The Central Bank is also proposing further technical amendments to the ML Code to reduce complexity within the existing regulatory framework and to bring the requirements in line with other regulatory requirements.
8.1 Applying relevant requirements under the 2010 Regulations to loan amounts below €200
As set out in further detail in Section 2 of this paper, moneylenders must comply with both the ML Code and the 2010 Regulations (for moneylending loans involving a total amount of credit of €200 or more (up to €75,000)). Due to the maximum harmonisation nature of the 2010 Regulations, several provisions of the ML Code have been dis-applied for loans also coming within the scope of the 2010 Regulations. This means that moneylenders must comply with different requirements, for example, "Knowing the Consumer" and "Suitability" requirements, depending on whether the loan is above or below €200. In order to address this unnecessary complexity, the Central Bank proposes to replace the
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