Welcome to this week’s Technical Roundup.  In developments this week, the European Financial Reporting Advisory Group, jointly with BusinessEurope and EuropeanIssuers, will hold an outreach event on 4 July 2022 to discuss the EFRAG Exposure Drafts on Draft European Sustainability Reporting Standards (ESRS) and the Irish Pensions Authority announced recently that it is launching a short survey of a selection of defined benefit and defined contribution schemes the results of the which will be published in September 2022. Read more on these and other developments that may be of interest to members below. Financial Reporting On 16 June, we welcomed a team from the FRC to our Dublin office for an in-person event for members. During the session Jenny Carter and Stephen Maloney from the accounting and reporting policy team of the FRC gave members an update on financial reporting matters including details of the progress made to date on the ongoing periodic review of FRS 102. Phil Fitz-Gerald from the FRC Lab was also on hand to give attendees an update on recent projects completed by the Lab, including structured reporting, ESG data, Net Zero disclosures and cybersecurity risk disclosures. The Financial Reporting Council has published a consultation on proposed changes to Technical Actuarial Standard 100 which would require actuaries to include climate change risks in the course of their work. EFRAG, jointly with BusinessEurope and EuropeanIssuers, will hold a joint outreach event on 4 July 2022 to discuss the EFRAG Exposure Drafts on Draft European Sustainability Reporting Standards (ESRS). The IASB have released their May 2022 podcast which addresses some highlights from their May meetings. Some of the topics covered include a discussion on the technical staff’s research on Goodwill and Impairment, an analysis of the feedback received on the recent consultation - Targeted Standards level Review of Disclosures and the post implementation review of IFRS 9 - Classification and Measurement. Auditing IAASA has published a consultation paper on its draft work programme for the period 2023-2025. Section 910 of the Companies Act 2014 provides that IAASA must prepare and submit a work programme to the Minister of Enterprise Trade and Employment for each successive period of three years. Sanctions and anti-money laundering The EU recently announced its sixth package of sanctions against Russia. Further details is available on the Institute’s webpages on Sanctions. One prohibition which will be of interest to members is the prohibition on provision directly or indirectly of certain business-relevant services such as accounting, auditing including statutory audit, bookkeeping and tax consulting services to the Russian government, as well as to legal persons, entities or bodies established in Russia. Please click here for some more detailed information and links on the subject on the Institute’s news page. DLA Piper has issued its Anti-Money Laundering Bulletin: Spring/Summer 2022. You can download it by going to this page and in it you can read updates on AML developments in the UK, the US and internationally. The National Crime Agency in the UK has issued its latest Suspicious Activity Report (SAR) Glossary Codes and Reporting Routes as of June 2022. This booklet replaces all previous glossary codes publications and you can access it here. While it relates to credit or financial institutions, the recent publication by the European Banking Authority (EBA) of its guidelines specifying the role and responsibilities of the anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officer and of the management body of credit or financial institutions might be of interest to readers. You can read the press release and download the guidelines here. Sustainability Accountancy Europe are hosting a webinar on 20 June which will bring together key stakeholders to discuss audit committees’ role in the effective implementation of sustainability and ESG aspects in business. They will also present the recent Accountancy Europe paper ESG Governance: recommendations for audit committees. In the last few weeks, the International Sustainability Standards Board (ISSB™ Board), EFRAG and the SEC have all published proposed sustainability reporting standards. All of them represent significant steps towards greater connectivity between sustainability reporting and financial reporting. In a recent podcast the three leaders of the KPMG global corporate and sustainability reporting team offer a high-level overview of the proposals. The government recently announced a new €55 million ‘Green Transition’ fund to help businesses move away from fossil fuels and towards more sustainable, cheaper alternatives. The Green Transition Fund is part of Ireland’s National Recovery and Resilience Plan (NRRP), which is funded by the European Union. It comprises the Climate Planning Fund for Business and the Enterprise Emissions Reduction Investment Fund. You can read more information here. Other Areas of Interest The Companies Registration Office (CRO) have issued their June 2022 Gazette which features new companies; change of name; annual returns received and registered. The Central Bank of Ireland has today (15 June) published the first Financial Stability Review (FSR) of 2022. The FSR outlines key risks facing the financial system and the Central Bank’s