The introduction of the Senior Executive Accountability Regime and broader Individual Accountability Framework will be one of the most impactful regulatory changes of recent years. The recent publication of the General Scheme for the legislation gives a good indication of what will be expected of regulated firms and individuals within them.
Financial RegulationOn 26 March 2021, the European Commission (Commission) published a Staff Working Document summarising the findings of an evaluation (Evaluation) of procedural and jurisdictional aspects of the application of Council Regulation (EC) No 139/2004 of 20 January 2004 (i.e. the EU Merger Regulation (EUMR)).
EU, Competition & ProcurementAt the end of July, the long-awaited General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 was published. It provides for an Individual Accountability Framework designed to deliver heightened accountability in the financial system and follows the Central Bank of Ireland's focus on consumer issues in a number of sectors.
Financial RegulationOn 6 August 2021, the Central Bank of Ireland (CBI) published a Consultation Paper seeking stakeholders’ views on its proposed Guidance on the Use of Services Companies for Staffing Purposes in the Insurance Sector (the Guidance).
Insurance & Reinsurance1 July 2022 is the new date for implementation of the next phase of sustainability-related disclosure requirements under the Sustainable Finance Disclosures Regulation (SFDR).
Asset Management & Investment Funds
The English High Court has recently granted summary judgment against several tenants for rent arrears, which accrued during the COVID-19 pandemic, in two cases: Commerz Real Investmentgellschaft mbH v TFS Stores Ltd [2021] EWHC 863 (Ch) (Commerz) and Bank of New York Mellon (International) Ltd v Cine-UK Ltd and Others [2021] EWHC 1013 (QB) (Bank of NY).
COVID-19Domestically, the CBI published the first issue of the Employers’ Liability, Public Liability and Commercial Property Insurance Report of the National Claims Information Database (NCID) and updated NCID FAQs; At European level, , EIOPA amended its decision on the collaboration of the insurance supervisory authorities of the Member States in the EEA
Financial RegulationDomestically, , the new cross-border distribution of funds regime applies from 2 August 2021; At European level, an amending UCITS Directive and amending AIFMD Regulations were published and the cross-border distribution of funds regime came into effect.
Asset Management & Investment FundsDomestically, the Department of Finance published a General Scheme of Bill to implement SEAR and the Individual Accountability Framework; At European level, the ECB and ESRB published a joint report on climate risk across the EU financial sector.
Financial RegulationDomestically, the CBI published its findings following its industry review of MAR compliance and issued three Dear CEO letters; At European level, the EBA issued an opinion on the implementation of the IFD/IFR and published its final draft technical standards to improve supervisory cooperation for investment firms.
Asset Management & Investment FundsDomestically, Deputy Governor of the CBI, Sharon Donnery gave a speech in relation to the levels of public debt in post-pandemic environment; At European level, the EBA launched a consultation on limited network requirements under PSD2, consulted on technical standards on risk retention requirements under the Securitisation Regulation
FinanceThe general rule is that resellers may charge whatever price they want when they resell goods which they have bought – in other words, the supplier may not tell the reseller the price at which goods are to be resold.
EU, Competition & Procurement
