Insurance undertakings and insurance intermediaries operating in the Irish market should carefully consider the short and longer term implications to them of the Central Bank of Ireland's (CBI) long-signaled Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Insurance Requirements) Regulations 2022 (the Regulations).
Insurance & ReinsuranceIn recent years, the Irish Revenue Commissioners' Code of Practice for Compliance Interventions has been an evolving document subject to review and modification on an ongoing basis. While the Code is not law itself, it reflects taxpayer rights that are already enshrined in law.
Tax Disputes & EnquiriesOn 31 January 2022, the Central Bank of Ireland (CBI) published its finalised guidance on the use of service companies for staffing purposes in the insurance sector (the Guidance).
Insurance & ReinsuranceThe Protected Disclosures (Amendment) Bill 2022 (the Bill) was recently published and is currently making its way through the Irish legislative process.
EmploymentThe first provisions of the Maritime Area Planning Act (the MAP Act) commenced on 10 March 2022.
Environmental & PlanningIn domestic news, the CBI published its Securities Markets Risk Outlook Report 2022. At a European level; ESMA issued its proposed reforms to the money market fund framework and published its implementation timeline for sustainability provisions in UCITS and AIFMD, its fourth annual statistical report on the alternative investment fund sector, as well as data on the exposures of AIFs subject to it
Asset Management & Investment FundsIn domestic news, the CBI issued its final guidance on the use of service companies in the insurance sector and the CCPC published its report on private motor insurance investigation. At a European level; EIOPA publishes monthly technical information, its 2022 Supervisory Convergence Plan, its decision on peer reviews and its revised single programming document 2022-2024.
Financial RegulationIn domestic news, the Ireland for Finance Action Plan 2022, Protected Disclosures (Amendment) Bill 2022 and the Competition (Amendment) Bill 2022 were published this month. At a European level; the European Commission presents the EU Taxonomy Complementary Climate Delegated Act, the ESAs recommended actions to ensure the EU’s regulatory and supervisory framework remains fit-for-purpose
Financial RegulationIn domestic news, amendments to the general reporting requirements for investment firms have come into effect. At a European level; ESMA has published a supervisory briefing on the use of tied agents under MiFID II, as well as its final reports on CCP recovery regime, and the EBA published its opinion on the European Commission's amendments to the final RTS RTS for own funds requirements
Asset Management & Investment FundsIn domestic news, new AML regulations have entered into force, and the CBI has informed banks that improvements to their customer support phone lines are required. At a European level; the ECB has announced it will not extend capital and leverage relief for banks the EBA has published its annual assessment of internal approaches for the calculation of capital requirements and further published the
FinanceWith the first phase of the modernisation of Northern Ireland's liquor licensing regime having entered force in October 2021, the second phase of the planned reforms in the Licensing and Registration of Clubs (Amendment) Act (Northern Ireland) 2021 are due to enter effect on 6 April 2022.
Betting, Gaming & LicensingThe reform of Irish gambling laws is picking up pace following the publication of the General Scheme of the Gambling Regulation Bill on 21 October 2021 with two key developments.
Betting, Gaming & Licensing
