Outsourcing is a key focus for European regulators. The Central Bank of Ireland (Central Bank) is no exception and has recently published draft cross-industry guidance (Guidance) for consultation.
Financial RegulationNew court rules that allow for the remote witnessing of affidavits in the superior courts came into effect on 31 March, write Liam Kennedy SC and Nadia Skelton.
DisputesThe European Banking Authority has issued a Consultation Paper on Draft Regulatory Technical Standards on investment policy disclosure by investment firms under the Investment Firms Regulation.
Financial RegulationIn Heaney v An Bord Pleanala, the High Court took the opportunity to clarify when time stops running for the purpose of an application for leave to apply for judicial review.
DisputesOn 8 April 2021, the European Commission launched a public consultation inviting all interested parties (including businesses) to comment on a proposed revision of the EU's State Aid Framework for Research, Development and Innovation (RD&I).
EU, Competition & ProcurementA proposed Canadian M&A deal – which has just been abandoned because of EU opposition to the deal - gives a glimpse of possible future tensions between the EU and the UK over Brexit.
BrexitAffidavits must be sworn and witnessed before a solicitor or Commissioner for Oaths. This has been difficult during the pandemic, especially where deponents were vulnerable, elderly or unable to travel. Help is on its way.
DisputesThe Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (the Act) was signed into law by the President on 18 March 2021. It awaits commencement by the Minister.
DisputesDomestically, the CBI issued a letter to fund management companies on liquidity; At European level, SMA published the results of the Common Supervisory Action on UCITS liquidity risk management
Asset Management & Investment FundsDomestically, the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 was signed by the President on 18 March 2021; At European level, the ESAs have issued warnings in relation to the risks associated with crypto-assets and published a joint opinion and Q&A document on the Securitisation Regulation.
Financial RegulationDomestically, Ireland’s Securities Settlement Market successfully migrated from the UK to Belgium and the publication of the CBI's feedback statement arising from Consultation Paper 130; At European level, the EBA has issued new supervisory reporting and disclosures framework for investment firms.
Asset Management & Investment FundsDomestically, the CBI has published revised guidance and forms for payment and e-money institutions; At European level, the EBA has launched public consultations on draft ITS on Pillar 3 disclosures on ESG risks and revised guidelines on the stress tests conducted by national DGSs under the Deposit Guarantee Schemes Directive
Finance
