Patrick Neary Chief Executive

Welcome from CEO

CONTENTS

Regulatory

Connection

Issue 10

March 2007

Welcome 1

Financial Regulator Authorisations for 2006

2

Financial Services Regulation & the EU

3

News

9

EU News

16

Authorisations 18

Publications

21

In this issue we detail the number of new authorisations granted by the Regulator in 2006. A total of 2,872 firms were authorised by the Financial Regulator in 2006, bringing the total number of firms regulated by the Financial Regulator to over 10,300. Efficient and speedy turnaround is one key component of our authorisation process. While we must approach each application with prudence we want the process to be as speedy and efficient as possible. Work is progressing on our service protocol that will outline our commitments for authorisations on foot of the requisite information from the applicant firm.

Such is the extent of work emanating from the various EU & International fora, we recently appointed an EU & International Co-ordinator to maintain an overview of EU & International Regulatory Developments. Our Co-ordinator will operate across our Consumer and Prudential Directorates, whilst also working with our Consultative Industry and Consumer Panels.

Accordingly, in this issue, we describe our role in the Lamfalussy process of elaborating legislation in the EU securities, banking and insurance sectors and give an overview of the current programme being considered by these groups. Greater participation by all stakeholders is key to ensuring that Irish positions are clear in the shaping of European Regulation and we welcome the recent establishment of the EU Industry Advisory Group and look forward to increasing industry engagement with EU priorities.

Patrick Neary

In 2006 the Financial Regulator authorised 2,872 firms and funds, an increase of 112 from 2005. The figures relate to all types of financial institutions including credit institutions, insurance companies, intermediaries and funds and demonstrates the confirmed expansion of the financial services industry, particularly in the areas of mortgage intermediation and collective investment schemes.

*Subject to authorisation from July 2006.

**Large volume was due to transposition of EU Insurance Mediation Directive in 2005.

***342 New Mortgage Intermediaries authorised, the remainder represents renewals of authorisation. ****Subject to annual renewal of licence.

Financial Regulator Authorisations for 2006

Number of Authorisations Granted in 2005 and 2006

2005 2006

Credit Institutions 1 2

Life Insurance Companies 1 3

Non Life Insurance Companies 9 5

Reinsurance Companies *– 5

Investment Business Firms 15 7

Retail Intermediaries

■ Multi Agency Intermediaries ■ Authorised Advisers

■ Insurance/ Reinsurance Intermediaries

107 19 **525 113 14 293

Mortgage Intermediaries authorisations issued / renewed 1,446 ***1,630

Collective Investment Schemes (including sub funds) 582 737

Fund Service Providers 3 6

Credit Unions 0 0

Money Transmitters & Bureaux de Change 0 9

****Moneylenders 50 48

Irish Stock Exchange 0 0

Members of the Irish Stock Exchange 1 0

FINEX Trading members 1 0

Rules of Futures & Options Exchange 0 0

Moneybrokers 0 0

Financial Services Regulation & the EU

Here, we look at our role and high level work programme for 2007 in the EU Financial Services Regulation sphere. Collaborative work between stakeholders in the Irish financial services industry and Europe is key to ensure concerns are tabled and potential opportunities are exploited. Increasingly the EU programme is determined by consensus and therefore the early involvement of industry in responding comprehensively to all calls for consultation and quantitative impact studies from the European Commission and the Lamfalussy Committees is essential. Representation of this nature is, in the first instance, the responsibility of key stakeholders. The Financial Regulator's role in the Lamfalussy process of elaborating legislation in the EU securities, banking and insurance sectors is outlined in the following section.

EU Lamfalussy Process

The overall Lamfalussy process comprises a four-level approach to the preparation of legislation in the EU securities, banking and insurance sectors.

The first stage in the preparation of legislation by the European Commission, following a full consultation process, is the agreement of the broad regulatory principles and the definition of Commission implementing powers.

At the second level, technical details for adopting Level 1 framework principles are agreed by the Commission on the advice of Member State experts at the relevant Level 2 Committees, following consultation with market participants, end-users and consumers. In this regard the Financial Regulator assists the Department of Finance by providing technical advice when Level 2 measures are being negotiated at Committee level.

Commission adopts formal proposal for Directive / Regulation after a full consultation process

Commission, after having consulted Level 2 Committee (ESC, EBC, EIOPC), requests advice from Level 3 Committee (CESR, CEBS, CEIOPS) on technical implementing measures

Level 3 Committee prepares advice in consultation with market participants, end-users and consumers and submits it to the Commission

Commission examines the advice and makes proposal to Level 2 Committee (ESC, EBC, EIOPC)

Level 2 Committee votes on proposal within a maximum of 3 months Commission adopts implementing measures

Level 3 Committee (CESR, CEBS, CEIOPS) works on day-to-day administrative guidelines, joint interpretation recommendations and common standards (in areas not covered by EU legislation); peer reviews on regulatory

practices in Member States to improve consistent implementation European Parliament Level Council Lamfalussy Process

1

2

3

Once the framework Directive is agreed, we actively participate on the following three Level 3 Lamfalussy Committees, to support consistent interpretation and implementation.

■ Committee of European Banking Supervisors (CEBS) - Our work to date has focused on the Capital

Requirements Directive (CRD), which is the EU response to the Basel II Accord. Our representative on CEBS is Mary Burke,Head of Banking Supervision.

■ Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) - Our work to date has focused on assisting with the development of the Solvency II Directive, which will result in the thorough overhaul of the EU insurance regulatory regime. Our representative on CEIOPS is Patrick Brady, Head of Insurance Supervision.

■ Committee of European Securities Regulators (CESR) - Our work has focused on the Market Abuse,

Prospectus, Transparency, Market in Financial Instruments (MiFID), UCITS Directives and related enforcement issues. Our representative on CESR is Con Horan, Prudential Director.

The fourth level of the Lamfalussy process involves the Commission overseeing compliance with and enforcement of European legislation.

Monitoring the Process

A full review of the Lamfalussy process is scheduled for Autumn 2007. On 30 January, the Inter-Institutional Monitoring Group (IIMG) published its second interim report on the performance of the Lamfalussy process. IIMG has a mandate to assess the progress made on implementing the Lamfalussy process and identify possible emerging bottlenecks in this process. Based on the analysis in its first interim report and on evidence given by stakeholders, the Group's second interim report provides some preliminary recommendations to improve the process.

In its second interim report the Group calls for "regulatory self-restraint" at all levels of the process and suggests that Levels 1 and 2 work, to a certain extent, in parallel. The Group believes that the choice between Directives and Regulations is not straightforward and suggests some guiding principles to choose between the two instruments. It supports consultation at all levels, but warns against overlaps. There is also strong support for impact assessment at all levels. Furthermore, the Group believes further efforts are needed to improve cooperation between supervisors. It is understood that this issue will receive particular attention in the Group's final report.

