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Governance, Risk and Legal
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Companies are embracing the spirit of the Wates Principles

The Financial Reporting Council has issued the first in-depth assessment of the quality of reporting from private companies who have chosen to follow the Wates Principles. The report, which was conducted with the University of Essex, shows that the Wates Principles are the most widely adopted corporate governance code used by large private companies.   The research shows that companies are grasping the spirit of the Wates Principles in their governance reporting. They are using the principles as a tool for self-reflection and improvement, and seeing the yearly governance reporting as an opportunity, not a burden. This research also includes examples of good reporting and acknowledges that it is too early to draw too many conclusions as most companies were in their first cycle of reporting. The financial sector was the biggest adopter of the Wates Principles.

Feb 27, 2024
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Audit
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IAASA propose to adopt a sustainability assurance standard in Ireland

IAASA has published a Consultation paper on its proposal to adopt a Sustainability Assurance Standard in Ireland. The effective date of the standard will be for financial years starting on or after 1 January 2024.  This is required by the European Corporate Sustainability Directive (CSRD). The European Commission has indicated that it intends to adopt a European assurance standard by October 2026, at which time that standard will apply in Ireland. In the absence of a mandatory standard in Ireland, assurance providers could voluntarily perform their work in accordance with an assurance standard such as ISSA 5000 or ISAE 3000. IAASA considers that it is in the public interest that it adopts a single sustainability assurance standard, to promote consistency in approach by assurance providers, provide clarity to users as to the level of assurance being provided, ensure an adequate standard of assurance work and assist IAASA and the recognised accountancy bodies in their regulatory approaches. IAASA has identified three possible options for a sustainability assurance standard in Ireland and is now seeking stakeholders’ views on the appropriate standard for sustainability assurance in Ireland.  These are: the proposed International Standard on Sustainability Assurance 5000 (ISSA 5000),  the extant International Standard on Assurance Engagements 3000 (ISAE 3000) or a local standard. Each of these options is set out in the consultation paper. The consultation paper is available here. Stakeholders and interested parties are invited to provide your response using the response template available on this link or email your response to submissions@iaasa.ie by 19 April 2024.

Feb 27, 2024
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Credit Union (Amendment) Act 2023 amends the Credit Union Act 1997 .

The Credit Union (Amendment) Act 2023 ("2023 Act") was signed into law in December 2023 and is being commenced in phases. See statutory instrument No. 57 of 2024. Below we set out some provisions of the amending legislation which may be of interest to our members. Provisions relating to the accounts. The requirement that the annual accounts be signed by a member of the board oversight committee is removed and they are to be signed by the manager of the credit union and member of the board of directors acting on behalf of the board (commences 8 April 2024). Section 6 of Credit Union Act 1997 ("1997 Act") is amended in relation to common bond provisions. It now provides that where a credit union has no website, the credit union must include in its annual accounts a description of the common bond or where the common bond is or includes “residing or being employed in a particular locality “a map on which the locality concerned is marked (commences 8 April 2024). Some changes are made to allow for electronic delivery of information including a provision permitting electronic delivery of notice of general meetings to the auditor and a new provision 188A has been added allowing distribution, subject to the conditions in the new section, of information including annual accounts by electronic means (both commence 22 February 2024). Board of directors Changes are made in relation to the board of directors of a credit union including one whereby a credit union manager can be appointed to the board of directors (new section 63A added to 1997 Act and commences 8 April 2024). Environmental social and governance policy has now been included as a policy for the board to approve, review and update at least every 3 years. This is by virtue of an amendment to section 55 of the 1997 Act where the board has obligations to approve review and update plans policies and procedures. These obligations were annual but with the commencement of the 2023 Act the obligation will be every 3 years (no commencement date yet). There will be a requirement for the credit union to consider gender in the identification of prospective candidates for appointment to the board of directors (commences 8 April 2024). The provision for approval of expenses is changed from requiring approval of a majority of the board of directors to approval by at least 2 directors (excluding a director whose expenses are to be included) (commences 8 April 2024). In section 32 of the 1997 Act which deals with restrictions on withdrawal of shares/deposits, a change is made whereby a decision (about withdrawing savings) does not have to be mandatorily approved by the board (commences 8 April 2024). There are changes to the provisions on approval of loans in section 36 of the 1997 Act. The approval of two thirds of the special committee is deleted and approval of the board of directors is substituted (commences 8 April 2024).   Corporate credit unions The 2023 Act provides for existence of corporate credit unions. New provisions have amended section 6 of the 1997 Act. A new schedule 6 is now included in 1997 Act setting out matters to be provided for in the rules of a corporate credit union including provision for the audit of accounts by one or more auditors appointed by the credit union. This is consistent with the requirements for non-corporate credit unions. By amendment of section 81 of the 1997 Act, the quorum for general meetings of corporate credit unions is two members. There is no commencement date yet for the provisions for corporate credit unions. Other changes Section 35 of the 1997 Act is amended so that a credit union can now agree to participate in a loan to a member of another credit union (the amendments are partially commenced on 8 April 2024). Section 38 of the 1997 Act is amended so that on commencement of the provisions of the 2023 Act, the maximum interest rate that may be charged on loans made by a credit union to its members will be set by the Minister (for Finance) (commences 8 April 2024). Under the 2023 Act, the form of the annual compliance statement a credit union has to make to the Central Bank of Ireland (CBI) can be prescribed by CBI (commences 8 April 2024). 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.             

