Welcome to this week’s Technical Roundup. In developments this week, the Irish Pensions Authority recently published information for trustees on the appointment of a service provider to carry out more than one key function and the Financial Reporting Council has published the revised ISA (UK) 600 (Revised September 2022) Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors). Read more on these and other developments that may be of interest to members below. Financial Reporting The UK Endorsement Board (UKEB) has published a report entitled “Subsequent Measurement of Goodwill: A Hybrid Model”. This report contributes to the ongoing international debate on the subsequent measurement of goodwill. The Financial Reporting Council Lab has published a report entitled “Structured Digital Reporting - Improving quality and usability”. This report identifies lessons learned from the first year of mandatory structured digital reporting. The FRC are holding a joint webinar with the Financial Conduct Authority (FCA) to discuss the regulators views on the first year of TCFD-aligned disclosures. The FRC has also published its thematic review of the accounting and reporting for business combinations. The European Financial Reporting Advisory Group (EFRAG) has published a discussion paper on Accounting for Variable Consideration from a Purchaser’s Perspective, and invites constituents to comment by 31 May 2023. IAASA has published a Consultation Paper on its proposed revised Policy Paper – Publication of information regarding IAASA’s financial reporting supervision activities. The International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 16 Leases, which add to requirements explaining how a company accounts for a sale and leaseback after the date of the transaction. These amendments will apply for periods beginning on or after 1 January 2024, with early adoption permitted. The IASB has issued its September 2022 update. The taskforce on Disclosures about Expected Credit Losses has published a report entitled “Recommendations on a comprehensive set of IFRS 9 Expected Credit Loss disclosures”. The guidance is aimed primarily at the biggest UK-headquartered banks and building societies but is also likely to be relevant to a much wider group of preparers. Auditing and Assurance Revisions to ISA (UK) 600 The FRC has published the revised ISA (UK) 600 (Revised September 2022) Special Considerations -Audits of Group Financial Statements (Including the Work of Component Auditors). IAASA has published its fourth video in a series designed to provide information on the Quality Management Standards in Ireland. This video provides an overview of International Standard on Quality Management 2 – Engagement Quality Reviews. Click here to access the video. Sustainability The IFRS Foundation staff has prepared the staff request for feedback on the draft of the IFRS Sustainability Disclosure Taxonomy. The document outlines staff recommendations reflecting the proposals in the two exposure drafts published by the International Sustainability Standards Board: [Draft] IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information; and [Draft] IFRS S2 Climate-related Disclosures. The European Securities and Market Authority (ESMA) has updated its sustainable finance implementation timeline with an interesting infographic. EFRAG is establishing Community Sector Groups across a number of sectors to allow a range of external stakeholders to provide their input in the development of sector specific draft European Sustainability Reporting Standards. Stakeholders with a direct interest in the sectors listed below can apply to join these groups via the EFRAG website. The groups being established cover the following sectors; Agriculture, Farming and Fishing Coal Mining & Mining Energy and Utilities Food and Beverages Motor Vehicles Oil and Gas Mid to Downstream & Oil and Gas Upstream Road Transport Textiles, Accessories, Jewellery and Footwear The International Sustainability Standards Board (ISSB) has issued its September 2022 update. Corporate Governance The Wates Principles have been widely adopted by large private companies and have become an important part of the UK’s corporate governance environment.  The FRC invites you to an event on 25 October that will explore benefits and opportunities the principles bring to individual companies and the good practice in corporate governance. Other The Irish Pensions Authority recently published information for trustees on the appointment of a service provider to carry out more than one key function. Read further information in their press release. The Authority reminds trustees that they must notify the Authority of any arrangement concerning the outsourcing of a key function within a certain timeframe and it also provides guidance on its website on how to notify the Authority of key function holder appointments. The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has this week published its Report on the distributed ledger technology pilot regime (DLT Pilot). The Central Bank is holding a conference on 2/3 November 2022 the theme of which will be Supporting the Economy, Delivering for the Consumer. Discussions will cover the challenges and opportunities facing the financial system, including climate change, consumer protection, innovation, disruption and regulation. There is a good line up of speakers already with more to be announced. Interested readers can go to the relevant webpage here for further information. Arbitration Ireland recently published “A Concise Guide to Arbitration