The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (the Act) was signed into law by the President on 18 March 2021. It awaits commencement by the Minister.
DisputesDomestically, the CBI issued a letter to fund management companies on liquidity; At European level, SMA published the results of the Common Supervisory Action on UCITS liquidity risk management
Asset Management & Investment FundsDomestically, the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 was signed by the President on 18 March 2021; At European level, the ESAs have issued warnings in relation to the risks associated with crypto-assets and published a joint opinion and Q&A document on the Securitisation Regulation.
Financial RegulationDomestically, Ireland’s Securities Settlement Market successfully migrated from the UK to Belgium and the publication of the CBI's feedback statement arising from Consultation Paper 130; At European level, the EBA has issued new supervisory reporting and disclosures framework for investment firms.
Asset Management & Investment FundsDomestically, the CBI has published revised guidance and forms for payment and e-money institutions; At European level, the EBA has launched public consultations on draft ITS on Pillar 3 disclosures on ESG risks and revised guidelines on the stress tests conducted by national DGSs under the Deposit Guarantee Schemes Directive
FinanceDomestically, the CBI published its first insurance quarterly newsletter of 2021; At European level, EIOPA advised the European Commission on insurer's KPIs on sustainability for non-financial reporting; launched a comparative study of non-life underwriting risks in internal models; and published Q&As on the Insurance Distribution Directive.
Financial RegulationThe adoption in December 2020 of the Trade and Cooperation Agreement between the European Union and the United Kingdom was welcomed because it avoided a No Deal Brexit.
BrexitTaxonomy Regulation, NFRD and sustainability reporting, Liquidity, MMF reform, Brexit and benchmarks, IOSCO, EU Commissioner Mairead McGuinness' vision for the financial services sector, AML
Asset Management & Investment FundsOutsourcing, Liquidity, CBI markets update, AML
Asset Management & Investment FundsMinister of State in the Department of Justice, James Browne, updated the cabinet this week on progress on the reform of Ireland's gambling laws.
Betting, Gaming & LicensingLong awaited and overdue reviews of defamation laws in the Republic of Ireland and Northern Ireland are expected to gather pace in the coming months.
Disputes
The Irish construction Professional Indemnity (PI) insurance market has been noticeably hardening in recent years. Having enjoyed quite a lengthy period of relatively stable market conditions, it is our experience that many insurance companies are now tightening their policy terms, increasing premiums and overall are seemingly more reluctant to underwrite the same level of risk.
Construction
