The Central Bank’s Administrative Sanctions Process (the ASP) is the regulator’s key enforcement tool. The ASP is being reformed alongside a package of changes to investigations in the financial services sphere. The Central Bank recently published a consultation paper and draft guidance setting out how they propose to commence and progress enforcement investigations under the ASP going forward.
RegulatoryThe Central Bank has published an engagement update on its review of the Consumer Protection Code following feedback on its discussion paper. It plans to introduce an updated Code in 2024.
ESG & SustainabilityThe Home Secretary recently announced plans to increase fines for employers and landlords who facilitate illegal migrants to live and work in the UK.
BelfastThe Competition (Amendment) Act 2022 (Act) is a landmark statute which will introduce significant changes to the Irish competition law regime, including the ability for civil fines to be imposed in respect of breaches of competition law, an updated leniency regime and amended merger control provisions.
EU, Competition & ProcurementOn 15 December 2022, the Finance Act 2022 (the Act) was signed into law. In doing so it introduced the Defective Concrete Products Levy (DCPL). The Government introduced the DCPL to fund the redress scheme for homeowners affected by defective concrete products used in the building of homes.
ConstructionThe use of big data and artificial intelligence is rapidly increasing in the insurance sector, both in Ireland and beyond. While data has always been collected and processed by insurers to inform underwriting decisions and pricing, the way in which data collected is combined and assessed to generate information and predictions about consumers’ characteristics, behaviours has evolved.
Insurance & ReinsuranceOn 17 August 2023, the Irish High Court delivered judgment in K&J Townmore Construction Limited v Keogh [2023] IEHC 509. The key question for the court was whether a challenge to an adjudicator’s jurisdiction should take place before the adjudication process, by way of judicial review, or after the adjudication process, by way of enforcement proceedings under the Construction Contracts Act 2013.
ConstructionThe last item of business before the collapse of the Stormont executive last year was the passing of the Climate Change (Northern Ireland) Act 2022. The act came into force in the summer of 2022 and set out a pathway for Northern Ireland to decarbonise. We consider where Northern Ireland is one year on. Read more here.
BelfastThis article explores the key considerations of the incoming regime for private equity deals in Ireland, with a particular focus on practical implications for sponsors considering transacting in Ireland.
Corporate & M&AOn 11 August 2023, the Irish High Court delivered judgment enforcing two adjudicator’s decisions in DNCF Ltd. v Genus Homes Ltd. Central to the judgment is a consideration of whether an adjudicator is under a positive obligation to request further and better particulars in relation to the positions advanced by the parties.
ConstructionDomestically, the CBI has issued a dear CEO letter reminding high-cost credit providers of their AML / CFT obligations, as well as issuing a letter to the chairs of trading venues regarding their trade surveillance obligations under MAR. At European level, the European Commission has adopted the European Sustainability Reporting Standards.
Financial RegulationDomestically, amendments to the Occupiers’ Liability Act 1995 under the Courts and Civil Law (Miscellaneous) Act 2023 become law. At European level, EIOPA published a report on National Competent Authorities’ supervision of the application of product oversight and governance requirements.
Finance