in Dublin”. It describes the guide as providing the essentials for anyone participating in an arbitration in Dublin, from the basis of the arbitration agreement, the appointment of arbitrators, to the making, challenging and enforcement of the award. This text includes a synopsis of decisions under the Arbitration Act 2010, a summary of the Commercial Court in Ireland and considers the role of Ireland’s designated arbitration judge in addition to general guidance on Irish contract law. Interested readers can download their free copy by following this link. The Financial Conduct Authority in the UK has recently updated its page on Cryptoassets: AML / CTF regime. Click the link to access the page for further information. In the UK the government has recently introduced the Economic Crime and Corporate Transparency Bill  Click here to read the UK Government press release on the Bill  and click here for a government factsheet. According to an article on the Bill by Eversheds Sutherland the Bill builds on the Economic Crime (Transparency and Enforcement) Act 2022 which came into effect in the UK on 15 March 2022. The Bill proposes to expand the powers given to Companies House and to improve transparency over UK companies to better protect the UK economy and improve its reputation as a place of legitimate business. It also includes plans to expand the Serious Fraud Office’s  investigative powers. Also see here an article from Reynolds Porter Chamberlain LLP solicitors (RPC) on the provisions in the Bill to make it quicker and easier for law enforcement agencies, such as the National Crime Agency, to seize, freeze and recover cryptoassets used by criminals to launder the proceeds of crime. According to RPC the Bill is due to have its second reading in October and a number of amendments can be expected before the Bill is enacted. In its fifth episode of “The Fast Future with IFAC” Amy Bridges, Professional Development Manager at CPA.com offers an expert view of the market for client advisory services and a wide range of opportunities and challenges for Small and Medium Practitioners. The Department of Children, Equality, Disability, Integration and Youth has informed the Decision Support Service (DSS) that a ‘go-live’ date of 21 November 2022 has been selected for the full commencement of the Assisted Decision-Making (Capacity) Act 2015 (the 2015 Act). The DSS will provide further updates in advance of its commencement. For further technical information and updates please visit the Technical Hub on the Institute website.   

Insolvency practitioners in particular and other readers may find of interest the recent judgment of Butler J in the Irish High Court in the case of Bayview Hotel (Waterville) Limited (the “Company “) and the Companies Act 2014. The judgment can be accessed free of charge on the BAILII website by clicking the link to the judgment. There were two opposing groups of creditors of the Company. The petitioner applied for the Company to be wound up on grounds set out in the Companies Act, 2014 either of being unable to pay its debts (under section 569(1)(d)) or on the basis that the court is of the opinion that it is just and equitable to wind the Company up (under section 569(1) (e)). There was much dispute as to the business dealings of the two opposing groups and poor records of transactions and prior recollections were given little weight by the judge in the case. Some considerations which may be of interest in the case include: The position of a creditor who opposed the winding up petition to speak on behalf of the Company. This creditor was also a director of the Company. The judge said that this creditor personally had much to gain if the court were to accept the arguments that he now purports to advance on behalf of the Company. In the circumstances of board deadlock between rival interests and a dispute about ownership of shares it would not be in the interests of justice to allow one of the two competing factions to speak on the Company’s behalf. A review of the law as to whether or not the Company was able to pay its debts. The court set out the test for insolvency: is the Company able to pay its debts as they become due? On a review and application of the law to this case the judge was satisfied that the Company was unable to pay its debts within the meaning of S 569(1)(d) of the Companies Act, 2014. Winding up on the just and equitable ground. The court was satisfied that the company could be wound up because it was unable to pay its debts. Therefore, it was not necessary for the judge to give a decision on winding up on the just and equitable ground. However, she outlined her views which are obiter and persuasive only, in case the matter was taken further. She said that in the circumstances there has been a complete falling out between the parties, there was deadlock on the board of directors and there is no evidence that agreement could be reached on the voluntary sale of the hotel. The judge said she would be minded to also grant the petition to wind the Company up on the just and equitable ground. The judge also gave some consideration to the exercise of discretion by the court and made reference to some recent Irish caselaw in the matter. These pages are 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 Chartered Accountants Ireland in the preparation of these pages, we do not guarantee the accuracy or veracity of any statement, resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. Chartered Accountants Ireland 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.  

