Application to Act as Registered Agent for Micro Business Companies (Current RAs) (BIFSD-RA/MBC1)

Summary

This is an application form used by existing licensees under the Banks and Trust Companies Act, 1990 and the Company Management Act, 1990 who wish to extend their licence to provide Registered Agent services to Micro Business Companies (MBCs) registered under the Micro Business Companies Act, 2017. It sets out the information, appendices and declarations the Commission requires to assess such an application.

• Application details: Licensee must state its name and licence number and formally request Commission approval to add MBC registered agent services to its existing licence.
• Required appendices: A revised Compliance Manual or compliance procedures (with amendments identified) and a revised business plan covering IT systems, CDD and customer risk assessment processes, how CDD information is collected and held, an itemised list of registered agent fees for MBC administration, and the website where those fees will be published.
• Declarations: Confirmation that IT systems, data security and business continuity arrangements comply with applicable financial services and AML legislation, and that details will be shared with the Commission on request; and confirmation that all information in the application is true and accurate, with a warning that false or misleading information may lead to denial of the application (and future applications) or enforcement action.

The form must be signed and dated by an authorised individual, with contact details provided for the person handling the application if different from the signatory.

Key obligations

• A licensee seeking to act as Registered Agent for Micro Business Companies must submit this application with a revised Compliance Manual or compliance procedures identifying amended sections.
• The licensee must submit a revised business plan detailing IT systems, CDD and customer risk assessment processes, how CDD information is collected and held, an itemised list of MBC registered agent fees, and the website where those fees are published.
• The licensee must declare that its IT systems, data security and business continuity arrangements comply with applicable financial services and AML legislation and must share details with the Commission upon request.
• The licensee must declare that all information provided in the application is true and accurate.

Applies to

licensees under the Banks and Trust Companies Act, 1990, licensees under the Company Management Act, 1990, registered agents, Micro Business Companies