We look at Ireland's journey towards implementation of the Collective Redress Directive and where matters stand at this point in time in 2023.
DisputesAs previously highlighted, the Central Bank (Individual Accountability Framework) Bill 2022 (IAF Bill) passed the report and final stage before the Dáil last week, where four typographical amendments were agreed. The IAF Bill progressed to second stage before the Seanad this week, and we set out below the key issues raised upon debate.
ESG & SustainabilityOn 3 February 2023, EIOPA published a Supervisory Statement on the use of governance arrangements in third countries to perform functions or activities (the Statement). The adoption of the Statement follows a public consultation by EIOPA which took place in 2022.
Insurance & ReinsuranceDomestically, the CBI published Guidance for (Re)insurance Undertakings on Intragroup Transactions and Exposures. At European level, EIOPA published its Costs and Past Performance Report.
Financial RegulationDomestically, the CBI has updated its guidance on the beneficial ownership register of CFVs. At European level, the ESMA has published draft RTSs/ITS for cross-border marketing and management of investment funds.
Asset Management & Investment FundsDomestically, the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2023 were published. At European level, ESMA issues its first Opinion on the draft European Sustainability Reporting Standards and publishes a consultation paper on post-trade transparency.
Asset Management & Investment FundsDomestically, the Minister for Justice has issued guidelines under section 37 (12) of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. At European level, the EBA published its peer review on authorisation of payment and e-money institutions under the revised Payment Services Directive (PSD2).
Financial RegulationDomestically, the Minister for Finance announced the publication of a public consultation on the transposition of the EU credit servicers' and credit purchasers directive. At European level, the ECB published Climate-related statistical indicators.
FinanceIn a recent significant judgment1 from the Irish Circuit Court, the judge concluded that “justice is best served” by granting a stay of a data subject’s damages claim pending determination of certain preliminary references currently before the CJEU.
The Digital Markets Act (DMA) is a landmark piece of legislation designed to regulate the activities of large platforms and to enhance the contestability and fairness of the services they provide. From 2 May, platforms will be required to notify the European Commission where they meet specific financial and user thresholds.
EU, Competition & ProcurementYesterday, 01 February 2023, the Commission published guidance on how online platforms and search engines within the scope of the Digital Services Act (DSA) should comply with their obligation to report user numbers in the EU.
Commercial & TechnologyOn 17 January 2023, the European Parliament voted to approve an amended version of the draft Unshell Directive. The Council of the European Union will now consider the European Parliament's amended proposals.
Tax
