Financial Services (Miscellaneous Exemptions) (Amendment) Regulations, 2024 (SI No. 55 of 2024)

Summary

This regulation amends Schedule 1 of the Financial Services (Miscellaneous Exemptions) Regulations by adding a new exemption for certain fund-related licensees regarding appointment of a Money Laundering Reporting Officer (MLRO), and by revising the general savings clause on exemptions.

• New MLRO exemption: Private funds, professional funds, public funds, recognised foreign funds, private investment funds, incubator funds, approved funds, and approved investment managers no longer need Commission approval to appoint a Money Laundering Reporting Officer under regulation 13(2)(b) of the Anti-money Laundering Regulations.
• Notification requirement: These licensees must instead notify the Commission of the MLRO appointment within 14 days of making it.
• Savings clause: Paragraph 3 of Schedule 1 is revoked and replaced to clarify that none of the exemptions in paragraphs 1, 1A or 2 excuse a licensee from performing its compliance, money laundering reporting or other statutory functions unless a specific enactment says otherwise.

The amendment is deemed to have come into force retroactively on 15 October 2024, despite being gazetted on 4 December 2024.

Key obligations

• A licensee within the exempted categories (private funds, professional funds, public funds, recognised foreign funds, private investment funds, incubator funds, approved funds, approved investment managers) must notify the Commission of the appointment of its Money Laundering Reporting Officer within 14 days of that appointment.
• Such licensees remain obliged to perform their compliance, money laundering reporting, or other statutory functions notwithstanding the exemption from seeking prior Commission approval for the MLRO appointment.

Applies to

private funds, professional funds, public funds, recognised foreign funds, private investment funds, incubator funds, approved funds, approved investment managers

Deadlines

• within 14 days of the appointment: Exempted licensees must notify the Commission of the appointment of their Money Laundering Reporting Officer within this period.
• 15th day of October, 2024: Date on which these Regulations are deemed to have come into force (retroactive commencement).

Related documents

• This document is made under Financial Services Commission Act (Revised Edition 2020)