By a 4-3 majority, the Irish Supreme Court has ruled that the Irish government’s proposed approach to ratifying CETA is unconstitutional.
DisputesAgainst the backdrop of the European Green Deal and its anticipated mandate from the European Commission to assess whether a dedicated prudential treatment of assets and activities associated with environmental or social objectives under Solvency II could be warranted for insurance undertakings
ESG & SustainabilityFriday, 2 December 2022 marked the publication of the long awaited Gambling Regulation Bill 2022.
Betting, Gaming & LicensingIn a bid to boost the domestic digital games development sector and Ireland's share of the global digital games industry, the Minister for Finance, Paschal Donohoe T.D. and Minister for Tourism, Culture, Arts, Gaeltacht, Sports and Media, Catherine Martin T.D., recently formally launched the Digital Games Tax Credit.
TaxThe final terms and conditions for the first auction under the new offshore wind renewable energy support scheme (ORESS) in Ireland were published in November 2022 (the ORESS 1 Terms). ORESS 1 is expected to procure approximately 2.5GW of electricity generating capacity in Ireland. ORESS 1 is the first of at least three planned ORESS auctions which will be technology-specific to offshore wind.
Energy & Natural ResourcesThe NEC form of contracts has now formally adopted voluntary clauses to address climate change considerations.
Litigation & Dispute Resolution BelfastOn 24 November 2022, the European Commission approved, under the EU's State Aid Temporary Crisis Framework, a €1.22bn Irish scheme to support many businesses in Ireland with higher energy costs as a result of the Ukraine crisis.
EU, Competition & ProcurementThe Central Bank of Ireland has introduced sweeping new rules that will impact on Irish regulated funds that invest primarily in Irish real estate. The new rules introduce mandatory leverage limits for all Irish regulated property funds and liquidity requirements for any Irish regulated property fund that is not closed-ended.
Asset Management & Investment FundsOn 10 November 2022, Mr Justice Murray in the Supreme Court delivered judgment in Heather Hill Management Company CLG & McGoldrick v An Bord Pleanála, Burkeway Homes Limited and the Attorney General [2022] IESC 43, overturning an earlier decision of the Court of Appeal and reinstating the decision of Simons J in the High Court.
Environmental & PlanningIn view of a range of ongoing legislative efforts to address SLAPPs, we review the current position in Northern Ireland, and look ahead to some of the opportunities for and obstacles to prospective anti-SLAPP legislation in the jurisdiction, within the new legal context established by the Defamation Act (Northern Ireland) 2022 in our latest publication.
BelfastDomestically, the CBI established a streamlining process for pre-contractual document updates based on SFDR L2 requirements with a filing deadline of 1 December 2022. At European level, the European Commission adopted a legislative proposal for a new delegated regulation amending SFDR Level 2 RTS as a result of the Complementary Climate Delegated Act (made under the Taxonomy Regulation).
Asset Management & Investment FundsDomestically, the CBI published its second edition of the 2022 Intermediary Times newsletter. At European level, EIOPA publishes monthly technical information for Solvency II risk-free interest rate term structures and the equity capital charge.
Financial Regulation
