On 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.
FinanceDomestically, the CBI has published a discussion paper on macroprudential policy for investment funds and is seeking feedback via a public consultation. At European level, the European Parliament and the Council have reached provisional political agreement on reform of the AIFMD and UCITS directive.
Asset Management & Investment FundsDomestically, the Department of Finance has published the results of its consultation under the Credit Servicers Directive. At European level, the ECB has announced forthcoming changes to the TIPS pricing structure.
FinanceDomestically, a statutory instrument recognising the status of dematerialised securities under Irish company law has been passed. At European level, the European Parliament and the Council have reached provisional political agreement on reforms enhancing market data transparency under MiFIR and MiFID.
Asset Management & Investment FundsOn 28 July 2023, the Court of Appeal gave its judgment in The People (DPP) v Palfinger Ireland Limited [2023] IECA 217. The Court reviewed the sentence imposed by Limerick Circuit Court in October 2022. Read more here.
Health & SafetyIn our fourth instalment of the Sustainability reporting standards series, it follows the recent adoption of the ESRS by the European Commission. We take a look at the key changes made by the European Commission to the version of the ESRS published by EFRAG in November 2022.
ESG & SustainabilityMac Interiors Limited (the Company), a Northern Ireland-incorporated company, has become the first company incorporated outside the Irish State (and the EU) to have an examiner appointed under the examinership regime provided for in section 509 of the Companies Act 2014 (the 2014 Act).
Corporate & M&AOn 12 July 2023, the UK Supreme Court delivered its much-anticipated judgment in Philipp v Barclays Bank UK PLC[1], ruling unanimously in favour of Barclays Bank UK PLC (the Bank), and providing clarity on the ‘Quincecare duty’.[2]
DisputesThe English Commercial Court (the Court) has refused an application under section 101 of the Arbitration Act 1996 to enforce a JAMS[1] arbitration award issued by a tribunal seated in California.
DisputesOn 17 July 2023, the Law Reform Commission (LRC) published a consultation paper (the paper) on “Third-Party Litigation Funding” inviting submissions from all interested parties by 3 November 2023.
Disputes