Welcome to this week’s Technical Roundup. In developments this week, the European Union has published a Commission Regulation endorsing the amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information. The amendments are effective on initial application of IFRS 17 and the UK Endorsement Board has published the findings of its first Annual Board Effectiveness Review. Read more on these and other developments that may be of interest to members below. Financial Reporting EFRAG, the European Financial Reporting Advisory Group, has released its Annual Review for 2021 which highlights the main achievements of the organisation in the past year. The European Union has published a Commission Regulation endorsing the amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 – Comparative Information. The amendments are effective on initial application of IFRS 17. As a result, the EFRAG Endorsement Status report has been updated. Accountancy Europe has published an article entitled “Accountants and Ethics: Promoting Trust in the Public Sector”. The UK Endorsement Board has published the findings of its first Annual Board Effectiveness Review. The FRC has published its thematic review of earnings per share. This highlights the requirements of local and international standards in relation to reporting EPS, as well as some common errors. Auditing and Assurance A financial statement compilation is a service to assist the management of a business in presenting its financial statements. Members undertaking compilation engagements should refer to International Standard on Related Services 4410 (Revised) Compilation Engagements (ISRS4410) for guidance on the completion of such engagements.  We recently issued a technical alert, TA 04 2022 Chartered Accountants’ Reports on The Compilation of Financial Information to highlight a number of matters that may be helpful to an accountant in Ireland/UK undertaking such an engagement. Insolvency The Revenue Commissioners has recently issued a document entitled Guidance for Procedures for Small Company Administrative Rescue Process. This document provides an overview of the Small Company Administrative Rescue Process (SCARP) and Revenue's procedures including the role of the Insolvency Unit and information required by Revenue. It also includes templates for several documents including a Statement of Affairs, notices of appointment and proxy forms.  Anti-Money Laundering and Sanctions A representative of the Financial Conduct Authority spoke recently at a financial crime summit in London. Some of the key themes included that the FCA expects financial crime to become even more prolific during the cost-of-living crisis, that their work is ongoing on sanctions, that they use data and intelligence to identify firms with potential weaknesses in controls, and then data tools to test firms sanction screening systems effectiveness.  They also warn firms which use vendor solutions for sanction screening processes, to ensure that the solution is tailored and suitable for their customer and business profile. Readers may be interested in the webpage with information and links to a recent UK Parliament debate on the UK Government’s regulatory approach to crypto-assets and currencies. You can also download the full report which deals with matters including what are cryptoassets and UK regulation of cryptoassets. The Central Bank of Ireland recently updated its ‘financial sanctions updates’ webpage to include two recent EU legislative developments published on 9 September which concern restrictive measures directed against certain persons, entities and bodies in view of the situation in Ukraine. The Financial Action Task Force (FATF) and INTERPOL recently launched a joint initiative to deprive criminals of their dirty money holding its first ever FATF-INTERPOL Roundtable Engagement (FIRE) event. It brought together law enforcement agencies, financial intelligence units, asset recovery offices, prosecutors, policy makers, international organizations and private sector industry leaders and you can read more details about it here. For further technical information and updates please visit the Technical Hub on the Institute website.     

