Domestic

Financial Services and Pensions Ombudsman (Amendment) Bill 2023

On 5 February 2025, the Financial Services and Pensions Ombudsman (Amendment) Bill 2023 (the Bill) was restored to the Dáil Order Paper following the dissolution of the 33rd Dáil. The purpose of the Bill is to take account of the ruling in Zalewski v Adjudication Officer & Ors [2021] IESC 24, and to update elements where the Financial Services and Pensions Ombudsman (FSPO) could be viewed as administering justice. The Bill also sets out a limited number of further amendments to the Financial Services and Pensions Ombudsman Act 2017, which includes:

• to clarify the respective remits of the FSPO and the credit reviewer
• to clarify the Ombudsman’s ability to investigate firms that may no longer be regulated
• to make provision regarding the calculation of expenses incurred by the Ombudsman in the performance of their functions
• to provide that the Minister for Finance may make regulations requiring certain classes of financial service provider or pension provider to establish procedures for dealing with complaints

European Union (Digital Operational Resilience) (No. 2) Regulations 2025 published

On 11 February 2025, the European Union (Digital Operational Resilience) (No. 2) Regulations 2025 (the Regulations) were signed into law. The Regulations further give effect to the Digital Operational Resilience Act (Regulation (EU) 2022/2554) (DORA) in Ireland. In particular, the Regulations:

• designate the Central Bank of Ireland (CBI) as the competent authority in the State for the purposes of DORA
• provide for the CBI’s enforcement powers in relation to its functions under DORA in accordance with the Central Bank Act 1942 (the 1942 Act)
• amend section 2(2A) of the 1942 Act to make DORA a “designated enactment” for the purposes of the administrative sanctions regime under Part IIIC of the 1942 Act

CBI publishes the 2025 Regulatory and Supervisory Outlook Report

On 28 February 2025, the CBI published its 2025 Regulatory & Supervisory Outlook Report (the Outlook Report), a letter from CBI Governor Gabriel Makhlouf to the Minister for Finance and a Dear CEO Letter.

The Outlook Report sets out the CBI’s supervisory priorities and key regulatory initiatives for this year and outlines its perspective on the key trends and risks that are shaping the financial services sector. It also contains three ‘Spotlight’ chapters on consumer protection, artificial intelligence and geopolitical risks, and areas of particular significance for the sector.

Governor Makhlouf’s letter sets out the CBI’s financial regulation priorities, while the Dear CEO Letter highlights the CBI’s new supervisory approach and summarises the industry wide supervisory priorities and key regulatory initiatives that are discussed in the Outlook Report. 

For a detailed update on all three documents, see our briefing here.

European

Guidelines on solicitation under MiCAR

On 26 February 2025, the European Securities Markets Authority (ESMA) published guidelines on situation in which a third-country firm is deemed to solicit clients established or situated in the EU and the supervision practices to detect and prevent circumvention of the reverse solicitation exemption under the Market in Crypto Assets Regulation ((EU) 2023/1114) (MiCAR).

These guidelines will apply to competent authorities, as defined in Article 3(1)(35) and as regards Section 5, third-country firms. The purpose of the guidelines is to ensure the consistent application of the provisions of Article 61 of MiCAR and will be applicable from 27 April 2025.

Public consultation on AML/CFT and financial inclusion

On 25 February 2025, the Financial Action Task Force (FATF) is considering views and comments and proposals on the updated FATF guidance on AML/CFT measures and financial inclusion (the updated guidance). The proposed updated guidance contains measures such as increased focus in proportionality, simplification of the risk-based approach, updates on financial inclusion and best practice examples of the regime.

 The FATF particularly hope to receive comments from stakeholders on the following:

•  the concept of financial inclusion
• the guidance on assessment of areas of lower risks for implementation of simplified measures
• the explanations on recently adopted standard revisions
• whether further guidance and examples are required for certain measures

Responses are to be submitted by 4 April 2025.

Report on data availability and feasibility of common methodology for ESG exposures

On 24 February 2025, the European Banking Authority (EBA) published a report on data availability and feasibility of common methodology for ESG exposures, in accordance with the mandate under points (a) and (b) of Article 501c(1) of the Capital Requirements Regulation ((EU) 575/2013). It further addresses the feasibility of introducing a standardises methodology for identifying and qualifying banking book credit exposures to ESG risks. The purpose of the report is to assist considerations on a common methodology across all institutions through exploring existing practices and challenges.

Further DORA level 2 regulations published in the Official Journal of the EU

On 20 February 2025, the following Commission Implementing and Delegated Regulations under DORA were published in the Official Journal of the EU:

• Commission Implementing Regulation (EU) 2025/302 of 23 October 2024 laying down implementing standards for the application of DORA with regard to the standard forms, templates, and procedures for financial entities to report a major ICT-related incident and to notify a significant cyber threat was published.
• Commission Delegated Regulation (EU) 2025/301 supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards (RTS) specifying the content and time limits for the initial notification of, and intermediate and final report on, major ICT-related incidents.