The IIMG now invites all interested parties to comment on the progress made on the implementation of the Lamfalussy process and on the Group's preliminary views set out in its second interim report. Comments will be taken into account for the determination of the Group's final recommendations and conclusions, which will be presented in its final report in the Autumn. Responses are invited for email submission by 26 March 2007 to: IIMG-2005-2007@ec.europa.eu. We would encourage Irish stakeholders to respond to the IIMG's invitation.

EU Workplans

Over the last seven years, the EU's Financial Services Action Plan (FSAP) has produced the legislative framework for further developing the single market in financial services. Key FSAP measures yet to be fully implemented include the Markets in Financial Instruments Directive (MiFID), Third Money Laundering Directive, Capital Requirements Directive (CRD) and Solvency II. These will dominate our current programme of EU work. The following table offers a high level listing of the EU Regulatory Programme for 2007:

INDICATIVE 2007 EU REGULATORY PROGRAMME

Draft Directive/ Regulation/

Area under Review

Details Expected date

Transparency Directive

To improve the information available to investors regarding publicly

traded companies. Early 2007

Clearing &

Settlement ECB TARGET II Securities Feasibility Study Spring 2007

Solvency II Third Quantitative Impact Study (Focus: Calibration) April - June 2007 Payment Services

Directive

Harmonises the regulatory regime for payment services and introduces a new EU-wide licensing regime for 'Payment Institutions'

Q2 2007 (Possible adoption)

Bank account mobility

Expert Group Report on customer mobility with respect to bank

accounts May 2007

Insurance (Motor) Commission to publish information for consumers on Motor Insurance

Directives May 2007

Solvency II To introduce a more risk-sensitive solvency regime involving three_{principles - Solvency, Supervisory Review Process and Market Discipline}

Expected adoption of Framework Directive - July 2007 Mortgage Credit Integration of EU Mortgage Credit Market Mid 2007 - White

Paper Cross Border

Consolidation Directive

Proposal (published in Sept 2006) to reform the regulatory scrutiny process for cross-border mergers - amendment of EU banking, insurance and securities directives

Mid 2007 (Possible adoption)

Clearing &

Settlement Code Roadmap and conditions for ensuring effective rights of access July 2007

UCITS Commission proposal to amend UCITS Directive Autumn 2007

Lamfalussy Review of Lamfalussy Process Commencing

Autumn 2007 Competition

-Business Insurance Final Sector Inquiry Report into Business Insurance September 2007 MiFID (Markets in

Financial Instruments Directive)

Harmonisation of authorisation, operating requirements and conduct of business rules for investment firms

(Transposed on 15 February 2007)

November 2007 -implementation

Consumer Credit II Review of Consumer Credit Directive End 2007 (Possible

adoption) Unfair Commercial

Practices Directive

The objective of this Directive is to set standards for advertising and promotion of goods and services.

12 December 2007 -Implementation 3rd Money

Laundering Directive

To enhance requirements on customer identification for higher risk categories. To extend the scope of the directive to trust and company service providers and include measures to combat terrorist financing.

15 December 2007 -implementation Regulation on information accompanying Wire Transfers

Part of the EU plan of Action to Combat Terrorism. This regulation will require that money transfers be accompanied by the identity of the sender including name, address and account number

15 December 2007 Capital Requirements

Forthcoming EU Open Hearings & Conferences

Open Hearing: MiFID -Transaction Reporting

Contact: www.cesr.eu/hearings

Open Hearing on CESR Level 3 Guidelines on MiFID Transaction Reporting

1 March 2007 (Paris)

Open Hearing: MiFID -Best Execution

Contact: www.cesr.eu/hearings

Open Hearing on CESR Level 3 Guidelines on Best Execution 7 March 2007 (Paris)

European Consumer Day Conference

Contact: int@eesc.europa.eu

Financial Services in the EU - Conference organised by the European Economic and Social Committee (EESC)

16 March 2007 (Berlin)

Consumer Financial Capability Conference

Contact:

MARKTG1@ec.europa.eu

Conference organised by Commission 28 March 2007

(Brussels)

Open Hearing: Hedge Fund Indices

Contact: www.cesr.eu/hearings

CESR Open Hearing on possibility for hedge fund indices to be classified as financial indices

2 April 2007 (Paris)

CEBS Conference Contact:

info@c-ebs.org

For constructive dialogue on CEBS' activities to date and CEBS' future developments.

9 May 2007 (London)

Level 3 Work Programmes 2007

CEBS aims to move from design to delivery of convergence of supervisory practices in the operational implementation of the new

framework for capital adequacy introduced by the CRD. CEBS 2007 work programme is available on CEBS website www.c-ebs.org

The 2007 work programme for CEIOPS, will be to continue to give advice on the creation of the Solvency II Framework Directive and to prepare advice on future implementing measures and supervisory standards. CEIOPS also expects to develop additional tools for convergence in 2007. CEIOPS 2007 work programme is available on CEIOPS website www.ceiops.org

Now that MiFID Level 2 technical implementing measures have been adopted, CESR is looking at ways of delivering consistent implementation and application of MiFID at Level 3. CESR's 2007 work programme is located on the CESR website www.cesr.eu

The Level 3 Committee work programme for 2007, which was developed in accordance with the Joint Protocol of 24 November 2005, is also available on all of the above three websites. The items included have been selected on the basis of a 'significance test' based on three criteria: CESR, CEBS and CEIOPS agreed to focus their joint work only on those topics for which:

a) there is a high risk of disruptive regulatory arbitrage;

b) cross-sector co-operation can deliver obvious gains in the effective conduct of supervisory activities; and c) co-operation between the three Committees could bring about a real efficiency gain.

The Committees may find other areas of common concern during the course of 2007, depending on changes in the markets and regulatory initiatives and the results of analytical reports which are currently being prepared.