Welcome to this week’s Technical Roundup In case you missed it over the Summer…. The Protected Disclosures (Amendment) Act 2022  was signed into law in July 2022. It has not been commenced yet. It provides for a comprehensive overhaul of the statutory framework for the protection of whistleblowers in Ireland and for the transposition of the EU Directive 2019/1937 on the protection of persons who report breaches of Union law. A new Office of the Protected Disclosures Commissioner will be established in the Office of the Ombudsman to support the operation of the new legislation. You can read here the press release on the Act from the Dept of Public Expenditure and Reform. The Dept. of Enterprise Trade and Employment announced the establishment of the Corporate Enforcement Authority (CEA) on 7 July. Click here for our recent article on what the CEA is. We also provided an information sheet recently on changes to the Companies Act 2014 made by the Companies (Corporate Enforcement Authority) Act 2021 the same legislation which established the CEA. Please click here to access our publication on the changes to the Companies Act 2014. The Register of Overseas Entities came into force in the UK on 1 August 2022 through the new Economic Crime (Transparency and Enforcement) Act 2022. The Economic Crime (Transparency and Enforcement) Act 2022 (Commencement No. 3) Regulations 2022 commenced section 3 of the Act. The Register is held by Companies House. Overseas entities who want to buy, sell or transfer property or land in the UK, must register with Companies House and provide information on who their registrable beneficial owners or managing officers are. Companies House has some guidance here on the register and how you can add an overseas entity and its registrable beneficial owners or managing officers to the Register of Overseas Entities. On the AML front there were a few publications over the summer which may be of interest to readers. The UK National Crime Agency’s issued the July edition of its SARs in Action publication. The Consultative Committee of Accountancy Bodies (CCAB) published a number of helpful client due diligence case studies which readers can access here. Readers dealing with or having an interest in the Virtual Asset Service Providers (VASP) sector should take a look at the Irish Central Bank’s latest Anti Money Laundering (AML) bulletin published in July 2022. During the summer we continued to update our sanctions pages with relevant news items. These included the addition of details to our webpage of the EU maintenance and alignment package adopted in July 2022,the issuance in the UK by the National Economic Crime Centre (NECC) of a red alert on Financial Sanctions Evasion Typologies: Russian Elites and Enablers and the coming into force of the UK legislative ban on providing accounting services to Russia. Our news item explaining the scope of the regulations bringing the ban into force as well as defences, exceptions and licences can be accessed here . In July, the Minister for Finance, Paschal Donohoe TD, received agreement from his Cabinet colleagues to approve the drafting of the Central Bank (Individual Accountability Framework) Bill, the main purpose of which is to improve accountability in the financial sector. The general scheme of the bill has now been published and you can read it here. You can also read here the press release  delivered on the publication of the general scheme for the bill . The European Union (Preventive Restructuring) Regulations 2022 (“Regulations”) came into force at the end of July 2022.Their purpose is to amend examinership provisions in Companies Act 2014 so as to implement the directive (2019/1023) on preventive restructuring frameworks. Please click here to read our recent news item on the Regulations which provides some information on the content of the Regulations and links to several useful articles explaining further the Regulations and some different aspects. Over the summer, the European Financial Reporting Advisory Group (EFRAG) held a public consultation on its draft European Sustainability Reporting Standards (ESRSs). This consultation involved the consideration of 13 Exposure Drafts covering general disclosure requirements as well as specific Environmental, Social and Governance Standards. These standards will be used by larger companies under the Corporate Sustainability Reporting Directive (CSRD) to report on sustainability matters in their annual report. The 100-day consultation period closed on 8th August with over 750 submissions made by stakeholders. This included the response of the Institute. Our response outlined support for the introduction of ESRSs, but highlighted some significant practical difficulties with the standards as currently drafted. The UK Endorsement Board has published its 2021/2022 Annual Reports.  The Financial Reporting Council (FRC) has published regulations for the upcoming PIE Auditor Register. The FRC Lab published a report on digital security risk disclosures to help companies improve the disclosure of digital security strategies, risks and governance. The FRC published its thematic review of judgements and estimates update. The FRC published guidance on running effective AGMs.                                                               ****** In developments this week, Accountancy Europe have issued a summary which explains some of the key points made in their recent response to the European Sustainability Reporting Standards and the Financial Reporting Council is inviting investors, equity analysts and debt analysts to take part in one of two roundtables to discuss how auditor reporting in the UK can be further improved.  This will be an in-person event taking place at their London Wall offices on 12 September. Read more on these and other developments that may be of interest to members below. Sustainability The FRC is hosting a webinar on navigating the ESG and Sustainability reporting landscape on 7 September, an area that can be confusing and challenging for many of the entities we regulate. Accountancy Europe have issued a summary which explains some of the key points made in their recent response to the European Sustainability Reporting Standards. 