assessment of the resilience of the economy and financial system to adverse shocks. You can read the Central Bank governor’s remarks on the review here. The Central Bank recently issued a letter to financial vehicles which are required to register in the central register of beneficial ownership with the Central Bank. The letter gives details of the levy which is payable by those financial vehicles ICAVs, Credit Unions, Unit Trusts, Common Contractual funds and Investment Limited Partnerships for 2021. Details of the letter can be found here. The Irish Pensions Authority announced recently that it is launching a short survey of a selection of defined benefit and defined contribution schemes. The purpose of the survey is to assess schemes’ progress since the original survey on IORP II preparedness, which was conducted in 2020. Results of the survey will be published in September 2022. The Minister of State for Trade Promotion, Digital and Company Regulation recently attended a meeting of the EU Competitiveness Council. Matters discussed included progress on the Consumer Credit Directive and the proposed EU Chips Act which, when adopted, will help further develop and strengthen the EU’s production and innovative capacity. You can read more information here. A joint webinar has been organised by the EUIPO and 4iP Council for 23 June 2022 on how trade secrets can impact the business of SMEs. You will be able to ask questions to the experts and learn the essentials of trade secrets, the risks and advantages and the best way to use them for your business. Please click this link to register for the webinar. The Minister for Public Expenditure and Reform recently announced the next phase of consultation in the ongoing Review of Freedom of Information Act, which will inform the direction of travel for FOI and transparency policy in the coming years. You can read more details here. The Financial Conduct Authority (FCA) is in the course of writing to more than 3,500 lenders to remind them of the standards they should meet as consumers across the country are affected by the rising cost of living. In its letter, the FCA is also telling lenders to make sure that their approach to taking on new borrowers takes account of the financial pressure they may face and the impact on their expenditure. To consider and, if necessary, improve how they treat consumers in vulnerable circumstances and effectively direct customers who need it to money guidance or free debt advice. You can read details on the FCA website by clicking this link. For further technical information and updates please visit the Technical Hub on the Institute website.   

On 3 June 2022 the European Commission announced its sixth package of sanctions against Russia. Further details are now available  on the Institute’s webpage on Sanctions. One of the measures is that the provision directly or indirectly of certain business-relevant services such as accounting, auditing including statutory audit, bookkeeping and tax consulting services, business and management consulting, and public relations services to the Russian government, as well as to legal persons, entities or bodies established in Russia are now prohibited. The relevant legal acts, a Decision 2022/884 and a Regulation 2022/879 have been published in the Official Journal. The recitals to Regulation 2022/879 provide a little more detail of the services which fall within the sanctions. They state that “......accounting, auditing, bookkeeping and tax consultancy services cover the recording of commercial transactions for businesses and others; examination services of accounting records and financial statements; business tax planning and consulting; and the preparation of tax documents….” Exemptions to the EU sanction are provided. There is an exemption for provision of services that are strictly necessary for the termination by 5 July 2022 of contracts which are not compliant with the Article (i.e now prohibited by the sanction) which were concluded before 4 June 2022 or of ancillary contracts necessary for the execution of such contracts. Exemption is also given for services that are strictly necessary for the exercise of the right of defence in judicial proceedings and the right to an effective legal remedy. An exemption is given for services for the exclusive use of entities established in Russia but owned, solely controlled, or jointly controlled, by an entity in an EU Member State. Derogations (which would have to be sought) are provided for services necessary for humanitarian purposes. The provisions are somewhat vague. For example, the wording on the applicable date is not entirely clear though it seems that the services are banned with a deadline for cessation of activities ,the provision of services that are strictly necessary, of 5 July 2022. Strictly necessary services are not defined either. On 24 June 2022 the EU Commission updated its FAQs to include an FAQ document on prohibition of certain business relevant services. You can click here to read the FAQs on sanctions on certain business relevant services. In the UK a ban on professional services exports to Russia was announced by the UK government  on May 4th.No further details have been publicly announced although we understand that legislation is being prepared on those sanctions. We will provide further information when available. Please see links below for some recent news items on this issue: European Commission press release on Sixth package of sanctions Arthur Cox, solicitors Linklaters Responses to the Russia/Ukraine Crisis – Sanctions Update No.3 Reed Smith This news item is provided as resources and information only and nothing in the news item  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 news item. 