The Customer

L&P Investment Services Limited (the “Firm”) is regulated by the Central Bank of Ireland. It is authorised as an investment firm under the European Communities (Markets in Financial Instruments) Regulations 2007, (as amended) (the “MiFID Regulations”), to carry out the specified investment services as detailed below.

MiFID Investment Services:

  • Investment advice
  • The receipt and transmission of orders in relation to one or more financial instruments
  • Portfolio management

The MiFID Regulations impact the way financial services are provided across the countries of the European Economic Area (“EEA”).

The Need

MiFID investment firms are required to calculate their capital requirements in accordance with the criteria outlined in the Capital Requirements Regulations and Directives. Firms are required to hold the minimum level of capital at all times and are required to submit capital returns to the Central Bank of Ireland on a periodic basis.

The Capital Requirements Directives (“CRD”) govern the amount and nature of capital that firms are required to maintain and are made up of three components called Pillar 1, Pillar 2 and Pillar 3, which jointly form the prudential framework.

Pillar 1: Sets out a methodology for the calculation of investment firms’ minimum regulatory capital.

Pillar 2: Requires firms to fully assess their risks and to ensure there is a practical link between their risk profile and the capital they maintain in accordance with their internal capital adequacy assessment process.

Pillar 3: Obliges firms to publicly disclose information concerning their capital, risk exposures and risk assessment processes.

The Capital Requirements Regulation No. 575 of 2013 (CRR) and Directive 2013/36/EU (CRD IV) came into effect on 1 January, 2014.

The AQMetrics Service Benefits

AQMetrics provided L&P with an on-demand, cloud-based service for COREP/FINREP XBRL reporting.  The AQMetrics service simplified the XBRL cross validation complexities and provided an efficient, cost effective solution seamlessly translating L&P data into COREP/FINREP XBRL, automatically cross validating the data prior to submission to the Central Bank of Ireland and then managed the filings to the Regulator from initial submission through to sign off.

L&P was subject to the full scope of the CRR and CRD IV requirements in the calendar year 2014. However, due to the limited investment services that the Firm is authorised to provide, with effect from 15 May 2015, the Firm has fallen out of the full scope of the CRR and CRD IV. AQMetrics filed COREP/FINREP xbrl reports to the Central Bank of Ireland in 2014 and 2015 on behalf of L&P.