On 10 July 2021, the G20 endorsed that broad framework for Pillars 1 and 2 and the ambitious timetable for bringing the new rules into force in 2023.
TaxThe Irish government has moved swiftly to plug a perceived gap in protection under Irish data protection law that had raised doubts about whether Irish law was fit for purpose as a governing law under EU approved standard contractual clauses (SCCs).
TechnologyA&L Goodbody's Dr Vincent Power was recently invited to write for the Maastricht Journal of European and Comparative Law on the important EU shipping law case of LG and others v. Rina SpA, Ente Registro Italiano Navale (Case C-641/18 before the Court of Justice of the European Union).
BrexitPresident Donald J Trump brought the US Presidential Executive Order to international prominence. He signed 220 of them. A tiny figure compared to the three-term Depression and Wartime President Franklin D Roosevelt. The concept of the Order goes back to George Washington who signed eight of them.
EU, Competition & ProcurementDomestically, the CBI published its Q1 2021 statistics for Irish resident insurance corporations; At European level, EIOPA issued updated documentation regarding risk-free interest rate term structures
Insurance & ReinsuranceDomestically, the CBI has published updated AIFMD and UCITS Q&As; At European level,ESMA recently issued a number of iterations of its list of AIFMD Memorandums of Understanding
Asset Management & Investment FundsDomestically, the CBI has published an Interview and Probity Interview Guide; At European level, ESMA recommends changes to supervisory fees for credit rating agencies
Financial RegulationDomestically, the CBI published its feedback statement from the consultation on competent authority discretions under the IFD/IFR.; At European level,the EBA and ESMA published a provisional list of instruments and funds for the smallest investment firms
Asset Management & Investment FundsDomestically, the CBI updated forms for payment institutions and Gráinne McEvoy, the CBI's Director of Consumer Protection, spoke to the Joint Oireachtas Committee on Finance, Public Expenditure and Reform on existing consumer protection in Ireland and the Consumer Credit (Amendment) Bill 2018; At European level, the EBA published its 2020 Annual Report, its revised guidelines on major incident re
FinanceOn 7 July 2021, the Gender Pay Gap Information Bill passed all stages of the legislative process in houses of the Oireachtas.
EmploymentOn 30 June 2021, the government published the National Marine Planning Framework. It is the first maritime spatial plan for Ireland, prepared in accordance with the EU's Maritime Spatial Planning Directive. It was widely consulted on, and was subject to Strategic Environmental Assessment, during 2020.
Energy & Natural ResourcesThere has been a further breakthrough in the process to reach international agreement on the BEPS 2.0 proposals, aimed at addressing the tax challenges arising from the digitalisation of the economy.
Tax
