Some mergers and acquisitions in the pharma sector have proved challenging and controversial. Given the impact of COVID-19, it is likely that pharma deals will be scrutinised even more thoroughly now and in the future by the various national and international competition agencies.
EU, Competition & ProcurementIn these pandemic times, it is not surprising that Irish consumers are flooding the digital high street seeking out the latest trends and treats.
DisputesOn 5 February, the European Commission published a Working Paper setting out guidance on the circumstances which may warrant disapplication of the prohibition on anti-competitive arrangements contained in Article 101(1) TFEU in cases where the same entity acts both as an independent distributor and as an agent for products of the same supplier.
EU, Competition & Procurement
This audio provides a look back at the launch of the CLAS 2021-1 ABS by Castlelake in January 2021, the first aircraft ABS to successfully close since the severe impact of COVID-19 on the aviation sector.
Aviation & Transport FinanceUK insurers and intermediaries have until 31 March to notify the Central Bank of Ireland (CBI) of the application to them of the temporary run-off regime provided for in Part 10 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020.
BrexitThe Minister for Justice, Helen McEntee recently published her Department's "Justice Plan 2021" and "Statement of Strategy 2021-2023". They provide for planned reforms of Irish gambling regulations and liquor licensing laws.
Betting, Gaming & Licensing
On 23 February 2021, the Irish government announced that the Employment Wage Subsidy Scheme, the Pandemic Unemployment Payment and the Enhanced Illness Benefit, all of which were due to expire on 31 March, have been extended until 30 June 2021.
COVID-19The Data Protection Commission has published its Annual Report for 2020.
TechnologyDomestically, the CBI issued guidance on the establishment of differentiated share classes in a closed-ended QIAIF and new guidance for depositaries of assets other than financial assets; At European level, mendments to the PRIIPs Regulation look set to be in place from 1 January 2022.
Asset Management & Investment FundsDomestically, the CBI launched two consultation papers (on enhancing engagement with stakeholders and on cross-industry guidance on outsourcing) and updated its beneficial ownership FAQs and COVID-19 regulated firms FAQs; At European level, the ESAs have published the final report...
Financial RegulationDomestically, the CBI issued a statement on the flexibility measures afforded to firms and market participants in recognition of the challenges faced by them as a result of the COVID-19 pandemic; At European level, ESMA published several key documents including its annual reports on waivers and deferrals for equity and non-equity instruments.
Asset Management & Investment FundsDomestically, the CBI launched a consultation paper on a revised methodology for calculating the industry funding levy payable by payment institutions and e-money institutions; At European level, the EBA published clarifications on the implementation of selected COVID-19 policies and consulted on guidance in relation to the assessment of breaches of large exposure limits.
Financial Regulation
