Companies Act 1990, the Investment Limited Partnerships Act 1994 and the Investment Funds, Companies and Miscellaneous Provisions Act 2005, to provide management services to Non-UCITS collective investment schemes.
Non-UCITS Manager
An entity which provides management services to collective investment schemes and requires specific approval under the relevant provisions of the Unit Trusts Act, 1990, Part XIII of the Companies Act, 1990, and the Investment Limited Partnerships Acts, 1994, to carry out such services.
Back to top
Product Producer (Investment Service)
The following entities and classes of entities are product producers:
a) authorised investment business firms (other than restricted activity investment product intermediaries or certified persons);
b) credit institutions authorised in accordance with Directives 77/780/EEC of 12 December 1977 and 89/646/EEC of 15 December 1989;
c) in relation to investment business firms and credit institutions authorised to carry on business in a state other than a Member State, such branches of those firms or institutions as the supervisory authority approves from time to time;
d) collective investment undertakings authorised under the law of a Member State of the European Communities to market units in collective investments to the public, and to the managers of such undertakings;
e) investment companies with fixed capital as defined in Article 15(4) of Council Directive 77/91/EEC of 13 December 1976 the securities of which are listed or dealt in on a regulated market in a Member State; and
f) the Prize Bond Company Limited, or any successor to it as operator of the Prize Bond scheme.
Product Producer (Mortgage Business)
A mortgage lender or other mortgage intermediary (e.g. bank, building society or retail credit firm) which has issued an appointment to a mortgage intermediary to act as an intermediary on their behalf in relation to mortgage business.
Professional Investor Fund
A professional investor scheme is a category of non-UCITS collective investment scheme authorised by the Financial Regulator. A professional investor scheme has a minimum subscription requirement of €125,000.
Back to top
Qualifying Investor Fund
A qualifying investor fund is a category of non-UCITS investment fund authorised by the Financial Regulator for which investment and borrowing restrictions are disapplied in full. QIFs have a minimum subscription requirement of €250,000. Investment is restricted to qualifying investors who certify that they are aware of the risks involved and the fact that they may lose the entire sum invested. A qualifying investor is defined as an individual with a minimum net worth (excluding main residence and household goods) in excess of €1.25 million or an institution, which owns or invests on a discretionary basis at least €25 million.
Back to top
Regulated Market
A multilateral system operated or managed by a market operator, which:
a) brings together, or facilitates the bringing together of, multiple third-party buying and selling interests in financial instruments, in the system and in accordance with its non-discretionary rules, in a way that results in a contract in respect of the financial instruments admitted to trading under its rules or systems; and
b) is authorised and functions regularly and in accordance with Part 6 of the European Communities (Markets in Financial Instruments) Regulations, 2007 (as amended).
Reinsurance Intermediary
A person who, for remuneration, undertakes or purports to undertake reinsurance mediation.
Reinsurance Mediation
Any activity involved in proposing or undertaking preparatory work for entering into reinsurance contracts, or of assisting in the administration and performance of reinsurance contracts that have been entered into (including dealing with claims under reinsurance contracts), but does not include such an activity that:
a) is undertaken by a reinsurance undertaking or an employee of such an undertaking in the employee’s capacity as such; or
b) involves the provision of information on an incidental basis in conjunction with some other professional activity, so long as the purpose of the activity is not to assist a person to enter into or perform a reinsurance contract; or
c) involves the management of claims of a reinsurance undertaking on a professional basis; or
d) involves loss adjusting or expert appraisal of claims for insurance undertakings.
Reinsurance Undertaking
A person who carries on a business in the course of which reinsurance is provided as per SI 380/2006, EC (Reinsurance) Regulations 2006.
Retail Credit Firm
Retail Credit Firm means a person prescribed for the purpose of paragraph (g) of the definition of 'credit institution' in section 3 of the Consumer Credit Act 1995, or any other person who holds itself out as carrying on a business of, and whose business consists wholly or partly of, providing credit directly to relevant persons, but does not include:
(a) a person who is a regulated financial service provider, or
(b) a person who is an authorised credit intermediary under Part XI of the Consumer Credit Act 1995, or
(c) in relation to credit that was originally provided by another person, a person to whom all or any part of that other person’s interest in the credit is directly or indirectly assigned or otherwise disposed of, or
(d) a person who provides credit on a once only or occasional basis, but only if the provision of the credit does not involve a representation, or create an impression (whether in advertising, marketing or otherwise), that the credit would be offered to other persons on the same or substantially similar terms, or
(e) a person who is exempted, or who belongs to a class of persons that is exempted, under section 29A from being required to hold an authorisation as a retail credit firm.
Retail Investment Instruments
These are instruments that can be offered by a Multi-Agency Intermediary or Authorised Advisor and are as follows:
i. units in a unit trust;
ii. other collective investment scheme instruments;
iii. shares in a company which are listed on a stock exchange;
iv. bonds listed on a stock exchange or prize bonds;
v. tracker bonds; and
vi. Personal Retirement Savings Accounts within the meaning of Part X of the Pensions Act, 1990.
Revoked Moneylender
A Revoked Moneylender is not licenced to act as a moneylender. It was once licenced to act as a moneylender but had its licence revoked pursuant to Section 93(11) of the Consumer Credit Act, 1995 (as amended)
Back to top
Special Purpose Reinsurance Vehicle
An undertaking (whether incorporated or not) that:
a) assumes risks from insurance undertakings or reinsurance undertakings under reinsurance contracts; and
b) fully funds its exposures to those risks through the proceeds of a debt issue or some other financing arrangement under which the repayment rights of the providers of the debt or financing arrangement are subordinated to the reinsurance obligations of the undertaking but does not include an authorised insurance undertaking or authorised reinsurance undertaking.
Back to top
Tied Agent
Means a natural or legal person who, under the full and unconditional responsibility of only one investment firm on whose behalf it acts, promotes investment and/or ancillary services to clients or prospective clients, receives and transmits instructions or orders from the client in respect of investment services or financial instruments, places financial instruments and/or provides advice to clients or prospective clients in respect of those financial instruments or services.
Tied Insurance Intermediary
Means any person who carries on the activity of insurance mediation:
a) for and on behalf of one or more insurance undertakings in the case of insurance products that are not in competition; and
b) who acts under the full responsibility of those insurance undertakings for the products which concern them respectively.
Trustee to Funds
The trustee function in respect of a unit trust scheme, an investment company, an investment limited partnership and a common contractual fund includes the custodian function. A trustee firm is an entity which has been approved to provide trustee services to authorised collective investment schemes.
Back to top
UCITS
Undertakings for Collective Investment in Transferable Securities which are authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003, as amended.
UCITS Manager
An entity which provides management services to collective investment schemes and requires specific authorisation under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2003 as amended, to carry out such services.
UCITS Self-Managed Investment Company (SMIC)
A Self-Managed Investment Company (SMIC) is a collective investment scheme authorised under the EC (UCITS) Regulations 2003 (as amended) as an investment company, which has not appointed a management company.
Unit Trust Scheme
A unit trust scheme which is authorised by the Financial Regulator under Section 4 of the Unit Trusts Act, 1990.
Back to top