Domestic

CBI publishes updates to the Consumer Protection Code

On 24 March 2025, the Central Bank of Ireland (CBI) concluded its review of the Consumer Protection Code 2012 (2012 Code) and published the following documents, which together will revise and replace the 2012 Code from 24 March 2026.

CBI published the feedback statement on the Consumer Protection Code (CPC) following completion of the consultation process under the CP158 Consultation Paper

CP158 set out proposals for a modernised code and allowed a three-month consultation period to facilitate engagement with the proposals, resulting in 57 written submissions in response. The feedback outlined areas of concern and raised specific queries, enabling changes and clarifications to be made to the proposals. The feedback statement was accompanied by the Central Bank Regulations to give effect to the revised CPC following a 12-month implementation period.

CBI published the CPC final regulations

The CBI published the CPC final regulations which aim to enhance consumer protections with a focus on the key areas of digitalisation, informing effectively, mortgage switching, provision of unregulated activities by regulated firms, frauds and scams, consumers in vulnerable circumstances, greenwashing and consumer credit requirements. The regulations are comprised of:

• Central Bank Reform Act 2010 (Section 17A) (Standards for Business) Regulations 2025 (S.I 80/2025); and
• Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Consumer Protection) Regulations 2025 (S.I. 81/2025)

CBI published guidance on the modernised CPC

• The CBI published Guidance on Securing Customers’ Interests. This guidance sets out the CBI’s expectations of firms’ obligations under the Standards for Business and assist them in their implementation of consumer protection obligations through their actions and mindsets towards customers.
• The CBI published Guidance on Protecting Consumers in Vulnerable Circumstances. This guidance sets out the CBI’s expectations of firms to meet their obligations in the approach taken to vulnerable consumers under the CPC.
• The CBI published General Guidance on the CPC which consolidates the 2012 CPC Guidance and Advertising Guidance as well as relevant ‘Dear CEO’ letters. This general guidance seeks to support firms to implement consumer protection obligations and to help firms better understand the requirements set out in the Standards for Business Regulations and the Consumer Protection Regulations.

MiCAR Industry Briefing Comments on implementation and authorisation

On 28 March 2025, the Director of Capital Markets and Funds in the CBI, Gerry Cross, delivered a speech at a CBI industry briefing on the implementation and authorisation of Markets in Crypto Assets Regulation ((EU) 2023/1114) (MiCAR).

The areas of focus in the implementation of MiCAR include:

• governance and culture
• consumer interests
• risks to consumers and investors
• crime and fraud

On the matter of authorisation, the main takeaways were as follows:

• The process is based on clarity, transparency, flexibility and predictability.
• The authorisation process is two-phased with phase 1 which involves preliminary engagement and a key facts document stage and phase 2 comprising of formal authorisation.
• The CBI is dealing with diverse applicants, with some applicants seeking authorisation for the full suite of activities under MiCAR, and some applicants seeking authorisation for a select few activities.
• For applicants in the earlier stages of the business life cycle, the CBI recognises that the resources needed to implement and comply with MiCAR is significant. Mr. Cross outlined that the CBI will focus on a number of areas during the application process, including:
  • substantive presence
  • outsourcing
  • alignment with MiCAR and the ESMA Broker Model
  • clarity on the activities for which you need authorisation
  • governance and safeguarding

CBI publishes its demographics analysis for 2024

On 10 March 2025, the CBI publishes its demographics analysis for 2024 regarding applications for pre-approval controlled function (PCF) roles within regulated firms. The report presents data on gender diversity, age and nationality demographics of applicants for senior positions in regulated firms which require pre-approval from the CBI to undertake a PCF role, and current PCF role holders, as at 31 December 2024.

Since the CBI began its demographics analysis nine years ago the rate of female PCF applicants has increased from 16% in 2012 to 34% in 2024. The CBI notes that this year has been the first time representation from female applicants has surpassed one-third of applicants. The report found that at board level in the banking sector, there has been increases in female representation. Directorship roles are up 7% (to 40%) and chair roles are up 18% (to 42%) year on year.

However, the report also outlines that improvement is needed in certain areas. For example, the CBI notes that “a worrying trend is that female PCF applications from new firms continues to lag well behind those of existing firms (with rates of 26% for new firms as compared with 38% for existing firms). New entrants building their leadership teams should also be considering their diversity, particularly given the benefits greater diversity can bring to decision making, risk management and an organisation’s long term success.”

