On 4 March 2020 the Central Bank (CBI) issued a statement on COVID-19 indicating that it is monitoring developments closely to assess the impact on the economy and financial system. The short statement also sets out the Central Bank's expectation that regulated firms should have appropriate contingency plans in place to deal with major operational events, should they occur.
Asset Management & Investment Funds
In this, our third bulletin on employment matters related to coronavirus (COVID-19), we focus on the news just announced that the rules on illness benefit will be amended, which will include enabling employees to benefit from state illness benefit earlier than would be the case in normal circumstances.
COVID-19
On 25 February 2020 the Central Bank published a 'Notice of Intention' which proposed the addition of a number of new roles to the list of pre-approval controlled functions (PCFs) under the Central Bank's Fitness and Probity Regime.
Asset Management & Investment Funds![Confidentiality Rings Upheld: Goode Concrete v CRH [2017] IEHC 534](https://www.algoodbody.com/images/uploads/insights-listing/GettyImages-944209720.jpg)
The Court of Appeal has upheld a High Court decision in Goode Concrete V CRH PLC & Ors [2017] IEHC 534 in relation to the concept and permissibility of "Confidentiality Rings" in Irish Law.
Disputes
The Commission for Aviation Regulation (CAR) has published a report recommending changes to the rules governing insolvency protection for package travel 'organisers' and 'linked travel arrangement' (LTA) facilitators established in Ireland.
EU, Competition & Procurement
A recent High Court decision in Health Products Regulatory Authority v Anne Rossi has confirmed that regulatory authorities can interview suspects on a voluntary cautioned basis, without being required to invoke any specific statutory powers.
Disputes
The Central Bank of Ireland (CBI) have confirmed that they will be responsible for establishing the Central Beneficial Ownership Register in respect of ICAVs and Unit Trusts.
Asset Management & Investment FundsDomestically, the CBI proposes new Pre-Approval Control Functions roles; At European level OJ publishes Commission implementing Regulation on the calculation of technical provisions and basic own funds in Q1 2020
FinanceDomestically, the CBI issued a detailed UCITS liquidity questionnaire to certain Irish UCITS fund management companies and Irish UCITS for completion in March 2020; At European level ESMA published its Strategy on Sustainable Finance.
FinanceDomestically, Central Bank of Ireland Governor, Gabriel Makhlouf delivered a speech at the Financial Forum in Dublin in which he discussed the changes of the past decade and the potential challenges for the decade ahead.; At European level the EBA has released a report calling for greater diversity on institutions' boards
FinanceDomestically, the Central Bank has published its first edition of Questions and Answers on EMIR and has published a 'Dear CEO' letter on Securities Market Conduct Risk; At European level the European Commission has launched a review of MiFID II.
FinanceDomestically, the Central Bank has delivered speeches on the topics of diversity at Board level and the role of Central Banks in shaping public policy; At European level the Central Bank has launched a public consultation on its guide to assessing CRR.
Finance
