September
2010
Guidance Note on Authorisation to
Operate a Multilateral Trading
Facility
1
Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Contents
1.
Introduction
2
2.
What is an MTF?
4
3.
Authorisation Process in respect of the operation of an MTF
in Ireland
4.
5
Specific Information and Documentation required by the
Central Bank of Ireland in order to assess a proposal to operate an
5.
MTF
7
Capital Requirements/Financial Resources
9
Annex 1
10
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
GUIDANCE NOTE
Authorisation to Operate a Multilateral
Trading Facility
1.
Introduction
The concept of a Multilateral Trading Facility (MTF) was first introduced
into Irish law in the Statutory Instrument No. 60 of 2007 Regulations
entitled
European
Communities
(Markets
in
Financial
Instruments)
Regulations 2007 (MiFID Regulations ) (as amended) which came into
1
force on 1 November 2007. The Central Bank of Ireland is the competent
authority in Ireland for the authorisation of an investment firm or a
market operator of a regulated market that proposes to operate an MTF
under the MiFID Regulations.
Please note that the MiFID Regulations may not be the only Irish financial
services legislation that may apply to the proposed operation of an MTF.
This Guidance Note only provides guidance in relation to the requirements
of the Central Bank of Ireland in respect of the authorisation process
applicable to an investment firm proposing to operate an MTF in Ireland
under the MiFID Regulations.
This Guidance Note does not address the possibility of a market operator
of an authorised regulated market or applicant regulated market
proposing to operate an MTF in Ireland under the MiFID Regulations.
While the approach will be similar in many ways, the particular
circumstances of a market operator may lead to certain differences and
these will be discussed bilaterally with the market operator.
It is not the policy of the Central Bank of Ireland to provide legal advice
on matters arising pursuant to the MiFID Regulations or any other aspect
of Irish financial services legislation.
1
The guidance set out in this
For ease of reference, references to MiFID Regulations to include, where appropriate, reference to
Commission Regulation (EC) No 1287/2006 of 10 August 2006.
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Guidance Note should not be construed as legal advice or a legal
interpretation of the MiFID Regulations. It is a matter for any person who
may fall within the scope of the MiFID Regulations to seek legal advice
regarding the application or otherwise of the MiFID Regulations or any
other aspect of Irish financial services legislation to their particular set of
circumstances.
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
2.
What is an MTF?
Regulation 3 of the MiFID Regulations defines an MTF as “a multilateral
system, operated by an investment firm2 or a market operator3, which
brings together multiple third-party buying and selling interests in
financial instruments4, in the system and in accordance with nondiscretionary rules, in a way that results in a contract”.
In practice, this definition would include MTF’s (for example, trading
platforms, crossing networks or matching engines) operated by either an
investment firm or a market operator which bring together multiple
parties that wish to buy or sell financial instruments. Such parties are
brought together within the MTF operator's system.
An MTF does not include bilateral systems where an investment firm
enters into every trade on its own account (as opposed to acting in the
capacity of a riskless counterparty interposed between the buyer and the
seller).
For there to be an MTF the buying and selling of the financial instruments
in these systems must be governed by non-discretionary rules in a way
that results in contracts. As the rules must be non-discretionary, once the
orders and quotes are received within the system an MTF operator must
have no discretion in determining how they interact.
The MTF operator
must instead establish rules governing how the system operates and the
characteristics of the quotes and orders (for example, their price and time
of receipt in the system) that determine the resultant trades.
2
3
4
As defined in Regulation 3 of the MiFID Regulations, “investment firm” means any person, other
than a tied agent, which person’s regular occupation or business is the provision of one or more
investment 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 subject to certain caveats
as set out in Regulation 3 of the MiFID Regulations.
As defined in Regulation 3 of the MiFID Regulations, “market operator”, in relation to a regulated
market, means (a) a person who operates the business of the regulated market other than a
regulated market described in subparagraph (b), or (b) the regulated market if it is a legal person
and itself operates the business of the regulated market.