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 news item 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 the news item. 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 FRC has issued FRED 80 Draft amendments to FRS 100 Application of Financial Reporting Requirements Application Guidance The Interpretation of Equivalence. This Financial Reporting Exposure Draft proposes to update the Application Guidance to FRS 100 to reflect changes to company law and decisions on equivalence further to the UK’s exit from the European Union. The objective of FRS 100 is to set out the applicable financial reporting framework for entities preparing financial statements in accordance with legislation, regulations or accounting standards applicable in the United Kingdom and Republic of Ireland.   Comments on FRED 80 are requested by 26 August 2022.

In developments this week, Accountancy Europe has written a letter to the European Commission's Commissioner Mairead McGuinness on the development of purposeful and effective European sustainability reporting standards and IAASA has published its annual Profile of the Profession for 2021 which presents an overview of the Prescribed Accountancy Bodies’ members and students and includes statistics about regulatory and monitoring activities. Read more on these and other developments that may be of interest to members below. Financial Reporting EFRAG has published a Draft Letter on the IFRS Interpretation Committee's Tentative Agenda Decisions in the final phase of implementing IFRS 17 Insurance Contracts and seeks constituents' views on the letter. The IFRS Interpretations Committee have issued its April 2022 update which includes the details of its recent meeting on 20th April. The Financial Reporting Council (FRC) has published new research, in conjunction with the UK Anti-Slavery Commissioner and Lancaster University, which has identified significant shortcomings in the quality of companies’ modern slavery reporting. Auditing IFAC has published “Audit Fees Survey 2022: Understanding Audit and Non-Audit Service Fees, 2013-2020”. As part of its ongoing consultation in relation to the proposed amendments to ISA (UK) 600, the FRC has invited stakeholders to its upcoming webinar on 4th May and virtual roundtables on 11th and 12th May The FRC has made changes to its Publication Policies for the Audit Enforcement Procedure (AEP) and the Accountancy and Actuarial Schemes (the Schemes). Sustainability Accountancy Europe has written a letter to the European Commission's Commissioner Mairead McGuinness on the development of purposeful and effective European sustainability reporting standards. Anti-Money Laundering and Sanctions FATF has recently published its first report on the state of effectiveness and compliance with the FATF standards. It gives a comprehensive overview of the state of global efforts to tackle money laundering, terrorist and proliferation financing. It states that the non-financial sector, including accountants generally have a poor understanding of risks from money laundering and terrorist financing and struggle to mitigate them. There are also some harsh conclusions on systems to monitor and enforce transparency in beneficial ownership. Fscom, a UK compliance firm, has recently published a handbook entitled “AML in Crypto Handbook“ which is a short introduction to Anti-Money Laundering in the context of cryptoassets. Their aim is to provide a beginner’s insight to cryptoassets from the point of view of an AML professional. The handbook is free to download from their website. The UK Financial Conduct Authority (FCA) recently conducted a review of financial crime controls in “challenger“  banks. Broadly speaking such banks are a sub-sector of retail banks which aim to reduce the market concentration of traditional high street banks through the use of technology and more up-to-date IT systems and some of them are online-only banks. The review found there is a need to improve how such banks  assess financial crime risk. Some are failing to adequately check their customers’ income and occupation, and, in some instances, challenger banks did not have financial crime risk assessments in place for their customers. You can read the press release here and the finding of the multi firm review here. The House of Commons library has recently published a research briefing entitled “Sanctions against Russia”. In it the briefing deals with the UK Sanctions regime prior to 2022, what prompted fresh sanctions, what sanctions the UK is imposing, co -ordinating with allies and the imposition of secondary sanctions. Readers should go to the website of the Workplace Relations Commission to read about information for Ukrainian Nationals on employment rights in Ireland. There is information on the website on employment law rights in Ireland in the Ukrainian language and the Russian language. The European Banking Authority (EBA) recently published a statement addressed to both