In August 2011, the Central Bank commissioned a task force to review the regulatory regime for the safeguarding of client assets.  There were a number of drivers for this review: the roll out in 2012 of the Central Bank’s new supervisory risk model (PRISM); experience of cases (including Custom House Capital) both in Ireland and elsewhere where client asset issues have arisen; pending changes to European directives and feedback from industry that the current rules for the safeguarding of client assets should be reviewed. The Central Bank of Ireland has outlined its plan to strengthen the protection of client assets and published the “Review of the Regulatory Regime for the Safeguarding of Client Assets” which contains wide-ranging recommendations, covering internal operational and structural issues for firms, revision of the regulatory framework and amendments to the existing legislation.