65 different organisations comprising companies, investors and professional accountants have endorsed a joint statement calling for stronger alignment of regulatory and standard-setting efforts around sustainability disclosure. The statement encourages the International Sustainability Standards Board, the US Securities Exchange Commission and the European Financial Reporting Advisory Group to continue to work closely together in achieving their common goals. Financial Reporting The UK Endorsement Board has announced the appointment of Pauline Wallace as its first permanent chair. The Financial Reporting Council Lab has published a report on ESG data production designed to help companies consider how to collect and use ESG data more effectively to support better decision-making. Auditing The International Auditing and Assurance Standards Board (IAASB) has issued a non-authoritative publication  featuring Frequently Asked Questions addressing some of the common questions related to reporting going concern matters in the auditor’s report.  The Financial Reporting Council (FRC) is inviting investors, equity analysts and debt analysts to take part in one of two roundtables to discuss how auditor reporting in the UK can be further improved.  This will be an in-person event taking place at their London Wall offices on 12 September. Anti-Money Laundering The UK National Crime Agency  has issued its latest SARs in Action bulletin for September 2022. In it you can read about SARs case studies and how the UKFIU engages with a number of AML groups from a range of industries and sectors. Other areas of interest IAASA has this week published the second video in a series designed to provide information on the Quality Management Standards in Ireland. The Revenue Commissioners have updated their webpage on the information required for the Central Register of the Beneficial Ownership of Trusts (CRBOT). This includes the new requirement to provide the personal public service number (PPSN) for each beneficial owner. If the individual does not have a PPSN they must provide and upload proof of one of the following: foreign tax registration number passport number or national identity number. Further information on the CRBOT can be found here. The Central Bank’s third Quarterly Bulletin of 2022 forecasts continued economic growth but high rate of inflation will weigh on households and businesses. The Competition and Consumer Protection Commission has recently published its submission to the Department of Finance’s Banking Review, the  public consultation on banking. In it the CCPC expressed concerns about the impending increase in the concentration levels of the retail banking sector in Ireland as a result of the exits of KBC and Ulster Bank and made a number of recommendations to promote competition and the consumer interest. For further technical information and updates please visit the Technical Hub  on the Institute website.           

THE LEGISLATIVE PROHIBITION The Russia (Sanctions) (Eu Exit) (Amendment) (No. 14) Regulations 2022 (“No.14/2022 Regulations”) came into force on 21 July. An explanatory memorandum was issued with the No.14/2022 Regulations which the reader can access here . The No.14/2022 Regulations amend the Russia (Sanctions) (EU Exit) Regulations 2019 (“2019 Regulations”) and provide for a ban on certain professional and business services. Under newly enacted section 54C a person must not directly or indirectly provide “accounting services” to a person connected with Russia. “accounting services” is defined in new section 54B and means accounting review services, which are services involving the review by a person of annual and interim financial statements and other accounting information, but excluding auditing services; compilation of financial statements services, which are services involving the compilation by a person of financial statements from information provided by a client, including preparation services of business tax returns when provided together with the preparation of financial statements for a single fee, but excluding such preparation services of business tax returns when provided as a separate service; other accounting services such as attestations, valuations, preparation services of pro forma statements; bookkeeping services, which are services consisting of classifying and recording business transactions in terms of money or some unit of measurement in the books of account, but excluding bookkeeping services related to tax returns; Readers can see that the definition scopes out certain services, auditing services is excluded from the prohibition under “accounting review services”, preparation services of business tax returns when provided as a separate service is excluded and so are bookkeeping services related to tax returns. Regulation 21(2) of the 2019 Regulations sets out what a person connected with Russia means. A person is to be regarded as “connected with” Russia if the person is— (a) an individual who is, or an association or combination of individuals who are, ordinarily resident in Russia, (b) an individual who is, or an association or combination of individuals who are, located in Russia, (c) a person, other than an individual, which is incorporated or constituted under the law of Russia, or (d) a person, other than an individual, which is domiciled in Russia. DEFENCES, EXCEPTIONS AND LICENCES New section 54C provides that it is a defence for a person to show that they did not know and had no reasonable cause to suspect that the person to whom the services were provided was connected with Russia. New section 60DA provides certain exceptions to the ban. The prohibition is not contravened if the act is done: - to satisfy UK statutory or regulatory obligations (not arising under contract). - in respect of contractual obligations concluded before 20 July 2022 provided the act is done before the end of the period of one month beginning with the day on which the No 14/2022 Regulations came into force (21 July 2022) and that the person doing the act has notified the Secretary of State in the UK no later than the day 10 working days before the day on which the act is carried out. -out of necessity for the official purposes of a diplomatic mission or consular post in Russia or of an international organisation enjoying immunities in accordance with international law. Licensing provisions are contained in Part 7 of the 2019 Regulations. Please see Chartered Accountants Ireland  sanctions webpages for further information and links including paragraph  3.2 of updated government guidance  UK Government webpage on “Russia Sanctions: Guidance”. Please see here for a useful article on the sanctions by Stephenson Harwood LLP UK sanctions: professional and business services to Russian clients (shlegal.com) .The article includes  a comparison with the EU ban on provision of accounting services introduced in early June 2022 and about which see further Chartered Accountants Ireland recent news item . Readers attention is drawn to an update whereby  the Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (the No. 17 Regulations ) were  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.  

