Financial services newsletter - Issue 2

In this edition, we explore the implications of the Corporate Sustainability Reporting Directive (CSRD) for firms across the industry. As the review of the Consumer Protection Code gains momentum, we also examine the Insurance Consumer Protection and Regulation Authority (CPRA) review, highlighting its potential impact on all regulated entities.

With the Markets in Crypto-Assets Regulation (MiCAR) coming into effect across Europe, we address the Central Bank of Ireland's (CBI) expectations and guidance for new applications, as well as for those currently registered as Virtual Asset Service Providers (VASPs) transitioning to fully regulated Crypto-Asset Service Providers (CASPs).

In the insurance sector, the CBI has updated its application guidance, while at the European level, the European Insurance and Occupational Pensions Authority (EIOPA) has issued an opinion on captive insurance. This includes a focus on governance and inter-group cash pooling to ensure a consistent approach across the EU.

The implementation of the Investment Firms Directive/Investment Firms Regulation (IFD/IFR) in 2021 established new capital and risk management requirements for certain asset management firms, moving towards a more risk-based framework compared to the banking-focused Capital Requirements Directive/Capital Requirements Regulation (CRD/CRR). It is encouraging to see the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) seeking industry feedback on potential improvements to the IFD/IFR framework.

But first, we reflect on the past five years since the CBI Tracker Mortgage Review and consider its influence on the evolving regulatory landscape.