Domestically, the CBI launched a consultation on competent authority discretions in IFD / IFR and Mr Gerry Cross, the CBI's Director of Policy & Risk and Asset Management and Investment Banks, gave a speech on the new prudential regime for investment firms set out in IFD / IFR; At European level, ESMA reminded firms of the MiFID II rules on reverse solicitation.
Financial RegulationDomestically, the CBI published its first quarterly bulletin of 2021 setting out the recovery prospects for the Irish economy in 2021; At European level, the EBA launched a public consultation on its new guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate EU parent undertakings as laid down in the CRD.
Financial RegulationDomestically, the CBI issued a statement on the end of the Brexit transition period; At European level, the European Commission announced a new strategy to boost the openness, strength and resilience of the EU's economic and financial system for the future.
Financial RegulationOn 3 February 2021, the Financial Services and Pensions Ombudsman (FSPO) published volume 5 of his Digest of Legally Binding Decisions (Digest).
DisputesCRDV and CRR2 have introduced a number of important amendments to the existing capital requirements regime that apply to credit institutions and certain systemically important MiFID investments firms (Institutions).
Finance
As a significant portion of Ireland's workforce continues to work remotely as a consequence of the COVID-19 pandemic, the landscape of Irish employment law continues to evolve.
COVID-19The Department of Finance published a Feedback Statement in relation to the ATAD Interest Limitation rules (ILR) in December 2020. Ireland is expected implement the ILR in Finance Bill 2021, with the rules to take effect from 1 January 2022.
TaxS.I. No. 582 of 2020 - Statistics (Aircraft Transaction Register (ATR) Survey) Order 2020 was recently introduced into Irish law
Aviation & Transport FinanceEirGrid and ESB Networks (the System Operators) recently published the first batch results under the ECP-2 decision paper. This report outlines details of the 85 successful applicants under ECP-2.1, who are expected to receive connection offers in 2021.
Energy & Natural ResourcesThe Central Bank of Ireland is consulting on the exercise of national competent authority discretions under the Investment Firms Directive and Investment Firms Regulation.
Financial RegulationPhilip McQueston, Of Counsel, spoke with US and Brazilian attorney José Rubens Scharlack about inconsistencies José sees in the US position concerning the BEPS 2.0 project, highlighted in a recent article José co-authored.
TaxThe European Banking Authority is consulting on Draft Guidelines on sound remuneration policies for investment firms under the Investment Firms Directive.
Financial Regulation
