In case readers missed our news item in our weekly Round Up last week ,we reported that the Irish Central Bank (CBI ) has  updated its sanctions webpage with an infographic and financial sanctions FAQs . We were locating a link for readers to EU guidance on ownership and control referenced in the FAQs. This is now linked below. The CBI FAQs includes a question on whether sanctions only apply to those on the sanctions lists? In the answer CBI says that where you identify that a sanctioned individual or entity owns or controls the individual/entity with whom you are transacting, you should fully assess the impact of this ownership or control. When conducting this assessment, you should refer to the EU Commission’s guidance on ownership and control. This guidance on ownership/control can be found in EU Best Practices which was updated in 2022. This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages. Chartered Accountants Ireland can accept no responsibility for the content on any site that is linked to/from the Institute website. Links are provided in good faith for the potential support of members and students.  

Readers may be aware that the Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (the No. 17 Regulations ) were recently passed in the UK bringing into effect further prohibitions  from 16 December 2022 including a ban on auditing services which was announced in September 2022. “Auditing services “is defined and means services consisting of examination of the accounting records and other supporting evidence of an organisation for the purpose of expressing an opinion as to (a) whether financial statements of the organisation present fairly its position as at a given date, and (b) the results of its operations for the period ending on that date, in accordance with generally accepted accounting principles. Readers should note that the No. 17 Regulations bring further changes into effect including a prohibition on the provision of trust services and they also contain certain exemptions from the prohibitions contained in the No.17 Regulations (see section 60DA(3) in relation to auditing services) . This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages. Chartered Accountants Ireland can accept no responsibility for the content on any site that is linked to/from the Institute website. Links are provided in good faith for the potential support of members and students.  

The Financial Reporting Council (FRC) has reached a significant milestone in the periodic review of its financial reporting standards with the release of FRED 82 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs. This Financial Reporting Exposure Draft (FRED) forms part of the periodic review of the standards which happens approximately every five years. The FRED is now open to consultation and comments are requested by the FRC by 30 April 2023. In March 2021, the FRC commenced the periodic review with a request for views from stakeholders. The Institute's Financial Reporting Technical Committee responded to this request with some recommendations. Some of the key points to note from the FRED are; The draft proposals include significant changes to how leases are accounted for and proposes a model similar to that of IFRS 16 Leases  and will result in many leases which were previously expensed as operating leases now being classified as "right of use assets" within fixed assets. However, given the wide range of users of FRS 102 financial statements, there are simplifications proposed which are aimed at ensuring that these accounting requirements are proportionate and cost effective to apply. There are also some proposed exemptions from the rules for some assets.  The draft proposals include a new model of revenue recognition in FRS 102 and FRS 105. This is based on the principles of IFRS 15 Revenue from Contracts with Customers and the five step model included in this standard. This aims to ensure that there will be more consistency in the reporting of Revenue and that the process for revenue recognition is clearer. The FRC have decided to defer its conclusion as to whether to align FRS 102 with the expected credit loss model of financial asset impairment in IFRS 9 Financial Instruments, but have indicated that they may revisit this when the IASB's IFRS for SMEs Accounting Standard goes through its periodic review process. The proposed effective date for the amendments is accounting periods beginning on or after 1 January 2025, with an option for early adoption. Along with the FRED, the FRC have also released some supporting documents including; FRED 82- at a glance FRED 82- Impact assessment Q&A A podcast providing an overview of the changes

