Welcome to Issue 3 of the Grant Thornton FS Download. This issue summarises the current hot topics across the Financial Services sector in Ireland.


Guidelines on certain aspects of the MiFID II compliance function requirements

The European Securities and Markets Authority (‘ESMA’) published final guidelines on the MiFID II compliance function.

ECB pushing for faster incorporation of climate and environmental risks by banks

In the latest in our series of ESG publications, we take a look at the ECB’s preliminary views on the steps Banks are taking to address climate and environmental (C&E) risks.

Internal Governance: what to expect under the IFR & IFD?

The Investment Firms Regulation EU 2019/2033 (IFR) and Investment Firms Directive EU 2019/2034 (IFD) establishes a tailored prudential framework for investment firms. 


Central Bank of Ireland (CBI) Insurance Update

The Central Bank of Ireland has published its September Insurance Newsletter which includes a wide range of topics. 

IFRS 17 Insurance Contracts – IASB proposes narrow-scope amendment

The IASB issued an Exposure Draft (ED) on 28 July 2021 on a proposed narrow-scope amendment to IFRS 17 to permit a classification overlay for financial assets in the comparative period if certain conditions are met.

New Garda Insurance Fraud Unit

The government is due to announce the creation of a Garda Insurance Fraud Unit within the Garda National Economic Crime Bureau. The creation of the unit is a welcome new deterrent to anyone considering making a fictitious or exaggerated claim.

The unit will investigate reports of suspected fraud from insurance policyholders themselves, as well as cases referred by insurers. Insurance policyholders who suspect they are the victim of a fraudulent claim will be able to bypass their insurer and report their suspicions directly to the Gardaí. Insurance holders always had the option to report concerns about fraudulent claims to Gardaí, however, the new unit will bring a dedicated focus to this area.


Global Insurance Supervision conference

The Global Insurance Supervision conference took place virtually this year on 13-15 September 2021.

The theme of the conference was the Insurance Sector in the aftermath of the Covid-19 pandemic with three main discussion topics:

  • The Insurance Sector in a Digital Post-Pandemic World
  • The Future of Global Insurance Regulation
  • The Impact of the Pandemic on Protection Gaps


European Insurance and Occupational Pensions Authority (EIOPA)

Open consultations and surveys

  • Non-Life Underwriting Risk Comparative Study in Internal Models: Deadline 1/10/2021
  • Consultation on the amendments of supervisory reporting and public disclosure documents: Deadline 17/10/2021
  • Consultation on Supervisory Statement on supervision of run-off undertakings: Deadline 17/10/2021
  • Consultation on the revision of the Guidelines on Contract Boundaries: Deadline 12/11/2021
  • Consultation on the revision of the Guidelines on Valuation of Technical Provisions: Deadline 12/11/2021


Proposal for a Corporate Sustainability Reporting Directive

The European Commission’s proposal for a Corporate Sustainable Reporting Directive (CSRD) (2021/0104) was published on April 21st 2021, as part of an updated sustainable finance strategy.

UK’s BoE Review of ESG impacts on Banks and Insurers

While 2021 has seen a sharp and increasing global focus on climate change, the wider topic of sustainability and the integration of sustainability-related risks is also high on the regulatory agenda for banks and insurers.

ESG - Climate and Environmental Risks

The European Central Bank (ECB) is beginning to provide tangible guidance to financial institutions as to how climate change and environmental risks should be managed within an organisation.