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Details of professional advisers
Forecast closing balance sheet
This is a balance sheet showing the financial position the applicant firm is forecasted to be in after trading for 12 months as an authorised firm. A balance sheet is a statement of the applicant firm's financial position including its assets and liabilities.
Insurance special purpose vehicles
Any undertaking, whether incorporated or not, other than an existing insurance or reinsurance undertaking, which assumes risks from insurance or reinsurance undertakings and which fully funds its exposure to such risks through the proceeds of a debt issuance or some other financing mechanism where the repayment rights of the providers of such debt or other financing mechanism are subordinated to the reinsurance obligations of such a vehicle.
You should tick this box if you are intending to carry on business as a financial adviser or a personal investment firm.
A firm which manages investments on a discretionary basis.
Latest annual accounts
If the applicant firm is already trading then you must send us a copy of the firm's most recent annual accounts.
Private Limited Company
An entity incorporated by registration under the Companies Act 1985 whose members (i.e. shareholders) have a limited liability towards their company – its name must also end with "Ltd". "Limited liability" means that their liability is limited to paying to the company the price they have agreed to pay for their shares – after the shares are fully paid-up no further liability exists. The company has its own legal personality so is separate from the individual(s) who formed the company and from directors/shareholders.
Decisions affecting the business, the company or its assets are made either by directors or by shareholders. The division of powers between board meetings (directors' decisions) and general meetings (shareholders' decisions) imposes a more formal regime on companies compared to partnerships and sole traders. In private companies the same people are often the directors and the major shareholders.
The company alone is responsible for the debts and obligations of the
business, even in the event of insolvency (with some exceptions). There are also
more onerous obligations around publicity of company information (when compared
to sole traders and partnerships).
To be a plc, the company's constitution must state it is a public company, its name must end with "plc" and it must satisfy requirements as to the minimum amount of its share capital.
A plc may apply to have its shares listed on the London Stock Exchange or on the Alternative Investment Market. This means that a price will be quoted at which dealings in the company's shares will take place.
The structure is broadly similar to a private limited company however there are a number of subtle technical differences including, for example, that plcs must have at least two directors whereas private companies only require one. Some differences in practice include the fact that in a plc:
Limited liability partnership (LLP)
A LLP is a recognised legal entity by virtue of the Limited Liability Partnerships Act 2000. LLPs are legal entities which are capable of entering contracts in their own right, and are correspondingly liable for debts under those contracts. Any two people associated for carrying on a lawful business with a view to profit can set up as a LLP.
A LLP has some features of a limited company and some of a partnership. For example, it can have the organisational flexibility of, and a similar tax regime to, a partnership.
Monthly cashflow forecast
The cashflow statement shows how a firm is paying for its operations and future growth, by detailing the "flow" of cash into and out of the firm.
Monthly profit and loss account
This is a statement showing the forecast income and expenditure, and hence the profit or loss, of the applicant firm for each month for the first 12 months of trading as an authorised firm.
Non Investment Insurance Contracts
Opening balance sheet
This is a balance sheet prepared as at the start of the applicant firm's first 12 months of trading as an authorised firm. A balance sheet is a statement of the applicant firm's financial position including its assets and liabilities.
Organisational Structure chart
If applicable this structure chart will need to show controllers, close links, groups and any connections to European Economic Area firms and/or non European Economic Area firms. If you are not sure if you have any of these please wait until you are asked in the decision tree as you will be provided with further guidance.
A partnership consists of two or more people formed for the purpose of carrying on a business with a view to profit. Unlike a company, a partnership does not have a legal personality of its own and therefore partners are personally liable for the debts of the firm for the period that they were partners – even after leaving the partnership.
Partners generally share:
Personal pension schemes including SIPPs
A sole trader operates as an individual without the use of a company structure or partners and has sole responsibility for the actions of the business. Business finances cannot be separated from personal finances insofar as the sole trader has unlimited personal liability and is personally responsible for any liabilities incurred by the business.
Staff organisational chart
This is a chart to show that you have an management structure and clear reporting lines. You will be given more details in the core details form of this application pack as to what it should deal with. However, the minimum requirements are the names of significant staff, direct reporting lines and direct reporting lines into the board.
Terms of Business
If you intend to carry on business in investments as a retail intermediary,
the applicant firm will be required to have a statement of the terms and
conditions under which the applicant firm will carry on regulated business with
companies export. The export function within a company.
office personnel. Handling inquiries, quotations and records. Organisation of
the export office. Relationship between departments.
terms of delivery, quotations, costs, payment terms and terms of sale.
selection, modes of transport, containerisation, TIR operations, multi-modal
Packaging for Transport and Delivery
protection, delivery by air, sea and road, regulations, requirements, packaging
costs, marking and labeling requirements.
cargo insurance, export credit insurance (commercial and political risk),
product liability insurance.
