Ireland: Financial Sector Assessment Program : Technical Note-Update on the Assessment of Implementation of the IOSCO Objectives and Principles of Securities Regulation

The assessment found that Ireland exhibited a high level of implementation of the IOSCO principles. The legal framework was deemed robust and provided the Central Bank with broad supervisory, investigative and enforcement powers. There were arrangements for on-site and off-site monitoring of regulated entities. Thematic reviews in selected areas complemented such monitoring. The Central Bank and the Irish Stock Exchange had developed sound systems for market surveillance. The Central Bank’s key objectives included monitoring and mitigating systemic risk. It routinely reviewed the perimeter of regulation. Its powers to cooperate with domestic and foreign counterparts were extensive. Accounting and auditing standards were high.