The much-anticipated text of the Government's Gender Pay Gap (GPG) Information Bill (the Bill) has now been published. In amending the Employment Equality Acts 1998-2015, the Bill envisages that the Minister for Justice and Equality (the Minister) will make additional regulations that will require certain Irish employers to report and publish details of both their GPG and gender bonus gaps. In...
EmploymentOn the domestic front, Brexit is unsurprisingly the dominant theme. The CBI has published several speeches and interviews communicating their determination to be Brexit-ready in the event of no deal being struck between the European Union and the United Kingdom. Other items of note are the CBI's continuing efforts to promote diversity in the financial services market, and to address technologic...
Financial RegulationCost of Insurance Working Group (CIWG) publishes latest progress update On 4 March 2019, the CIWG published its Eighth progress update on the Action Plan of the Report on the Cost of Motor Insurance. This update concentrates on the status of all the recommendations from that Report. It also reports on progress in implementing the recommendations in the Report on the Cost of Employer and Public...
Financial RegulationOn the domestic front, the Central Bank of Ireland published updates to its Q&As on Investment Firms. On the European front, ESMA has published two relevant documents relating to MiFID II and MiFIR, including updates to its Q&As relating to commodity derivative topics...
Asset Management & Investment FundsOn the domestic front, the Central Bank (CBI) published updates to its AIFMD and Brexit Questions and Answers documents. The Central Bank has also announced that it will permit investment in Chinese banks via Bond Connect by Irish UCITS and AIFS. On the European front ESMA proposed amendments to the PRIIPS KID requirements in respect of MOPS. ESMA has also published updated Q&As on UCITS and AI...
Asset Management & Investment FundsOn the domestic front, the Central Bank (CBI) has published its Approach to Resolution for Banks and Investment Firms, which provides insight on to how the CBI might exercise its powers in the event of a resolution scenario as well as how institutions should approach resolution planning. There have been some notable developments on the EU front, including the publication of some ann...
Financial RegulationMark Ward, Head of M&A, provides an overview of private mergers and acquisitions in Ireland. First published in the 'Practical Law -Global Guide 2018' by Thomson Reuters.
Corporate & M&ABrexit will increase costs for businesses and, ultimately, prices for consumers. The question is by how much. “Prices will go up for three reasons: import customs duties, the cost of compliance and the risk of delays,” says Carol Lynch, partner BDO Customs and International Trade Services. The general feeling is that, combined, they will increase the cost of doing business by an average of 10...
BrexitBusiness leaders have emerged as clear voices in contrast to the bickering in Westminster Demonstrators supporting a British departure from the European Union, in London in June, 2016. Photograph: Adam Ferguson/The New York Times The backdrop to Brexit is an era of declining global trust, with disillusioned and disenfranchised voters causing shock election results, as well as angry protests b...
BrexitIn the recent case of Bates v Post Office [2019] EWHC 606 (QB) (Bates) the English High Court found that an implied duty to act in good faith exists in 'relational contracts'. Traditionally, English and Irish contract law has not recognised an implied duty of good faith (with the exception of specific contractual relationships such as insurance or partnership agreements). This contrasts with...
Commercial & TechnologyThe European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 came into force on 22 March 2019, with the exception of Part 3. Part 3, which deals with the Central Register of Beneficial Ownership, will come into force on 22 June 2019...
Asset Management & Investment FundsOn 2 April 2019, the European Commission adopted an interesting decision in regard to the UK's "Controlled Foreign Company" ("CFC") rules. The Commission decided that the rules were partly compatible and partially incompatible with EU State aid law. The case is interesting because it demonstrates that the EU State aid rules continue to apply in the UK notwithstanding its "intention" to leave the
Brexit
