On 12 October 2020, the OECD/G20 Inclusive Framework on BEPS released the Pillar One and Pillar Two Blueprints, together with a public consultation document seeking stakeholder input on the Blueprints.
TaxWhat could be the final public consultation meeting on the BEPS 2.0 blueprints will be held this week on 14 and 15 January 2021.
TaxThe Criminal Justice (Theft and Fraud Offences) (Amendment) Bill is working its way through the Oireachtas at the moment
Disputes
The "interim period" of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the 2020 Act) has been extended to 9 June 2021. The Act makes temporary amendments to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 to address issues arising as a result of COVID-19.
Corporate & M&A
On 15 December 2020, the Minister for Health announced Ireland’s National COVID-19 Vaccination Strategy. The first vaccine was approved for use on 21 December 2020, with the first dose administered in Ireland on 29 December 2020.
COVID-19The Public Health (Alcohol) Act 2018 (Sale and Supply of Alcohol Products) Regulations 2020 (the Regulations) came into effect on 11 January 2020.
Betting, Gaming & LicensingDomestically, the CBI published an interim report of its differential pricing review, its quarterly insurance letter for Q4 2020, and the CBI webpage on the Temporary Run-off Regime is now live; At European level, EIOPA published a report on sanctions under the Insurance Distribution Directive.
Financial RegulationDomestically, the CBI launched a consultation on performance of fee guidance and has issued some clarification in respect of the outcome of its thematic review of the implementation of its framework for governance, management and oversight in fund management companies; At European level, ESMA further updated its reporting instructions under the Regulation on Money Market Funds.
Financial RegulationDomestically, CBI Deputy Governor Ed Sibley delivered an address to members of the Oireachtas in which he outlined several key areas of the focus for the CBI; At European level, the European Council has endorsed targeted amendments to a range of EU legislation, including the Prospectus Regulation and MiFID II, designed to help the economic recovery form COVID-19.
Financial RegulationDomestically, the CBI updated its Q&A on the payment of distributions and variable remuneration by MiFID investment firms during the COVID-19 pandemic and launched a consultation on proposed enhancements to its Client Assets Requirements; At European level, The EBA also issued a set of draft technical standards on the prudential treatment of investment firms under the IFR/IFD.
Financial RegulationDomestically, the CBI issued a statement regarding the recent decision by the EBA to reactivate guidelines on payment moratoria; At European level, the EBA published finalised guidelines on fraud reporting under PSD2, released a statement to customers of UK financial institutions regarding the end of the Brexit transition period...
Financial RegulationThe European Union (EU) and the United Kingdom (UK) have agreed a Trade and Cooperation Agreement which took effect from 1 January 2021.
Brexit
