In a bid to strengthen the UK's financial landscape against unlawful activities and reinforce corporate transparency, the UK government has introduced the Economic Crime and Corporate Transparency Act 2023.
BelfastDomestically, the CBI publishes consultation paper and draft regulations and guidance on Consumer Protection Code review. At European level, ESMA finalises first rules on crypto-asset service providers.
Financial Regulation AdvisoryAt European level, Legislation amending MiFID II and MiFIR published in the Official Journal. ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments.
Asset Management & Investment FundsDomestically, the CBI publishes Insurance Corporations Statistics - Q4 2023. At European level, EIOPA issues statement on the gender gap in the insurance sector and publishes monthly technical information for Solvency II.
FinanceDomestically, the CBI publishes its Financial Regulation priorities for 2024 and updates to its funds authorisation process and deadlines. At European level, AIFMD II, PRIIPs KID and Money Market Funds.
Asset Management & Investment FundsDomestically, countercyclical capital buffer to be maintained at 1.5%. At European level, the ECB and EBA launch joint committee to harmonise and integrate bank data reporting and Council adopts ‘Daisy Chains Directive’ on indirect subscription claims.
FinanceOn 8 March 2024, the legislative acts to amend the Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation were published in the Official Journal of the European Union. Read more here.
Financial Regulation AdvisoryPillar Two is now in force in Ireland, with the effect that a 15% minimum effective corporation tax rate applies to large corporate groups and standalone entities with a turnover of €750m or more, for accounting periods commencing on or after 31 December 2023.
TaxFollowing a consultation in February 2023, the Department for the Economy published a new high-level design support scheme this week for renewable electricity in Northern Ireland. The publication outlines a high-level design of the new Scheme, designed to facilitate investment in renewable projects in Northern Ireland and offer greater price protection to consumers.
BelfastFrom 3 April 2024, CSEP holders possessing Stamp 1 residence permission may now apply for Stamp 4 permission after completing 21 months’ employment in the State under their CSEP.
EmploymentIn a first of its kind decision, in Bristol Myers Squibb Holdings Ireland Unlimited Company -v- Norton (Waterford) Limited [2024] IECA 49, the Court of Appeal dealt with an appeal by Bristol Myers Squibb Holdings Ireland Unlimited Company concerning the scope of an undertaking as to damages offered in the context of an application for an interlocutory injunction pending the trial of an action.
DisputesThe Department of Enterprise recently published the much-anticipated General Scheme of the Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill 2024 (the Scheme).
Corporate & M&A