According to the European Commission's Financial Services Policy to 2010, the next three years will see a period of consolidation with a tidying up of remaining specific issues. Key issues include:

■ Better regulation - via consultations, ex-ante and ex-post evaluation, impact assessments of ongoing and future

legislative activities. One of the key aspects of better regulation is a principle of using economic underpinning for all important policy decisions, a principle which the Financial Regulator fully supports;

■ Completion of unfinished business - projects include Solvency II, Retail Banking (consumer and mortgage

credit), and Clearing and Settlement (whereby a code of conduct has been developed with industry);

■ Consumers/Users - ensuring the benefits of financial integration are passed on e.g. more effective input, education

and redress. Initiatives include: the establishment the Financial User Group (FIN-USE), an independent Expert Forum, set up to improve financial services policy from a user perspective and provide expertise for policymakers; the establishment of a permanent expert group of consumer representatives - the Financial Services Consumer Group. In the area of education, the Commission is preparing to hold a Consumer Financial Education Conference on 28 March and, in the area of redress, FIN-NET, a network of financial services ombudsmen, has been established as an out-of-court cross-border redress system;

■ Dynamic Consolidation - consolidation of supervisory structures in Europe and cooperation with other policy areas

of EU financial services sector to strengthen the EU's position in a global context; and

■ EU global position - enhancing of external dialogue with the U.S. and also further afield with China and Japan, for

example the promotion of EU standards such as Basel II globally.

Our Approach

The breadth of our responsibilities together with the diversity in topics under discussion at EU & International fora and the implications of these domestically, means that all areas of the Financial Regulator are actively engaged with EU and International policy related work.

Financial Regulator staff with sector-specific expertise play a significant role in EU discussions relating to their portfolios. Accordingly, new EU initiatives are allocated to the specific department responsible for the initiative being addressed. The objective is that EU work is integrated into our day-to-day activities, rather than segregated from them. Our sector specific departments liaise closely with the responsible Government Department, generally either the Department of Finance, or the Department of Enterprise, Trade and Employment on negotiation of EU Directives. In addition, there is close liaison between our departments and representative bodies with regard to sector-specific proposals and developments emanating from the EU, so as to enhance the advice the Financial Regulator offers in the Lamfalussy Process.

As a principles based regulator, our EU & International work is based on high-level principles. For example, our high-level principles for the implementation of MiFID are as follows:

Principle 1: Our key objectives are (i) investor protection and (ii) the promotion of the soundness, competitiveness and

reputation of the Irish financial services market;

Principle 2: We will follow the guidance of the Committee of European Securities Regulators on all aspects of the Directive; Principle 3: We will be open, transparent and consultative in implementation of the Directive;

Principle 4: We will not be 'super-equivalent' to the Directive unless it feels this is justified. Such instances are expected to be

the exception rather than the rule; and

Co-ordination Initiative

In addition to the EU and International work carried out in each of our departments, we recognise the importance of maintaining an overview of EU and International policy developments. To help with this important work, we recently appointed Breda Cassidy to a new position of EU and International Co-ordinator. Breda, who holds an MSc in Investment & Treasury, commenced her career with the Bank for International Settlements, under the helm of Alexandre Lamfalussy. Since joining the Financial Regulator, Breda has worked on front-line supervision in a broad range of areas - banks, investment firms, fund service providers and insurance undertakings. She has also been involved in key projects of the EU's Financial Services Action Plan including the Capital Requirements Directive (Basel II), development of Solvency II proposals and the implementation of a regulatory regime for reinsurance undertakings.

Since Breda’s appointment she has been actively engaged with the Consumer Panel in identifying EU matters of significance from the Consumer Panel's perspective.

The Industry Panel has identified contact points in key sectors, who have been appointed as members of an EU Industry Advisory Group to assist increased industry engagement with EU and International priorities. This Advisory Group, which is currently in formation stage, held an initial meeting on 8 February and will meet again on 15 March. The Group is chaired by Gary Palmer of the Irish Funds Industry Association.

An initial key area where added value is expected from this Advisory Group is strong encouragement of Irish financial service providers to engage actively with MiFID implementation, given that it is now transposed into Irish law. Recently, an edition of our Regulatory Connection Bulletin was dedicated to MiFID, so as to encourage firms to actively push ahead with their plans for meeting the November 2007 deadline.

Another key area where this Group is expected to add value in the short term is active encouragement of participation from Irish insurers and reinsurers in Solvency II's forthcoming Third Quantitative Impact Study (QIS III), the execution of which is expected to run from 2 April to June 2007.

We look forward to this Group increasing industry engagement with the EU Lamfalussy framework so that issues and potential solutions as seen on the ground can be fed into the dialogue early. We believe this approach will facilitate comprehensive solutions through a wider awareness of the issues from both regulatory and industry expert standpoints.

The Financial Regulator is fully committed to the EU Regulatory Programme. Our active involvement in Level 3 Lamfalussy Committees across the EU securities, banking and insurance sectors is a demonstration of this. Greater participation at an earlier stage by all stakeholders, in particular industry and consumers, is key to ensuring that Irish positions are clear in the shaping of European regulation. This will enable an accurate picture be painted of the potential impact of EU proposals on the Irish market, and thereby facilitate the identification of key areas of most concern as well as potential opportunities.

Pictured at the meeting of the EU Industry Advisory Group are back row from left to right: Paul MacDonnell (IIF), Leo Coyne (Pioneer), Enda McMahon (BIAM) and Michael Lane (NIRL). Front row left to right: Derval Howlett (AIB), Gary Palmer (Chairman) and Ciara Minnock (PIBA). Other members of the Group not included in the photo are Colm Callaly (Pioneer), Daryl Byrne (ISE), Sarah Goddard (DIMA), Brendan Kelly (FSI), Paul O'Connor (IBF), John O'Halloran (ILCU) and Martin Purdy (BOI).

Breda Cassidy,

News

Funds

Authorisation of Qualifying Investor Funds

Following discussions with the Irish Funds Industry Association, the Financial Regulator has agreed that a collective investment scheme which markets solely to qualifying investors (QIF) may be authorised without a detailed review of the application documentation. This application procedure only applies where the parties involved meet the necessary authorisation criteria and are approved in advance of the application. Confirmation must also be given regarding compliance with the authorisation criteria.

Previously, the Financial Regulator applied the same authorisation procedures to QIFs as all other investment funds (including UCITS and non-UCITS retail funds). This involves a detailed review of documentation to ensure that the application meets the requirements set out in the Financial Regulator's Notices and Guidance Notes.

It should be noted that this change in policy relates solely to the authorisation process and not to the regulatory regime that applies to QIFs. The applicant must complete a detailed application form; this form includes the detailed requirements for prospectuses, constitutional documents and material agreements and includes the parameters referred to above. Applications must be filed with the Financial Regulator by 3pm on the day before the proposed date of authorisation. Letters of authorisation will issue by close of business on the day of authorisation.

Transitional provisions of the amending UCITS Directives

In July 1998 the European Commission published two proposals to amend Directive 85/611/EEC. These were finally agreed in December 2001 and entered into force on 13 February 2002. The amendments take the form of two separate amending Directives commonly called the Product Directive (2001/108/EC) and the Management Company Directive (2001/107/EC).

