While the Taxonomy Regulation establishes a classification system for determining whether an economic activity is environmentally sustainable, it also introduces obligations on certain types of entities to report on the Taxonomy alignment of their activities or the financial products that they offer.
ESG & SustainabilityThe Central Bank of Ireland has launched a consultation on a number of legislative and policy amendments to its Administrative Sanctions Procedure. Read more on our update here.
Financial RegulationIn early April the Department of Finance finally issued their terms of reference for reviewing the Irish funds sector (both regulated and unregulated and including section 110 SPVs). The review was originally flagged by the Minister of Finance in his Budget 2023 speech.
Asset Management & Investment Funds
Taxpayers who are dissatisfied with a decision or assessment of the Irish Revenue Commissioners (Revenue) have the right to appeal to the Tax Appeals Commission (TAC), which is the statutory body that has the power to set aside, vary or uphold a decision of Revenue, or seek judicial review of the relevant Revenue decision directly to the High Court.
Tax Disputes & Enquiries
Privilege is the entitlement of a party to refuse to disclose documents to another party in a dispute, including before the Tax Appeals Commission (TAC).
Tax Disputes & EnquiriesDomestically, phase 2 of the Personal Injuries Resolution Board Act will take effect from 4 September 2023. At European level, the European Insurance and Occupational Pensions Authority published its regular updates on technical information and risks posed to the insurance sector.
Financial RegulationDomestically, Deputy Governor of the CBI, Vasileios Madouros, and Minister for Finance, Michael McGrath, delivered speeches on 'Building Resilience in Markets' and on a review of the funds sector in Ireland respectively. At European level, the European Commission's retail investment package has been issued.
Asset Management & Investment FundsAt European level, on 25 May 2023, ESMA issued a public statement warning of the significant risk where investors may misunderstand the protections they are afforded when investing in unregulated products and/or services offered by a firm that also provides regulated products.
Asset Management & Investment FundsDomestically, Governor of the CBI, Gabriel Makhlouf, published a blog on 'Crypto and How we Can Protect the Consumer'. At European level, the European Commission has adopted a draft MoU establishing a framework for structured regulatory cooperation in financial services with the United Kingdom.
Financial RegulationDomestically, the CBI published its results for the April 2023 bank lending survey. At European level, the Commission Delegated Regulation (EU) 2023/827 governing prior permissions to redeem eligible liabilities instruments entered into force.
FinanceAllegations of misconduct can arise in any workplace and employers often find themselves having to consider whether to place an employee on suspension, with pay, pending the outcome of an investigation and/or disciplinary process. Read more on the Supreme Court's latest clarifications here.
EmploymentThe FuelEU Maritime proposal seeks to reduce greenhouse gas emissions in the global maritime industry. This proposed regulation is still under consideration with the respective committees of the European Council and Parliament although a preliminary deal was reached in March 2023. Read more on the key proposals
Belfast
