A new EU regulatory regime, the Foreign Subsidies Regulation (FSR), will be commencing shortly. It enables the European Commission to scrutinise companies making certain acquisitions, engaging in public procurement, or otherwise carrying out economic activities in the EU which have benefited from non-EU subsidies.
EU, Competition & ProcurementDomestically, the CBI has launched a consultation on its draft composite guidelines on the administrative sanctions procedure. At European level, on 23 June 2023, the EU adopted its 11th round of sanctions against Russia, focussing on enforcement and implementation of existing measures.
Financial RegulationDomestically, the Central Bank of Ireland has published the Insurance Corporation Statistics for Q1 2023. At European level, the European Insurance and Pensions Occupational Authority has published a progress report on greenwashing from an insurance and pensions perspective.
FinanceDomestically, the Department of Finance has launched a public consultation to inform a review of Ireland’s funds sector. At European level, ESMA has released new Q&As on AIFMD and UCITS. ESMA published its follow-up report to the peer review on the guidelines on ETFs and other UCITS issues.
Asset Management & Investment FundsDomestically, the CBI has outlined its expectations in respect of the provision of unregulated products and / or services by investment firms. At European level, ESMA has launched a call for evidence on integrating sustainability preferences and product governance arrangements under MiFID II.
Asset Management & Investment FundsDomestically, the CBI has published its first Financial Stability Review of 2023. At European level, the European Parliament and Council have reached provisional political agreement on the implementation of the Basel III reforms.
FinanceIreland has just passed new lobbying legislation, the Regulation of Lobbying and Oireachtas (Allowances to Members) (Amendment) Act 2023. The new law updates and strengthens Ireland's existing lobbying rules, extending their scope and enhancing the enforcement provisions. Listen to our latest Soundbite here.
InvestigationsThe Gender Pay Gap Information Act and Regulations require employers with 250 or more employees to publish details of the gender pay gap (GPG) in their organisation by this December. Read more here.
EmploymentIn a surprise move, notification of regulations amending the European Union (Anti-Money laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 was published in the Iris Oifigiúil on Friday, 16 June 2023.
Asset Management & Investment FundsWith Member States supposed to apply the EU Collective Redress Directive (EU) 2020/1828 (the Directive) from 25 June 2023, Ireland’s journey to enact domestic transposing legislation continues – now with some pace.
DisputesOn 23 June 2023, the High Court delivered judgment enforcing two adjudicator's decisions relating to the same parties but on two different construction projects.
ConstructionOn 26 June 2023, the Department of Enterprise, Trade and Employment launched a review of the Critical Skills Occupation List and Ineligible Occupations List for employment permits. Read more on the review here.
Employment
