The Department of Finance has now published the long-awaited Central Bank (Individual Accountability Framework) Bill 2022.
ESG & SustainabilityEarlier this year, Ireland implemented the interest limitation rule (ILR) with effect from 1 January 2022. The ILR stems from Council Directive (EU) 2016/1164 (ATAD) and aims to limit the deductibility of interest payments and to battle tax avoidance through excessive interest payments.
TaxHave you been pro-rating / using the 12.07% method to calculate holiday pay for permanent part-year/ casual/ zero hour workers?
Employment & Incentives BelfastOn 13 July 2022, the General Court of the European Union (the General Court) handed down its judgment in Case T-227/21 concerning an action brought by Illumina, Inc. (Illumina) and Grail LLC (Grail) to challenge the decision of the European Commission (the Commission) to review the acquisition of Grail by Illumina (the Transaction).
EU, Competition & ProcurementOn 21 July 2022, Ireland's Competition and Consumer Protection Commission (CCPC) announced that it has approved unconditionally the proposed acquisition by Permanent TSB plc (PTSB) of certain assets of Ulster Bank Ireland DAC (UBIDAC) (part of NatWest) after a Phase 2 investigation.
EU, Competition & ProcurementOn 10 June 2022, in AIG Europe SA and others v John Wood Group plc and another [2022] EWCA Civ 781, the UK Court of Appeal (the Court) upheld a Commercial Court decision maintaining an anti-suit injunction granted to insurers, preventing the continuation of proceedings in Canada.
DisputesOn 30 June 2022, the Council and the European Parliament reached a provisional political agreement on the regulation on foreign subsidies distorting the EU’s internal market (the Regulation).
EU, Competition & ProcurementIn previous commentary, we noted that the Commencement Order of the Insurance (Miscellaneous Provisions) Act 2022 (the Act) was signed on 7 July 2022, commencing most provisions.
Insurance & ReinsuranceTo assist companies under pressure during the pandemic, the government extended the time period within which companies may be protected from 100 days to 150 days, provided the company can demonstrate “exceptional circumstances” for needing additional time.
Corporate & M&AOn 16 March 2022, Ms Justice Phelan, delivered judgment in the High Court in Harte Peat LTD -v- Environment Protection Agency & Ors [2022] IEHC 148.
Environmental & PlanningOn 30 June 2022, the Council and the European Parliament reached a provisional political agreement on the regulation on foreign subsidies distorting the EU’s internal market (Regulation).
EU, Competition & ProcurementESMA published a report on the Common Supervisory Action on costs and fees for investment funds. The Common Supervisory Action (on UCITS) was carried out with National Competent Authorities during 2021.
Asset Management & Investment Funds
