Name
Global FinTech Guide
Country Name
Ireland
SectionTitle
Financial advisory and broking services including robo advisory and auto-trading
Body
FinTechs belonging to this category offer advisory and broking services for investments usually via an internet platform.

Robo advisory services usually offer an investment proposition following a series of questions concerning the personal financial background and the risk-bearing capacity of the user. Sometimes the respective platform also enables the user to directly execute the proposed investment.

Auto-trading concerns all services which automatically trade on behalf of the customer according to his or her specifications.

Apart from that some FinTechs collect and offer merely or as an ancillary service market information or operate comparison portals to increase the transparency of the capital markets and to help the investor with his decision-making.

There are also FinTech-advertising-services which advertise various financial services or products.

Introduction

Attitude of the country towards modern financial advisory and broking services

The Central Bank of Ireland is open to engagement with innovative FinTechs. Insofar as investment activities are concerned, Directive 2014/65/EU (MiFID II) was transposed into Irish law by the European Union (Markets in Financial Instruments) Regulations 2017 (the Irish MiFID II Regulations). Offering investment service and activities listed in MiFID II is a regulated activity requiring authorisation. There is currently no specific regulatory regime in place for robo-advisers or other companies that provide retail customers with automated access to investment products in Ireland.

Legal affairs

Obligations and requirements to provide financial advisory and broking services, or ancillary services described above

As noted above, investment services and activities listed in MiFID II require authorisation under the Irish MiFID Regulations. MiFID firms capital requirements are assessing in accordance with the Capital Requirements Directive.

Additional comments regarding the legal situation for financial advisory and broking services, or adjacent services or what FinTech’s must be aware of in this business area

N/A.

Economic conditions

Market size for financial advisory and broking services as well as adjacent services and biggest companies in this business area

No data available.

Additional comments regarding the economic situation for financial advisory and broking services as well as adjacent services or what FinTech’s must be aware of in this business area

N/A.

Authors

Disclaimer

© 2022, Philip Lee LLP. All rights reserved by Philip Lee LLP as author and the owner of the copyright in this chapter. Philip Lee LLP has granted to Multilaw non-exclusive worldwide license to use and include this chapter in this guide and to sublicense Lexis Nexis, a division of RELX Inc. and its affiliates certain rights to use and distribute this guide.

The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

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