Welcome to this week’s Technical Roundup. In developments this week, the Central Bank of Ireland has recently updated its sanctions webpage with an infographic and financial sanctions FAQs about which you can read more including a question on whether sanctions only apply to those on the sanctions lists; the European Banking Authority (EBA) recently published its roadmap on sustainable finance which outlines its workplan on sustainable finance and Environment, Social and Governance (ESG) risks. Read more on these and other developments that may be of interest to members below. Auditing The Institute has responded to the consultation on ISA(Ireland) 600 Group audits. The FRC has launched its Audit & Assurance Sandbox, a collaborative space for approaching issues facing the audit and assurance industry, to support high quality audit and assurance work. The International Auditing and Assurance Standards Board (IAASB) has published a new fact sheet on the interactions between International Standard on Audit (ISA) 220 (Revised), which addresses quality management at the engagement level, and ISA 600 on group audits. The fact sheet highlights aspects of a group audit that may be affected by ISA 220 (Revised) and International Standard on Quality Management 1 addressing quality management at the firm level. IFAC have released an implementation tool for auditors on risk of material misstatement.  Financial Reporting The FRC has issued Draft amendments to FRS 102 The Financial reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review. FRED 82 proposes a number of changes resulting from the second periodic review of FRS 102 and other Financial Reporting Standards. The proposals include: a new model of revenue recognition in FRS 102 and FRS 105; a new model of lease accounting in FRS 102; and various other incremental improvements and clarifications. The FRED is accompanied by a consultation stage impact assessment. The FRC’s ‘What makes a Good Annual Report and Accounts’ sets out the attributes for a high-quality Annual Report and Accounts (ARA). IAASA has published its revised policy paper Publication of information regarding IAASA’s financial reporting supervision activities. This paper sets out IAASA’s policies on publication as well as the nature and extent of information to be published relating to the outcomes of its financial reporting supervision activities.  The International Accounting Standards Board (IASB) has released a webcast showing some of the main changes included in the recently released Exposure Draft on the Third edition of the IFRS for SMEs Accounting Standard. The IASB has also shared a presentation on the same topic from the World Standard Setters Conference, which was held in September. The IFRS Interpretations Committee (IFRIC) has released its November 2022 update. In his address to delegates at the 2022 EFRAG Conference entitled “Where is Corporate Reporting Going?”, Andreas Barckow, Chair of the IASB, spoke about the IASB’s relationship with EFRAG over the years as it celebrates its 21st anniversary. The UK Endorsement Board has adopted three narrow-scope amendments on 30 November 2022. These were published by the IASB in 2021 and have an effective date of 1 January 2023. The narrow-scope amendments relate to; Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and to IFRS Practice Statement 2 Making Materiality Judgements). Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors). Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes). The UK Endorsement Board has approved and published its Due Process Handbook. The FRC has issued FRED 81 FRS 101 Reduced Disclosure Framework 2022/23 cycle. This proposes no changes to FRS 101 in the annual review. Comments are requested by the FRC up to 28 February 2023. The FRC Lab has released its last quarterly newsletter for 2022. This issue focuses on the year-end and the annual report season, and highlights some of our work that may assist preparers in meeting the challenges ahead. The European Financial Reporting Advisory Group (EFRAG) have issued their November 2022 update. Insolvency Readers may know that for various reasons set out in the Companies Act 2014 (section 842), a court may disqualify a director. The Corporate Enforcement Authority is one entity which can initiate the procedure by way of a notice under S850. Also, the Authority can apply (under S820) for a declaration for restriction of a director.  The Minister of State at the Department of Enterprise, Trade and Employment, has recently issued new regulations effective from 9 December 2022, the Companies Act 2014 (Disqualification and Restriction Undertakings) Regulations 2022 and please click here for a useful summary from the Corporate Enforcement Authority on the purpose of the new regulations. Sustainability The European Banking Authority (EBA) recently published its roadmap on sustainable finance which outlines its workplan on sustainable finance and Environment, Social and Governance (ESG) risks. The EBA says that the roadmap explains its sequenced and comprehensive approach over the next three years to integrate ESG risks considerations in the banking framework and support the EU’s efforts to achieve the transition to a more sustainable economy. Please also click here for further information on the relevant EBA webpage and an interesting infographic on the key objectives of the roadmap. In its Joint Statement on the Corporate Sustainability Due Diligence Directive (CSDDD), Accountancy Europe has expressed its overall support for the CSDDD and have called on the EU co-legislators to strengthen certain provisions in the Directive. The International Sustainability Standards Board (ISSB) made some announcements following its meeting this