Following on from its evaluation of credit institutions’ management of IT and cyber risks in 2023, the European Central Bank announced, on 3 January 2024, that it will be conducting a cyber resilience stress test on 109 directly supervised credit institutions in 2024.
DORARegulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA) which will apply from 17 January 2025 is intended to create a harmonised regulatory framework that enhances the digital operational resilience of in-scope EU financial entities in respect of ICT related disruptions and threats.
DORAThere have been a number of recent developments regarding the Fitness and Probity regime, arising out of the implementation of the Individual Accountability Framework (IAF).
Individual Accountability FrameworkOn 15 January, the Commission for Regulation of Utilities released the consultation paper (CRU/2024001) for its Review of Large Energy Users.
Energy & Natural ResourcesIn this briefing we take a look at some of the key changes and developments to expect during 2024. Click for more.
EmploymentDomestically, the CBI publishes ASP feedback statement and guidelines. At European level, the ESAs launch second batch of DORA policy mandates and Council and Parliament agree to create new AMLA authority.
Financial RegulationDomestically, the CBI issues Dear CEO letter on Common Supervisory Action on MiFID II Costs and Charges Requirements. At European level, the ESMA publishes updated Q&A document on MiFID II and MiFIR.
Asset Management & Investment FundsDomestically, the CBI publishes Insurance Corporations Statistics - Q3 2023. At European level, the EIOPA updates representative portfolios to calculate volatility adjustments to the Solvency II risk-free interest rate term structures.
FinanceDomestically, Asset Valuations - FMCs to review asset valuation frameworks by end Q2 2024. At European level, the ESMA updates timeline for its guidelines on ESG and sustainability-related terms in fund names.
Asset Management & Investment FundsDomestically, the Department of Finance launches National Payments Strategy: Public Consultation. At European level, the ECB publishes results of its SREP for 2023 and sets out SSM supervisory priorities for 2024-2026.
FinanceTax policy remains a hot topic at EU level and there is a lot on the agenda for 2024. While the elections to the EU Parliament in June of this year may come with a pause in activity, it is likely to be short lived and we expect to see progress on a number of proposals over the coming months.
TaxAs we have noted previously, the European Commission initially proposed a Corporate Sustainability Due Diligence Directive (the Diligence Directive) on 23 February 2022. The proposed directive then spent several months going through the EU’s legislative process.
Corporate Governance & Compliance