The Product Directive extends the range of instruments in which a UCITS can invest and revises some of the existing provisions of Directive 85/611/EEC. The Management Company Directive provides for the authorisation of management companies in their own right, and broadens the scope of activity, which they are permitted to undertake. Both Directives had extensive grandfathering provisions to allow existing UCITS and existing Management Companies meet with the new requirements. The last day of this period was 13 February 2007.

Insurance

New Regulations covering Renewal of Policy of Non-Life Insurance

On 22 February 2007 the Consumer Director signed into law Statutory Instrument No. 74 - Non-Life Insurance (Provision of Information) (Renewal of Policy of Insurance) Regulations 2007. These Regulations will replace SI No 389 of 2002 entitled Motor Insurance (Provision of Information) (Renewal of Policy of Insurance) Regulations 2002.

The Regulations require insurers to issue renewal notices for all classes of non-life insurance and specify the minimum level of information that must be included in motor insurance renewal notices. They require renewal notices to be issued at least 15 days in advance of the renewal date of the policy. The Regulations also permit renewal notices to be issued through the intermediary channel.

The Regulations were produced following consultation with the industry. The changes were first proposed in our Consultation Paper CP10 - Consumer Protection Code.

The Regulations will come into operation on 1 July 2007. The Regulations will be available on the Legislation section of www.financialregulator.ie shortly.

Pictured are Con Horan, Prudential Director, John Tiner, Chief Executive of the UK Financial Services Authority, Patrick Neary, Chief Executive and Mary O'Dea, Consumer Director on a recent visit by Mr. Tiner to the Financial Regulator’s office.

Consumer Protection

Amendment to Reimbursement Principles

As a result of our experience of investigations of past historic charging issues by regulated entities, the general principles on reimbursement to customers established in 2005 have been extended to incorporate a principle which deals with the investigation of very historic issues. This additional principle formalises what has been happening in practice and will provide additional clarity for affected firms. The revised principles have been notified to the relevant representative bodies and consumer and industry panels.

Anti-Money Laundering

Prevention of Money Laundering/Terrorist Financing

Member States are required to bring into force the laws, regulations and administrative provisions necessary to comply with the Third Directive 2005/60/EC on the Prevention of the use of the Financial System for the Purpose of Money Laundering and Terrorist Financing by 15 December 2007. The type of revised provisions that will impact on the obligations of the financial sector arise from a move away from the narrow focus of customer identification to a broader focus on 'customer due diligence' which includes obtaining information on the purpose and nature of intended business relationship and ongoing monitoring of the business relationship. There are also requirements to adapt a risk-based approach which will give rise to simplified customer due diligence measures in certain cases and enhanced due diligence in other cases.

In Ireland the implementation process is underway. This work commenced with preliminary consultations by Departments of Finance and Justice, Equality and Law Reform with key industry stakeholders in May 2006. The Department of Justice, Equality and Law Reform is drafting the heads of a bill based on the articles of the Directive with a view to submitting these to Government shortly. Following publication of the draft heads there will be consultation with stakeholders through the Money Laundering Steering Committee (MLSC) which is chaired by Department of Finance and on which the Financial Regulator is represented.

In tandem with the above work a separate process is being put in place in relation to Guidance Notes. The aim is to replace the existing sets of Sectoral Guidance Notes, issued with the approval of the MLSC, with one combined set of Guidance Notes that will include sections for different industry sectors where appropriate. This work will be undertaken by a Working Group which will comprise members of the various industry sectors and bodies that are represented on the MLSC together with representatives of the Financial Regulator. Consultation with other stakeholders that are not represented on this Working Group will also be carried out. As was the case with the current Guidance Notes, the Revised Guidance Notes will be submitted to the MLSC for its approval.

Further updates on this matter will be provided in future issues of Regulatory Connection.

Financial Action Task Force (FATF)

A meeting of the FATF took place in February in Strasbourg. This was a joint meeting with the Council of Europe FATF-style regional body - Moneyval. Items on the agenda included consideration of the draft mutual evaluation reports on Turkey and Georgia. The Chairman's summary on the meeting is available on www.fatf-gafi.org

New European Anti-Money Laundering Task Force

CEBS, CEIOPS and CESR have established an Anti-Money Laundering Task Force (AMLTF) of which the Financial Regulator is a member.

The work of this Task Force will be based on structured exchanges of experiences and a stock-take of current supervisory and market practices in member states. The aim of this work is to help in supporting convergence in practices in the operational application of the Anti-Money Laundering/Terrorist Financing requirements, as well as enhancing information exchange and networking between EU supervisory authorities. Two meetings have been held to date in November 2006 and January 2007. The AMLTF will provide its first update on work carried out to CEBS/CEIOPS/CESR in June 2007.

Credit Institutions

Asset Covered Securities

On 23 February, the Department of Finance published the Asset Covered Securities (Amendment) Bill 2007 which will amend and update the Asset Covered Securities Act 2001.(ACSA) The 2001 legislation is very highly regarded internationally, and Ireland is now the sixth largest covered bond market in Europe with over ¤50 billion in Irish covered bonds issues to date and a further ¤10bn expected to issue in 2007. The new legislation reflects Irelands commitment to innovation and competitiveness in the covered bonds market.

The Financial Regulator has worked closely with the Department of Finance and industry in developing this new legislation which incorporates amendments that reflect the dynamic nature of the covered bond industry, improves the operation and flexibility of certain provisions of the 2001 Act and ensures that the Irish Asset Covered Securities regime is in compliance with the new Capital Requirements Directive (CRD) provisions relating to covered bonds.

On the basis of new provisions contained in this Bill, the Financial Regulator will update existing ACSA Regulatory Notices and will develop new Regulatory Notices in respect of new provisions such as the use of mortgage-backed securities in cover asset pools and the introduction of the designated commercial mortgage credit institutions. The Financial Regulator has already commenced engagement with Industry on this work.

Update on Capital Requirements Directive

On 28 December 2006, the Financial Regulator published its requirements and guidelines for credit institutions and investment firms relating to the implementation of the Capital Requirements Directive (CRD). This document details the exercise of discretions available to the Financial Regulator pursuant to SI 660 of 2006 and SI 661 of 2006 and requirements and guidelines for institutions wishing to apply for the use of internal models for the calculation of regulatory capital. In addition, there are sections on operational risk, specialised lending, the Internal Capital Adequacy Assessment Process (ICAAP) and institutions' disclosure obligations.

In November 2005, the Committee of European Banking Supervisors (CEBS) issued guidelines for implementing a common European framework for supervisory disclosure. The framework is intended to make supervisory practices more transparent, facilitate the comparison of national texts that implement the CRD, and compare the ways in which Member States exercise national options and discretions available to them in the CRD. It was agreed that the disclosure framework should be web based and accessible using both CEBS website and each national competent authority's individual website.

