Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, the Minister for Finance has signed a statutory instrument commencing further provisions of the Credit Union (Amendment) Act 2023 (2023 Act) on 30 September 2024.  The Financial Reporting Council has released the 22nd edition of its Key Facts and Trends report, offering a comprehensive overview of the UK accountancy and audit landscape.  Just as this newsletter has been published, we have received confirmation that the Minister for Enterprise, Trade and Employment has signed into law S.I. No 498 of 2024 The European Union (Corporate Sustainability Reporting)(No. 2) Regulations 2024. Read more on these and other developments that may be of interest to members below. Financial Reporting The International Accounting Standards Board (IASB) has issued its September 2024 update and podcast. The IASB has issued a Debrief of their 2024 World Standard-setters Conference, which was held in London on 23-24 September. More than 130 delegates from 70 countries were represented at this event. The European Financial Reporting Advisory Group (EFRAG) has published an Exposure Draft Due Process Procedures for the EFRAG Financial Reporting Activities. This aims to formalise the existing due process applied for its financial reporting activities. EFRAG is calling for technical experts in accounting and financial reporting to join its Financial Reporting Technical Expert Group (EFRAG FR TEG). EFRAG has issued a draft comment letter on the IASB’s Exposure Draft on Climate Related and Other Uncertainties in the Financial Statements. Comments are welcomed by 15 November 2024. EFRAG has also issued a draft comment letter on the IASB’s Exposure Draft Amendments to IFRS 19 Subsidiaries without Public Accountability. Comments are welcomed by 13 November 2024. The UK Endorsement Board has also issued draft comment letters to the above mentioned exposure drafts, with comments welcomed by 11th November for both. The IASB have released a webcast on its Climate-related and Other Uncertainties in the Financial Statements Exposure Draft. The webcast covers the project's background, key research findings and an overview of the illustrative examples that the IASB developed in response to strong demand from stakeholders, particularly investors. The UK Endorsement Board has published a Draft Endorsement Criteria Assessment on the potential use in the UK of the IASB’s Amendments to the Classification and Measurement of Financial Instruments. Comments are welcomed by 10 January 2025. The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting setting out the findings of its monitoring of UK companies’ annual report and accounts alongside its expectations for the upcoming reporting season. The FRC has released the 22nd edition of its Key Facts and Trends report, offering a comprehensive overview of the UK accountancy and audit landscape. The FRC are running an online survey to obtain preparers’ views on FRS 101 Reduced Disclosure Framework. The aim of this research is to gather feedback from groups of companies that include entities eligible to apply FRS 101 in preparing their financial statements (whether or not they choose to do so). The survey should take approximately 15 minutes to complete and will provide a valuable contribution to the ongoing development of the standard. The survey will remain open until 31 October. The European Securities & Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its 2025 Annual Work Programme (AWP). Accountancy Europe has published its September 2024 Newsletter The September 2024 IFRS for SMEs Accounting Standard Update has been published which discusses news, events and other information about the standard. The IASB has announced that it has concluded its Post-implementation review of IFRS 15 Revenue from Contracts with Customers, finding that the Standard is working as intended and providing investors with useful information. The IASB noted that it has identified a few application issues to consider in its next agenda consultation, which it plans to start in late 2025. The Financial Reporting Council has published version 2.0 of Technical Actuarial Standard 200 (TAS 200). Assurance and Auditing ISAE (Ireland) 3000 Assurance Engagements Other Than Audits or Reviews of Historical Financial Information – Assurance of Sustainability Reporting in Ireland. IAASA has adopted ISAE (Ireland) 3000 be applied by auditors performing sustainability assurance engagements required by the European Corporate Sustainability Reporting Directive (CSRD). ISAE (Ireland) 3000 applies to assurance reports issued on or after 15 December 2024. Limited amendments have been made to the international standard to ensure that it applies to sustainability assurance in engagements in Ireland and that sustainability assurance providers are subject to appropriate ethical and quality management requirements. This new standard requires auditors to comply with ISQM (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements therefore IAASA has updated ISQM (Ireland) 1 to reflect the requirements of the CSRD as transposed in Ireland. Additional minor amendments were made to ISQM (Ireland) 1 to make conforming amendments for ISA (Ireland) 600, which was revised in February 2023 and is effective for financial periods starting on or after 15 December 2023. IAASA has updated the auditing standards to reflect the conforming amendments required due to the revision of ISA (Ireland) 600, Audits of Group Financial Statements (Including the Work of Component