week. These include an agreement on how to describe sustainability and its relationship to financial value creation, addressing natural ecosystems as it relates to climate, and the decision to consider the work of the Taskforce on Nature-related Financial Disclosures (TNFD) and other existing nature-related standards and disclosures where they relate to the information needs of investors. While initially focused on setting rules on climate-related disclosures such as carbon emissions, the ISSB said that it will create rules relating to natural ecosystems after these are published. Find out more here. Other news Law Reform Commission publishes consultation paper on liability of clubs, societies and other unincorporated associations. Submissions are invited from all interested parties on the Commission's Consultation Paper on Liability of Clubs, Societies and other Unincorporated Associations. The Financial Conduct Authority in the UK has published a document (which is not FCA guidance) containing insights from the 2021 Cyber Coordination groups.(CCGs).   You can read more on the CCG forums on this FCA webpage  and while the matters were discussed at forums in 2021 they may be of interest in highlighting  the cyber risk landscape, as well as emerging cyber risks discussed. The FCA also announced this week that it has established a new advisory committee to the FCA’s Board to work on Environmental, Social and Governance (ESG) issues. Click here to read more details and here for the committee’s terms of reference .  The Pensions Authority has published its Engagement and audit findings report for 2022. The purpose of this report is to share observations on the key findings identified during the Authority’s engagement and audit activity in 2022 which included face to face meetings with a number of larger DC and DB schemes. It is expected that all trustee boards and their advisers will consider these findings and evaluate their own practices to establish if any improvements are required. The report is available here. The Pensions Authority also brings news this week of the European Insurance and Occupational Pensions Authority (EIOPA) conclusion of its fourth European-wide stress test of IORPs (pension schemes). The 2022 exercise assessed the resilience of participating IORPs against a climate change scenario, representing the first climate stress test for IORPs in the European Economic Area. Details of the 2022 report is available here on the EIOPA website. The Irish Central Bank (CBI ) has recently updated its sanctions webpage with an infographic and financial sanctions FAQs about which you can read more here including a question on whether sanctions only apply to those on the sanctions lists? In the answer CBI says that where you identify that a sanctioned individual or entity owns or controls the individual/entity with whom you are transacting, you should fully assess the impact of this ownership or control. When conducting this assessment, you should refer to the EU Commission’s guidance on ownership and control. This guidance on ownership/control can be found in EU Best Practices which was updated in 2022. As previously advised, access to the Central Register of Beneficial Ownership for Companies (RBO) in Ireland was suspended for general access following a recent judgment by the European Court of Justice. The case found that the provision of the directives, whereby information on the beneficial ownership of companies incorporated within the territory of the Member States is accessible in all cases to any member of the general public, was invalid. The RBO has now been updated to allow restricted access to search the register to Designated Persons and Competent Authorities only, with very limited information being available to other parties. Further information and details on how to register as a designated person is available here. The Dept of Enterprise Trade and Employment last week issued its monthly enterprise newsletter. While many of the topics have already been brought to readers  of this bulletin click here to access the newsletter which contains information on topics such as the new entitlement to paid sick leave from 2023 , the Temporary Business Energy Support Scheme and Skills for Better Business - a new resource for SMEs. The Institute’s Professional Standards Dept (PSD) has issued its latest regulatory bulletin which you can access here. Readers attention is drawn in particular to the item on the Register of Overseas Entities (ROEs) in the UK. A critical element of the ROE regime is the requirement to verify, independently, elements such as the exercise of control. PSD warns that firms should carefully consider whether they should provide this verification work. Firms are reminded that the work required for verification under the ROE is not the same as the risk-based approach to client due diligence under the Money Laundering Regulations and PSD reminds firms that they should familiarise themselves with the differences. The bulletin also gives a link to an alert on the subject from the Accountancy AML Supervisors’ Group (AASG)  . For further technical information and updates please visit the Technical Hub on the Institute website. 

