Central Bank updated Guidance on Orion applications on Central Bank website

The Irish Central Bank has released updates to various guides related to the ORION application, accessible on its official website. The Central Bank of Ireland uses the ORION system for applications and authorisation processes. ORION is the Central Bank’s online system for regulated firms to submit applications for authorisation and notifications. ORION is used to assess applications based on regulatory criteria by the Central Bank. The principal criteria include financial soundness and regulatory requirements.
The assessment of ORION applications for authorization revolves around several principal criteria. These include the acceptability and transparency of the financial service provider’s ownership, the fitness and probity of individual directors and senior management, the adequacy of proposed capital investment, the sufficiency of internal controls and risk management systems, and the level of resources and expertise of staff.
Each document now includes a brief introduction outlining its purpose. Notable changes encompass three key areas:
Firstly, the Orion General User Guide has undergone an update to align with new processes. This includes incorporating naming convention requirements for documentation submitted on Orion concerning UCITS and RIAIF applications. This ensures that the guide reflects the latest standards and practices associated with these application types.
Secondly, there has been a renaming of the ‚2018 Orion Release Notes‘ to the new ORION Common Troubleshooting Guide. Alongside this change, additional information and guidance have been incorporated. This modification aims to enhance the utility of the guide by broadening its scope to address common issues and provide comprehensive troubleshooting assistance.
Thirdly, the ORION Comments User Guide has been updated, particularly concerning naming convention requirements when responding to comments during later drafts of UCITS/RIAIF applications. This adjustment seeks to streamline the comment-response process, ensuring clarity and consistency in communication throughout different stages of application development.
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Here a brief overview of the ORION Guides:
##### ORION User Access
The ORION User Access Guide outlines the user access procedures for the ORION system. Legal firms are required to appoint two administrators responsible for managing access. The Central Bank of Ireland processes access requests, necessitating submission by one of the firm’s administrators. Users receive unique credentials, emphasizing the confidentiality and security of passwords. Individual accountability for system use, data entry, and modification is stressed. ORION administrators oversee the overall system use, including managing other users and ensuring timely revocation of unnecessary access. The Bank maintains system security and data confidentiality. Legal firms nominate administrators and alternates, submitting forms to the Bank for user setup, triggering automatic access emails upon completion.
##### ORION General User Guide
The ORION General User Guide offers comprehensive instructions for individuals utilizing ORION to submit or view Fund and/or Fund Service Provider applications. The guide concentrates on the aspects of access, navigation, use, and management within ORION. This web-based system facilitates the submission and processing of various applications, including QIAIFs, UCITS/RIAIF Standalone Funds, UCITS/RAIF Sub-Funds, AIF Management Company, AIF Manager, Non-EU Investment Manager/Non-EU AIFM, UCITS Management Company, and UCITS SMICs. Notably, UCITS Umbrella Funds cannot be submitted through ORION. Users are strongly advised to acquaint themselves with the User Guide to ensure a seamless authorization process.
##### ORION Common Troubleshooting
The ORION Common Troubleshooting outlines common troubleshooting issues related to the ORION system for financial applications. The document covers general questions, fund-related issues, and concerns related to fund service providers. Key points include application types, password policies, submission guidelines, and specific requirements for different fund applications. The content aims to guide users through potential challenges in the ORION system and emphasizes adherence to submission deadlines.
##### ORION Comment’s User Guide
The ORION Comments User Guide provides instructional assistance to users engaging with the comments feature on ORION. It delineates the procedures for obtaining and addressing comments disseminated by the Central Bank, covering both the ORION application forms and a distinct comments document.