Factsheets

Findings from the CBI’s thematic assessment across a sample of MiFID firms, considering the approach taken by Boards and Senior Management, to foster and embed an effective conduct-focused culture.

DORA will have a significant effect on enhancing the operational resilience of digital systems. By soliciting public input through this consultation process, the European Supervisory Authorities aim to ensure that the resulting technical standards align with industry best practices promote digital resilience and facilitate a robust and secure digital environment across the EU.

The European Financial Reporting Advisory Group (“EFRAG”) submitted to the European Commission its technical advice on the first set (“set 1”) of draft European Sustainability Reporting Standards (“ESRSs”) on the 22 November 2022. This included 2 “cross cutting” ESRSs (General Requirements and General Disclosures) and 10 “topical” standards across Environmental, Social and Governance topics.

Why the ECB and EIOPA Are Exploring Actions to Reduce the Climate Insurance Protection Gap

Creating and implementing watertight Know Your Customer (KYC) procedures can be problematic for many organisations since the process remains a people-driven, manual operation.

With our finger on the pulse of this ever-evolving industry, we provide intermediaries with practical, cost-effective solutions to address your business needs, from outsourcing, assistance in navigating regulatory landscape developments and their impacts, statutory reporting requirements, to support with mergers and acquisitions.

Following stakeholder consultation, the Central Bank of Ireland (CBI) has published ‘Guidance for (Re)Insurance Undertakings on Climate Change Risk’. The following are the key areas outlined for re(insurers) to integrate climate change risk: Appropriate Governance, Materiality Assessment, Scenario Analysis, Strategy & Business Model, Risk Appetite & Risk Management and Reporting.

The Corporate Sustainability Reporting Directive (“CSRD”) introduces detailed reporting requirements on companies’ impact on the environment, human rights and social standards.

Following enactment of the Central Bank (Individual Accountability Framework) Act 2023 on 9 March 2023, the Central Bank of Ireland (“CBI”) has launched a three-month consultation on key aspects of the implementation of the Individual Accountability Framework (IAF), including the publication of draft regulations and guidance.

The Central Bank of Ireland has reminded firms of their obligations to align the governance and oversight of MGA arrangements with the outsourcing requirements set out in Solvency II for Critical or Important Functions or Activities.

The Digital Services Act (DSA) is a proposed piece of legislation by the European Union that aims to modernize and harmonize the rules governing digital services across the EU.

The Central Bank of Ireland (“CBI”) set out their findings and expectations for Payment and E-Money firms in its “Dear CEO” letter published January 20, 2023. Rather than issuance of specific additional or “new” expectations, it is a re-affirmation of the out regulatory expectations of authorised Payment and E-Money institutions already set out in the December 2021 letter in the same vein. A year on from that letter, it is clear that the CBI believes the industry has a lot more to do.

The Central Bank of Ireland introduced pre-emptive recovery planning requirements in 2021 and all (re)insurance undertakings have been required to have a recovery plan in place since 31 March 2022. Following submission of the first set of recovery plans by High and Medium-High Impact firms, the Central Bank carried out a thematic review and the main observations were communicated to firms.

In May 2022 the European Commission issued a public consultation to gather evidence for its review of the second EU Payment Services Directive (2015/2366), and to inform its continuing work on open finance. The consultation forms part of the Digital Finance Strategy and the Retail Payments Strategy which aims to conduct a comprehensive review of the application and impact of PSD2 to assess whether legislation remains fit for purpose.

This article is a continuation of a series from Grant Thornton Financial Services Advisory that focuses on key aspects of the Individual Accountability Framework (“IAF”). In this article, we discuss the recently released Regulatory Impact Analysis (“RIA”) conducted by the Department of Finance (the “Department”) on the IAF.

Final guidelines on common procedures and methodologies for the supervisory review and evaluation process for investment firms, along with final draft Regulatory Technical Standards on Pillar 2 add-ons for investment firms are published.