This article considers the supervisory role of the Central Bank in relation to ESG matters. It also provides an overview of a number of recent and upcoming important regulatory developments, which impose new obligations on both firms and senior executives in Ireland.
DisputesIn this article, we look at corporate governance and how the emergence of ESG and sustainability related legislation has changed the governance landscape for both companies and individual directors.
Corporate Governance & ComplianceOn 15 September 2023, it was announced that Brian McHugh has been appointed as the new Chair of Ireland’s Competition and Consumer Protection Commission.
EU, Competition & ProcurementEarlier this year we noted that Irish enterprises with 250 or more employees and which are engaged in certain activities, would be required to provide information to the Central Statistics Office (the CSO) on a once-off basis for the purposes of the Gender Balance in Business Survey for 2023.
Corporate & M&AIreland’s Competition (Amendment) Act 2022 (Amendment Act) will very largely come into operation on 27 September 2023.
Corporate & M&AAlthough TUPE dates back to 1981, businesses still grapple with the transfer of rights and liabilities in the context of a TUPE transfer. The recent decision in Ponticelli highlights unexpected consequences for transferees when dealing with Share Incentive Plans (SIP).
BelfastOn 31 July 2023 the Northern Ireland Executive, together with HM Government and the Scottish Government, issued a call for evidence on introducing Fixed Price Certificates (FPCs) in the UK wide Renewables Obligation (RO) schemes, as a replacement for the existing live-traded scheme (the Call for Evidence).
BelfastDomestically, the Department of Finance has launched a public consultation on the operation of Ireland’s discretions under MiCA. At European level, the EBA has published its report on the functioning of AML/CFT colleges in 2022 and ESMA has updated its ECSPR Q&As.
Financial RegulationAt European level, European Securities and Markets Authority (ESMA) has issued guidelines on MiFID II product governance requirements and Commission Delegated Regulation on RTS for specific liquidity measurement of investment firms is published in the Official Journal.
Asset Management & Investment FundsDomestically, the CBI published a communication on Data Ethics within Insurance. At European level, the Joint Board of Appeal of the ESA dismissed an appeal by Euroins Insurance Group AD against the European Insurance and Occupational Pensions Authority.
FinanceDomestically, the Irish Funds Depositary Working Group has published a guidance paper on depositary oversight principles and ESG investment. At European level, the European Commission adopted the first set of the European Sustainability Reporting Standards.
Asset Management & Investment FundsDomestically, the CBI announced the countercyclical capital buffer rate is to be maintained. At European level, the EBA has launched a consultation on draft regulatory technical standards to identify extraordinary circumstances to derogate from certain requirements in the area of market risk.
Finance
