On 18 June 2026, the Central Bank of Ireland (the “Central Bank“) published its consultation paper on Regulatory Impact Assessments and Approach to Consultations(“CP 170“), seeking views on a draft Statement of Approach to Regulatory Impact Assessment (“RIA“) and an updated approach to public consultation. CP170 does not introduce new regulatory requirements or amend existing rules, it focuses on the processes underpinning regulatory policy development.
The draft Statement of Approach sets out a structured framework for analysing regulatory proposals, identifying the problem to be addressed, considering options, and assessing potential impacts on consumers and firms. The Central Bank has emphasised that the RIA is not a purely quantitative exercise; rather, it supports judgement by bringing together evidence, analysis and stakeholder perspectives.
The framework applies where the Central Bank exercises meaningful domestic discretion, for example introducing new obligations, materially amending existing requirements, or otherwise altering the regulatory framework in significant way. It will not apply to non-binding tools that merely explain or clarify existing obligations, and where the Central Bank is implementing European or other external requirements, the scope for discretion, and the depth of assessment, will generally be more limited. Proportionality is central: the depth of analysis will vary according to potential impact, complexity, available discretion and evidence. Typical RIA components include problem definition, baseline and options analysis, cost-benefit assessment, evidence gathering, governance and quality assurance, and ongoing monitoring and review.
The Central Bank proposes that consultation be proportionate, accessible, inclusive and relevant, and would typically arise where new requirements are proposed, significant changes to existing frameworks are under consideration, or stakeholder input would materially inform policy development. Consultation may not be required for binding EU requirements with limited discretion, minor or technical changes, or time-sensitive interventions. Consultation periods will generally run for 12 weeks, with a minimum of 8 weeks where appropriate, and longer for complex proposals. Submissions received will be published, subject to safeguards, alongside a feedback statement explaining how feedback informed the outcome.
The Central Bank will publish a formal Consultation Policy and, in due course, a feedback statement.
CP170 signals the Central Bank’s intention to formalise and enhance transparency around its regulatory process, offering regulated firms, fund managers and their service providers greater predictability in the policy development cycle. Submissions close 30 September 2026.