In January 2007, the Financial Regulator began the process of uploading data to its website to meet its supervisory disclosure requirements. The Financial Regulator's disclosure framework will be updated on an ongoing basis as the Financial Regulator applies the CRD and its associated guidelines and policies in practice.

Pictured at a recent meeting between the IBOA and the Financial Regulator on Minimum Competency

Requirements are from the left, Marian Geoghegan (IBOA Training & Industrial Relations Officer) Mary Sexton (Ulster Bank EC) Kerry Christie (Ulster Bank Officer) Terry Murphy (Financial Regulator), Bernard Sheridan (Financial Regulator) Colman Moore (IBOA President), Donnie Kennedy (Financial Regulator), Irene Breen (BoI EC) and seated is Jessie Doherty (AIB Officer)

Credit Unions

Recommendation to Increase the Longer-Term Lending Limits for Credit Unions

On the 4 February, the Minister for Finance published the Report of the Review Group on Longer-Term Lending Limits as provided for by section 35 of the Credit Union Act 1997. The Review Group appointed by the Minister on the recommendation of the Credit Union Advisory Committee comprised representatives from the Registrar of Credit Unions, the Irish League of Credit Unions and the Credit Union Development Association.

The Group recommends that Section 35 lending limits should be increased for those credit unions that meet certain regulatory ratios and confirm, by a board of directors' statement, to the Registrar of Credit Unions that the credit union has the necessary controls and safeguards in place to deal appropriately with increased longer-term lending. Where the Board statement is approved by the Registrar individual credit unions will be authorised to lend up to new increased section 35 lending limits, as follows:

■ over five years from 20% to 40%

■ over ten years from 10% to 15%.

The Financial Regulator was very pleased to participate in the work of this group and commends the collaborative nature of all parties involved. The outcome of the report is in line with our stated desire that any regulatory changes, which allow credit unions take on greater risk, must be underpinned by an appropriate prudential framework to protect members' funds. Prior to the commencement of new regulations, an explanatory note, including a standard application form, will be prepared by the Registrar, in consultation with the representative bodies, for completion by those credit unions that wish to make an application to the Registrar to avail of the increased limits.

Consultations

CP 26 - Special Purpose Reinsurance Vehicles

The closing date for comments on this consultation paper is 2nd of March 2007. The consultation paper is available on the Consultation Section of our website.

CP27 - Collective Investment Schemes: Exchange rate hedging; Valuation of OTC derivatives

This consultation paper was issued on 28 February 2007 and is available on the Consultations Section of our website. The closing date for submissions on the consultation is 30th March 2007.

Consultations in 2007

The following consultations are also planned during 2007. Further updates will be published in Regulatory Connection during the year.

Paper Date

Credit Institutions - funding of their activities Quarter 2 Credit Institutions Sectoral Exposure Policy Quarter 2 Appropriate consumer protection framework for

members of credit unions, in respect of their core business

MARKETS IN FINANCIAL INSTRUMENTS DIRECTIVE (MiFID)

Update on MiFID project

T

Trraannssppoossiittiioonn

The Statutory Instrument transposing the main elements of the MiFID and its implementing measures into Irish Law was signed by the Minister for Finance on 15 February 2007.

C

Clliieenntt MMoonneeyy

The Financial Regulator submitted an Article 4 notification to the EU Commission in January (via the Department of Finance), notifying them that the current Client Money Rules will be maintained. The existing client money rules are currently being reviewed and will be amended to reflect new MiFID client asset requirements.

M

Maappppiinngg ooff AAuutthhoorriissaattiioonn aanndd PPaassssppoorrttss

A mapping exercise of the investment business services and financial instruments under the Investment Intermediaries Act, 1995 and the Stock Exchange Act, 1995 to the MiFID Regulations is now complete. This will now be undertaken for each authorised investment firm and stockbroker and it is planned that the Financial Regulator will notify each firm of this mapping exercise by the end of March 2007. Firms will be requested to review this and to indicate if they wish to seek changes to their existing authorisation and their passporting notifications.

O

Orrggaanniissaattiioonnaall aanndd IInntteerrnnaall ccoonnttrroollss

The workstream is currently assessing the implications of the MiFID organisational control requirements on the Financial Regulator's current requirements contained in the Prudential Handbook for Investment Firms. The first meeting involving representatives from the industry was held on 7 February 2007 and a set of procedures was agreed, whereby meetings will be held on a monthly basis. It is planned that minutes of these meetings will be posted on the Financial Regulator's website.

C

Coonndduucctt ooff BBuussiinneessss

Work is progressing on the client classification and conduct of business workstream. Four meetings of the industry working group have been held. The group has discussed client classification, assessment of suitability and appropriateness, the provision of information to clients and consideration of best execution.

T

Trraannssaaccttiioonn RReeppoorrttiinngg

The list of financial instruments that investment firms will be required to report has been decided and the consultative forum has been consulted on the reporting fields. When CESR has completed its technical work on IT standards, these will be provided to industry. (It will be open to industry to rely on third parties such as CREST to assist them in making reports, provided these standards and time limits for reports are complied with.) The next stage will be to survey industry to establish the scale of the transaction reports that will be received. Firms that did not participate in the forum will have an additional opportunity to identify any impacts of the proposed approach for them as part of this survey.

A

Auutthhoorriissaattiioonnss

Work has commenced on updating the application form and guidance note. In addition, pre-application submissions are under consideration.

Meanwhile applicants are reminded to:

■ Seek legal advice for a definitive understanding of the scope and application of the MiFID if in doubt as to whether a firm's activities may fall within the scope of the MiFID.

■ Notify Financial Institutions and Funds Authorisation Department by 30 April 2007 if a firm is likely to require authorisation by 1 November 2007.

■ Submit a pre-application submission in order that we can identify and deal with any potential policy issues that may arise - this should speed up the application process.

R Reeggiisstteerrss

A draft format of the Register has been drawn up. An initial internal meeting regarding the format and content of the Register has been held.

Irish Financial Services Appeals Tribunal

The Central Bank and Financial Services Authority of Ireland Act 2003 provides that appeals against certain decisions made by the Financial Regulator will be heard and determined by the Irish Financial Services Appeals Tribunal. Whether the decision is appealable to the Tribunal is defined in the relevant piece of legislation from which the decision derives. Administrative sanctions decisions may be affirmed, varied, substituted or remitted. In addition, some decisions by the Financial Regulator relating to the Administrative Sanctions Procedure may be set aside by the Tribunal.

