Domestically, the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has come into effect, and the Cabinet has approved the publication of a Bill to transpose 5AMLD into Irish law; At European level, the EBA has also published its response to the European Commission's public consultation on an EU AML/CFT action plan
Financial RegulationDomestically, the CBI has published issue 8 of its Markets Update for 2020 and has updated its COVID-19 Q&A for regulated financial service providers, with a focus on MiFID investment firms; At European level, ESMA has published a list of thresholds for shareholder identification in each EU Member State
Financial RegulationDomestically, the CBI continues to update its COVID-19 Hub and has published updated customer profiles for the assessment of Section 149 notifications; At European level, the ESCB has published its responses to two European Commission consultations
Financial RegulationThe European Banking Authority (EBA) consultation paper EBA/CP/2020/07 sets out the particulars relating to reporting under the new Investment Firms Directive and Investment Firms Regulations (IFD/IFR). There are two sets of standards considered in this consultation paper, each of which are summarised below. Interested parties have until 4 September 2020 to submit their responses.
Financial RegulationThe European Banking Authority (EBA) consultation paper EBA/CP/2020/06 seeks submissions in respect of nine draft Regulatory Technical Standards (RTS) related to the implementation of a new prudential regime for investment firms under the Investment Firms Directive and Investment Firms Regulation (IFD/IFR).
Financial RegulationThe European Banking Authority is consulting on the criteria for identifying material risk takers in investment firms as part of its implementation workplan on the Investment Firms Directive and Investment Firms Regulation (IFD/IFR).
Financial RegulationThe European Banking Authority (EBA) is seeking responses to its consultation paper EBA/CP/2020/08 on variable remuneration for employees of investment firms. Interested parties have until 4 September 2020 to submit their responses.
Financial RegulationThe old rule for admitting business records was that they had to be proven by a witness at trial. This even applied to routine records such as delivery dockets, purchase orders, invoices, and statements of account.
DisputesOn 28 February 2020, Ireland's Competition and Consumer Protection Commission (CCPC) announced that it had closed its investigation into alleged anti-competitive practices in the "bagged cement sector".
EU, Competition & ProcurementMMFR stress testing, ESMA recommendations for the AIFMD and UCITS Directive, taxonomy-related disclosures and reporting non-financial information, reporting of net short positions, low carbon benchmarks, UCITS & AIFMD sustainability revisions, cybercrime, the EU sanctions blocking regulation, AML/ CFT
Asset Management & Investment FundsCBI markets update, company law update, CBI statement on e-signatures, cybersecurity, Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2020, CBI Submission to EU Commission's AML/CFT Action Plan, Beneficial ownership and Irish investment funds
Asset Management & Investment FundsQ&A of the month. Is the method for submitting AML/CFT Suspicious Transaction Reports (STRs) to Revenue changing?
Asset Management & Investment Funds
