Central Bank of Ireland Sets Out Regulatory Priorities for 2022
The Central Bank of Ireland sets out a warning against investing in crypto-assets and outlines its work priorities on financial regulation.
The Central Bank sets out the regulatory priorities for 2022, along with its role in building resilience, anticipating risk, and protecting citizens. Below are some of the key planned activities under these priorities:
- Central Bank will continue to implement a forward-looking approach to the authorization of financial services firms, in line with European standards and norms.
- In the area of governance, Central Bank will continue to work with the Department of Finance on the introduction of the Individual Accountability Framework.
- Central Bank will review and make necessary revisions to the capital requirements framework for banks (CRR3/CRD6), revisions to the solvency framework for insurers (Solvency II review), and work on the review of the second Payment Services Directive (PSD2 review).
- Central Bank will work closely with European counterparts to help shape and implement the Anti-Money-Laundering and Countering Financing of Terrorism (AML/CFT) Package and the new single AML authority, which will mark a structural sea-change in the European approach to combatting the problem.
- Central Bank will strengthen the regulatory framework around crypto-assets to prevent fraud and real risk to investors.
- Central Bank will continue to step up work on climate change to both ensure the financial system can support the transition to a carbon-neutral economy and is suitably resilient to the risks.
In addition, the Central Bank of Ireland issued a warning on the risks of investing in crypto-assets, as part of a European-wide campaign by the European Supervisory Authorities. The Central Bank emphasized that crypto-assets are highly risky and speculative and may not be suitable for retail customers. People need to be alert to the risks of misleading advertisements, particularly on social media, where influencers are being paid to advertise crypto-assets. The Central Bank also published a plain English explainer for consumers on cryptocurrencies.
Related Links
- Press Release on Priorities for 2022
- Speech on Priorities for 2022
- Notice on Crypto-Assets
- Explainer For Cryptocurrencies
Keywords: Europe, Ireland, Banking, Insurance, Financial Regulation, Crypto-Assets, Cryptocurrencies, Governance, Solvency II, PSD 2, CRR 3, CRD 6, AML CFT, ML TF Risk, Climate Change Risk, Low-Carbon Economy, ESG, Central Bank of Ireland
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