Issue 3 - September 2021
The European Securities and Markets Authority (‘ESMA’) published final guidelines on the MiFID II compliance function.
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.
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 Central Bank of Ireland has published its September Insurance Newsletter which includes a wide range of topics.
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.
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.
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:
Open consultations and surveys
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.
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.
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.