Regulatory Alerts2009-03-10
Letter re introduction of Code of Conduct for Business Lending to Small and Medium Enterprises 9 March 2009
The Irish Financial Services Regulatory Authority issued a Code of Conduct for Business Lending to Small and Medium Enterprises, imposing it under Section 117 of the Central Bank Act 1989. The Code applies to all regulated entities providing business lending to SMEs, excluding credit unions, and contraventions may result in administrative sanctions. Regulated firms are required to complete necessary changes to documentation, procedures, and staff training within three months of the effective date, with system changes required within six months.
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