As defined in Regulation 3 of the MiFID Regulations, a “regulated market” means 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 MiFID Regulations.
As defined in Regulation 3 of the MiFID Regulations, “financial instruments” means the
instruments specified in Part 3 of Schedule 1 of the MiFID Regulations.
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
3.
Authorisation Process in respect of the
operation of an MTF in Ireland
The operation of an MTF requires specific authorisation by the Central
Bank of Ireland under the MiFID Regulations5. The authorisation process
for operating an MTF is dependent on the proposed operator of the MTF
i.e., whether the intended operator is:
(a)
already
authorised
as
an
investment
firm
under
the
MiFID
Regulations; or
(b)
an applicant seeking authorisation as a proposed investment firm
under the MiFID Regulations.
Each potential operator (irrespective of its current authorisation status
under the MiFID Regulations) of an MTF must consider whether the
operation of its proposed business model:

meets the definition of an MTF (as well as meeting the definition of
‘investment firm’ in the MiFID Regulations) and therefore requires
specific authorisation, or an extension of an existing authorisation,
under the MiFID Regulations;

complies with the Central Bank of Ireland’s requirements; and

is capable of complying with, and adhering to, the requirements that
must be satisfied on an ongoing basis.
(a) Authorised Investment Firm
An authorised investment firm proposing to operate an MTF will
require an extension of its existing authorisation under the MiFID
Regulations. The firm must submit a detailed proposal regarding this
intended new business activity to its existing supervisors within the
relevant department of the Central Bank of Ireland. The proposal
should contain at least all of the documentation/information specified
in Annex 1 of this Guidance Note. The Central Bank of Ireland will
assess the proposal in the context of the existing authorisation of the
investment firm under the MiFID Regulations.
5
Refer to Regulation 7 (Requirement for Authorisation) and Schedule 1 of the MiFID Regulations.
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
(b) Applicant Investment Firms
An applicant investment firm proposing to operate an MTF must
submit an application for authorisation as an investment firm under
Regulation 11 of the MiFID Regulations to the Central Bank of
Ireland.
Applicant investment firms should:

Refer to the ‘Guidance Note on the Completing and Submitting
an
Application
for
Authorisation
under
The
European
Communities (Markets in Financial Instruments) Regulations
2007 and Commission Regulation (EC) No 1287/2006 of 10
August 2007’ (the ‘Application Guidance Note’); and

Complete the ‘Application for Authorisation under Regulation 11
of
the
European
Communities
(Markets
in
Financial
Instruments) Regulations 2007’ (the ‘Application Form’).
which are available on the Central Bank of Ireland’s website
(www.centralbank.ie).
The Application Guidance Note sets out the application process and
includes guidance on completing the application form and the
documentation and information to be submitted. Such information
and documentation include inter alia:

A completed application form;

A detailed business plan; and

Draft procedures, policies and agreements as specified in the
application form.
Additional requirements apply for investment firms that propose
operating an MTF. Please refer to Annex 1 hereto.
Applicant
investment firms should submit a completed Annex 1 together with
the relevant documentation/information.
(The required information
may be incorporated into the aforementioned business plan.) In any
event, the activity of operating an MTF will be assessed in
conjunction
with
the
basic
requirements
for
the
grant
of
authorisation as an investment firm under the MiFID Regulations.
The operation of an MTF may be the sole investment service
envisaged by an applicant investment firm.
Alternatively, the
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
operation of an MTF may form part of a broader range of investment
services or other activities that may require authorisation under the
MiFID Regulations and/or other Irish financial services legislation. All
applicant investment firms are advised to contact the Central Bank of
Ireland
6
at an early stage should they consider that their proposed
activities require authorisation pursuant to the MiFID Regulations.
Having fully considered whether the operation of its proposed
business model falls to be authorised under the MiFID Regulations
(as well as considering whether other Irish financial services
legislation7 may be applicable), the applicant investment firm must
contact the Central Bank of Ireland
8
in order to arrange a
preliminary meeting.
4.