Feb 26, 2024
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Commencement of Irish Digital Services Act

The Digital Services Act 2024 (“DS Irish Act”) was passed into law on 11 February 2024 and came into force from 17 February 2024.Please click here for a DETE press release giving more details of the DS Irish Act. The EU Regulation (“Regulation”) commonly referred to as the Digital Services Act applies in full in all Member States from 17 February 2024.The Regulation establishes a pioneering regulatory framework to protect EU users of digital services and their fundamental rights online.  While the Regulation has direct legal effect in EU Member States, it was necessary to have national legislation to implement those provisions of the Regulation that provide for the supervision and enforcement of those obligations. The DS Irish Act 2024 fulfils Ireland’s obligations in this regard. The DS Irish Act formally designates and empowers Coimisiún na Meán as the Irish Digital Services Coordinator and the Competition and Consumer Protection Commission as a competent authority for online marketplaces under the Regulation. When the DS Irish Act was published as a bill late last year it was clarified at the time in a press release from DETE that it was a technical bill, drafted to address specific obligations on Member States of the EU to give effect to the supervision and enforcement provisions of the Regulation. The bill did not add to or amend the obligations on online platforms under the Regulation. Those obligations have direct legal effect in all Member States of the EU and do not require any implementing measures in national law. 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.  

Feb 23, 2024
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UK Government’s sanctions strategy

The UK Government published its first sanctions strategy on 22 February 2024. The strategy addresses how it uses sanctions as a foreign and security policy tool. It sets out the continued investment, partnerships and structures that support UK government sanctions and the cross-government architecture built to deliver sanctions. It outlines the partnerships developed with the private sector, NGOs, and international partners, and the steps being taking to strengthen sanctions implementation and enforcement. 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.

Feb 22, 2024
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Anti-money Laundering
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UK domestic politically exposed persons (PEPs)

The UK Money Laundering and Terrorist Financing (Amendment) Regulations 2023 (Regulation 1371/2023) which took effect on 10 January 2024, provides that for the purpose of assessing risk, the starting point is that domestic (i.e.UK) PEPs present a lower level of risk than non-domestic PEPs .If no enhanced risk factors are present, the extent of enhanced customer due diligence measures to be applied in relation to that customer or potential customer is less than the extent to be applied in the case of a non-domestic PEP. A parliamentary statement on lower risk of domestic PEPs explains the change is to ensure that relevant persons take a proportionate and risk-based approach to the treatment of domestic PEPs, and to allay concerns that a number of holders of prominent public positions and their family have encountered problems accessing financial services due to their status as Politically Exposed Persons. 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.    

Feb 20, 2024
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