The Irish government's Roadmap for Re-opening Society and Business sets out the plan for a gradual easing of lockdown restrictions.
COVID-19
As businesses across the EU are receiving State aid due to the COVID-19 crisis, it is worth recalling a decision made by the European Commission on 8 May 2020 dealing with a decision made in 2011 to approve State aid to credit unions in Ireland.
COVID-19Until now, it was possible, but not very likely, that the UK would seek an extension of the Brexit transition period beyond the current deadline of 31 December 2020.
BrexitNational regulators will expect a written pricing process to be developed in respect of UCITS and AIFs. This is if the ESMA proposal of 4 June 2020 directed at national regulators is implemented.
Asset Management & Investment FundsThe UK left the EU on 31 January last. Since then, for example, the UK no longer has members of the European Parliament, ministers attending EU council meetings or the right to nominate judges or commissioners to the EU Court of Justice or the Commission respectively.
Brexit
What new measures have been introduced by the UK government to provide further support to commercial tenants struggling to pay rent?
COVID-19 Belfast
ALG's Financial Regulation team has given an overview of the various statements compiled by the Central Bank of Ireland, the European Banking Authority, the European Central Bank and the European Securities and Markets Authority related to the COVID-19 pandemic.
COVID-19Domestically, the CBI has published a study concluding that there is merit to extending the scope of National Claims Information Database to employers' and public liability insurance. The CBI has also updated its COVID-19 Hub with guidance on temporary PCF approvals during the COVID-19 outbreak; At European level, EIOPA has published its May risk dashboard based on the Q4 2019 Solvency II data.
Financial RegulationDomestically, the CBI has published issue 5 2020 of its markets update; At European level, the ESRB has published a recommendation on liquidity risks in investment funds and the use of liquidity management tools and ESMA has published a statement supporting the ESRB recommendation. ESMA has published a statement on half-yearly financial reporting.
Financial RegulationDomestically, the CBI has published its Annual Report & Annual Performance Statement for 2019 and its Gender Pay Gap Report 2020; At European level, the European Commission has further expanded the State Aid Temporary Framework adopted in March, and has launched a new action plan on money laundering / terrorist financing.
Financial RegulationDomestically, the CBI updated the regulatory flexibility measures it had adopted in response to COVID-19; At European level, ESMA has issued a public statement reminding firms of their conduct of business obligations under MiFID II; launched a consultation on SME Growth Markets; and called for transparency on COVID-19 effects in half-yearly financial reports.
Financial RegulationDomestically, the CBI updated the regulatory flexibility measures it had adopted in response to COVID-19. The CBI has also published research on the impact of COVID-19 on credit conditions; At European level, the ECB has introduced changes to the conditions of targeted longer-term refinancing operations and new non-targeted pandemic emergency longer-term refinancing operations.
Financial Regulation
