Welcome to the July 2023 edition of Legal News.
Here is a selection of our recent publications on subjects that may affect you or your business. For more information on any of the topics covered in this edition, please contact the people listed in the articles or your usual William Fry contact.
Central Bank remarks on the forthcoming implementation of MiCA
MiCA is expected to apply to issuers of stablecoins (Asset Referenced Tokens and E-Money Tokens) around July 2024 and to CASPs at the beginning of 2025. MiCA also provides for a potential transition phase of up to 18 months for CASPs already operating under applicable law in the relevant jurisdiction.
Age Matters – Significant increase in age discrimination complaints before the WRC
The Annual Report indicates a significant increase in the number of age discrimination complaints received by the WRC in 2022. The WRC received 514 complaints citing age as a ground for discrimination compared to 186 complaints received in 2021. This reflects a 176% increase.
Publication of the Central Bank’s Final Guidance for Irish (Re)Insurers on Climate Change Risk
The Central Bank of Ireland (CBI) has now published its finalised guidance on climate change risk for Irish (re)insurers. The guidance is designed to clarify the CBI’s expectations on how (re)insurers might address climate change risk in their business.
Court Judgment Addresses Use of CCTV Footage in Disciplinary Proceedings
The McVann judgment is notable for its detailed review of the collection, transmission and use of CCTV footage and corresponding GDPR obligations. The judgment provides a welcome reminder of the importance of signage and policies around the use of CCTV, as considered in the Doolin judgments.
Central Bank of Ireland’s Enhanced Fitness and Probity Enforcement Procedures
The Central Bank of Ireland has updated its procedures concerning fitness and probity investigations, suspensions, and prohibitions, as provided for in Part 3 of the Central Bank Reform Act 2010, to align with provisions of the Central Bank (Individual Accountability Framework) Act 2023.
Joint EU-UK Financial Regulatory Forum established under new Memorandum of Understanding
On 19 May 2023, the European Union and the United Kingdom published the long-awaited text of the Memorandum of Understanding establishing a structured framework for financial services regulatory cooperation in a post-Brexit environment.
An Era of Cryptocurrency Regulation across the Globe
MiCA has entered into force on 29 June 2023. However, the key crypto-assets provisions regarding e-money tokens and asset-referenced tokens will not apply until 30 June 2024. Following that date, further provisions regulating crypto-asset service providers will become applicable on 30 December 2024.
Update on Landmark Case Shaping Spectator Rights and Liability at Games
The Court of Appeal (COA) recently granted a consent order allowing the withdrawal of a case on sports spectator liability, even though a full appeal hearing had taken place. The plaintiff’s lawyers applied to withdraw the appeal just days before the COA was due to deliver its judgment.
Ineffective Scheme Wind-Up: A Cautionary Tale for Pension Trustees
This decision highlights the importance of following the necessary legal formalities in the process. In the current Irish pensions market, many employers are transitioning from group pension schemes to master trusts for future pension provision due to the governance and cost burden arising from IORP II compliance.