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While self-sovereign identity sounds like an unfamiliar concept for some, others are actively leveraging the technology to address industry-specific challenges – take the KYC trial of the Financial Conduct Authority or the IATA Travel Pass.
Central Bank of Ireland – Enforcement action against Irish management company concerning governance and advertent investment restriction breaches
On 27 September, 2021, the Central Bank of Ireland, in accordance with its administrative sanctions procedure, reprimanded and fined an Irish domiciled UCITS management company in the amount of EUR385,000 in respect of four admitted breaches of investment funds regulations, including advertent investment restriction breaches and breaches related to oversight of delegates and governa
On 23 September 2021, the UK Government’s GBP10 billion inaugural green gilt (bond) was listed on the Sustainable Bond Market of the London Stock Exchange (LSE). In addition to being the largest sovereign green bond to list on the LSE, it is also the largest inaugural sovereign issuance to date.
The market for Non-Fungible Tokens (NFTs) has boomed over the past year. Businesses and asset owners have been creating and selling NFTs representing a range of assets, whether digital or physical, including internet memes, digital images, event tickets and memorabilia.
This article sets out some of the key legal risks to be aware of for those thinking of investing in NFTs.
Irish Fitness and Probity Update: Proposed amendments to the List of Pre-approval Controlled Functions
Section 22 of the Central Bank Reform Act 2010 enables the Central Bank of Ireland to prescribe by regulation certain pre-approval controlled functions as part of its fitness and probity regime. On 22 September, 2021, the Central Bank issued a notice of intention to amend the list of PCFs applicable to all Irish Regulated Financial Service Providers, other than credit unions, in light of its recent supervisory experience of the use of a number of current PCF roles and in view of the changing structure of, and landscape surrounding, the Irish financial services industry.
New Levy Methodology for Payment Institutions and E-Money Institutions, and the Relevance of AML/CFT Considerations
The Central Bank of Ireland has a statutory power to impose levies on regulated financial services providers. The purpose of the levy is to fund the relevant proportion of the cost of regulating RFSPs. The method of calculating a RFSP’s annual levy varies depending on the industry funding category within which the RFSP falls.
On 15 September 2021, the Financial Conduct Authority published a new strategy which is designed to ensure UK consumers can invest with confidence by understanding the risks they are taking and what the regulatory protections apply.
On 10 September 2021, the Central Bank issued the 33rd edition of the Central Bank UCITS Q&A, and the 41st Edition of the AIFMD Q&A (Revised Q&A).
We summarise the key changes.