On 16 May 2023, new rules for the reform of the EU’s Emissions Trading System including for aviation and maritime, the Carbon Border Adjustment Mechanism and a new Social Climate Fund were published in the Official Journal of the EU.
ESG & SustainabilityFollowing the introduction of the EU's environmental taxonomy, the Platform on Sustainable Finance (the Platform), as advisor to the European Commission, was asked to advise on a potential social taxonomy framework.
ESG & SustainabilityThe Taxonomy Regulation is a complex piece of legislation. Its aim is to reorient capital flows towards sustainable activities through the establishment of a classification system for environmentally sustainable economic activities.
ESG & SustainabilityWhat is EU Taxonomy and how does it apply to the construction industry?
ConstructionWhile the Taxonomy Regulation establishes a classification system for determining whether an economic activity is environmentally sustainable, it also introduces obligations on certain types of entities to report on the Taxonomy alignment of their activities or the financial products that they offer.
ESG & SustainabilityThe Central Bank of Ireland has launched a consultation on a number of legislative and policy amendments to its Administrative Sanctions Procedure. Read more on our update here.
Financial RegulationIn early April the Department of Finance finally issued their terms of reference for reviewing the Irish funds sector (both regulated and unregulated and including section 110 SPVs). The review was originally flagged by the Minister of Finance in his Budget 2023 speech.
Asset Management & Investment Funds
Taxpayers who are dissatisfied with a decision or assessment of the Irish Revenue Commissioners (Revenue) have the right to appeal to the Tax Appeals Commission (TAC), which is the statutory body that has the power to set aside, vary or uphold a decision of Revenue, or seek judicial review of the relevant Revenue decision directly to the High Court.
Tax Disputes & Enquiries
Privilege is the entitlement of a party to refuse to disclose documents to another party in a dispute, including before the Tax Appeals Commission (TAC).
Tax Disputes & EnquiriesDomestically, phase 2 of the Personal Injuries Resolution Board Act will take effect from 4 September 2023. At European level, the European Insurance and Occupational Pensions Authority published its regular updates on technical information and risks posed to the insurance sector.
Financial RegulationDomestically, Deputy Governor of the CBI, Vasileios Madouros, and Minister for Finance, Michael McGrath, delivered speeches on 'Building Resilience in Markets' and on a review of the funds sector in Ireland respectively. At European level, the European Commission's retail investment package has been issued.
Asset Management & Investment FundsAt European level, on 25 May 2023, ESMA issued a public statement warning of the significant risk where investors may misunderstand the protections they are afforded when investing in unregulated products and/or services offered by a firm that also provides regulated products.
Asset Management & Investment Funds