Welcome to this week’s Technical Roundup. In developments this week, the European Financial Reporting Advisory Group have issued reports about feedback received from participants during three roundtables held on the International Accounting Standards Board’s tentative decisions to change the Exposure Draft General Presentation and Disclosures; the UK Financial Intelligence Unit, part of the National Crime Agency, has issued its latest Suspicious Activity Reports (SARs) Reporter Booklet highlighting how law enforcement agencies are utilising SAR intelligence to initiate investigations and inform new ones. Read more on these and other developments that may be of interest to members below. Auditing The FRC has published a policy paper that outlines the regulator’s approach to competition in the audit market.    The paper sets out the need for a market that consistently delivers high quality audit and is resilient. It makes clear the need for the package of measures proposed by the Government in its response to the consultation on Restoring Trust in Audit and Corporate Governance.  It also looks at recent developments in the market that suggest that increased competition and choice has more recently tailed off, and that more entities tendering for an auditor are struggling to identify firms willing to bid. The top four audit firms still dominate the market, resulting in limited choices for businesses and ongoing concerns about resilience.  The paper sets out how the FRC is seeking to progress the Government's seven competition policy proposals, and how it proposes to deliver on the operational objective for ARGA to promote effective competition in the market for statutory audit.  The FRC has already started to address issues in the market through measures such as operational separation and its recently published draft standard for audit committees. However, legislation is needed to make a significant difference by providing ARGA the powers to implement all seven proposals.   Financial Reporting The European Financial Reporting Advisory Group (EFRAG) have issued reports about feedback received from participants during three roundtables held on the International Accounting Standards Board’s (IASB) tentative decisions to change the Exposure Draft General Presentation and Disclosures. The purpose of these roundtables is to assess whether some of the tentative decisions made by the IASB will function as intended and achieve an appropriate balance of cost and benefit. The IASB has voted to retain an impairment-only approach for goodwill accounting. The IASB will next consider whether to publish these proposals in an exposure draft. The IASB has proposed accelerated narrow-scope amendments  to IAS 12 Income Taxes. This proposes a temporary exception from accounting for deferred taxes arising from the OECD Pillar Two model rules for domestic implementation of a 15% global minimum rate of corporate tax as well as targeted disclosure requirements for affected companies. The IASB expects to publish an exposure draft in January 2023 in relation to this. The IASB has issued its November 2022 update which highlights preliminary decisions made at its meeting on 22-24 November. IFAC has issued a new report with insights from its Professional Accountancy Organisation Development and Advisory Group. This discusses how professional accountancy organisations can act today to prepare their current and future members to seize opportunities in emerging trends. The trends discussed include sustainability-related reporting, anti-corruption efforts, sound public financial management and technological change Insolvency Earlier this week, the Institute held a webinar on SCARP - what we know so far on with guest speakers Des Gibney of McStay Luby and Hilary Larkin of Mazars. The webinar discussed the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. It explored some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. A recording of the webinar is available here. The UK Government has recently issued its Statutory Debt Repayment Plan Consultation response which received over 80 responses and raised significant challenges and concerns, relating to both the design of the statutory debt repayment plan (SDRP) and the timing of its implementation. The government has decided not to progress regulation at the moment and will base further decisions on the future of the SDRP on the outcomes of the government’s review of the personal insolvency framework, led by the Insolvency Service. You can read the government’s webpage information here and access the consultation response here. Anti-money laundering The UK FIU, part of the National Crime Agency has issued its latest Suspicious Activity Reports (SARs) Reporter Booklet highlighting how law enforcement agencies are utilising SAR intelligence to initiate investigations and inform new ones. The booklet contains case studies and gives a sanitised summary of feedback from law enforcement agencies on their use of SARs and includes pertinent information and updates from the UKFIU. You can access a copy of the booklet here . Sustainability The Council of the EU has given its final approval to the Corporate Sustainability Reporting Directive (CSRD). This will replace the current Non - Financial Reporting Directive (NFRD) when it is adopted. The CSRD will for the first time put financial and sustainability reporting on an equal footing and will require companies in scope to report on sustainability matters such as environmental rights, social rights, governance factors and human rights. These in scope companies will be required to disclose information on the impact on society and the environment connected with their own operations and with their value chain. Read more about it here. Accountancy Europe have also published a very informative FAQ document which gives a good overview of the directive. Crypto news The Deputy Governor of the Bank of England recently gave an interesting speech entitled “Reflections on DeFi [which is decentralised finance, an umbrella term for financial services on public blockchains], digital currencies and regulation”. In it he referenced the recent crypto turbulence. He said unbacked crypto assets are highly volatile, given that they have no intrinsic value. While crypto was born in unregulated space in recent years it has broadened to encompass a range of financial services. The experience of the past year has demonstrated that it is not a stable ecosystem and is very prone to the risks that regulation in the conventional financial sector is designed to avoid. He still advocates nonetheless to continue to bring these activities and entities within regulation to protect consumers and investors, protect financial stability and to foster innovation. Other parts of his speech reference several consultations next year and their work on the issuance by the Bank of England of a digitally native pound sterling. You can read the full speech here. Meanwhile the Chief Operating Officer and Executive Director of Authorisations of the UK Financial Conduct Authority (FCA) spoke recently on matters including crypto and its regulation.  