Specific Information and Documentation
required by the Central Bank of Ireland
in order to assess a proposal to operate
an MTF
Any firm proposing to operate an MTF will need to demonstrate to the
satisfaction of the Central Bank of Ireland that it is in a position to meet
the specific authorisation requirements for MTFs as set out in the MiFID
Regulations9.
In addition, the firm will also need to demonstrate that
should it be authorised to operate an MTF it will be in a position to meet
the specific ongoing supervision requirements for MTFs as set out in the
MiFID Regulations.
It is very important, if a proposal is to be processed efficiently and in a
reasonable timeframe, that it is comprehensively prepared and based on a
well developed and clearly outlined business plan10.
6
7
8
9
10
In this regard, the
The Financial Institutions and Funds Authorisation Department of the Central Bank of Ireland.
Under the remit of the Central Bank of Ireland.
The Financial Institutions and Funds Authorisation Department of the Central Bank of Ireland.
As stated previously in Section 3 of this Guidance Note, for applicant investment firms, the
information and documentation required by the Central Bank of Ireland in order to assess a
proposal to operate an MTF is in addition to general information and documentation required as
part of the application process.
The Application Guidance Note and Application Form referenced at Section 3(b) above sets out
details that should be incorporated into a business plan for applicant investment firms. The
Central Bank of Ireland would consider that any business plan accompanying a proposal to
operate an MTF (irrespective of the type of applicant) should at least contain this information
coupled with the specific information required at Appendix 1 of this Guidance Note (where
appropriate to a business plan).
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
firm must inter alia submit a detailed business plan, a proposed rule book
for the operation of the MTF and a detailed description of the
organisational arrangements11 regarding the operation of the proposed
MTF.
If not already incorporated into these documents, the application
should be accompanied by all relevant information, evidence and
explanatory material (including supporting documentation) necessary to
reference clearly, on a requirement by requirement basis, its compliance
with each of the trading requirements.
Specifically in relation to the operation of the proposed MTF, the firm must
inter alia:
(a)
demonstrate
that
its
rules
are
fair,
non-discriminatory
and
transparent;
(b)
explain how conflicts of interest and complaints are dealt with;
(c)
set out why its finalisation and clearing and settlement procedures
are robust;
(d)
describe how any central counterparty, dark pool of liquidity12 and
price formation will operate;
(e)
describe the arrangements it proposes to put in place for compliance,
internal audit and market integrity supervision;
(f)
describe its systems for record keeping and business continuity
planning (contingency planning and systems disruption); and
(g)
describe any outsourcing arrangements to be put in place regarding
the operation of the MTF13.
In this context, the information provided must at least contain the
information and documentation required in Annex 1 of this Guidance Note.
If not already included in the business plan.
Although not a defined term in the MiFID Regulations, and in this foot note the Central Bank of
Ireland does not intend to provide a technical definition of the term, a dark pool of liquidity is
generally understood to be a characteristic of an electronic trading facility where there is no pre
trade transparency between institutional buyers and sellers i.e., where orders are not publicly
displayed. Rather such orders are matched anonymously within the system.
13
Where an MTF proposal relies upon outsourced administrative functions, the proposal cannot be
progressed beyond the preliminary stage until an applicant is in a position to confirm the
agreement that has been reached with the services provider and, therefore, to provide reliable
information on the nature of those arrangements.
11
12
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
5.
Capital Requirements/Financial
Resources
An applicant investment firm or a firm already authorised under the MiFID
Regulations proposing to operate an MTF is required to have sufficient
capital to meet the requirements of Directive 2006/48/EC and Directive
2006/49/EC.
(These directives are collectively known as the Capital
Requirements Directive or CRD.) The risks associated with the operation
of an MTF should be reflected in the appropriate capital requirement
calculations of the firm on an ongoing basis as calculated under the CRD.
December 2008
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
ANNEX 1
Information and Documentation
required to support an Application to
Operate a Multilateral Trading Facility
under the MiFID Regulations
This Annex 1 must be completed and submitted in support of all
applications to operate a Multilateral Trading Facility (MTF) irrespective of
the applicant’s authorisation status14.