In February, the President appointed the Chairperson, Deputy Chairperson and the five lay members of the Irish Financial Services Appeals Tribunal.

The appointees are: Chairperson - Former Supreme Court Judge Francis D Murphy, Deputy Chairperson - Ms Inge Clissmann SC, Lay Members - Mr John Fish, Ms Geraldine Clarke, Mr John Loughrey, Ms Paulyn Marrinan-Quinn SC and Mr Liam Madden.

The Tribunal will be based at - First Floor, Fredrick House, 19 South Fredrick St, Dublin 2.

Appointment of new members to the Financial Services

Consultative Panels

The Minister for Finance appointed new members to the Financial Services Consultative Panels in December 2006 to replace outgoing members on the expiry of the Panels' first two-year term. Journalist Kathleen Barrington, Tommy Byrne formerly of NALA, Fidèle Mutwarasibo of the Immigrant Council of Ireland, and Eileen Walsh of the Society of St Vincent de Paul join the Consumer Panel. Pat McArdle of Ulster Bank, Paul O'Connor of the IBF and FIBI and Robert Richardson of IAIM and Pioneer Investment Management join the Industry Panel.

Financial Regulator Budget 2007

The Financial Regulator's budget for 2007 of ¤51.6 million was approved by the Minister for Finance in accordance with the legislation in December 2006. The budget of ¤51.6 million comprises a budget for pay and pensions of ¤27.5m; non-pay (administrative) expenses of ¤8.0m; and central services expenses (i.e. the Financial Regulator's portion of expenses for services shared with the Central Bank e.g. Accommodation, Human Resources, Information Technology and Internal Audit) of ¤16.1m. By agreement with the Minister for Finance, approximately 50% of the Financial Regulator's budget is funded by the Irish financial sector through the Funding Levy. The levy for credit unions is subject to a maximum of 0.01% of total assets.

Getting Independent Financial Advice: how the Financial

Regulator can help

The Financial Regulator has published a booklet entitled “Getting Financial Advice”, aimed at helping consumers to:

■ understand the different types of financial advisor and the services they offer,

■ choose the advisor best suited to their own particular needs, and,

■ ask the right questions so that they can make the best use of their time with a financial adviser.

Setting out the main sources of financial advice, the booklet explains the types of authorisations in the market to help consumers understand the type and range of financial advice they can expect from the different categoies of advisors. The cost of getting financial advice is explained as well as information about how to get the best value.

The booklet also reminds consumers of the importance of giving full and accurate information to the adviser in a fact-find. It also sets out the important information that the finanical advisor must provide to them as well as questions they should before buying a financial product.

The information contained in our booklet should be of assistance to anyone either thinking of or in the process of buying a financial product. Copies of the booklet are available by logging on to www.itsyourmoney.ie or emailing consumerinfo@financialregulator.ie

This booklet has been welcomed by broker representative groups and others in industry. The Financial Regulator would like to thank those who took the time to comment on the booklet during the consultation process.

Picture with the Financial Regulator's booklet “Getting Financial Advice” are Sharon Donnery, Head of Consumer Information, Financial Regulator and Pat O'Sullivan, Director - Financial Services, Irish Brokers Association.

EU News

European Commission

■

Public consultation on Solvency II

In January, the Commission launched a public consultation on Solvency II. The Commission's Solvency II Directive proposal will be accompanied by an impact assessment report that will measures in a qualitative and quantitative way the various options taking account of stakeholders' comments.

All interested parties to the Solvency II project are invited to answer a very general and short questionnaire available on the Commission's website at: http://www.ec.europa.eu/internal_market/insurance/solvency2/impact_en.htm.

The questionnaire will close on 23 March 2007.

■

Commission website to answer stakeholder questions on MiFID

The Commission launched an interactive website where stakeholders, including firms, trade associations and investors, can ask questions relating to the recently finalised MiFID and its implementing measures. The website is available at:

http://ec.europa.eu/internal_market/securities/isd/questions/index_en.htm

CEBS

www.c-ebs.org

Joint Workshop on the Proportionality Principle

CEBS and three European Banking Associations (the European Association of Co-operative Banks, European Banking Federation, and the European Savings Banks Group) jointly organised a workshop on the proportionality principle in January. The objective of the event was to bring together banking supervisors and industry representatives to have an open and informal exchange of views on the application of the principle of proportionality. The diversity of the EU banking market is acknowledged through the principle of proportionality, which considers several factors including the nature, scale and complexity of the business. CEBS recently published on its website a summary of discussions of the joint workshop on the principle of proportionality from the joint work shop.

Publication of a Cross-Sectoral Comparison of Capital Instruments

CEBS & CEIOPS have published a cross-sectoral comparison of capital instruments that are eligible for prudential purposes in the application of the European banking, insurance and securities regulation. This cross-sectoral comparison has been produced by the Interim Working Committee on Financial Conglomerates at the request of the European Financial Conglomerates Committee. This report was sent to the Commission on 3 January.

Survey on Supervisory Practices for Commodities Business

In January, CEBS published a survey on supervisory practices for commodities business and firms carrying out commodities business. The report responds to the first part of a Call for Advice issued by the European Commission in 2006. This Call for Advice is part of a larger review of the current provisions concerning commodities business and the prudential treatment of firms carrying out commodities business set out in MiFID and the CRD.

In response to the second part of the Call for Advice CEBS will submit an assessment of the risks that arise from the conduct of commodities business and from the activities of firms carrying out commodities business by April 2007.

CESR

www.cesr-eu.org

■ Responses received to CESR's consultation on the second set of Draft Guidance on the Operation of the Market Abuse Directive, were published in February.

■ CESR has also published responses received to the consultations on Inducement and the Passport under MiFID.

■ CESR's final recommendations and guidelines on the smooth application of MiFID: Market Data Consolidation & Record Keeping are now available on its website. The guidelines and recommendations address several practical issues on how regulated markets, MTFs and investment firms act when publishing transparency information required under MiFID. The purpose of these guidelines and recommendations is to help investment firms, MTFs and regulated markets to assess the way in which these provisions are interpreted by competent authorities.

■ CESR announced a call for evidence on non-equities markets transparency in February. In addition to MiFID introducing pre-and post-trade transparency requirements for shares, it requires the Commission to report to the European Parliament pre-and the Council on the possible extension of scope of the pre and post-trade transparency obligations to transactions in classes of financial instruments other than shares (Article 65(1)). The Commission has requested CESR to react to the feedback statement and responses to the call for evidence organised by the Commission, in relation to cash bond markets. CESR is inviting all interested parties to submit their views regarding transparency on bond markets and especially in relation to the questions it raises (at www.cesr.eu under consultations). All contributions can be submitted online via CESR's website under the Consultations section by 6 March 2007.

