Investment Business

As an Approved Professional Body, CPA Ireland has authorised Investment Business firms for investment business purposes under the Investment Intermediaries Act 1995 (as amended).  Following the Amalgamation, CPA Ireland’s authorisation as an Approved Professional Body will cease.
 
The regulations of Chartered Accountants Ireland have been amended to provide that Chartered Accountants Ireland may authorise a CPA Investment Business Firm as a Firm authorised to carry out investment business activities in accordance with Chartered Accountants Ireland's Investment Business Regulations,  with effect from the Amalgamation Time, 1 September 2024.

In order for Chartered Accountants Ireland to authorise a CPA firm and accredited persons with effect from the Amalgamation Time, it is necessary for each principal/director of the firm which is an Affiliated Partner (and not a member of CPA Ireland or Chartered Accountants Ireland) to apply for affiliate status with Chartered Accountants Ireland.

Correspondence in this regard has issued to all CPA Investment Business Firms with the relevant instructions which firms are advised to consider carefully.

Each CPA Investment Business Firm will, at Amalgamation Time, be authorised in the category of authorisation equivalent to that in which it was authorised under the CPA Investment Business Regulations prior to Amalgamation Time. 

The Investment Business Regulations of Chartered Accountants Ireland provide for the following activities across the various categories:

Activities which may be undertaken by all categories
 

1	Advice in relation to the selection of an authorised third party who is an independent intermediary for the purpose of general or specific investment business. The firm introduces the client, and gives no further advice or comment, not even on the advice given or the arrangements proposed or made by the authorised third party.
2	Commenting on advice given by another firm or an authorised third party to a client, but not giving any alternative advice (unless that advice falls within the firms existing category of authorisation).
3	Acting as a Deposit Agent or Deposit Broker in relation to deposits with a term less than one year (when acting as a Deposit Agent, a firm may only accept cash for credit of a client's account with a Building Society).
4(a)	Passing on, as a disclosed agent for a client, that client's instructions to another firm or authorised third party regarding advice given by that other firm or authorised third party about investments.
4(b)	Acting as a postbox and passing a cheque from a client made payable to a product provider.

Activities which may be undertaken by Categories IB1
 

6	Advising on and arranging transactions in shares in or debentures of private companies which are or are to be the subject of an offer to the public (other than advising on or arranging transactions within paragraph 1, above).
7	Advising on investments: which are part of a privatisation or rights issue and where no arrangements in relation to any dealing in those investments are made by the firm; or where the arrangements for dealing in those investments are made by another firm, or authorised third party which is an independent intermediary, who has an agreement with the client acknowledged in writing between the firm and the other firm or authorised third party.
8	Advising on and/or arranging transactions in investment or deposits other than those included in paragraph 5.
9	Commenting on advice given to a client by another firm or authorised third party about investments, and offering or giving alternative advice and/or arranging transactions on the basis of that alternative advice.
10	Providing Advice on Tax Efficient Investment Schemes, for example, EIIS, Section 481 Film Relief, etc.
11	Promoting Tax Efficient Investment Schemes, for example, EIIS, Section 481 Film Relief, etc.
12	Portfolio review.

 

A new Investment Business Certificate will issue to those firms that are authorised by Chartered Accountants Ireland post Amalgamation Time.