Our first newsletter provides an overview of recent developments in the financial services sector. Key highlights include proposed revisions to the Consumer Protection Code aimed at strengthening consumer rights. The newsletter also covers the prominent introduction of the new Market in Crypto Asset Regulation (MiCAR).
The Central Bank of Ireland (CBI) has intensified its scrutiny of Payments Institutions and Electronic Money Institutions, acknowledging their rapid growth and associated risks. In banking, we discuss the EU’s integration of Basel III via the Capital Requirements Directive (CRD VI) and Capital Requirements Regulation (CRR 3), though the implementation of the Fundamental Review of the Trading Book (FRTB) has been delayed until January 2026. We also review the CBI's new measures addressing risks from the UK Gilt crises and their implications for GBP LDI investment funds.
In the insurance sector, EIOPA’s final report on greenwashing highlights the need for greater transparency and offers recommendations for the non-life and intermediary sectors. Retail Credit firms have been directed to end Discretionary Commission Arrangements through a ‘Dear CEO’ letter. Additionally, we celebrate the 10th anniversary of MiFID II, reflecting on its significant influence on financial markets over the past decade.
The Central Bank of Ireland (CBI) released its Flood Protection Gap Report on 14 October 2024, shedding light on the extent of Ireland's flood insurance coverage gaps. The report examines both the current and future risks posed by inadequate flood protection, which affects some homes and businesses across the country.
Under EU Regulation 2023/1114, Markets in Crypto Assets Regulation (MiCAR) issuers of asset-reference tokens (ARTs) and electronic money tokens (EMTs) must create a redemption plan to ensure orderly token redemption if a competent authority determines the issuer may fail to meet payment obligations.
Welcome to the second edition of our newsletter, where we cover some of the major developments across the financial services sector throughout the last quarter.
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