■ CESR has launched a consultation paper on the clarification of the definitions concerning eligible assets for investment by UCITS. The paper asks whether hedge fund indices be classified as financial indices for the purpose of UCITS. This consultation paper follows the publication of an issues paper and elaborates from the views of market participants on questions concerning the ability of hedge fund indices to fall within the definition of “financial indices” contained in the UCITS Directive. Responses to the consultation can be sent via CESR's website under the Consultations section. This consultation closes on 16 April 2007. A public hearing will take place at CESR on 2nd April.

■ CESR has also launched its consultation on Best Execution & Transaction Reporting under MiFID. Comments are invited on all aspects of this paper but where CESR anticipates that feedback will be particularly useful, it has directed stakeholders to some issues for particular comment. Given that the issues this paper addresses are likely to attract a broad range of interest, CESR intends to hold a public hearing to provide stakeholders with an early opportunity to comment. Comments are welcome by 16 March 2007. Please submit your answer online in the Consultations section of www.cesr.eu

We wish to congratulate CESR's newly elected Chair, Eddy Wymeersch, and Vice-Chair, Carlos Tavares, on their recent appointments to lead CESR for the next two years.

CEIOPS

www.ceiops.org

■ In February, CEIOPS submitted its Report on the Impact of Solvency II on Supervisory Authorities to the European Commission. This report provides the European Commission with inputs for its impact assessment on the Solvency II project.

■ In December, CEIOPS published its Statement on the role of the lead supervisor for insurance groups supervision. The statement sets out the tasks of the lead supervisor in the context of supplementary supervision of insurance groups and a 'Lead Supervisor Protocol Framework' describing the components of an annual regulatory programme for each cross-border insurance group. The lead supervisor, as agreed by all the Members of CEIOPS, assumes all the roles and responsibilities of the lead supervisor and key co-ordinator as set out in the Helsinki Protocol and CEIOPS' Guidelines for Co-ordination Committees.

Firms Authorised Quarter 4

(October - December) 2006

Authorisations

Credit Institutions Elavon Financial Services Limited

Money Transmitters Money Transfer International

Insurance Companies Non Life: Coffey Captive Insurance Company Ltd; Esprit Insurance Ltd Reinsurance: Organon BioSciences Reinsurance Ltd; Atlas Reinsurance III plc

Moneylenders _{National Carways (Ireland) Ltd}

Investment Firms Investment (non retail): Key Capital Investment Management Ltd

Retail Investment Intermediaries (Authorised Advisor): CMCC Financial

Solutions Ltd; The Tradesman Insurance Group; Watson Wyatt (Ireland) Ltd

Retail Investment Intermediaries (Multi-Agency Intermediaries): Bright

Finance Limited, trading as Bright Finance; Brinkfield Investments Limited, trading as Horizon Financial; Buckwall Limited, trading as All Ireland Mortgages; Buioch Limited; Caveo Financial Services, trading as Rebate Financial Solutions; Charles Spillane, trading as Spillane Financial Services; Colin Comerford, trading as Comerford Financial; Cotter & O'Sullivan Financial Services Limited; Curragrove Financial Services Limited, trading as Curragrove Mortgages; David Quinn, trading as Northshore Financial Services; Eddie Fallon; First Class Mortgages Limited, trading as First Class Mortgages; Flynn & Lynch Mortgages & Investments Limited; Friends First Finance Limited; Hugh Ryan; James Hickey; John Hoey, trading as John Hoey Financial Services; John Mollin Estate Agents; Joseph Carroll trading as Charterhouse Mortgage Centre; Kelly O'Shea Pensions & Financial Services Limited; Kevin Brodigan & Mark Downey, trading as Mortgage Team; Killarney Mortgage Centre Limited, trading as Kerry Mortgage Centre; Liam Cullen, John Hutchinson, Nigel mcconnell & John Butterly, trading as Advance Financial Services; Mark J Dwyer, trading as MJD Property & Finance; Michael Cassidy Mortgages & Investments Ltd; Newcastle West Mortgage Centre; Park Mortgage Company Limited, trading as Leddin Finance; Paul Leahy, trading as Leahy Financial & Mortgage Consultancy; Prendergast Maguire Financial Services Limited; Quest Insurances Limited; Sean Kearney and Eoin mcgee, trading as Essential Financial Services; Susan Plunkett, trading as I.Q. Financial Services; Swinford & District Credit Union; Turlough Meagher Financial Services Limited, trading as IFG Mortgages-Meagher

Mortgage Intermediaries _{All Ireland Mortgages Limited, All Locations Limited, Amergin Consulting Limited,}

Ardagh Financial Services Ltd, Aurora Financial Services Limited, Barry Murphy Auctioneers Limited, BDO Simpson Xavier, Bernadette Harte, Bernard Geoghegan, Binoy Philip, PJ Farrell, Brian Kennedy, Bright Finance Limited, Cathy O'Neill, Caveo Financial Services Limited, Consultants Limited, Cotter & O'Sullivan Financial, Darren Barlow, David Quinn, Dempsey & Kelly Mortgages Limited, Dermot P. Coyne, Desmond T. O'Neill, Dominic Holohan, Ena Loakman, Finbarr Obi Onuke, Flynn & Lynch Mortgages & Investments Limited, Frank Ryan, Geraldine Gilbride, Gerard Guilmartin, Gregory Mulcahy, Hugh G McCormack, Janet Higgins, Jason Ballard, John Byrne Mortgage Services Ltd, John Coonan, John Loftus & Tom Fitzgerald, John Quinlan, John Tierney, John Tobin, John Ward, Just Mortgages Limited, Kelly O'Shea Pensions & Financial Services Limited, Kilkenny Life & Pensions Limited, Killarney Mortgage Centre Limited, Kilvine Limited, Linda Morris, Liz O'Regan, Rite Finance Ltd, Lorcan Egan, Lyons Financial Services Ltd, Mark Mulholland, Martin Cooke, Martin Shortt, Richard Boate, Kenneth Neiland, Michael Cassidy Mortgages & Investments Ltd, Michael Hannon, MRM Financial Consultants Ltd, Noel Sheehan, Billy Phelan, Patrick Hanafin, Paul Doran, Paul McDevitt & Martin McGlynn, Residential Reversions Limited, Robert O'Riordan, Rooney Auctioneers Ltd, Seamus Callanan, Seamus Keating Investments Limited, Sean Davey & Kevin McMorrow, Services Limited, CMCC Financial Solutions Limited, Signature Wealth Management Limited, Stapleton & Associates Taxation, The Wealth Shop Limited, Theresa Ryan, Thomas Collins, White Star Finance Limited, William Carroll.

