In domestic news, the Insurance (Miscellaneous Provisions) Bill 2022 was scheduled for report and final stages in the Dáil. The CBI published updated Q&A on the Insurance Regulations 2022 and the Department of Finance published its feedback statement on its Public Consultation on the Development of a National Resolution Framework for (re)Insurers.
Financial RegulationIn domestic news, on 16 May 2022, the CBI published the addendum to the Consumer Protection Code 2012 (CPC). The addendum extends the scope of the CPC to include providers of hire purchase, consumer hire and/or buy-now-pay-later agreements (the regulated entities).
Financial RegulationIn domestic news, on 16 May 2022, the Central Bank of Ireland (CBI) updated its website on the requirements and guidance for MiFID investment firms (the firms).
Asset Management & Investment FundsIn domestic news, on 17 May 2022, the Central Bank of Ireland (CBI) met with the CEOs of the five main retail banks in Ireland to discuss the large scale migration of customer bank accounts, and the actions necessary to ensure this activity happens in line with customer needs and expectations.
FinanceIn 2020, the Administration of Civil Justice Review Group's Report made recommendations to Government underlining the need for significant changes to the administration of justice in Ireland through the operation of the civil Courts.
DisputesOff-payroll working (IR35) rules have continued to be a source of confusion and frustration for employers and contractors alike since the government introduced new rules on 6 April 2021 designed to crack down on disguised employment through personal service companies (PSC).
BelfastLast month in Canon v Commission (Case T-609/19), the EU's General Court upheld the European Commission's €28m fine on Canon in 2019 for gun-jumping in relation to its two-step acquisition of Toshiba Medical Systems Corporation (TMSC).
Corporate & M&AOn 11 May 2022, as part of the EU's strategy on business taxation, the European Commission released a proposal for a directive providing for a debt-equity bias reduction allowance (the DEBRA Directive).
TaxAs part of his Autumn Budget, Chancellor Rishi Sunak announced plans for three new visa routes, designed to attract the best and brightest talent to the UK.
Employment & Incentives BelfastIn Doolin v DPC [2022], the Court of Appeal examined the use by an employer of CCTV footage for disciplinary purposes.
EmploymentThe Subsidy Control Act (SCA) has recently received Royal Assent. This clears the way for the UK's new post-Brexit alternative to State aid to commence from the autumn of this year.
BelfastThe European Commission provided answers to a number of questions in relation to the applicability of the Sustainable Finance Disclosure Regulation and the Taxonomy Regulation. We highlight in this publication some of the key points for Irish fund management companies and investment funds.
Asset Management & Investment Funds