NOTES ON COMPLETION
1.
All answers must be typed.
2.
All questions must be completed before the application to operate an
MTF can be considered. If a question does not apply, please write
not applicable or none as appropriate.
spaces.
Do not leave any blank
(Incomplete Applications will be returned.)
If the
applicant is unable to submit any of the documentation requested
below please give an explanation in the covering letter (referring to
the section number).
3.
The
text
boxes
entitled
reference/clause/rule
number(s) must
contain all relevant reference/clause/rule number(s) of the business
plan, operational procedures, system specifications or trading rules.
All references should be inserted clearly indicating in which of these
documents
they
are
contained.
The application
must
be
accompanied by the documents referenced in the text boxes.
4.
Applicants are required to demonstrate in the detailed explanation
text boxes how each section of documents/information detailed in
the reference text box at 3 above satisfies the mandatory MiFID
Regulations requirements listed in Sections 1 to 4 or other
information listed in Sections 6 to 8 of this Annex 1.
14
Whether the application is being submitted by an applicant investment firm or a firm already
authorised as an investment firm under the MiFID Regulations.
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
5.
Where applicants are required to:
(a)
‘confirm’ - a tick (‘’) placed in the relevant box will be taken
as confirmation.
(b)
attach a document - a tick (‘’) placed in the ‘Document
Attached’ box will be taken as confirmation that the document
is attached.
(c)
provide a YES or a NO answer - a tick (‘’) should be placed
in the relevant box as appropriate.
6.
If insufficient space has been provided for a reply, please provide
that information on a separate sheet and refer to it in the space
provided for the answer. Please ensure that any sheets are clearly
marked with the name of the organisation and referenced to the
appropriate question.
7.
Further information or clarification may be requested (having regard
to the replies furnished) for the purpose of considering and
evaluating an application to operate an MTF.
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Mandatory Provisions of the MiFID Regulations
1.
Trading process and finalisation of transactions in an MTF
Confirm
()
Document
Attached
()
Confirm that the applicant is establishing by written procedure either in its operational procedures,
system specifications, trading rules or as otherwise described:
1.1 (a) transparent and non-discretionary rules and procedures for fair and orderly trading; and
(b) objective criteria for the efficient execution of orders
Reference/Clause/Rule No(s)
Detailed Explanation
1.2 transparent rules regarding the criteria for determining the financial instruments that can be traded
within their systems
Reference/Clause/Rule No(s)
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Confirm
()
Document
Attached
()
Detailed Explanation
1.3 access to sufficient publicly available information to enable the users of the MTF to form an
investment judgement, taking into account both:
(a) the nature of the users; and
(b) the types of instruments traded
Reference/Clause/Rule No(s)
Detailed Explanation
1.4 transparent rules, based on objective criteria, governing access to the MTF facility and has ensured
that the rules comply with the conditions and requirements established under Regulation 66(3) of
the MiFID Regulations
Reference/Clause/Rule No(s)
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Confirm
()
Detailed Explanation
Document
Attached
()
1.5 clear information to the potential users of the MTF of their respective responsibilities for the
settlement of the transactions concluded under the systems of the MTF
Reference/Clause/Rule No(s)
Detailed Explanation
1.6 that the necessary arrangements are in place in order to facilitate the efficient settlement of the
transactions concluded under the systems of the MTF
Reference/Clause/Rule No(s)
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Confirm
()
Document
Attached
()
Detailed Explanation
1.7 appropriate systems and procedures to ensure that it is in a position to comply without delay with
any instruction from the Central Bank of Ireland to suspend or remove a financial instrument from
trading
Reference/Clause/Rule No(s)
Detailed Explanation
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
2.
Monitoring compliance with the rules of the MTF and with other legal obligations
Confirm
()
Confirm that the applicant is establishing by written procedure either in its operational procedures,
system specifications, trading rules or as otherwise described:
Document
Attached
()
2.1 effective arrangements and procedures, relevant to the MTF, for the regular monitoring of the
compliance by its users with its rules
Reference/Clause/Rule No(s)
Detailed Explanation
2.2 systems to monitor the transactions undertaken by the users of the MTF under its systems in order
to identify(i) breaches of its rules;
(ii) disorderly trading conditions; and
(iii) conduct that may involve market abuse15.
