Domestically, 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.
BrexitOn 24 December 2020, the EU and UK reached a consensus on the Trade and Cooperation Agreement (the Agreement).
TechnologyThe Irish courts recognise that litigation privilege can apply where the dominant purpose for the creation of a document was a regulatory or criminal investigation.
DisputesOn 19 October 2020, the High Court refused an application seeking leave to issue proceedings against IBRC, brought pursuant to section 6 of the Irish Bank Resolution Corporation Act 2013.
DisputesChanges to the Market Abuse Regulation (MAR) are coming into effect on 1 January 2021. These changes are a result of the Regulation on SME Growth Markets (the Regulation), which came into force on 31 December 2019.
Corporate & M&AOn 10 November 2020, the High Court overturned a decision of the Financial Services and Pensions Ombudsman (the FSPO) following an appeal brought by an insurance provider, Utmost Paneurope DAC (Utmost), under section 64 of the Financial Services and Pensions Ombudsman Act 2017 (the FSPO Act).
DisputesThe Irish Government has announced that it has established a new Government Office to promote competition in the insurance market in Ireland. It is entitled the "Office to Promote Competition in the Insurance Market".
EU, Competition & ProcurementMoney Market Funds, 4AMLD list of high-risk third countries
Asset Management & Investment FundsDeadlines, CBI consultation on performance fees, deadline for ICAVs and Unit Trusts to file beneficial ownership information, CBI speech, CP86 and the location rule, CBI markets updates.
Asset Management & Investment Funds
