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Legal Updates & Insights

  • publication

    Article 12g of EU Council Regulation 833/2014 ‘No Russia’ Clauses

    The European Commission issued its FAQ Guidance on the ‘No Russia’ clause that has been in effect since 19 December 2023.

    Aviation & Transport Finance
  • Article

    Screening of Third Country Transactions Act 2023 – draft guidance published

    Ireland's Screening of Third Country Transactions Act (the Act) was signed into law by the President of Ireland on 31 October 2023. The Act requires commencement by Ministerial Order which is expected to occur during Q2, 2024.

    Corporate & M&A
  • article

    First successful appeal of a CBI decision to refuse a PCF application

    In an important decision for both firms and individuals subject to regulation by the Central Bank of Ireland, the Irish Financial Services Appeals Tribunal (IFSAT) has found that the Central Bank did not apply fair procedures during the decision-making process for a pre-approval controlled function (PCF) role as part of its ‘gatekeeper role’ under the fitness and probity regime.

    Financial Regulation
  • article

    CBI guidance on the new materiality threshold for PCF-16

    The Central Bank of Ireland (Central Bank) has published an information note to provide additional information regarding the recent introduction of a materiality threshold to the pre-approval controlled function (PCF) role of branch manager of a branch established outside the State (PCF-16).

    Financial Regulation
  • article

    Digital Services Bill signed into law

    On 12 February, having considered the Digital Services Bill 2023, the President signed the Bill and it has accordingly become law.

    Commercial & Technology
  • article

    Corporate Sustainability Due Diligence Directive in Doubt

    We recently noted the significant political milestone that the proposed Corporate Sustainability Due Diligence Directive (the Diligence Directive) achieved on 14 December 2023.

    Corporate & M&A
  • Article

    Asset Management & Investment Funds: EU & International Developments – February 2024

    EU Retail Investment Strategy, UK OFR and TMPR extension, macroprudential policies for NBFI, leveraged AIFs, ESMA TRV, sustainable finance impact investing, ESMA warning for people posting investment recommendation on social media.

    Asset Management & Investment Funds
  • Article

    Asset Management & Investment Funds: Irish Practice Developments – February 2024

    Deadlines, CBI markets update, fund authorisation process, materiality threshold for PCF-16.

    Asset Management & Investment Funds
  • Article

    Financial Services Regulation and Compliance - Cross Sectoral and Other January 2024

    Domestically, Fitness and Probity ‘Certification Regulations’ published. At European level, EBA issues guidance to crypto-asset service providers to effectively manage their exposure to ML/TF risks and publishes list of consultations due to commence in 2024.

    Financial Regulation Advisory
  • Article

    Financial Services Regulation and Compliance - Investment Firms January 2024

    At European level, ESMA publishes updated opinion on pre-trade transparency waivers for equity and non-equity instruments, coordinates supervisory activities on MiFID II pre-trade controls with NCAs and remarkable resilience of financial markets in a higher-for-longer interest-rate environment.

    Asset Management & Investment Funds
  • Article

    Financial Services Regulation and Compliance - Insurance January 2024

    Domestically, CBI Financial Statements for Insurance Compensation Fund published. At European level, EIOPA analyses internal models for non-life underwriting.

    Finance
  • Article

    Financial Services Regulation and Compliance - Funds January 2024

    Domestically, ELTIF 2.0. 24-hour authorisation will apply to “Qualifying Investor” ELTIFs in Ireland. At European level, ESMA reports on Alternative Investment Funds 2023.

    Asset Management & Investment Funds