From an Irish Practice and Domestic perspective, we look at some approaching compliance deadlines, a Central Bank speech on the importance of diversity in financial services and Central Bank Markets Updates and improvements to Loan Originating QIAIFs.
Asset Management & Investment FundsIreland is bracing itself (literally) for the first code red alert of 2018 – the 'Beast of the East' (otherwise known as Storm Emma). The lead in time for Storm Emma presents a welcome opportunity for employers to forward plan and ensure employees are well informed of contingency work plans.
EmploymentFurther to our recent bulletin, the Companies (Statutory Audits) Bill 2017, which further transposes the EU statutory audit package and consolidates existing audit legislation into the Companies Act 2014, commenced and completed the Committee Stage in Dáil Eireann yesterday, when the Committee approved the Bill and the various amendments tabled.
Companies ActOn 16 February 2018, the Government published the National Planning Framework (NPF), which, together with the National Development Plan (NDP), form ‘Project Ireland 2040’ - the Government's vision for how to develop the country over the coming decades.
Environmental & PlanningIreland, unlike England and Wales, does not have sentencing guidance relative to health and safety offences. Having said that, there are quite a number of Court decisions that provide useful guidance, including the decision of the Court of Appeal on 6 April 2017 in DPP v Kilsaran Concrete Ltd.
Environmental & PlanningThe issue of unfair contract terms in loan contracts, and the extent of the obligation on a Court to examine this issue without it being raised by the parties, is continuing to be a feature in financial litigation.
DisputesThe Court of Appeal recently delivered judgment in a long running disability discrimination case which is noteworthy from an employer's perspective. The judgment brings clarity to the law on the extent of an employer's statutory duty to reasonably accommodate disabled employees.
EmploymentThe Intoxicating Liquor (Amendment) Act 2018 was signed into law by President Higgins on 31 January 2018.
Betting, Gaming & LicensingFrom a domestic perspective, the European Union (Payment Services) Regulations 2018 were implemented, transposing PSD2 into Irish law. The Central Bank updated the application forms for firms seeking authorisation and also issued a number of guidance notes. On a European level, The ESAs published Final Guidelines under Articles 17 and 18(4) of the Fourth Money Laundering Directive.
Financial RegulationAt a domestic level, the Central Bank published the 4th edition of its investment firms questions and answers in line with the implementation of MiFID II and MiFIR. From a European perspective, MiFID II and MiFIR related activity also dominated with ESMA issuing a number of updates in connection with the transposition of the legislation.
Financial RegulationFrom a domestic perspective, the Central Bank issued new quarterly statistics; the Cost of Insurance Working Group published report on employer and public liability insurance. On the European front, EIOPA published a report on group supervision and also consulted on draft regulatory standards concerning professional indemnity insurance under the Insurance Distribution Directive.
Financial RegulationThis month the Central Bank published the twenty-eighth Edition of AIFMD Q&A and the twenty-second edition of UCITS Q&A. On the European front, the European Commission published a roadmap relating to a delegated act under the MMFR.
Financial Regulation