Auditors) in February 2023. The revised standard is effective for financial periods beginning on or after 15 December 2023. The International Auditing and Assurance Standards Board (IAASB) has announced the adoption of a new Technology Position. This will guide how the IAASB adapts its work to embrace the intersection of audit, assurance, and technology. The Position is structured around three key components: Technology Position Statement - IAASB’s commitment to facilitate and encourage the use of technology by practitioners and firms, ensuring the standards remain relevant and effective. Operationalizing the Technology Position - IAASB’s strategy for implementing the Statement by identifying opportunities for new or revised standards, along with developing non-authoritative materials and guidance. Monitoring and Adapting to Technological Trends - IAASB will continually monitor technological trends to ensure its standards are adapted and remain aligned with the rapidly changing landscape. The International Auditing and Assurance Standards Board (IAASB) has released a comprehensive adoption guide designed to help jurisdictions adopt the ISA for LCE, an alternative to the full suite of International Standards on Auditing. The guide provides valuable insights into the adoption process, highlighting common steps and successful approaches, while also addressing potential challenges. The guide also outlines steps for legislative, regulatory, or relevant local bodies with standard-setting authority to allow practitioners to use the ISA for LCE.  ISA for LCE is not currently adopted in Ireland and the UK. Sustainability The Minister for Enterprise, Trade and Employment has signed into law S.I. No 498 of 2024 The European Union (Corporate Sustainability Reporting)(No. 2) Regulations 2024. Following the signing into law of S.I No 336 European Union (Corporate Sustainability Reporting) Regulations 2024 in July 2024, many organisations, including the Institute, have engaged with the Department of Enterprise, Trade and Employment regarding the wording of the legislation, which many felt contained significant application challenges. While this legislation is not available at the time of publication of this newsletter, we hope that the new legislation will address these challenges which will hopefully provide clarity for companies as they begin their journey of reporting under the Corporate Sustainability Reporting Directive. We will keep members up to date when the legislation is published. Accountancy Europe has issued its September 2024 Sustainability Update. The update includes details of Accountancy Europe’s new factsheet on the Corporate Sustainability Due Diligence Directive (CSDDD). Sue Lloyd, Vice-Chair of the International Sustainability Standards Board, spoke at the World Standard-setters Conference in London on 23 September 2024.  The International Sustainability Standards Board (ISSB) has issued its September 2024 Update and podcast, summarising their September 2024 meeting. The IFRS Foundation has published a guide entitled Voluntarily applying ISSB Standards — A guide for preparers. The guide aims to support companies as they start to apply ISSB Standards voluntarily as well as helping them communicate their progress to investors. The Global Reporting Initiative (GRI), along with the World Benchmarking Alliance, has published How to strengthen corporate accountability: The case for unlocking sustainable corporate performance through mandatory corporate reporting. The publication explores the link between the use of the GRI Standards and companies' social performance, as measured by WBA's Core Social Indicators. Other The Minister for Finance has signed a statutory instrument commencing further provisions of the Credit Union (Amendment) Act 2023 (2023 Act) on 30 September 2024. The provisions have now been fully commenced whereby a credit union can agree to participate in a loan to a member of another credit union, referral of members of one credit union to another credit union (where the rules permit) and the obligations which heretofore were annual, to approve, review, and update plans policies and procedures are now to be carried out every three years. Also, environmental social and governance policy is now included as a policy for the board to approve, review and update at least every 3 years. Some provisions remain to be enacted such as the provisions regarding corporate credit unions introduced in the 2023 Act. Readers are reminded that there is a resource page on credit unions on the Institute’s Technical Hub where you will find further information on these new provisions and other useful information on credit unions including auditing and Central Bank information. Accountancy Europe has published its September 2024 SME Update. The Decision Support Service (DSS) is seeking suitable candidates to join the decision support service panel of decision-making representatives. The DSS proposes to expand the Panel due to increasing requests from the Circuit Court and the Wardship Court for nominations. The closing date for applications is 14 October at 12pm and more information is available here - https://www.dsspanelrecruitment.com/. Euronext Dublin has published the Irish Corporate Governance Code. An important step in the development of corporate governance in Ireland, the new Code applies to financial years commencing on or after 1 January 2025 for Irish incorporated companies with an equity listing on Euronext Dublin (Irish Stock Exchange). Companies dual-listed in Ireland and the UK have the option to follow the Irish Code or the UK Corporate Governance Code. The Irish Pensions Authority has published a consultation on a draft revised code of conduct for personal retirement savings account providers. The revised code raises the standard of conduct required of PRSA providers when facilitating unregulated investments. The revised code also aims to better inform PRSA contributors about the risks of unregulated investments. The closing date for submissions to the consultation process is 1 November 2024.  