In addition, on 13 February 2025, Commission Delegated Regulation (EU) 2025/295 of 24 October 2024 supplementing DORA with regard to RTS on harmonisation of conditions enabling the conduct of the oversight activities was published in the Official Journal.

The Commission Implementing and Delegated Regulations will enter into force on the twentieth day following their publication in the Official Journal of the EU.

Further MiCAR level 2 regulations published in the Official Journal of the EU

On 20 February 2025, the following Commission implementing and delegated regulations relating to white papers and the notifications of intention to provide crypto-asset services under MiCAR were published in the Official Journal of the EU:

• Commission Implementing Regulation (EU) 2025/304 of 31 October 2024 laying down implementing technical standards for the application of MiCAR with regard to standard forms, templates and procedures for the notification by certain financial entities of their intention to provide crypto-asset services was published in the Official Journal.
• Commission Delegated Regulation (EU) 2025/303 of 31 October 2024 supplementing MiCAR with regard to RTS specifying the information to be included by certain financial entities in the notification of their intention to provide crypto-asset services.

In addition, on 13 February 2025, the following further Commission delegated regulations relating to several RTS for supervisory activities, non-euro asset-referenced tokens (ARTs) and e-money tokens (EMTs), and the performance of crypto-asset services under MiCAR were published in the Official Journal of the EU:

• Commission Delegated Regulation (EU) 2025/292 of 26 September 2024 supplementing MiCAR with regard to RTS establishing a template document for cooperation arrangements between competent authorities and supervisory authorities of third countries.
• Commission Delegated Regulation (EU) 2025/293 of 30 September 2024 supplementing MiCAR with regard to RTS specifying the requirements, templates and procedures for the handling of complaints relating to asset referenced tokens.
• Commission Delegated Regulation (EU) 2025/294 of 1 October 2024 supplementing MiCAR with regard to RTS specifying the requirements, templates and procedures for the handling of complaints by the crypto-asset service providers.
• Commission Delegated Regulation (EU) 2025/296 of 31 October 2024 supplementing MiCAR with regard to RTS specifying the procedure for the approval of a crypto-asset white paper.
• Commission Delegated Regulation (EU) 2025/297 of 31 October 2024 supplementing MiCAR with regard to RTS specifying the conditions for the establishment and functioning of consultative supervisory colleges.
• Commission Delegated Regulation (EU) 2025/298 of 31 October 2024 supplementing MiCAR with regard to RTS specifying the methodology to estimate the number and value of transactions associated to uses of ARTs and of EMTs denominated in a currency that is not an official currency of a Member State as a means of exchange.
• Commission Delegated Regulation (EU) 2025/299 of 31 October 2024 supplementing MiCAR with regard to RTS on continuity and regularity in the performance of crypto-asset services.

The Commission implementing and delegated regulations will enter into force on the twentieth day following their publication in the Official Journal of the EU.

ESMA and the European Commission publish guidance on non-MiCAR compliant ARTs and EMTs

On 17 February 2025, ESMA published a statement reinforcing the position related to the offer of ARTs and EMTs (also known as stablecoins) in the EU under MiCAR.

The statement provides guidance on how and under which timeline crypto assets service providers (CASPs) are expected to comply with the requirements of Titles III and IV of MiCAR. In particular, the statement provides that national competent authorities are expected to ensure compliance by CASPs regarding non-compliant ARTs or EMTs as soon as possible, and no later than the end of Q1 2025. With the statement ESMA aims to facilitate coordinated actions at the national level and avoid potential disruptions.

The European Commission have also delivered a Q&A, providing guidance on the obligations contained in titles III and IV of MiCAR and how these obligations should apply to CASPs. The Q&A clarifies that certain crypto-asset services may constitute an offer to the public or an admission to trading in the EU and should therefore comply with titles III and IV of MiCAR.

ESMA consults on the criteria for the assessment of knowledge and competence under MiCAR

On 17 February 2025, ESMA launched a consultation on the criteria for the assessment of knowledge and competence of CASPs’ staff giving information or advice on crypto-assets or crypto-asset services under MiCAR.

ESMA is seeking stakeholder inputs about, notably:

• the minimum requirements regarding knowledge and competence of staff providing information or advice on crypto-assets or crypto-asset services
• organisational requirements of CASPs for the assessment, maintenance and updating of knowledge and competence of the staff providing information or advice

The guidelines aim to ensure staff giving information or advising on crypto-assets or crypto-asset services have a minimum level of knowledge and competence, enhancing investor protection and trust in the crypto-asset markets. 

The consultation is open until 22 April 2025.  

For more information on these topics plpurport ease contact any member of A&L Goodbody's Financial Regulation Advisory team.

This publication provides an overview of certain legal and regulatory developments that may be of interest to certain entities. It does not purport to provide analysis of law or legal advice and is strictly for information purposes only.