On 27 July 2023 the Department of Finance published its second feedback statement the draft legislation to implement the OECD’s Pillar 2 Rules.
TaxOn 31 March 2023 the Department of Finance published its first feedback statement the draft legislation to implement the OECD’s Pillar 2 Rules.
TaxReducing migration – both legal and illegal - remains a key policy for the government. Unannounced visits designed to stop illegal working increased by 50% in 2023 and 2024 will bring significant increases in civil penalties for employers found to be facilitating illegal working. With the maximum fine tripling to £60,000 per worker, it is crucial that employers familiarise themselves.
The Competition Consumer Protection Commission has been recently allocated with increased resources and new powers which will enable it to expand its role in regulating the digital economy. Read more here.
EU, Competition & ProcurementThe Central Bank of Ireland (CBI) has reprimanded and fined GlobalReach Multi-Strategy ICAV (ICAV), a UCITS ICAV, €192,500 pursuant to the European Union (European Markets Infrastructure) Regulations 2014 (EMIR Regulations).
Regulatory Risk & InvestigationsThe European Union’s Artificial Intelligence Act (AI Act) is one of the first attempts from a major regulator to address the growing prevalence of AI technologies. Businesses that develop, use and supply AI systems will be impacted. Importantly, this includes insurance sector firms and service providers.
Insurance & ReinsuranceAs 2023 draws to a close, the ALG Insurance & Reinsurance team take stock of key ESG & Sustainability developments in the insurance space; and look ahead to what is coming down the track for 2024.
ESG & SustainabilityOn 13 December 2023, a provisional agreement was reached between European Union co-legislators on the Corporate Sustainability Due Diligence Directive (CSDDD). The CSDDD aims to enhance the protection of the environment and human rights in the EU and globally.
ESG & SustainabilityThe Central Bank’s Administrative Sanctions Procedure (the ASP) is the regulator’s key enforcement tool.
Individual Accountability FrameworkIn this inaugural annual article, we look back on what has been a busy 2023 for insurance sector M&A in Ireland and provide an outlook of likely trends and activity in 2024.
Corporate & M&AThe Competition (Amendment) Act 2022 has introduced a number of important changes to gun-jumping under Irish merger control. These changes address some gaps in the existing legislation as well as expanding gun-jumping to transactions called-in by the Competition and Consumer Protection Commission.
EU, Competition & ProcurementOn 8 December 2023, the European Supervisory Authorities (ESAs) published the second tranche of policy measures under Regulation (EU) 2022/2554 on digital operational resilience for the financial sector (DORA) for public consultation.
DORA