At present, the FCA’s role is largely limited to making sure that crypto firms that want to register in the UK are abiding by anti-money laundering rules. She said that the FCA found that only 5% of Crypto applications received were of high quality and could demonstrate that they understood the Money Laundering Regulations (MLRs) and how they would meet these. A further 30% needed material extra work. The FCA engaged with the firms to address concerns about capability, business models and controls. Almost half were subsequently registered. The remaining 65% of applications were very poor, and none of the firms were registered. Many could not explain how the MLRs would be satisfied in the business model proposed – some of them even struggled to explain their business models. You can read her speech including the comments on the Crypto sector here. Other news Readers may be interested in the Irish Government’s recent agreement to extend the mandate of Local Enterprise Offices (LEOs). They can now go further in helping local job creation by allowing them to provide direct grants to businesses with more than 10 employees operating in the manufacturing and internationally traded services sectors. They are also putting in place the structures to enable a seamless transition from LEO to Enterprise Ireland. The press release says, “The strategy also commits Enterprise Ireland to working with the LEOs, to ensure that companies of all sizes are assisted on their development journey, maximising their growth and job creation potential”. You can read all the details here. Readers will know that the Irish Charities Regulator recently held its Charity Trustees Week (14-18 November 2022). There are a number of interesting webinar recordings now available on their website: “Money Laundering and Terrorist Financing”, “the Charites Governance Code in Practice “and “an Introduction to Classification”. Click here to go their webpage from where the webinars can be accessed. Access to the Registry of Beneficial Ownership for Companies (RBO) has been suspended following a recent judgment by the European Court of Justice. The RBO is working on providing access for designated persons. Please see more here.  Readers may find useful a new free data protection guide for NGOs which McCann FitzGerald LLP solicitors recently launched in association with Public Interest Law Alliance (PILA). The guide, which was developed by McCann FitzGerald’s data protection team, provides an overview of data protection law and its application to the charity / not-for-profit sector. You can read more about it and follow a link to download a copy of the guide on the PILA webpage here. Readers might be aware of a new Consumer Rights Act which was passed by the Irish government this year. It was commenced recently and you can find out more about it on the Competition and Consumer Protection Commission website. For further technical information and updates please visit the Technical Hub on the Institute website. 

Roundup 25 November 2022 Welcome to this week’s Technical Roundup. In developments this week, the European Financial Reporting Advisory Group has announced that it has delivered the first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission. These standards were approved at EFRAG’s meeting on 15 November. The International Sustainability Standards Board have issued their November 2022 update and this includes details of items discussed at their meeting in Frankfurt on 15-16 November. Read more on these and other developments that may be of interest to members below. Auditing IAASA has published its Work Programme for the period 2023 - 2025. IAASA has recently redefined its mission as upholding quality corporate reporting and an accountable profession.  The programme builds on IAASA’s work to date towards achieving that mission across its broad spectrum of activities. The strands of the work programme encompass regulation, promotion of high standards and maximising our impact, and the programme builds strategies around each of these strands and also around the enablers that support the strategies. Commenting on the programme, Chief Executive Kevin Prendergast expects that the Corporate Sustainability Reporting Directive is likely to permeate many aspects of the Authority’s work over the lifetime of the programme, but he is confident that the Authority can deliver on these challenges. The Financial Reporting Council (FRC) has today published a new report setting out examples of good practice to improve auditor scepticism and challenge. Financial Reporting The European Financial Reporting Advisory Group (EFRAG) has announced that it has delivered the first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission (EC). These standards were approved at EFRAG’s meeting on 15 November and will now be considered for adoption by the EC. The ISSB have issued their November 2022 update. This includes details of items discussed at their meeting in Frankfurt on 15-16 November. This update is also available via podcast. The Financial Reporting Council (FRC) have issued amendments to the application guidance to FRS 100. These amendments were consulted on earlier this year, via FRED 80. The amendments to the application guidance to FRS 100 provide guidance on how Irish intermediate parents with a UK parent can assess equivalence of consolidated financial statements when applying section 300 of the Companies Act 2014. Similarly, the amendments provide application guidance on equivalence