The Central Bank of Ireland (CBI) has issued an industry letter highlighting the main findings of its inspection of costs and fees charged to UCITS as part of the European Securities and Markets Authority's (ESMA's) 2021 Common Supervisory Action (CSA). The CBI's findings should be considered in conjunction with ESMA's final report on the CSA.
Asset Management & Investment FundsImproving transparency on the environmental impact of products, and empowering consumers to make sustainable choices, is a key objective of the European Commission. A significant initiative which will assist in driving this objective is the proposed introduction of Digital Product Passports. Read more in our Publication.
DisputesUK Data Protection reform is firmly back on the UK Government’s agenda with the introduction of the Data Protection and Digital Information Bill on 8 March 2023. Read more here on the Bill here.
BelfastOn 9 March 2023, the Court of Justice of the European Union delivered judgment in NJ and OZ v An Bord Pleanála and Others C-9/22 following a reference made by the High Court concerning the interpretation of certain articles of Directive 2001/42/EC (the SEA Directive) and Directive 2011/92, as amended (the EIA Directive). Read more on the judgement here.
Environmental & PlanningDomestically, the Personal Injuries Resolution Board Act 2022 was commenced. At European level, EIOPA published a supervisory statement on the use of governance arrangements in third countries to perform functions or activities and it also published a report on insurers' use of climate-related adaptation measures in non-life underwriting practices.
Financial RegulationDomestically, revised SFDR Level 2 regulations have come into force. The CBI have confirmed the regulatory flexibility measures previously communicated during COVID-19 will not be extended. At European level, the SFDR Level 2 has been updated to include nuclear/gas in accordance with the Complementary Climate Delegated Act. ESMA have updated its Q&As in relation to UCITS and AIFMD.
Asset Management & Investment FundsDomestically, the CBI has published the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2023 and an addendum to the guidance on the Central Bank Client Asset Requirements. At European level, ESMA published the final report on opinion on the trading venue perimeter.
Asset Management & Investment FundsDomestically, CBI published a 'Dear CEO' letter setting out the CBI's key regulation and supervisory priorities for 2023 and also updated the Beneficial Ownership Register FAQs. At European level, the European Supervisory Authorities met stakeholders from across the financial sector amid preparations for the Digital Operational Resilience Act.
Financial RegulationDomestically, the CBI published FAQs in relation to the Ireland Safe Deposit Box, Bank and Payment Accounts Register. At European level, the European Union (Money Laundering and Terrorist Financing) (Use of Financial and Other Information) Regulations 2023 have been published.
FinanceIn this article, we examine recent case law surrounding sex discrimination, identify areas of good practice for employers and discuss future employment law developments that appear to be on the horizon.
EmploymentThe English High Court has ruled that it had jurisdiction to hear an underlying claim from a user of the defendant's cryptocurrency exchange, notwithstanding the existence of a binding arbitration clause in the terms and conditions designating San Francisco as the seat of arbitration. Read more here.
DisputesThe Court of Justice of the European Union (CJEU) recently considered the mandatory disclosure requirements on lawyer intermediaries under the EU Mandatory Disclosure Regime or DAC6.
Disputes