Reference/Clause/Rule No(s)
15
As defined in the Market Abuse (Directive 2003/6/EC) Regulations 2005
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Confirm
()
Document
Attached
()
Detailed Explanation
2.3 procedures to ensure that it can report to the Central Bank of Ireland without delay(i) significant breaches of its rules;
(ii) disorderly trading conditions; and
(iii) conduct that may involve market abuse.
Reference/Clause/Rule No(s)
Detailed Explanation
2.4 procedures to ensure that it is in a position to provide full assistance to the Central Bank of Ireland
in investigating and prosecuting market abuse occurring on or through its systems
Reference/Clause/Rule No(s)
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Detailed Explanation
3.
Pre-trade transparency requirements for MTF’s
Confirm
()
Document
Attached
()
Confirm that the applicant is establishing by written procedure either in its operational procedures,
system specifications, trading rules or has otherwise described:
3.1 arrangements to make public(i) any current bid and offer prices that will be advertised through its systems in respect of shares
admitted to trading on a regulated market; and
(ii) the depth of the trading interests at those prices;
on reasonable commercial terms and on a continuous basis during normal trading hours
Reference/Clause/Rule No(s)
Detailed Explanation
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
3.2 Does the applicant intend to apply to the Central Bank of Ireland under Regulation 120(2) of the
MiFID Regulations for a waiver(s) from the pre-trade transparency requirements set out in
Regulation 120(1) for MTF’s?
Yes
()
No
()
Yes
()
No
()
If YES
Please indicate the type of waiver required (e.g. market model or the type and/or size of orders)
and demonstrate how the conditions specified in Commission Regulation EC 1287/2006 are
satisfied.
4.
Post-trade transparency requirements for MTF’s
4.1 Will all transactions in shares admitted to trading on a regulated market to be carried out under the
systems of the applicant be made public under the systems of a regulated market?
If answer is YES to 4.1,
4.2 Confirm
(a) each of the regulated markets on which the shares are admitted to trading; and
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Confirm
()
Document
Attached
()
(b) the method utilised by each such regulated market to make public share transactions
If answer is NO to 4.1,
4.3 Confirm that the applicant is establishing by written procedure either in its operational procedures,
system specifications, trading rules or as otherwise described:
(a) procedures to ensure that it can make public as soon as possible on reasonable commercial
terms and in a manner accessible to other market participants(i) the price;
(ii) the volume; and
(iii) the time
for those transactions (other than transactions that are made public under the systems of a
regulated market) carried out under its systems in shares admitted to trading on a regulated
market
Reference/Clause/Rule No(s)
Detailed Explanation
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Confirm
()
Document
Attached
()
Yes
()
No
()
(b) systems enabled to determine whether it can defer publication in accordance with the criteria
set out in table 4 of Annex II of Commission Regulation (EC) No. 1287/2006 if it intends to defer
publication in accordance with Regulation 121(4) of the MiFID Regulations
Reference/Clause/Rule No(s)
Detailed Explanation
4.4 Does the Applicant intend to apply to the Central Bank of Ireland for approval to defer making
public the price, volume and time of the transactions referred to in 4.3 above?
If the answer is YES to 4.4,
4.5 Confirm that the applicant is establishing by written procedure either in its operational procedures,
system specifications, trading rules or has otherwise described:
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Confirm
()
Document
Attached
()
(i) procedures to ensure that any deferment arrangement that might be approved by the Central
Bank of Ireland in respect of that application is clearly disclosed to market participants and the
public
Reference/Clause/Rule No(s)
Detailed Explanation
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Other Information necessary to support application
5.