when applying section 401 of the Companies Act 2006 in the UK. The FRC has published its “Review of Stewardship Reporting”. This report, which looks at the quality of stewardship reporting in 2022 and expectations for 2023 found improvements in multiple areas when compared to 2021. Insolvency A reminder that the Institute is hosting a webinar on SCARP – what we know so far now scheduled for Thursday, 1 December 2022 at 10am. Des Gibney of McStay Luby and Hilary Larkin of Mazars along with Laura-Michelle Moore from Chartered Accountants Ireland will discuss the SCARP process, how to prepare for it, what to look out for and key matters to be aware of when considering it. We will explore some practical issues including how SCARP is working in practice, dealing with creditors and what your balance sheet may look like before entering the process versus afterwards. This is a free event and open to all to attend. Sustainability EFRAG has submitted the first set of draft European Sustainability Reporting Standards (ESRS) to the European Commission in its role as technical adviser to the European Commission. This first set, approved by the EFRAG Sustainability Reporting Board, supported by the EFRAG SR Technical Expert Group, takes into consideration the input from the public consultation on the draft ESRS Exposure Drafts.  See EFRAG's advice package here which includes the ESRSs, and appendices with a TCFD-EFRAG comparative analysis, a comparison of ESRS to IFRS Sustainability Reporting Standards  and final CSRD requirements for ESRS. Accountancy Europe has published some FAQs showing some of the key changes that the Corporate Sustainability Reporting Directive (CSRD) will bring. The Financial Conduct Authority in the UK has announced the formation of a group to develop a Code of Conduct for Environmental Social and Governance (ESG) data and ratings providers. It refers to the increasing reliance on third party ESG data and ratings services by financial services firms as they integrate ESG into their activities and expand their ESG-focussed products. Click here to go to the FCA website to read the background and next steps. The Association for Financial Markets in Europe (AFME) in collaboration with EY, has recently published ‘ESG and the Role of Compliance’, which sets out observations on how compliance functions can support their firms in robustly and transparently managing the regulatory risks associated with Environmental, Societal and Governance (ESG). The landing page describes how the report covers seven themes around the topic of how compliance functions address ESG, including: strategy, organisation and coverage, compliance risk management framework, systems and capabilities, regulatory environment, data and key performance/key risk indicators. You can click here to access a copy of the report. Anti-money laundering/Sanctions Beneficial ownership registers The Court of Justice of the European Union (ECJ) recently held invalid the provisions of fourth (as amended by the fifth) Anti Money Laundering Directive which require information on the beneficial ownership of corporate and other legal entities incorporated within the territory of Member States to be accessible in all cases to any member of the general public. You can read here the press release from the ECJ. Readers may be aware that in order to fulfil its obligations under the Directives Ireland in recent years has introduced a number of registers on which ownership details must be recorded. For example, the register of beneficial ownership of corporate entities, trusts register, register of certain financial vehicles and very recently the register of safe deposit boxes bank and payment accounts .These registers do not give public access to all the information .For example the register of beneficial ownership of corporate entities gives access to all information on the register to certain entities such as law enforcement but restricted access to others .It remains to be seen what effect the ECJ ruling will have on registers already put in place by member states . Central Bank (CBI) The Deputy Governor delivered a speech recently, entitled “Breaking new ground: regulating for emerging risks “at the Annual Irish Funds UK Symposium. She spoke about a number of areas of interest in the sector including sustainable finance and digital assets. On ESG CBI is concerned about the risks to regulated firms’ sound functioning, and more broadly to financial stability and to ensure that investors are fully informed and not misled. On digital assets she said there are many black boxes and clearly not all of them are fully understood.  She said this asset class has done real harm to retail investors in the last year and the digital assets ecosystem is not a suitable or safe space for retail investors. You can read the full contents of her speech here. Other news Companies House in the UK has published a useful article on filing accounts and are encouraging users to file early and file online. Accountancy Europe has published a paper which explores the different corporate governance systems based on a survey of 17 European countries. It identifies significant differences in national legislation and practice to lay the groundwork for EU sustainable corporate governance initiatives to be well integrated into the national corporate structures. New rules have been introduced from 1 December 2022 as to how employers will have to share tips, gratuities and service charges amongst employees. It will also be illegal for employers to use these to form part of the basic wages. Please click here to read some useful information from the Workplace Relations Commission website on key features such as what is a “tip or gratuity” ,what is a mandatory service charge and what happens if an employee is not satisfied with the way tips and gratuities are distributed. The National Cyber Security centre in the UK has issued some good advice on how to stay secure online. Please click here for some tips on keeping your e mail secure, two actions to instantly help to protect-a strong and different password and turning on 2-Step Verification. There are also some other tips for other ways to stay secure online and keep your devices safe. For further technical information and updates please visit the Technical Hub on the Institute website.