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Legal Updates & Insights

  • article

    Financial Services Regulation and Compliance - Funds July 2022

    In domestic news, the CBI set out its expectations for funds required to disclose under the EU Taxonomy Regulation. This approach will apply until 1 January 2023, when the Sustainable Finance Disclosure Regulation Level 2 template disclosures come into force.

    Asset Management & Investment Funds
  • article

    Financial Services Regulation and Compliance - Insurance July 2022

    In domestic news, the CBI has published guidance for re-insurance undertakings in respect of intragroup transactions and exposures. The Insurance (Miscellaneous Provisions) Act 2022, has been commenced as of 7 July 2022.

    Financial Regulation
  • article

    Financial Services Regulation and Compliance - General Cross Sectoral July 2022

    In domestic news, the Department of Finance has now published the long-awaited Central Bank (Individual Accountability Framework) Bill 2022 on 28 July 2022. This follows on from publication of the General Scheme for the individual accountability framework legislation which was previously published in July 2021.

    Financial Regulation
  • article

    Financial Services Regulation and Compliance - Investment Firms July 2022

    In domestic news, on 5 July 2022, the Minister for Finance, Paschal Donohoe, signed three statutory instruments (S.I. 302 of 2022, S.I. 303 of 2022 and S.I. 304 of 2022) to complete the transposition of Directive (EU) 2019/2034 (the Investment Firms Directive or IFD) and the implementation of Regulation (EU) 2019/2033 (the Investment Firms Regulation or IFR) into Irish law.

    Asset Management & Investment Funds
  • article

    Financial Services Regulation and Compliance - Banking July 2022

    In domestic news, on 20 July 2022, the Central Bank of Ireland (CBI) published the results of the most recent bank lending survey in Ireland. Banks recorded a moderate deterioration in their access to wholesale funding, in particular in access to medium and long-term securities over the last quarter.

    Finance
  • article

    Irish merger control – Sub-threshold transactions in the spotlight

    The Irish merger control authority (i.e. the Competition and Consumer Protection Commission (CCPC)) has been given a significant new power of merger control intervention under the recently-enacted Competition (Amendment) Act 2022 (Act).

    EU, Competition & Procurement
  • article

    Crowdfunding update: extension of transitional period and EC adoption of level 2 measures

    Crowdfunding has gathered pace in recent years as an attractive alternative to traditional forms of finance typically offered by banks. The commencement of the Crowdfunding Regulation simplified the offering of crowdfunding services across the EU and facilitated efficient scaling of services by crowdfunding service providers.

    Finance
  • article

    Trends in climate litigation

    In July 2022, a group of 13 environmental NGOs (including ClientEarth, Greenpeace and WWF) issued legal proceedings against the Flemish authorities challenging a permission granted to British petrochemical company Ineos for a plastics manufacturing facility at the Port of Antwerp.

    Environmental & Planning
  • publication

    Guidance on the Interest Limitation Rule (ILR) published

    Since the enactment of the ILR, the Irish Revenue Commissioners, in consultation with interest parties, have been working on accompanying guidance.

    Tax
  • article

    Climate change risk for (Re)Insurers – CBI consultation 

    The Central Bank of Ireland (CBI) has now (3 August 2022) published its anticipated Consultation Paper on proposed Guidance for (Re)Insurance Undertakings on Climate Change Risk (the Guidance).

    ESG & Sustainability
  • article

    Investment Screening Bill published

    Ireland's long-awaited investment screening legislation was published earlier today. The Screening of Third Countries Investment Bill (the Bill), once enacted, will introduce a screening mechanism for foreign direct investment (FDI) into Ireland.

    Corporate & M&A
  • article

    New leniency programme will allow whistle-blowers to “call time” on anticompetitive conduct

    A new cartel leniency regime is set to be introduced in Ireland under the Competition (Amendment) Act 2022 (the 2022 Act), which will allow cartel members to benefit from reduced penalties by coming forward to the Competition and Consumer Protection Commission (CCPC) and admitting their wrongdoing.

    EU, Competition & Procurement