Climate litigation has increased in many jurisdictions over the past 30 years, and especially in the last five or so years. It is seen as a way of both advancing climate objectives and raising greater awareness of environmental concerns. This dramatic rise is due to the greater social focus on environmental issues and climate change, not to mention the increasingly worrying science.
Climate ActionThe Irish Finance Bill 2022, which is due to be enacted this month, December 2022, provides for changes to the Irish research and development (R&D) tax credit and Knowledge Development Box tax regime in light of OECD Pillar Two model rules and the EU draft Pillar Two Directive.
TaxAlmost a year after the EU Commission presented a proposal for a directive to implement the Pillar 2 rules, the EU Member States on 12 December 2022 reached the necessary unanimous agreement to implement the Pillar 2 Directive.
TaxFollowing Brexit, the UK's obligations in respect of EU State Aid law ended. Instead under the Trade and Cooperation Agreement a temporary subsidy regime took over while the UK designed its permanent replacement. The UK's new Subsidy Control Act 2022, is set to come into force on 4 January 2023, replacing the EU State Aid regime. With parts of the Act already in force, the full Act
BelfastOn 18 November 2022 ESMA published a Consultation Paper on Guidelines on funds' names using ESG or sustainability-related terms. ESMA's proposal aims to establish common standards on the fair, clear and not misleading character of funds' names and introduces quantitative thresholds for names that use ESG or sustainability related terms.
Asset Management & Investment FundsThe Central Bank of Ireland (CBI) published a paper “Sustainable finance and the asset management sector: Disclosures, investment processes & risk management.”
Asset Management & Investment FundsDomestically, the Consumer Credit (Amendment) Act 2022 commenced on 18 November 2022 along with regulations under the Act, which set the maximum interest rate at which a high cost credit loan can be provided. At European level, the EBA published its final guidelines in relation to compliance management and the role of the AML/CFT compliance officer under AMLD4.
Financial RegulationDomestically, the CBI introduced new rules that will impact Irish regulated funds that invest primarily in Irish real estate. At European level, ESMA published a consultation paper on guidelines for fund names using ESG or sustainability-related terms.
Asset Management & Investment FundsDomestically, FSPO publishes Digest of Legally Binding Decisions. At European level, EIOPA publishes staff paper answering FAQs on its Proposal for an Insurance Recovery and Resolution Directive.
Financial RegulationDomestically, the CBI updated its webpage for all forms relevant for MiFID Firms. At European level, the ESMA has published its annual report on waivers and deferrals which provides a picture of the European trading landscape in 2021.
Asset Management & Investment FundsDomestically, the Housing Loan Requirements Regulations 2022 (S.I. No. 546 of 2022) were published and are due to commence on 1 January 2023. At European level, the EC has requested advice from the EBA regarding green loans and mortgages.
FinanceThe EU Whistleblowing Directive is currently being transposed into national laws across the European Union. In Ireland, the Protected Disclosures (Amendment) Act 2022 comes into force on 1 January 2023. It brings with it a number of crucially important changes to the existing Protected Disclosures Act 2014 (2014 Act).
Employment
