Welcome to Issue 10 of the Grant Thornton FS Download. This issue summarises the current hot topics across the Financial Services sector in Ireland.

Financial Services

Asset Management Matters - Technology Trends in the Asset Management industry

Julieanne Nolan, Director Financial Services Audit speaks with Brian Lehane, Managing Director Fund Recs and Patrick Horgan CEO and Co-Founder, Valid8Me on Technology Trends in the Asset Management industry.

The Individual Accountability Framework

Grant Thornton understands that the implementation of IAF will be a significant transformation project for all regulated firms in Ireland.

Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022

Central Bank announced a new Consumer Protection Act, with the expectation of compliance now passed, as of August 16th.

Sustainable Finance Disclosures Regulation (SFDR) - Practical Issues

Sustainable Finance Disclosures Regulation (SFDR) regulatory deadlines fast approaching.

Scope Emissions Prediction Model Linear Models vs Machine Learning Approach

How Grant Thornton can help you to estimate scope emissions for companies that do not report these metrics and incorporate these into banks’ Climate & Risk Quantification framework.

Countercyclical Capital Buffer Rate Announcement

The Central Bank of Ireland has announced that the countercyclical capital buffer (CCyB) rate on Irish exposures is to be maintained at 0.5 per cent.

Final guidelines on common procedures and methodologies for the SREP for investment firms

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.

The Individual Accountability Framework – release of the Department of Finance’s Regulatory Impact Analysis

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”).

PSD 3 Review and Consultation

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.


ATAD III Update: European Parliament publishes further proposed amendments

In December 2021, the European Commission (EC) published its proposal for Anti-Tax Avoidance Directive III (ATAD III) which aims to discourage the misuse of shell companies within the EU.

Transfer Pricing Correlative Adjustments

The Irish Revenue (“Revenue”) published updates to their tax and duty manual (“TDM”) containing guidelines for correlative adjustment (“CA”) claims under Ireland’s double tax treaty network. Here is a summary of the Revenue guidelines.

DAC8 is still coming, but not quite as close

The European Commission recently issued a proposal to amend the Directive on Administrative Cooperation (DAC) in the form of DAC8. The proposal extends the reporting obligations under the Directive to cover income or revenue streams generated from crypto-assets.

Digital Risk

The cost of cybercrime 2022

Irish Cybercrime expected to exceed €10 Billion in 2022