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Sep 2, 2024 | 
lexology.com | James Grennan |Laura Mulleady |Sinead Lynch |Niall Guinan
In this article, we look at how the Prudential Regulation Authority and the Financial Conduct Authority have embedded the CGO in the UK and consider potential lessons for Ireland in terms of the growth of our insurance industry. Since June 2023, UK law has required the Prudential Regulation Authority (the PRA) and the Financial Conduct Authority (the FCA) to advance a “competitiveness and growth objective” (the CGO).
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Aug 26, 2024 | 
lexology.com | James Grennan |Stephen J. Ahern
On 31 July 2024, the High Court delivered a judgment in the matter of CBL Insurance Europe Designated Activity Company (CBL). The judgment dealt with a number of complex issues relating to the treatment of insurance contracts in a winding-up, including the admissibility of claims made after the winding-up order and the prioritisation of certain "insurance claims" under the Solvency II[1] framework.
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Jun 11, 2024 | 
lexology.com | Chris Bergin |Patrick Brandt |Dario Dagostino |Mark Devane |James Grennan |Sarah Lee | +1 more
On 5 June 2024, the Central Bank of Ireland (Central Bank) published a new guidance document outlining practical guidance on the application process for individuals proposed to hold pre-approval controlled functions. The guidance applies to regulated financial service providers and in-scope holding companies. It sets out information on the technical aspects of submitting applications via the Central Bank’s IMAS portal, including information regarding access to, and tips for navigating, the portal.
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Nov 9, 2023 | 
lexology.com | Dario Dagostino |Mark Devane |Patrick Brandt |Christopher Martin |Sarah Lee |Duncan Inverarity | +9 more
Following the publication of the Central Bank’s draft Guidance on the Individual Accountability Framework (IAF) in March 2023 and the consultation process which closed in June 2023, it appears that publication of the final Guidance and the feedback statement on the Consultation is imminent and will be published next week.
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Oct 11, 2023 | 
lexology.com | James Grennan
The heady days of the late 1980s and early 1990s don't seem that long ago. It is just over 36 years since the International Financial Services Centre was established in Dublin. Not many will remember that the Centre was established as an inner-city urban regeneration project. This was the basis on which the European Commission waived state aid rules to allow special tax concessions to companies establishing in the Centre. The Centre got off to an inauspicious start.
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Sep 5, 2023 | 
lexology.com | Dario Dagostino |Patrick Brandt |Mark Devane |Kevin Allen |Chloe Culleton |Christopher Martin | +17 more
REGULATORY INVESTIGATIONS The New Central Bank Administrative Sanctions Procedure Draft Guidelines and Consultation Paper Update and Insights on the proposed new enforcement regime for financial services firms 36 MIN READ algoodbody.com The New Central Bank Administrative Sanctions Procedure Draft Guidelines and Consultation Paper | 2023 CONTENTS 00/ AT A GLANCE THE PROCESS AND KEY CHANGES03 01/ COMMENCING AN INVESTIGATION 05 02/ GATHERING EVIDENCE 06 03/ PRIVILEGE AND CONFIDENTIALITY 07 04/...
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Aug 1, 2023 | 
lexology.com | James Grennan |Laura Mulleady |Sinead Lynch |Emma Martin
The Law Reform Commission (LRC) has very recently published a lengthy consultation paper on legalisation and regulation of third-party litigation funding (TPLF) in Ireland. This follows hot on the heels of new legislation removing the restrictions on third-party funding of international commercial arbitration in Ireland. See our recent article on that development here.
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Jul 27, 2023 | 
lexology.com | James Grennan |Laura Mulleady |Sinead Lynch |Emma Martin
The European Insurance and Occupational Pensions Authority (EIOPA) recently launched a consultation relating to reinsurance concluded with third country (re)insurers (TCRs). A supervisory statement has been published (on which EIOPA has invited comments). This draws on national supervisor approaches that EIOPA has identified as good practice, in recent years. Aim and focusEIOPA aims to ensure consistency in the approach of EEA insurance supervisors to third country reinsurance arrangements.
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Apr 19, 2023 | 
lexology.com | James Grennan |Laura Mulleady |Sinead Lynch
Focus on cultureA subtle but palpable shift in the emphasis of regulation is underway. Have you noticed the CBI's increasing emphasis on culture? Unfortunately, this doesn't mean spending pleasant nights at the theatre but organisational culture – the influences and behaviours that create a corporate culture and the effect of that culture on the financial health of the organisation and the well-being of its customers.
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Feb 8, 2023 | 
lexology.com | James Grennan |Laura Mulleady |Sinead Lynch
On 3 February 2023, EIOPA published a Supervisory Statement on the use of governance arrangements in third countries to perform functions or activities (the Statement). The adoption of the Statement follows a public consultation by EIOPA which took place in 2022. The full Statement can be accessed here.