In other pensions news the Irish Pensions Authority has issued its annual report and accounts 2023. Click also to read the Pensions Regulator’s annual report 2023 statement. With draft legislation published in July 2024 to adopt a significantly increased cybersecurity preparedness and incident reporting regime in the Heads of Bill of the National Cyber Security Bill, readers may be interested to read more about grant assistance funded by the EU and announced by Enterprise Ireland to assist businesses with cyber security. The Cyber Security Review Grant will assist SMEs to take steps to review and update their online security measures to mitigate against the risk of cyber-attacks.  Click also to read an article by the IDA on what makes Ireland a hotbed for cybersecurity talent.  Click for a fact sheet from the European Data Protection Supervisor called Don't open the floodgates to your personal information The 17th of October is National Women’s Enterprise Day. Click here to read more about the initiative of the Local Enterprise Offices. There are 14 events lined up across the country that will see some of Ireland’s best female entrepreneurs and businesswomen share their stories of challenges and success. You can also click here for more information and registration.   This information is provided as resources and information only and nothing in the information 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 information. 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 the information 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 herein.

IAASA has updated the auditing standards to reflect the conforming amendments required due to the revision of ISA (Ireland) 600, Audits of Group Financial Statements (Including the Work of Component Auditors) in February 2023. The revised standard is effective for financial periods beginning on or after 15 December 2023. The standards that have been updated to reflect the conforming amendments are: ISA (Ireland) 220, Quality Management for an Audit of Financial Statements ISA (Ireland) 230, Audit Documentation ISA (Ireland) 240, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements ISA (Ireland) 250, Section A – Consideration of Laws and Regulations in an Audit of Financial Statements ISA (Ireland) 260, Communication with Those Charged with Governance ISA (Ireland) 300, Planning an Audit of Financial Statements ISA (Ireland) 315, Identifying and Assessing the Risks of Material Misstatement ISA (Ireland) 320, Materiality in Planning and Performing an Audit ISA (Ireland) 402, Audit Considerations Relating to an Entity Using a Service Organization ISA (Ireland) 501, Audit Evidence - Specific Considerations for Selected Items ISA (Ireland) 510, Initial Audit Engagements—Opening Balances ISA (Ireland) 550, Related Parties ISA (Ireland) 610, Using the Work of Internal Auditors ISA (Ireland) 700, Forming an Opinion and Reporting on Financial Statements ISA (Ireland) 701, Communicating Key Audit Matters in the Independent Auditor’s Report ISA (Ireland) 705, Modifications to the Opinion in the Independent Auditor’s Report ISA (Ireland) 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report ISA (Ireland) 710, Comparative Information— Corresponding Figures and Comparative Financial Statements ISA (Ireland) 720, The Auditor’s Responsibilities Relating to Other Information ISA (Ireland) 805, Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement ISQM (Ireland) 2, Engagement Quality Reviews In addition, ISQM (Ireland) 1 was updated in September to reflect both the conforming amendments arising from ISA (Ireland) 600 and the requirements of the Corporate Sustainability Directive. The updated standards are available on IAASA’s website.

From the Professional Accountancy team The Minister for Finance has signed a statutory instrument commencing further provisions of the Credit Union (Amendment) Act 2023 (2023 Act) on 30 September 2024.On that date the following provisions have now been fully commenced: - the provisions in the 2023 Act whereby a credit union can agree to participate in a loan to a member of another credit union -the provisions regarding referral of members of one credit union to another credit union (where the rules permit) -the obligations which heretofore were annual, to approve, review, and update plans policies and procedures are now to be carried out every three years. Also, environmental social and governance policy is now included as a policy for the board to approve, review and update at least every 3 years Some provisions of the 2023 Act remain to be enacted such as the provisions regarding corporate credit unions introduced in the 2023 Act. Readers are reminded that there is a resource page on credit unions on the Institute’s Technical Hub where you will find further information on these new provisions and other useful information on credit unions including auditing and Central Bank information . 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.            

