Scope
It is proposed that SEAR will initially apply to a defined range of regulated firms, namely:
• Credit institutions (excluding credit unions);
• Insurance undertakings (excluding reinsurance undertakings, captive (re) insurance undertakings and Insurance Special Purpose Vehicles);
• Investment firms which underwrite on a firm commitment basis and/or deal on own account and/or are permitted to hold client assets; and
• Incoming third country branches [Branches, authorised to operate in Ireland, of firms headquartered outside of the European Economic Area ('EEA')] of the above are also within scope.
Taking into account nature, scale and complexity, a proportionate approach applies to Low PRISM impact rated in-scope investment firms and incoming third country branches. In this regard, a reduced number of Prescribed Responsibilities are applicable to such firms. All other elements of the SEAR apply, including Statements of Responsibilities and the Management Responsibilities M
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