On 7 July a commencement order for the Insurance (Miscellaneous Provisions) Act 2022 (the Act) was signed by the Minister of Finance. First proposed in October 2021, the purpose of the Act is to address a number of insurance-related issues that have come to light since the Action Plan for Insurance Reform was published in December 2020.
Insurance & ReinsuranceThe European Commission has issued a "Recommendation on speeding up permit-granting procedures for renewable energy projects and facilitating Power Purchase Agreements" (the Recommendation).
Environmental & PlanningExposure drafts of the International Sustainability Standards Board's (ISSB) IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures) are currently the subject of public consultation which closes on 29 July 2022.
Corporate & M&AIn the recent case of Mascarenhas v Karim and Anor, the Court of Appeal upheld a High Court finding of shareholder oppression under section 212 of the Companies Act 2014 against an individual who was neither a shareholder nor a director of the company.
Corporate & M&AThe TAC issued its determination recently in relation to an appeal concerning the entitlement of an Irish plc holding company to recover VAT incurred on certain transaction and ongoing costs.
TaxIn domestic news, the CBI is engaging with Irish Funds in respect of its current guidance on filings relating to taxonomy alignment disclosure.
Asset Management & Investment FundsIn domestic news, the long-awaited Insurance (Miscellaneous Provisions) Bill 2022 passed Report and Final Stages in the Dáil on 2 June 2022 and President Michael D Higgins signed it into law as the Insurance (Miscellaneous Provisions) Act 2022 (the Act) on 27 June 2022.
Financial RegulationIn domestic news, on 29 June 2022, the CBI hosted the inaugural meeting of the Climate Risk and Sustainable Finance Forum. The forum is a consultative forum for building a shared approach to the understanding and management of the risks and opportunities posed by climate change to the financial system.
Financial RegulationIn domestic news, on 23 June 2022, the CBI published the final form of the third edition of the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Investment Firms) Regulations 2022 (the CAR 2022).
Asset Management & Investment FundsIn domestic news, on 29 June 2022, the CBI welcomed the statement from the Banking and Payments Federation Ireland (BPFI) following the CEO roundtable meeting. At the meeting, the retail banks set out the programme of work being undertaken by sector to manage the migration of personal and business bank accounts.
FinanceThis ALG Soundbite considers the recent case of Mascarenhas v Karim and Anor, where the Court of Appeal upheld a High Court finding of shareholder oppression under section 212 of the Companies Act 2014.
Corporate & M&AThe Council presidency and the European Parliament recently reached provisional agreements in respect of the markets in crypto-assets regulation (MiCA), and the regulation on information accompanying transfers of funds (FTR).
Financial Regulation
