Annual Returns
Annual audited accounts of a retail investment intermediary must be submitted to the Financial Regulator within six months of the relevant reporting period.
Annual audited accounts of the direct parents of the retail investment intermediary must also be submitted together with the accounts of any firm within the group specified by the Financial Regulator.
Internal Audit Reports
Copies of reports from Internal Audits carried out on investment intermediaries are required to be submitted to the Financial Regulator.
Breaches
Investment Intermediaries are required to report any material breaches of legislative or supervisory requirements to the Financial Regulator.
Statutory Duty Confirmations
Auditors must make a written report to the Financial Regulator stating whether or not circumstances have arisen that require the auditor to report a matter to the Financial Regulator under a prescribed enactment and if such circumstances have arisen, specify those circumstances. Section 33 of the Investment Intermediaries Act, 1995 is listed as a prescribed enactment for the purpose of this section of the CBFSAI Act, 2004.
This is an annual requirement and the Financial Regulator should receive such reports every year from the external auditor.
The report should be submitted to the Financial Regulator within one month of the date of the auditor’s report on the financial statements or such extended period as the Financial Regulator allows. The period covered by the statutory duty confirmation commences from the date of issue of the previous declaration. It covers all matters that require the auditor to report to the Financial Regulator in respect of the specified period.
The Institute of Chartered Accountants in Ireland, in consultation with the Financial Regulator, prepared guidance on reporting to the Financial Regulator under the CBFSAI Act, 2004. A pro-forma report to be used by auditors is set out in Miscellaneous Technical Statement M46 issued by the Institute of Chartered Accountants in Ireland, in September 2006.
Correspondence in relation to Statutory Duty Confirmations should be sent to the following address:
Statutory Duty Confirmations
Investment Service Providers Supervision
Financial Regulator
PO Box 11517
Spencer Dock
North Wall Quay
Dublin 1