financial institutions and supervisors to ensure they make every effort to provide access for Ukrainian refugees to at least basic financial products and services. They also set out how AML/CFT guidelines should apply .You can read details of the statement here. Members are reminded that you can locate further detailed information on sanctions generally on the Institute’s dedicated sanctions page which is being regularly updated at the moment. Other Areas of Interest Minister Robert Troy announced on 28 April 2022 that the “interim period” introduced under the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (“2020 Act”) has been further extended to 31 December 2022. It had been due to expire on 30 April 2022. The 2020 Act among other provisions made it possible for company meetings, for example AGMs and EGMs, class meetings and scheme meetings to be held virtually. It also increased the period of company examinership to 150 days and increased the threshold at which a company is deemed unable to pay its debts to €50,000. The Minister said this is likely to be the final extension but also noted that work is ongoing to put virtual AGMs and general meetings on a permanent statutory footing. The European Data Protection supervisor (EDPS) recently published his Annual Report 2021 - you can read the press release here and the executive summary here. The report covers a huge amount including an overview of the EDPS’ supervisory activities such as the supervision of Europol and the European Public Prosecutor’s Office. In one of its news items on the annual report the EDPS refers to its’ work on international transfers of personal data; on COVID-19; on the Area of Freedom, Security and Justice; as well as the EDPS' legislative consultations and technology monitoring activities. Late last year the Central Bank gave notice of its intention to establish a Climate Risk and Sustainable Finance Forum. In recent days it has published a call for interest to the forum. You can read the press release here. The forum will be consultative and will meet twice a year, with the inaugural meeting taking place on 29 June 2022. It is looking for expressions of interest from the likes of financial sector representative bodies, financial sector participants (firms), experts on climate change. Selection criteria are set out in the call for interest and you can complete the expression of interest form here. The Central Bank Director General of Financial conduct recently addressed an Institute of Banking/Compliance Institute seminar on “The importance of effective governance, culture, and agility in a changing environment". She spoke about topics including the Central Bank’s strategic approach, standards and the enhanced Individual Accountability Framework, Structural changes in the Irish retail banking sector and Sustainable finance and the risks of greenwashing. You can read her remarks here. The Dept of Finance (DOF) this week launched Ireland’s first Women in Finance Charter. The Charter is open to all financial services firms operating in Ireland and signatories commit their organisations to improving the number of women in management and board level positions to achieve better gender balance and a more inclusive working environment. You can read the press release here and see the current list of signatories to the Charter. DOF has also recently published its Economic Insights – Spring 2022 which provides analysis and insights on topical economic issues and developments. You can download here. IAASA has published its annual Profile of the Profession for 2021 which presents an overview of the Prescribed Accountancy Bodies’ (PABs) members and students and includes statistics about regulatory and monitoring activities. The Charity Commission for Northern Ireland has issued some useful information on the Charities Act (Northern Ireland) 2022. Readers may be interested in the recent publication of the Consumer Rights Bill 2022. This new draft legislation will bring about a number of positive changes for consumers and for the first time, consumer protections will be extended to digital goods and services so that consumers are protected when they use cloud services or buy downloadable or streamed goods and services, including games, films, music and software. The Competition and Consumer Protection Commission has welcomed the publication of the bill and you can read more about it on their website here where you will also find a link to the draft legislation. National Standards Authority of Ireland is Ireland’s official standards body under the auspices of DETE. It recently launched its new strategy for 2022-2026 – Innovating to Shape a Safer, Better, and Sustainable Future. The strategy is stated to give priority to Climate Action and Sustainability; to Digital Transformation; to Construction, with a particular focus on housing; and to Medical Technology. You can download the strategic plan here . In other FCA news, the CEO recently delivered a speech on the critical issues in financial regulation: The FCA's perspective. He mentioned issues such as the war in Ukraine, economic, social and governance (ESG) reforms, diversity and inclusion, accountability and performance and innovation and crypto. You can read the speech here. For further technical information and updates please visit the Technical Hub on the Institute website. 

