Welcome to Issue 9 of the Grant Thornton FS Download. This issue summarises the current hot topics across the Financial Services sector in Ireland.

Asset Management Conference 2022 

Join us at the Grant Thornton Asset Management Conference taking place on the 11th of October 2022 from 8.15am - 1:00pm at The National Gallery of Ireland.

This year’s event will include insights from a range of industry and international experts focusing on the future of Asset Management. The agenda will include a thought-provoking keynote, updates from industry leaders as well as panel discussions covering topics such as Crypto assets and Alternative assets.

Financial Services 

Central Bank of Ireland launches consultation on climate change risk guidance for the insurance sector

The Central Bank published a public consultation on the 3rd August 2022 on proposals to introduce guidance on climate change risks for the insurance sector: Consultation Paper No 151 Guidance for (Re)Insurance Undertakings on Climate Change Risk. 


The integration of sustainability factors into the product governance obligations for Investment Firms

In March 2018, the European Commission published its Action Plan ‘Financing Sustainable Growth’, setting up an ambitious and comprehensive strategy on sustainable finance. 

Fitness and Probity Interviews 

Under the fitness and probity (‘F&P’) regime the Central Bank of Ireland (the ‘Central Bank’) assesses the suitability (the fitness and probity) of individuals put forward for a number of senior roles in regulated firms (referred to as pre-approval controlled functions or ‘PCFs’). 

Naomi Daly; INED to Irish Funds entities, reflects on current regulatory and Governance topics in our recent Asset Management Matters podcast.


DAC8 is coming

In recent years, there has been a global movement towards increased tax transparency, particularly following a number of high profile financial crises and scandals. 

DEBRA – Debt-Equity Bias Reduction Allowance

The European Commission recently published a proposal for a new EU Directive creating a debt-equity bias reduction allowance (‘DEBRA’) and further limitation of the deductibility of interest for corporate tax purposes. This initiative is part of the “EU strategy on business taxation”. It is also one of the actions the Commission has suggested to help businesses impacted by the Covid pandemic.

Commission on Taxation and Welfare Report 2022

The Commission’s Report published on 14 September, runs to 547 pages. The Report is about the medium and longer-term needs of the Irish economy, and the Commission ‘has sought to look through the present inflationary difficulties and to take a longer-term perspective’. The proposals are not binding, are long-term focused and contain some emotive and controversial proposals especially in the area of capital taxes. 

Hot Topics