It is important for all forex brokers to be fully aware of the regulatory body and the changes in the system which may apply. Obtaining an Ireland forex license is also paramount prior to engaging in any FX activity. It is advisable to consult with a professional firm that is experienced in areas of the financial industry. Understanding the industry is vital to the success and effective management and compliance of Ireland broker firms.
The financial and forex industry in Ireland is regulated by a new supervisory body which was introduced in in October 2010.
The Irish financial Services Regulatory Authority (also referred to as the Financial Regulator) was the regulatory body for all Ireland financial institution between 2003 and October 2010. The Financial Regulator was replaced in October 2011 by the new Central Bank of Ireland Commission.
The Central Bank of Ireland regulates the financial services in Ireland and is responsible for the issuing of forex licenses to broker firms. The Central Bank will only issue a license where all the requirements as laid down by the official supervisory body are satisfied – including that of a fit and proper test.
The Central Bank of Ireland also issues the Euro currency for Ireland on behalf of the European Central Bank.
The Central Bank Act 1971 provides the scope of responsibility for the Central Bank of Ireland.
To obtain an Ireland forex license certain documents must be submitted along with the official application form. These additional documents are typically the Memorandum and Articles of Association and documentation demonstrating the internal and external operations of the company. It is therefore paramount that you form a company in Ireland prior to applying for the license.
Starting Business are specialists in the area of forex license acquisition and can assist you in obtaining your license in a timely and professional manner. In addition, our experienced consultants can advise you on how to operate your forex broker firm in compliance with the regulations and rules as laid down by the Central Bank of Ireland.
Contact Us if you require any further information.