Insurance and Reinsurance Intermediaries

Insurance Intermediaries: ACE Life & Pensions; Active Cars; AEGON Ireland

Services Limited; Allen Retirement & Finance Limited; APT Financial Services Limited, t/a Allied Pension Trustees; ARB Underwriting Limited; Assurant Services Ireland Limited; Aughrim Motors Limited; Barry & Stuart Insurances Limited; Billy Gilroy Cars Limited; BMW Automotive (Ireland) Limited t/a BMW Ireland/BMW Group Ireland; Brendan Walsh Motors Limited; Brian Melia, t/a Mortgage Options (Athenry); Bright Finance Limited t/a Bright Finance; Brinkfield Investments Limited; Buckwall Limited t/a All Ireland Mortgages; Buioch Limited; Carlow Kia; Caroline Hogan, t/a Caroline Hogan Mortgage Solutions; Carty & Cullen Limited, t/a Carty Cullen; Cathal Brady Motors Limited, t/a Bradys Motor Park; Caveo Financial Services Limited; Charles Spillane t/a Spillane Financial Services; Clonee Motor Centre; CMCC Financial Solutions Limited; Colin Comerford t/a Comerford Financial; Conor Murphy t/a Murphy Private Clients; Corporate Underwriting Limited; Cotter & O'Sullivan Financial services Limited; Curragrove Financial Services Limited t/a Curragrove Mortgages; David Quinn t/a Northshore Financial Services; Declan Kinahan t/a Moneyquid Financial Services; Design Cost Studios; Finbarr Garrett, t/a Finbarr Garrett Independent Mortgage Broker; First Class Mortgages Limited, t/a First Class Mortgages; Flynn & Lynch Mortgages & Investments Limited; Friends First Finance Limited; Gerry Kidd, t/a Kidd Financial Services; Graham Motor Cars Limited; Howth Financial Services Limited; Hugh Ryan t/a Ryan Financial Services; Inishowen Motors (JMcL) Limited; Irish Professional Risks Limited; James Begadon; James Hickey; Jim Owen Car Sales Limited; John Carew Investments Limited; John Hoey t/a Hoey Financial Services; John Mollin Estate Agents Limited, t/a Mollin Estates; John Mullane t/a John Mullane Mortgage & Financial Services; John Murphy & Corrine McCormack-Bushell; Kanes Autos Limited; Kelly O'Shea Pensions & Financial Services Limited; Kevin Brodigan & Mark Downey t/a Mortgage Team; Kevin Purcell, t/a Almark Mortgages; Kildare Car Outlet Limited; Killarney Mortgage Centre limited t/a Kerry Mortgage Centre ;Lets Talk Mortgages Limited, t/a The Mortgage Doctors, Lets Talk Mortgages; Liam Cullen, John Hutchinson, Nigel McConnell & John Butterly t/a Advance Financial Services; Liam Ryan Limited; Maddocks On Line Limited; Mark J Dwyer t/a MJD Property & Finance; Martin Carr, t/a Martin J Carr & Associates; McCormack Car Sales Limited; Michael Cassidy Mortgages & Investments Limited; Monaghan & Sons (Castlebar) Limited; Monaghan & Sons (Galway) Limited; NCB Personal Portfolios Limited; NCB Stockbrokers Limited; Newcastle West Mortgage Centre Limited; Newcastlewest Autos Limited; Oasina Investments Limited t/a Breen & O'Donovan Financial Services; O'Learys Garage

Funds Authorisations

237 Funds (including sub-funds) were authorised for the final quarter of 2006. A total of 737 funds (including sub-funds) were authorised in 2006. The Net Asset Value of all funds authorised at 31 December 2006 was ¤727.7 billion compared to ¤587.3 billion a year earlier.

A list of all funds authorised by the Financial Regulator is available on www.financialregulator.ie in the Funds area.

A list of firms authorised in the first quarter of 2007 will be published in the next issue of Regulatory Connection which will be published in May 2007.

Funds Funds Including Sub-funds

Funds authorised from 1 October 2006 to 31 December 2006 39 237 Aggregate number of funds authorised to 31 December 2006

(net of revocations) 941 4089

Funds authorised from 1 January 2006 to 31 December 2006 109 737 Funds revoked from 1 January 2006 to 31 December 2006 124 446

(Wexford) Limited, t/a O'Learys; O'Sullivan & Hansbury Motors Limited; P Walpole & Sons Limitd t/a Central Motors; Paddy O'Brien & Sons Motors Limited; Park Mortgage Company Limited t/a Leddin Finance; Pat Doyle & Teresa Mckearney t/a The Tradesman Insurance Group; Paul Leahy, t/a Leahy Financial & Mortgage Consultancy; Prendergast Maguire Financial Services Limited

Quest Insurances Limited; Sean Kearney and Eoin McGee t/a Essential Financial Services; Sheridan Waterford Limited; Stephen keogh & Associates; Susan Plunkett t/a I.Q. Financial Services; Swinford & District credit Union Limited; The International Wealth Association Limited; The Loan Arranger Limited t/a Lucas Mortgage Finance; Thomas Redmond, t/a Redmond Mortgages & Pensions; Tom Raftery Car Sales Ballinasloe Limited; Turlough Meagher Financial Services limited t/a IFG Mortgages-Meagher; Ward & Peoples (Letterkenny) Limited; Watson Wyatt (Ireland) Limited

Insurance & Reinsurance Intermediaries: ESG Hared Services Ltd; Max Europe

Holdings Limited

Reinsurance Intermediaries: Tiger Underwriting Ltd

Fund Service Providers Administrators: LFAS Fund Administration (Ireland) Ltd; Maples Finance Fund_{Services Ltd.}

Management Companies: GE Asset Management (Ireland) Ltd; Hamon Ireland

Recently Published on www.financialregulator.ie

■ Capital Requirements Directive

■ Address by the Registrar of Credit Unions at Credit Unions Development Association AGM

■ Statement of Income and Expenditure for 2007

New consumer publications published on www.itsyourmoney.ie

■ Getting Independent Financial Advice

■ Personal Current Account Cost Survey - Issue 6

■ Equity Release - Using Your Home to Get a Cash Sum Booklet

■ Home Insurance Cost Survey - Issue 5

Regulatory connection is published by the Press Office Tel: 01 4104512 Email : press@financialregulator.ie

An information seminar was recently held by the Financial Regulator on equity release following the publication of its equity release booklet. Organisations that attended the forum included Age Action, ALONE, Active Retirement Ireland, the Irish Senior Citizens' Parliament and MABS (Money Advice and Budgeting Services).