Provisions regarding central counterparty, clearing and settlement arrangements in respect
of MTF’s
5.1 Does the applicant intend entering into an arrangement(s) with a central counterparty or clearing
house settlement system in the State or in another Member State with a view to providing for the
clearing, settlement or both of some or all trades concluded by market participants under the
systems of the MTF?
Yes
()
No
()
Confirm
()
Document
Attached
()
If the answer is YES to 5.1,
5.2 provide details of each such counterparty, or clearing house settlement system including its home
Member State
5.3 For each such counterparty, or clearing house settlement system detailed at 5.2
Confirm that the applicant has established that:
(i) the links and arrangements between the designated settlement system and any other system
or facility allow the efficient and economic settlement of the transactions in question; and
(ii) the technical conditions for settlement of transactions allow the smooth and orderly functioning
of financial markets
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Confirm
()
Document
Attached
()
Reference/Clause/Rule No(s)
Detailed Explanation
5.3 For each such counterparty, or clearing house settlement system detailed at 5.2:
Confirm that the applicant has established that the right of access for the purposes of finalising or
arranging the finalisation of transactions in financial instruments
(i) is subject to non-discretionary, transparent and objective criteria; and
(ii) is not and must not be restricted to the clearing and settlement of transactions in financial
instruments undertaken on a regulated market or an MTF in the State
Reference/Clause/Rule No(s)
Detailed Explanation
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
6.
Other Trading Information
Confirm
()
In relation to the proposed operation of an MTF confirm that the applicant has either in its
operational procedures, system specifications, trading rules or as otherwise:
Document
Attached
()
6.1 described in detail the systems and procedures proposed regarding price formation, including
sources of reference prices, if relevant
Reference/Clause/Rule No(s)
Detailed Explanation
6.2 indicated whether the MTF is to operate as a so called “dark pool of liquidity”
Reference/Clause/Rule No(s)
Detailed Explanation
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
7.
Transaction Reporting
7.1 Does the applicant intend providing the optionality to its clients to report to the Central Bank of
Ireland, on their behalf, transactions executed by such clients in accordance with Regulation 112 of
the MiFID Regulations.
Yes
()
No
()
Confirm
()
Document
Attached
()
If the answer to 7.1 is YES,
7.1 Confirm that the applicant is establishing the necessary technology and automated system to
enable it to report such transactions in the form specified by the Central Bank of Ireland within the
time frame specified under Regulation 112 of the MiFID Regulations.
Reference/Clause/Rule No(s)
Detailed Explanation
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
8.
Other Issues
Confirm
()
In relation to the proposed operation of an MTF, confirm that the applicant has either in its
operational procedures, system specifications, trading rules or as otherwise described in detail the
systems and procedures proposed regarding:
Document
Attached
()
8.1 Record Keeping
Reference/Clause/Rule No(s)
Detailed Explanation
8.2 Compliance
Reference/Clause/Rule No(s)
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Confirm
()
Document
Attached
()
Detailed Explanation
8.3 Outsourcing16
Reference/Clause/Rule No(s)
Detailed Explanation
8.4 Internal Audit
Reference/Clause/Rule No(s)
16
as stated previously, where an MTF proposal relies upon outsourced administrative functions, the proposal cannot be progressed beyond the preliminary stage until an applicant
is in a position to confirm the agreement that has been reached with the services provider and, therefore, to provide reliable information on the nature of those arrangements
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Detailed Explanation
8.5 Conflicts of Interest
Reference/Clause/Rule No(s)
Confirm
()
Document
Attached
()
Detailed Explanation
8.6 Complaints Handling
Reference/Clause/Rule No(s)
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Detailed Explanation
8.7 Business Continuity Planning including:
(a)
contingency planning
(b)
systems interruption
Reference/Clause/Rule No(s)
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Guidance Note On Authorisation To Operate A Multilateral Trading Facility
Detailed Explanation
Page 31 of 33
T +353 1 224 4000
F +353 1 671 6561
www.centralbank.ie
Bosca OP 559, Sráid an Dáma, Baile Átha Cliath 2, Éire
PO. Box No 559, Dame Street, Dublin 2, Ireland
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