The Financial Services and Pensions Ombudsman Bill 2017 was published on 10 May 2017. The purpose of the Bill is to amalgamate the offices of the Financial Services Ombudsman and Pensions Ombudsman and to consolidate and update existing legislation. More importantly, the Bill provides for an extension of the time limits to bring complaints to the Ombudsman in respect of pension products and longer
Financial RegulationA recent determination (ADJ – 00000557) from the Workplace Relations Commission (the WRC) provides further insight and guidance for employers on the scope of their duty to reasonably accommodate a disabled employee.
EmploymentFurther to our recent bulletins on the Companies (Accounting) Bill 2016, which will amend the Companies Act 2014, the Bill was passed by Seanad Eireann (having previously been passed by Dáil Eireann) on 9 May 2017.
Corporate Governance & ComplianceThe Irish Government has signed an Order giving the Cape Town Convention Alternative A insolvency remedy force of law in Ireland.
Aviation & Transport FinanceIn Aldi Stores (Ireland) Limited and Aldi GMBH & Co. KG v Dunnes Stores [2017] IECA 116, Dunnes Stores (Dunnes) succeeded in its appeal against a High Court ruling that its 2013 comparative advertising campaign against Aldi was contrary to EC (Misleading and Comparative Advertising) Regulations, 2007 and the Consumer Protection Act, 2007.
DisputesOn the Domestic Front: Department of Finance consults on Insurance Distribution Directive; Insurance Ireland publish Annual Report 2016 On the European Front: EIOPA publishes Thematic Review of consumer protection issues in the unit-linked market; European Commission proposals on the EU and US bilateral agreement on (re)insurance
Financial RegulationOn the Domestic Front: Central Bank announces published its 2016 Annual Report and its 2016 Annual Performance Statement; Department of Finance launches Consultation on Crowdfunding On the European Front: National application of the Fourth Anti Money Laundering Directive is triggered; ESMA publishes opinion on Market Abuse Regulation accepted market practices in relation to liquidity contracts
Financial RegulationOn the Domestic Front: Director of Asset Management Supervision in the Central Bank address MiFID II; On the European Front: ESMA publishes final technical advice to the European Commission regarding supervisory fees for Trade Repositories under the Securities Financing Transactions Regulation; ESMA publishes update to Q&As regarding the European Markets Infrastructure Regulation
Financial RegulationOn the Domestic Front: Irish Funds have revised Guidance Paper 6 On the European Front: ESMA updated Q&As on the application of the AIFMD Directive and the UCITS Directive; European Parliament adopts the Money Market Funds Regulation.
Financial RegulationOn the Domestic Front: The Central Bank's "Thematic Inspection of Regulatory Reporting by International Banks" is published. On the EU Front: European Central Bank Annual Report 2016 is published; European Central Bank publishes Guidelines and Recommendations specifying common specifications for the exercise of discretions available in relation to less significant institutions.
FinanceDecision of the High Court in BAM PPP Ireland Limited and Balfour Beatty Ireland Limited v National Roads Authority 7 (21 February 2017).
EU, Competition & ProcurementIreland, which has long had a close relationship with the UK, hopes to be an attractive gateway to Europe for Britain in a post-Brexit world.
Commercial & Technology