The Commercial Court delivered its judgment on Friday 5 February 2021 on insurance claims by various publicans against FBD Insurance for business interruption losses due to COVID-19 and resulting business closures. It ruled against FBD on the four core issues.
COVID-19Pillar 1 of BEPS 2.0 is made up of two parts. One part, Amount A allocates a portion of deemed residual profits of certain in-scope multinational enterprises (MNE) to market jurisdictions.
TaxDomestically, the Insurance (Restriction on Differential Pricing and Profiling) Bill 2021 was published, and the Health Insurance (Amendment) Act 2020 commenced; At European level, EIOPA's Insurance and Reinsurance Stakeholder Group advised EIOPA on the draft opinion on the supervision of the use of climate changes risk scenarios in ORSAs.
Financial RegulationDomestically, the majority of the provisions of the Investment Limited Partnerships (Amendment) Act 2020 have entered into force; At European level, the ESAs wrote a letter to the European Commission on priority areas of uncertainty in the SFDR.
Asset Management & Investment FundsDomestically, the CBI launched a consultation on competent authority discretions in IFD / IFR and Mr Gerry Cross, the CBI's Director of Policy & Risk and Asset Management and Investment Banks, gave a speech on the new prudential regime for investment firms set out in IFD / IFR; At European level, ESMA reminded firms of the MiFID II rules on reverse solicitation.
Financial RegulationDomestically, the CBI published its first quarterly bulletin of 2021 setting out the recovery prospects for the Irish economy in 2021; At European level, the EBA launched a public consultation on its new guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate EU parent undertakings as laid down in the CRD.
Financial RegulationDomestically, the CBI issued a statement on the end of the Brexit transition period; At European level, the European Commission announced a new strategy to boost the openness, strength and resilience of the EU's economic and financial system for the future.
Financial RegulationOn 3 February 2021, the Financial Services and Pensions Ombudsman (FSPO) published volume 5 of his Digest of Legally Binding Decisions (Digest).
DisputesCRDV and CRR2 have introduced a number of important amendments to the existing capital requirements regime that apply to credit institutions and certain systemically important MiFID investments firms (Institutions).
Finance
As a significant portion of Ireland's workforce continues to work remotely as a consequence of the COVID-19 pandemic, the landscape of Irish employment law continues to evolve.
COVID-19The Department of Finance published a Feedback Statement in relation to the ATAD Interest Limitation rules (ILR) in December 2020. Ireland is expected implement the ILR in Finance Bill 2021, with the rules to take effect from 1 January 2022.
TaxS.I. No. 582 of 2020 - Statistics (Aircraft Transaction Register (ATR) Survey) Order 2020 was recently introduced into Irish law
Aviation & Transport Finance
