Public Consultation on the exercise of national discretions in Directive (EU) 2019/2034

The Department of Finance invites interested parties to make submissions in relation to the exercise of national discretions in the Investment Firm Directive (IFD) – Directive (EU) 2019/2034 and the Investment Firm Regulation (IFR) – Regulation (EU) 2019/2033.

While the majority of the provisions of the IFD will be transposed on a fully harmonised basis and the IFR applies directly without requiring transposition, there are a number of provisions in the Directive to which full harmonisation does not apply and Member States are given discretion as to the application of these provisions.

The consultation period will run to 5pm, 06 July 2020. Submissions received after this deadline will not be considered.

In responding to this consultation you are invited to:

• Give your views on the specific questions set out below. You do not have to answer every question – you may choose to answer all of the questions or only those which are relevant to you.
• Provide details of any issues or concerns you feel should be considered in dealing with the particular topic being addressed in your response.
• Where appropriate, provide some analysis or views on the regulatory and/or financial impact of the proposed approach.

The comments received will be taken into consideration when deciding how best to transpose the IFD into Irish law.

How to Respond

The preferred means of response is by email to: ifd@finance.gov.ie.

Alternatively, you may respond by post to:

IFD Public Consultation

Funds, Insurance, Markets & Pensions Division

Department of Finance

Government Buildings

Upper Merrion Street

Dublin 2, D02 R583

Please include contact details if you are responding by post. When responding, please indicate whether you are a professional adviser, representative body, corporate body or member of the public.

Note: This document was updated on 13 July 2021 to clarify how the discretion afforded under Article 32(5) & (6) will be operationalised in the transposition of the Investment Firms Directive (EU) 2019/2034.