Insights

How Grant Thornton can help you to estimate scope emissions for companies that do not report these metrics and incorporate these into banks’ Climate & Risk Quantification framework.

The introduction of the Consumer Protection Act highlights the Central Bank’s continued focus on consumer protection, with the specific purpose of closing the consumer protection gap in respect of consumer-hire agreements, hire-purchase agreements, including personal contracts plans (PCPs), and other forms of indirect credit such as Buy Now, Pay Later.

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’).

The Central Bank published the Cross Industry Guidance on Operational Resilience in December 2021 expecting firms to be in a position to evidence compliance within two years. It has now issued an Operational Resilience Maturity Assessment to firms in all sectors to assess the level of preparedness in the financial services industry.

This is the first article from Grant Thornton in our series on the Central Bank of Ireland (Central Bank)’s recovery plan Requirements. This introductory article provides an overview of the key requirements of the legislation, the timelines involved and main topics included in your recovery plan.

How Grant Thornton can help you understand the challenges surrounding the implementation and validation of machine learning techniques in IRB models.

Effective from 1st August 2022, Commission Delegated Directive (EU) 2021/1270 (“new regulation”) requires all UCITS Management Companies (“UCITS Mancos”) to integrate sustainability risks into the management of UCITS.

European regulatory authorities have introduced new legislation, referred to as the Investment Firms Regulation EU 2019/2033 (‘IFR’) and Investment Firms Directive EU 2019/2034 (‘IFD’), which aims to establish a tailored prudential framework for investment firms.

The global economic crisis that resulted as a consequence of the pandemic has stressed the relevance of prioritising sustainability pillars within financial services.

The European Banking Authority (EBA) is implementing a new policy strategy regarding institutions’ Pillar 3 disclosures. The new Pillar 3 disclosures aims to promote transparency and enhance institutions’ management of Environmental, Social or Governance (ESG) risks. The EBA is encouraging institutions to foster an awareness of the important role ESG risks play in the transition to a greener economy.

On June 5th, the European Securities and Markets Authority (‘ESMA’) published final guidelines on the MiFID II compliance function. The revised Guidelines replace the ESMA guidelines on the same topic issued in 2012. Due to MiFID II reinforcing the existing MiFID I requirements relating to the compliance function, rather than introducing a completely different regime, ESMA has chosen to build upon the text of the 2012 guidelines rather than replace entirely.