On 8 December 2023, the European Supervisory Authorities (ESAs) published the second tranche of policy measures under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA) for public consultation.
DORAOn 26 October 2023, the United Kingdom’s new procurement regime received Royal Assent. Understanding of the Act will be imperative to all organisations who fall within the scope of and are reliant on the new legislative provisions during procurement processes.
BelfastThe Central Bank of Ireland (CBI) has published updated Administrative Sanctions Procedure (ASP) Guidelines, together with a feedback statement on its Consultation on the draft ASP Guidelines initially issued in June this year.
Regulatory Risk & InvestigationsThe Digital Services Bill was published by the Oireachtas on 5 December 2023. It will give effect to the Irish national implementation of the Digital Services Act.
TechnologyDomestically, the CBI hosts annual Financial System Conference. At European level, the European Commission consults on DORA delegated acts, and the ECB publishes opinion on the proposed regulation for a digital euro.
Financial RegulationDomestically, the CBI publishes Dear CEO letter on thematic review of firms undertaking algorithmic trading. At European level, ESMA puts digital resilience and cyber risk as new Union Strategic Supervisory Priorities.
Asset Management & Investment FundsDomestically, Health Insurance (Amendment) Bill 2023 debated and the CBI publishes “Intermediary Times” Newsletter. At European level, EIOPA publishes November 2023 Insurance Risk Dashboard 2023 and monthly technical information and EIOPA speech comments on hidden and horizon risks for insurers.
FinanceDomestically, the CBI issues timeframes for application with a year-end effective date, CBI publishes Consultation paper on a proposed new European Long Term Investment Fund and the CBI updates the AIFMD Q&A. At European level, AIFMD II continues through the European legislative process.
Asset Management & Investment FundsDomestically, the CBI publish updated guidance for PI XBRL returns. At European level, the European Parliament publishes draft proposals in respect of PSD3 and PSR, EPA launches a call for change requests in respect of the SPAA rulebook and the European Council and Parliament reach provisional agreement on instant payments.
FinanceESAs report on amendments to SFDR level 2 RTS, ESA Q&A on the PRIIPs KID, ESA consumer factsheet on sustainable finance, distance marketing directive.
Asset Management & Investment FundsYear-end deadlines, CBI deadlines, CBI CP157 - Macroprudential measures for GBP LDI funds, CBI speech, CBI letter on MiFID II costs and charges.
Asset Management & Investment FundsIn a judgment delivered on 6 December 2023, the Irish Court of Appeal dismissed an appeal of a decision of the Irish High Court in respect of a motion brought by one of the defendants in aviation insurance legal proceedings, seeking to have service of proceedings set aside for lack of jurisdiction. Read more here
Disputes
