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Domestic
European
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Public Consultation on the implementation of the Consumer Credit Directive 2
On 19 September 2024, the Department of Finance published a public consultation on Directive (EU) 2023/225 (the Consumer Credit Directive 2) which deals with the 23 national discretions afforded in the directive. The consultation will run for four weeks. Submissions that are received by the Department of Finance will inform its consideration of the transposition of the Consumer Credit Directive 2 into national legislation.
The foundations for AML partnership in Ireland - Remarks by Deputy Governor Derville Rowland
On 25 September 2024, the Deputy Governor of the Central Bank of Ireland (CBI), Derville Rowland spoke about the foundations for AML partnership in Ireland at the Future of Financial Intelligence Sharing Event in Dublin. The Deputy Governor discussed Article 75 of the new AML Regulation, which will permit certain confidential information to be shared amongst private sector operators through a mechanism called the “Partnerships for Information Sharing”.
Whilst the new AML Regulation will not come into effect until July 2027, the CBI has commenced work on the creation of an appropriate framework and governance processes. This is likely to include formal guidance in relation to the development of Partnerships for Information Sharing and the related verification process.
Minimum Competency Code 2017 and Minimum Competency Regulations 2017 - Questions and answers
On 17 September 2024, the CBI updated the Minimum Competency Code 2017 and Minimum Competency Regulations 2017 - questions and answers. The first update was in respect of question 13.1, with the amended answer reflecting the recognition of certain qualifications, namely the Advanced Certificate in Credit Union Practice (ACCUP) and the Pathways Diploma in Credit Union Operations, from 1 October 2024.
The second update also relates to the recognition of certain qualifications, with the amended answer for question 13.2 providing a list of qualifications that will be added to Appendix 4 of the Minimum Competency Code 2017 (MCC) from 1 October 2024. This includes qualifications in respect of Category 3 (Savings and Investments), Category 4 (Personal Guarantee Insurance), Category 7 (Mortgage Credit Agreements, Housing Loans, Home Reversion Agreements and Associated Insurances) and Category 8 (Consumer Credit and Associated Insurances).
Addendum to the Consumer Protection Code (2012) (September 2024)
On 17 September 2024, an addendum to the Consumer Protection Code (2012) (CPC) (addendum) became effective. The addendum brings credit servicers as defined in Article 3 of Directive 2021/2167/EU (the Credit Servicers Directive) within the scope of the CPC. The addendum has updated Chapter 1 (Scope) to reflect the application of the CPC to credit servicers. Chapter 12 (Definitions) has also been amended to insert a definition for credit servicers, which mirrors that provided under Directive 2021/2167/EU.
MiCAR - frequently asked questions
On 10 September 2024, the CBI published updated MiCAR frequently asked questions (FAQs) on its website. The FAQs cover topics such as:
Brokers / Retail Intermediaries application forms (updated 18 September 2024)
On 18 September 2024, the CBI updated both the A Form and B Form application form for authorisation as a retail intermediary. The A Form is now available for completion on the CBI’s Portal under the ‘Authorisation Applications’ heading.
Guidance Note on completing an application for authorisation as a retail credit firm or home reversion firm - under the Central Bank Act 1997 (as amended) (updated September 2024)
On 18 September 2024, the CBI published an updated guidance note on completing an application for authorisation as a retail credit firm or home reversion firm. It can be found on the CBI’s website.
Adopting TIBER-EU will help fulfil DORA requirements
On 26 September 2024, the European Central Bank (ECB) published a paper outlining how the European framework for threat intelligence based ethical red teaming (the TIBER EU framework) can assist regulatory authorities and financial institutions fulfil DORA requirements relating to thread led penetration testing.
The TIBER-EU framework provides comprehensive guidance on how authorities, financial entities, threat intelligence providers and red team testers should work together to test and improve financial entities cyber resilience by carrying out controlled cyberattacks.
Commission Implementing Regulation (EU) 2024/2494 of 24 September 2024 laying down implementing technical standards for the application of Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to standard forms, templates and procedures for the cooperation and exchange of information between competent authorities and EBA and ESMA (Text with EEA relevance)
On 25 September 2024, the Commission Implementation Regulation (EU) 2024/2494 (Implementing Regulation) was published in the Official Journal of the European Union. The Implementing Regulation supplements MiCA in relation to the co-operation and exchange of information between competent authorities and the EBA and ESMA.
ECB reviews progress on digital euro rulebook
On 5 September 2024, the ECB published its third report outlining the progress to date in respect of the digital euro scheme Rulebook Development Group in developing a draft digital euro rulebook. The last update of the rulebook was published in January 2024.
The report details an overview of the feedback from the RDG members and provide input in respect of strategic opportunities and possible challenges relating to the issuance of a digital euro. The report also outlines that seven new workstreams were launched in May 2024, focusing on particular areas of the rulebook.
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.