UK insurers and intermediaries have until 31 March to notify the Central Bank of Ireland (CBI) of the application to them of the temporary run-off regime provided for in Part 10 of the Withdrawal of the United Kingdom from the European Union (Consequential Provisions) Act 2020.
BrexitThe Minister for Justice, Helen McEntee recently published her Department's "Justice Plan 2021" and "Statement of Strategy 2021-2023". They provide for planned reforms of Irish gambling regulations and liquor licensing laws.
Betting, Gaming & Licensing
On 23 February 2021, the Irish government announced that the Employment Wage Subsidy Scheme, the Pandemic Unemployment Payment and the Enhanced Illness Benefit, all of which were due to expire on 31 March, have been extended until 30 June 2021.
COVID-19The Data Protection Commission has published its Annual Report for 2020.
Commercial & TechnologyDomestically, the CBI issued guidance on the establishment of differentiated share classes in a closed-ended QIAIF and new guidance for depositaries of assets other than financial assets; At European level, mendments to the PRIIPs Regulation look set to be in place from 1 January 2022.
Asset Management & Investment FundsDomestically, the CBI launched two consultation papers (on enhancing engagement with stakeholders and on cross-industry guidance on outsourcing) and updated its beneficial ownership FAQs and COVID-19 regulated firms FAQs; At European level, the ESAs have published the final report...
Financial RegulationDomestically, the CBI issued a statement on the flexibility measures afforded to firms and market participants in recognition of the challenges faced by them as a result of the COVID-19 pandemic; At European level, ESMA published several key documents including its annual reports on waivers and deferrals for equity and non-equity instruments.
Asset Management & Investment FundsDomestically, the CBI launched a consultation paper on a revised methodology for calculating the industry funding levy payable by payment institutions and e-money institutions; At European level, the EBA published clarifications on the implementation of selected COVID-19 policies and consulted on guidance in relation to the assessment of breaches of large exposure limits.
Financial RegulationDomestically, he CBI welcomed the High Court's decision in the FBD business interruption insurance case; At European level, EIOPA agreed on changes to PRIIPs KID, published its Supervisory Convergence Plan for 2021, and announced new strategic supervisory priorities for national supervisors.
Financial RegulationOn 22 February 2021 Minister for Justice, Helen McEntee, published the government's Justice Plan 2021. It contains over 200 actions to be implemented within the next twelve months.
DisputesSignificant institutions will be focused on a series of recent publications from the European Central Bank including the 2021 Supervisory Priorities and February's Supervision Newsletter.
Financial RegulationThe Central Bank of Ireland has delivered an illuminating outline of the supervision and enforcement priorities for 2021. These priorities inform regulated firms on what to expect from their supervisory engagements in the year to come.
Financial Regulation