Intrastat, VIES, Single Administrative Document (SAD), Bills of Lading, consular
documents, customs documentation, consignments notes, shipping notes, health and
sanitary certificates, certificates of origin, packing lists. Export Licences
and Controls. Document control and management. Preshipment inspection.
Processing – Suspension or Drawback. Customs warehousing and management.
and import process, customs requirements and regulations, tariffs and quotas,
export and import licensing, controls and regulations.
of distribution and agency agreements. Completion of the agency agreement of the
International Chamber of Commerce.
Ireland, Bord Bia, BIM, Udaras, Department of Enterprise, Trade and Employment.
The Marketing Environment
in the micro and macro environment. Competitor analysis. Competitive strategies.
stages in the buying process. Influences on buyer behaviour. How marketers can
influence buyer behavoiur at each stage of the buying process. Differences
between consumer and organisational buying behaviour.
Marketing Information Systems
of a firm’s marketing information system. Step in the marketing research
process. Characteristics of good marketing research. Sampling. Probability and
nonprobability samples. Contact methods for survey research. Questionnaire
design. Quantitative versus qualitative market research.
for segmentating consumer markets. Requirements for effective segmentation.
Market targeting. Evaluating market segments. Selecting target markets.
Positioning the market offer. Positioning the market offer. Positioning
products. Product hierarchy. Product mix. Product line analysis. Packaging and
brand concept. Brand equity. Benefits of branding. Branding decisions.
brands versus private label brands. Brand extensions.
The Product Life Cycle
in the PLC. Strategies for each stage. Critique of the PLC.
The New Product Development Process
in the NPD process. Pitfalls in the process. Why products fail
continuum approach to services. Levels of product/service. Characteristics of
services. Basic strategies for service firms. Causes of unsuccessful delivery.
Determinants of service quality. Relationship marketing.
concept of price. Price and value. Pricing objectives. Factors affecting pricing
decisions. Steps involved in setting prices. Pricing policies.
systems. Marketing channels. Why intermediaries are used. Channel types. Main
channel decisions. Causes of channel conflict. Vertical marketing decisions.
Causes of channel conflict. Vertical marketing systems. Main activities in
physical distribution. Retail marketing decisions.
communications process. The marketing communications (promotions) mix. Marketing
communications. Objectives. Advertising, public relations, sales promotion,
personal selling, direct marketing, commercial sponsorship. Steps in developing
a marketing communications programme. Writing a media brief. Types of
advertising agency in Ireland. Choosing an agency.
The Financial Accounting Reporting Environment
legal form of business organisation. The legal requirements of limited
companies. Types of companies. Nature and purposes of reserves. Layout of sole
traders’, manufacturing, departmental and company accounts. Objectives of
financial reporting. Desirable qualitative characteristics of accounting
information. Fundamental accounting concepts of SSAP 2. Historical cost
accounting. Regulation of financial reporting. Role and mechanism of main
regulatory bodies. External and internal audit. Materiality and true and fir
view. Role of the directors’ report.
Analysis and Interpretation of Financial Statements
of the four primary financial statements. Calculation, interpretation of
liquidity, profitability, activity and gearing rations. Limitations of ration
analysis. Minimising the effects of weaknesses in ration analysis. Importance of
cash flow statements. Importance of FRS 3 – Reporting Financial Performance.
Practical Financial Accounting
entry book-keeping. The accounting equation. Books of original entry. General
ledger. Trial balance. Accruals and prepayments. Provisions. Depreciation.
Accounting entries for closing stock. Distinction between capital and revenue.
Nature and purpose of a bank reconciliation statement. Recording of transactions
through the double entry system. Extraction of a trial balance. Correction of
errors. Posting of adjustments. Preparation of a trading, profit and loss
account and balance sheet for a sole trader.
and scope of management accounting information. Role of management accounting
information in an organisation. Relationship between management and financial
accounting. Basic cost concepts. Cost volume profit analysis. Nature, objective
and advantages of budgeting.
General Principles of Law
sources of law. The legal system in action.
elements. Offer, Acceptance, Mistakes, Misrepresentation, Fraud.
conditions and warranties. Performance, breach of contract, remedies, quasi
contract, capacity of contract, privity of contract and assignment. Illegal,
unenforceable and avoidable contracts, restraint of trade and undue influence.
of goods. Credit sale, hire purchase and lease. Negotiable instruments. Agency.
Freight and Carriage. Insurance and Professional Indemnity Insurance.
Guarantees, Indemnities and Liens.
Institutions of the EU and their functions. The effect of EU regulations and directives on Irish law. Articles 85 & 86 of the European Economic Community Treaty. Competition Act 1991. Competition Pricing