Welcome to this week’s Technical Roundup.  In developments this week, the FRC has published its response to the International Sustainability Standards Boards (ISSB) first two Exposure Drafts, IAASA has published the first video in a series designed to provide information on the Quality Management Standards in Ireland and both IAASA and the ODCE have recently published their 2021 Annual Reports. Read more on these and other developments that may be of interest to members below. Financial Reporting EFRAG are hosting a number of outreach events in the coming weeks in relation to the ongoing public consultation on the first set of European Sustainability Reporting Standards. The FRC has published its response to the International Sustainability Standards Boards (ISSB) first two Exposure Drafts, IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures. The FRC strongly supports the development of high-quality global standards for sustainability reporting and welcomes the opportunity to provide comments on the ISSB's first Exposure Drafts. The IASB has issued it’s June 2022 update and updated work plan. Financial Reporting Lab newsletter: June 2022 The Lab has released its second quarterly newsletter for 2022.   This issue reflects on the Lab's focus for the year provides an update on upcoming and ongoing projects, and information on how you can get involved. https://frc.org.uk/news/june-2022-(1)/financial-reporting-lab-newsletter-june-2022 Auditing IAASA has published the first video in a series designed to provide information on the Quality Management Standards in Ireland. This first video provides an overview of the Quality Management Standards and the relationship between ISQM 1, ISQM 2 and ISA 220. Further videos in the series, which will be published on IAASA’s YouTube channel over the coming weeks, will provide greater detail on the individual standards. Anti-Money Laundering Click here to access a presentation delivered recently by Elizabeth McCaul, Member of the Supervisory Board of the ECB, on the ECB’s Banking Supervision’s role in AML/CFT. The Financial Action Task Force (FATF) is conducting a review of its recommendation on the transparency and beneficial ownership (BO) of legal arrangements. Click to access the white paper for public consultation. FATF’s states that its work in this area is ongoing, and will benefit from hearing views from stakeholders, including trustees, financial institutions, designated non-financial businesses and professions (DNFBPs), and non-profit organisations. A response can be sent by 1 August 2022 and details of where to send are contained within the white paper. In other FATF news the outcomes of the FATF plenary held recently can be read on their website which includes a statement on the Russian federation, some strategic initiatives and priorities under the Singapore presidency. Other areas of interest  IAASA has published its 2021 Annual Report, providing a summary of IAASA’s activities during 2021.  The Report includes an overview of IAASA’s work across its principal statutory functions, including significant developments during 2021, strategies employed, and the outcomes associated with those strategies.  The ODCE recently published its annual report for 2021.The Director’s statement gives an overview of 2021 and looks to the year ahead and gives details of the ODCE’s activities including compliance and enforcement activities. The Charities Regulator has recently published its summer newsletter where you will find information on charity matters including how to register for a lunch time webinar on 6 July on how to ensure your charity is up-to-date and proposed changes to charity law in a recent draft bill. The Central Bank Director of Financial Regulation Policy and Risk recently gave a wide-ranging speech on the new Individual and Senior Executive Accountability framework which will come into effect next year. He considered some key aspects of the new framework including the Central Bank’s approach to the regulations and guidelines that will implement the primary legislation. Further details of his speech can be read here. The Irish Department of Finance issued a recent press release giving details of the European Investment Bank’s plans to strengthen support for climate, connectivity, renewables, education and innovation across Ireland following the meeting of the Ireland-EIB Financing Group held at the Department of Finance recently. Further details of the announcement can be read here. The Department of Finance also recently published the 2021 progress report of the Ireland for Finance Strategy. Achievements in the 2021 progress report of the Ireland for Finance strategy, noted in the press release include developing and launching a national Sustainable Finance Roadmap and launching Ireland’s Women in Finance Charter. For further technical information and updates please visit the Technical Hub  on the Institute website.