Following public consultation IAASA has adopted ISAE (Ireland) 3000, Assurance Engagements Other Than Audits or Reviews of Historical Financial Information – Assurance of Sustainability Reporting in Ireland as the standard to be applied by auditors performing sustainability assurance engagements required by the European Corporate Sustainability Reporting Directive (CSRD). The Irish standard is based on ISAE 3000 (Revised) issued by the International Auditing and Assurance Standards Board (IAASB) with limited amendments. Chartered Accountants Ireland responded to the consultation in April. Updates to ISQM (Ireland) 1 ISAE (Ireland) 3000 requires auditors to comply with ISQM (Ireland) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements. IAASA has updated ISQM (Ireland) 1 to reflect the requirements of the CSRD as transposed in Ireland. Additional minor amendments were made to ISQM (Ireland) 1 to make conforming amendments for ISA (Ireland) 600, which was revised in February 2023 and is effective for financial periods starting on or after 15 December 2023. The remaining ISA (Ireland) 600 conforming amendments will be published on IAASA’s website in October. Additional information IAASA’s Statement on Scope and Authority of Audit and Assurance Pronouncements has also been updated to reflect the adoption of ISAE (Ireland) 3000. An explanatory video is available here on IAASA’s YouTube Channel. IAASA published feedback on the Consultation in June. Effective date ISAE (Ireland) 3000 applies to assurance reports issued on or after 15 December 2024. Amendments to firms’ systems of quality management related to the assurance of sustainability reporting must be designed and implemented by 15 December 2024. An evaluation of the updated system of quality management must be performed within one year of this date. Engagement letters for CSRD engagements TA 02/2024 - Sample Engagement Letter Terms in respect to the provision of Limited Assurance under the Corporate Sustainability Reporting Directive (“CSRD’’) was issued in June 2024. These sample engagement letter terms were prepared to assist members in drafting engagement letters in respect of limited assurance engagements under the CSRD prior to its implementation. Therefore, they may be useful to implement a contract with the entity but following transposition of the CSRD they are currently being reviewed for any required amendments. Please monitor the Institute’s regular news channels for any updates to this TA. 

Roundup 20 September 2024 Welcome to the latest edition of Technical Roundup which is published on the first and third Friday of every month. In developments since the last edition, the International Accounting Standards Board has announced the start of a research project to review and improve the requirements for the statement of cash flows and related matters in IFRS Accounting Standards. The Department of Enterprise, Trade and Employment has recently confirmed changes to the procedure for notifying the Minister of proposed collective redundancies, pursuant to section 12 of the Protection of Employment Act 1977. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Council (FRC) has published new September 2024 editions of UK and Irish financial reporting standards. These standards consolidate all recent amendments to the standards, including the amendments arising from the recent periodic review of the standards. The following September 2024 publications are included on the FRC website. Overview of the financial reporting framework FRS 100 Application of Financial Reporting Requirements FRS 101 Reduced Disclosure Framework FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 103 Insurance Contracts Implementation Guidance to accompany FRS 103 Insurance Contracts FRS 104 Interim Reporting FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime The European Financial Reporting Advisory Group (EFRAG) has issued its August 2024 Update. This report summarises the public technical discussions and decisions taken in the past month as well as open consultations, future events and vacancies. EFRAG has published its feedback statement on its response to the International Accounting Standards Board’s (IASB’s) exposure draft Contracts for Renewable Electricity (proposed amendments to IFRS 9 and IFRS 7). The feedback statement summarises constituent’s feedback, including responses to EFRAG’s draft letter and outreach activity findings. The International Accounting Standards Board (IASB) has announced that it is starting a new research project designed to review and improve the requirements for the statement of cash flows and related matters in IFRS Accounting Standards. The IFRS Interpretations Committee (IFRIC) has released its September 2024 update which summarises the decisions reached in its public meeting on 10 September. During the meeting, IFRIC considered requests received in relation to the following matters; Guarantees issued on obligations of other entities Recognition of revenue relating to tuition fees The IASB has proposed amendments to IAS 28 in its exposure draft Equity Method of Accounting – IAS 28 Investments in Associates and Joint Ventures. The proposed amendments add to and clarify how to apply the equity method by answering application questions that the IASB has received over several years. The consultation period remains open until 20 January 2025. The UK Endorsement Board (UKEB) Survey response deadline on IFRS 18 Presentation and Disclosure in Financial Statements has been extended to 30 September. In its Autumn 2024 Joint Committee Report, the three European Supervisory Authorities (EBA, EIPOA and ESMA) have warned national supervisors of the financial risks stemming from economic and geopolitical uncertainties. Auditing and Assurance The International Auditing and Assurance Standards Board has published a report, Balancing Effectiveness and Timeliness in Audit and Assurance Standard Setting.  