Factsheets

In line with the EU’s ‘Financing Sustainable Growth’ Action Plan 2018, the European Commission adopted a number of delegated acts which will impact (re)insurance undertakings and insurance distributors. These changes will apply from 2 August 2022.

This is the first article from Grant Thornton in our series on the Central Bank of Ireland (Central Bank)’s recovery plan Requirements. This introductory article provides an overview of the key requirements of the legislation, the timelines involved and main topics included in your recovery plan.

All regulated financial services providers (RFSPs) with a PRISM impact rating of medium-low or above should now be preparing to submit their first outsourcing register using a new online return. The first submission is due by 31 July 2022.

The quote ‘change is the only constant’ pre-dates Socrates, to the Greek Philosopher Heraclitus who said ‘you can never enter the same river twice’. This means, somewhere between 535BC and 475BC, we knew that change would be a challenge we would grapple with throughout the course of human existence. So why do organisations still find it so difficult to change?

European regulatory authorities have introduced new legislation, referred to as the Investment Firms Regulation EU 2019/2033 (‘IFR’) and Investment Firms Directive EU 2019/2034 (‘IFD’), which aims to establish a tailored prudential framework for investment firms.

The European Banking Authority (EBA) is implementing a new policy strategy regarding institutions’ Pillar 3 disclosures. The new Pillar 3 disclosures aims to promote transparency and enhance institutions’ management of Environmental, Social or Governance (ESG) risks. The EBA is encouraging institutions to foster an awareness of the important role ESG risks play in the transition to a greener economy.

Firms that are in scope of the AIFMD, UCITS and MiFID regimes need to become familiar with the changes that are applicable to their business activity and analyse how they will comply with the new obligations. Firms will need to review and update their existing business plan, systems and policies to incorporate the concept of sustainability into their daily operations.

European regulatory authorities have introduced new legislation, referred to as the Investment Firms Regulation EU 2019/2033 (‘IFR’) and Investment Firms Directive EU 2019/2034 (‘IFD’), which aims to establish a tailored prudential framework for investment firms. For most investment firms, they were required to comply with the Captial Requirements Regulation (CRR), which was originally designed for large and complex banks and trading institutions.

DORA is a draft regulation published by the European Commission in September 2020 and forms part of the European Commission’s wider Digital Finance Strategy to support the development of digital finance while mitigating associated risks

The European Commission has adopted a proposal for a revised Directive on Security of Network and Information Systems (NIS 2 Directive).

Read our latest factsheet about Data protection as a service

The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms. The new prudential regime applies to investment firms that not systemic by virtue of their size and interconnectedness within the wider financial system, i.e. primarily Class 2 type firms (see the classification criteria in our previous publication). Small and non‐interconnected investment firms may receive regulatory requirement exemption from the competent authorities.

We have outlined below some of the key considerations contained within the Free Trade agreement between the EU and the UK. The agreement allows for tariff free trade between the EU and UK and sets out a new trading relationship between both parties.

The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms. As outlined in our previous publication, the new prudential regime for investment firms applies to class 2 & firms primarily, which are not systemic by virtue of their size and their interconnectedness within the wider financial system.

Grant Thornton offers a timely, cost effective, managed iXBRL tagging service for company financial statements and tax returns. If the Irish Revenue or HRMC iXBRL tagging requirements apply to your company then our service could be the solution for you.

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