IRELAND Law and Practice Contributed by: Niall Esler, Shane Martin, Laura Whitson and Coleen Wegmann, Walkers
was provided at the exclusive initiative of the client. The registration requirement only applies following the adoption of an equivalence decision by the European Commission and is not currently in force, as no equiv - alency determinations yet exist. As a result, national laws govern the access of third-country firms to these client types. MiCAR MiCAR also provides for a reverse solicitation exemp - tion for the provision of CASP services by third- country firms to EU clients. In February 2025, ESMA published its guidelines on reverse solicitation under MiCAR, providing a non-exhaustive list of examples of solicitation. It is generally accepted that the reverse solicitation rules contained in MiFID II and MiCAR will be inter - preted very strictly. 3. Robo-Advisers 3.1 Requirement for Different Business Models Once the activities of a robo-adviser constitute MiFID II “investment services” in respect of “financial instru - ments”, the robo-adviser will require authorisation as a MiFID II investment firm under the MiFID Regulations, unless an exemption applies. The MiFID II investment services most likely to be triggered by robo-adviser activity are portfolio management and/or the provision of investment advice. The MiFID Regulations requirements in relation to suitability assessments will also affect robo-advisers, and certain of the ESMA Guidelines on MiFID Suit - ability are stated to be particularly applicable to robo- advisers, given the limited amount or total absence of human involvement. Where robo-advisers involve crypto-assets, entities will also need to consider their licensing and related conduct requirements under MiCAR, including in rela - tion to suitability assessments where providing advice or providing portfolio management services.
The Consumer Protection Regulations 2025, which have applied since 24 March 2026, impose certain standards on regulated entities engaging with con - sumers by means of a digital platform for the pur - poses of providing financial services. 3.2 Legacy Players’ Implementation of Solutions Introduced by Robo-Advisers No information is available in this jurisdiction. 3.3 Issues Relating to Best Execution of Customer Trades A robo-adviser that is authorised under the MiFID Regulations and executes orders on behalf of clients is subject to the MiFID II rules, including the client order handling rules and best execution requirements. MiFID II and the MiFID Regulations also set out related requirements for portfolio managers placing orders or where firms receive and transmit orders. MiCAR intro - duces best execution requirements for CASPs. 4. Online Lenders 4.1 Differences in the Business or Regulation of Fiat Currency Loans Provided to Different Entities There are significant differences between the regu - lation of lending to individuals and to companies in Ireland. Commercial Lending Commercial lending (ie, lending to corporates) does not generally require a financial services licence in Ire - land, although AML registration and reporting to the Central Credit Register may be required. Loans to Individuals and SMEs By contrast, lending to individuals may require a retail credit firm authorisation under the CBA 1997, subject to certain exemptions. The scope of the Irish retail credit regime captures credit agreements, including buy-now-pay-later products or other indirect credit, as well as hire-purchase agreements and consumer-hire agreements. The Consumer Credit Act, 1995 contains another domestic-only regime for persons providing “high-cost credit” to consumers.
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