This report gives an overview of the IAASB’s progress in addressing key public interest issues and reiterates its strategic direction to continue bolstering confidence in audits and assurance engagements. The Financial Reporting Council welcomes the Government tabling legislation in Parliament on 9 September 2024 to address the significant delays in local authority audits. This follows the Written Ministerial Statement issued on 30 July 2024. Insolvency The Department of Enterprise, Trade and Employment has recently confirmed changes to the procedure for notifying the Minister of proposed collective redundancies, pursuant to section 12 of the Protection of Employment Act 1977, as amended. These changes took effect from 1 July 2024. More information is available on our website. Readers may want to take note of a recent UK High court judgment in connection with the collapse of the retailer British Home Stores (in 2016) and the findings made against individual directors in relation to Wrongful Trading Claims, a Trading Misfeasance Claim and Individual Misfeasance Claims. Two of the directors were each ordered to make a contribution of £6.5m (roughly 15% of the total) to the companies’ assets, on a several liability basis and another director was ordered to make a contribution of £21.5m to the companies’ assets. Please click for an article by UK law firm Burges Salmon which analyses the judgment in detail and the article provides a number of key takeaways for directors of distressed businesses as follows: Navigating duties during times of financial difficulty has never been more complex or potentially risky Directors must ensure that they are up to the task Professional advice is a key protection, but the court will view it in context Board minutes in a distressed situation must be a faithful record of proceedings Directors exercising limited functions may not abdicate decisions for the whole board Directors should not assume that they will be shielded by insurance Please also click for an article by UK law firm Jones Day on the BHS judgment in particular their closing comment that …”. While the BHS facts are relatively extreme, the fact that directors were found liable to such an extent, when in some cases they were earning around £150,000 a year and (at least in one case) had limited involvement at board level, is a warning to all directors of companies facing financial pressure”.  Sustainability EFRAG held its Sustainability Board meeting on Tuesday 17 September 2024. The Hong Kong Institute of Certified Public Accountants (HKICPA) has published two exposure drafts (EDs) for sustainability reporting standards that are fully converged with IFRS S1 and IFRS S2. The comment period for the EDs ends on 27 October 2024. The Institute is holding a webinar on the CSRD on Wednesday 25 September which features Orla Carolan from Future Planet and Mike O’Halloran to understand more about the practical challenges of implementing the CSRD. This includes an overview the steps involved in conducting a double materiality assessment and what to do next around data collection, disclosure and reporting. Please register here to attend. In its recent ESRS Perspectives series, Accountancy Europe look at the European Sustainability Disclosure Standards (ESRS) development process. In this publication they have summarised the ESRS processes and listed the various ESRS support materials from the European Commission and EFRAG. This will provide users and preparers a useful insight into how the standards have been developed. Sanctions and anti-money laundering The UK government recently announced the launch the Office of Trade Sanctions Implementation (OTSI), within the Department for Business and Trade, in October 2024.  Click here also for further information. To equip the office with new civil enforcement powers, on 12 September 2024, the UK government passed the Trade, Aircraft and Shipping Sanctions (Civil Enforcement) Regulations 2024. Click for the explanatory memorandum. OTSI’s enforcement powers come into effect from 10 October 2024. They will apply to all UK persons including businesses wherever they are in the world and any person including businesses in the UK or the UK territorial sea. The regulations introduce new civil enforcement powers, including the power to impose monetary penalties, for breaches of aircraft, shipping and certain trade sanctions. The regulations also give the Secretary of State the option to publish reports where a breach of sanctions regulations has occurred. Click for statutory guidance on the Trade, aircraft and shipping sanctions, civil enforcement. Please click for the latest UK Financial Intelligence Unit SARs in Action magazine, Issue 27. Articles include a look at the UK cross system strategy to tackle professional enablers (individuals or organisations which are providing professional services that enables criminality). The publication also includes some case studies on suspicious activities reports made to UKFIU and an article on “virtual squatting”. The UK National Economic Crime Centre (NECC) recently published its annual report for 2023-2024. It includes some interesting case studies on the takedown of one of the biggest online marketplaces selling stolen credentials to criminals, an investigation into international Cash-Based Money Laundering controller network and case study on the crackdown on romance fraud. Charities news The NI Charity Commission has enhanced the security of Online Services - documents submitted  must not now include special characters in their