The European Union (Award of Concession Contracts) (Review Procedures) Regulations (S.I. No. 326 of 2017) (the Concessions Remedies Regulations) were published on 17 July 2017. The Concessions Remedies Regulations implement the parts of the Concessions Directive (Directive 2014/23/EU) which cover review procedures for breaches of the rules on concessions contracts into Irish law.
EU, Competition & ProcurementThe Companies Bill 2012, as passed by the Dáil and Seanad, was signed by the President of Ireland on 23 December 2014, and accordingly is now the Companies Act 2014 (the Act).
Companies ActFrom the recent Bitcoin Cash fork to claims of a crypto-bubble, it seems like everyone is talking about cryptocurrency lately. And with data from CoinMarketCap currently valuing the public cryptocurrency market at US$134 billion, it is little wonder that there is so much interest in this topic right now.
Corporate & M&ATwo recent Acts, signed into law by President Higgins last month, will have a significant impact upon the operation of the Financial Services Ombudsman (FSO) complaints procedure. In particular, the Acts allow for an extension of the period in which consumers can make complaint about certain financial products.
DisputesThe Central Bank of Ireland (Central Bank) signed the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2017, S.I. No. 344 of 2017, (the Central Bank UCITS (Amendment) Regulations 2017) on 27 July 2017 and these amending regulations are now in force. The Central Bank subsequently published
Asset Management & Investment FundsIn the Republic of Ireland, the majority of licences permitting the sale of alcohol are still granted by the courts.
Betting, Gaming & LicensingOn the Domestic Front: Central Bank publishes Brexit Frequently Asked Questions; On the EU Front: European Commission publishes guidelines on Key Information Documents as required by the PRIIPs Regulation
Financial RegulationOn the Domestic Front: The Government proposes changes to Insurance Compensation Fund; Department of Finance publishes update on the transposition of the Insurance Distribution Directive. On the EU Front: European Commission consults on two draft Delegated Regulations supplementing IDD; EIOPA issues opinion on supervisory approach to Brexit relocations.
Insurance & ReinsuranceOn the Domestic Front: MIFID II Regulations 2017 are published; Central Bank publishes an addendum to the Consumer Protection Code 2012. On the EU Front: ESMA issues final guidelines on data transfer between Trade Repositories authorised under EMIR; ESMA publishes its first three opinions on positions limits regarding commodity derivatives under MiFID II and MiFIR
Asset Management & Investment FundsOn the Domestic Front: Key provisions of the Credit Reporting Act 2013 enter force; On the EU Front: EBA publishes final standards specifying information requirements for the authorisation of credit institutions; The Commission consults on the development of secondary markets for non-performing loans and distressed assets and protection of secured creditors from borrowers’ default.
Financial RegulationOn the Domestic Front: Update of the Investment Limited Partnership and ICAV legislation announced; On the EU Front: ESMA issues opinion on Asset Segregation and Custody Services; ESMA issues opinion supporting supervisory convergence in the area of investment management in the context of Brexit.
FinanceThe Transparency (Directive 2004/109/EC) (Amendment) Regulations 2017 (S.I. No. 336 of 2017) (the 2017 Transparency Regulations) were signed by the Minister for Finance on 25 July 2017 but were only publicly available on 31 July 2017, and are stated to come into operation today, 1 August 2017.
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