In their recently published joint committee report, the European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) advise a number of policy actions for national competent authorities (NCAs), financial institutions and market participants.
Financial RegulationThe Irish Tax Appeals Commission (TAC) has recently published its 2021 Annual Report providing an insight into the activities and trends in its area of responsibility. The TAC is the first appellate level forum in Ireland for appeals against Irish tax assessments.
Tax Disputes & EnquiriesThe Central Bank of Ireland (CBI) updated the list of Pre-Approval Controlled Functions (PCFs) under the Fitness & Probity Regime. Regulated Financial Service Providers, which include regulated funds (RFSPs) will need to assess the changes and meet the deadline for impacted in–situ roles by 3 June 2022.
Asset Management & Investment FundsDomestically, the Irish Funds has met with the CBI on the implications of Russian sanctions. At European level, ESMA has issued a summary of its supervisory and coordination activity in response to the war in Ukraine and a study analysing the performance of actively managed funds.
Asset Management & Investment FundsDomestically, the CBI has implemented new Insurance Regulations, published the latest issue of its Insurance Quarterly Newsletter and released its latest insurance corporation statistics. At European level, EIOPA has published recommendations on insurance stress test, its February 2022 technical information for Solvency II
Financial RegulationDomestically, the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Bill 2021 has passed all stages; At European level, the ESAs have updated their joint supervisory statement on the application of the SFDR and issued a warning to consumers on the risks of crypto-assets.
Financial RegulationDomestically, the CBI and IOSCO have published a report on retail market conduct issues; At European level, ESMA has published its final report on guidelines on certain aspects of the MiFID II remuneration requirements, and its assessment and recommendations on the EC's MiFIR review proposal.
Asset Management & Investment FundsDomestically, the CBI has announced the countercyclical capital buffer rate and published its response to the European Commission targeted consultation on improving the EU's macroprudential framework; At European level, the EBA has published reports on competent authorities' approaches to the AML/CFT supervision of banks, and on developing a framework for sustainable securitisation.
FinanceThe Joint Committee on Finance, Public Expenditure and Reform and Taoiseach (Committee) recently published its Report on Pre-Legislative Scrutiny of the General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 (the General Scheme).
ESG & SustainabilityRelativity, the world's largest and most ubiquitous eDiscovery software platform, have announced that Technology Assisted Review (TAR) 1.0 is no longer to be supported by the platform. By September 2022 this AI technology will no longer be available to Relativity users.
ALG SolutionsRecent speeches by Central Bank of Ireland's Governor, Director General Financial Conduct and Director of Financial Regulation have given a clear direction of travel on Irish financial regulatory priorities for 2022.
Financial RegulationIn July of last year, the European Commission announced a package of legislative proposals designed to strengthen the EU's framework of laws on anti-money laundering and countering the financing of terrorism (AML/CFT).
Financial Regulation