names. Communities Minister, Gordon Lyons MLA, has appointed Leanne McCullough as a Commissioner to the Board of the Charity Commission for Northern Ireland with effect from 15 August 2024 to 14 August 2029. Central Bank of Ireland news On 18 September 2024 the Central Bank of Ireland (CBI) issued its latest Quarterly Bulletin for Q3 2024. You can read about the latest trends and the outlook for the Irish Economy, an article on economic policy issues in the Irish housing market and an item about climate change in the financial sector. The focus of the climate change article is on describing the new analytical indicators of carbon emissions for financial institutions resident in Ireland. In September 2024, CBI published a page dedicated to frequently asked questions on Markets in Cryptoassets Regulation (MICAR) divided into sections on authorisations, expectations, policy and virtual asset service providers. Government legislation programme Autumn 2024 The Government has published its legislative programme for Autumn 2024. Read the press release here and the contents of the programme here. Since the last publication in April, we have reported on draft legislation and enactments of relevance to members. For example, the Charities (Amendment) Act 2024 which has been enacted and awaits commencement. Also, the Irish Dept. of Finance published the Finance (Provision of Access to Cash Infrastructure) Bill 2024. The Companies (Corporate Governance Enforcement and Regulatory Provisions) Bill has been published and is currently being considered in the Dail. Heads of Bill of the National Cyber Security Bill were published in July 2024. This legislation is to transpose EU Directive 2022/2555 which all EU member states are required to transpose in full by 17 October 2024. Also, heads of bill have been published for the Miscellaneous Provisions (Registration of Limited Partnerships and Business Names) Bill which bill will reform the Limited Partnerships Act 1907 and the Registration of Business Names Act 1963, strengthening Ireland’s regulatory framework and responding to concerns raised in relation to the transparency of Limited Partnerships. Other draft legislation of note in the Autumn legislative programme is the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill which is heads in preparation, and which is stated to amend the 2010 Act to ensure that Crypto Asset Service Providers are covered by national law in relation to Ireland’s Anti-Money Laundering and Terrorist Financing regime. Also heads in preparation is the Regulation of Artificial Intelligence Bill which will provide for, the designations of Competent Authorities, and penalties, to comply with Ireland’s obligations under Regulation (EU) 2024/1689 laying down harmonised rules on artificial intelligence (Artificial Intelligence Act). Other On 11 September 2024, the Property (Digital Assets etc) Bill was introduced into the UK Parliament. The press release issued on publication of the Property (Digital Assets etc) Bill noted that it will mean that for the first time in British history, digital holdings including cryptocurrency, non-fungible tokens such as digital art, and carbon credits can be considered as personal property under the law. The Bill will also ensure Britain maintains its pole position in the emerging global crypto race by being one of the first countries to recognise these assets in law. Click to read the Bill and the explanatory memorandum. Read details of the UK Law Commission’s work on digital assets here. Companies House in the UK has recently posted a blog on “Authorised Corporate Service Providers [ACSPs]: what you need to know”. Readers may recall that identity verification is a core pillar of the Economic Crime and Corporate Transparency Act 2023 under which Act Companies House will be required to verify the identity of anyone who is submitting information to the public register, including those acting on behalf of a company. The blog gives some information on ACSPs including standards to become an ACSP and registering to become an ACSP.   This information is provided as resources and information only and nothing in the information 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 information. 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 the information 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 herein.

The Department of Enterprise, Trade and Employment has recently confirmed changes to the procedure for notifying the Minister of proposed collective redundancies, pursuant to section 12 of the Protection of Employment Act 1977, as amended. These changes took effect from 1 July 2024 and are on foot of: Employment (Collective Redundancies and Miscellaneous Provisions) and Companies (Amendment) Act 2024 S.I. 324 of 2024: Protection of Employment Act 1977 (Notification of Proposed Collective Redundancies) Regulations 2024 The following is a summary of the changes: All collective redundancies must be notified to the Minister, including where the employer is insolvent. This must be done by the employer or a responsible person (a Liquidator, Provisional Liquidator, Receiver or other court-appointed officer where the employer’s business is being wound up). Notifications may now be submitted electronically to minister@enterprise.gov.ie, as well as by registered post or hand delivery. Additional information is now required in a notification including the contact details of the employer or responsible person; and if the employer is a company, its CRO number. A new optional template form (Form CRN1) has been published to assist employers and responsible persons in complying with their obligations when notifying the Minister. Further information is available on Workplace Relations Commission webpage.