CBI publishes CASP application form

On 3 March 2025, the CBI published the application form for authorisation as a crypto-asset service provider (CASP) under Article 62 of MiCAR. The application form includes 19 sections that need to be completed. The CBI expects CASPs to ensure that good governance and consumer protection is at the core of all decisions. The CBI also advises that applicant firms be familiar with the updated Addendum to the Consumer Protection Code 2012 published in December 2024.

European

MiCAR RTS published in the Official Journal of the EU

In the month of March, a number of regulatory technical standards (RTS) under MiCAR were published in the Official Journal of the EU.

On 31 March 2025, the following RTS’s applicable to issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs) were published:

• Commission Delegated Regulation (EU) 2025/415 - RTS specifying adjustment of own funds requirement and minimum features of stress testing programmes of issuers of ARTs or EMTs. These RTS were developed in accordance with the mandate in Article 35(6) of MiCAR.
• Commission Delegated Regulation (EU) 2025/418 - RTS specifying the minimum content of the governance arrangements on the remuneration policy of issuers of significant ARTs or EMTs. These RTS were developed in accordance with the mandate in Article 45(7)(a) of MiCAR.
• Commission Delegated Regulation (EU) 2025/419 - RTS specifying the procedure and timeframe for an issuer of ARTs or EMTs to adjust the amount of its own funds. These RTS were developed in accordance with the mandate in Article 45(7)(c) of MiCAR.
• Commission Delegated Regulation (EU) 2025/421 - RTS specifying the data necessary for the classification of crypto-asset white papers and the practical arrangements to ensure that such data is machine-readable. These RTS were developed in accordance with the mandate in Article 109(8) of MiCAR.

On 14 March 2025, the following RTS applicable to crypto-asset service providers (CASPs) were published:

• Commission Delegated Regulation (EU) 2025/416 - RTS specifying the content and format of order book records for crypto-asset service providers operating a trading platform for crypto-assets
• Commission Delegated Regulation (EU) 2025/417 - RTS specifying the way crypto-asset service providers operating a trading platform for crypto-assets are to present transparency data.

The Commission Delegated Regulations will be entered into force twenty days following publication in the Official Journal of the EU.

ESMA publish guidelines on suitability requirements and format of the periodic statement for portfolio management activities under MiCAR

On 26 March 2025, the European Securities and Markets Authority (ESMA) published guidelines on certain aspects of the suitability requirements and format of the periodic statement for portfolio management activities under MiCAR.

The guidelines apply to competent authorities and CASPs where advice is provided on crypto assets or portfolio management of crypto assets. The guidelines specify the suitability requirements under the relevant articles of MiCAR and the requirements applicable to the format of the periodic statement to be provided by CASPs in accordance with Article 81(14) of MiCAR.

The guidelines apply from 25 May 2025.

European Commission unveils Savings and Investments Union strategy

On 19 March 2025, the European Commission unveiled the Savings and Investments Union (SIU) strategy to enhance financial opportunities for EU citizens and businesses. Ursula von der Leyen noted this as “achieving a double win”.

The European Commission communication aims to provide a strategic framework that encourages the effective alignment of all aspects of the EU financial system. It sets out the key initiatives and policy measures across the following four strands of work:

1. Citizens and savings: Retail savers already play a central role in financing the EU economy via bank deposits, but they should have the opportunity to hold more of their savings in higher-yielding capital-market instruments including in view of retirement.
2. Investment and financing: To stimulate investments, and particularly those in critical sectors, the Commission will introduce initiatives aimed at improving capital availability and access for all businesses, including small and medium enterprises.
3. Integration and scale: Reducing inefficiencies stemming from fragmentation will entail important efforts to remove any regulatory or supervisory barriers to cross-border operations of market infrastructures, asset management and distribution of funds. This will enable businesses to scale efficiently across the EU.
4. Efficient supervision in the Single Market: The Commission will propose measures to ensure all financial market participants receive similar treatment, irrespective of their location in the EU. This will entail reinforcing the use of convergence tools as well as a reallocation of supervisory competences between national and EU levels.

The European Commission communication also addresses the EU’s parallel efforts to further integrate and increase the competitiveness of the EU banking sector, including through the deepening of the Banking Union.

The actions proposed will be further developed with stakeholders with key actions to be prioritised in 2025. Implementation will involve both legislative and non-legislative measures.

Updated FAQ on reporting of registers of information under DORA

On 19 March 2025, the European Supervisory Authorities (ESAs) updated the frequently asked questions (FAQs) on reporting of registers of information of contractual arrangements with the ICT third-party providers that financial entities need to maintain in accordance with Article 28(3) of DORA. The FAQs focus on the practicalities of completing the templates, preparation of reporting files and submission to the ESAs.

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.