The Financial Reporting Council (FRC) has published a new Audit Firm Governance Code for the Big Four audit firms and firms that audit FTSE-350 companies and significant numbers of public interest entities (PIEs).   The new Code is a result of the findings of a monitoring programme undertaken by the FRC which identified scope to further strengthen its oversight and governance and to align the provisions of the Code with Operational Separation for the Big Four firms.   It separates the roles of the board chair and senior partner/chief executive, clarifies the role played by partnership boards in holding management to account and introduces criteria for board composition, reinforcing the position of independent non-executives within audit firms. For the largest audit firms, it sets out a clearer distinction between the role of Independent Non-Executives (INEs) and Audit Non-Executives (ANEs). The new Code also more closely aligns with the UK Corporate Governance Code, emphasising the importance of long-term sustainability, culture and employee engagement.

Welcome to this week’s Technical Roundup.  In developments in recent weeks, the Financial Reporting Council has issued January 2022 editions of UK and Ireland accounting standards. These editions reflect the amendments made since the previous editions were issued in 2018, as well as changes in Irish company law, resulting in a single up‑to‑date reference point for each standard; in the first International Accounting Standards Board podcast episode of 2022, IASB Chair Andreas Barckow and Vice-Chair Sue Lloyd join Executive Technical Director Nili Shah to discuss the main topics from the January 2022 International Accounting Standards Board (IASB) meeting. Read more on these and other developments that may be of interest to members below. Financial Reporting The Financial Reporting Technical Committee of Chartered Accountants Ireland (FRTC) has responded to the International Accounting Standards Board’s (IASB) request for information as part of the post-implementation review of IFRS 9. In its response, the FRTC highlighted the importance of providing guidance on how to treat financial assets with sustainability linked features which are beginning to emerge in practice. The FRTC has also responded to the IASB’s Exposure Draft Subsidiaries without Public Accountability : disclosures. This exposure draft sets the proposal for a new IFRS standard which would permit certain subsidiaries to apply reduced disclosure requirements when applying IFRS standards. Whilst the FRTC were supportive towards what the IASB are trying to achieve, they were not in agreement with the approach adopted. Rather than the standard setting out the required disclosures, the FRTC noted that a more appropriate approach would be to draft a list of disclosures that are not required when applying the standard. Such an approach would be similar to the approach set out under FRS 101 and would, in the opinion of the FRTC, be easier to compile and less costly for preparers. The FRC has issued January 2022 editions of UK and Ireland accounting standards. These editions reflect the amendments made since the previous editions were issued in 2018, as well as changes in Irish company law, resulting in a single up‑to‑date reference point for each standard. In the first IASB podcast episode of 2022, IASB Chair Andreas Barckow and Vice-Chair Sue Lloyd join Executive Technical Director Nili Shah to discuss the main topics from the January 2022 International Accounting Standards Board (IASB) meeting The International Accounting Standards Board (IASB) has issued its January 2022 update. Following the IASB's January 2022 meeting, the IASB work plan has been analysed to see what changes have resulted from the meetings and other developments since the December meeting. The IASB has also compiled a summary of its main news items in January 2022. The European Financial Reporting Advisory Group (EFRAG) has issued its January 2022 update. This summarises public technical discussions held and decisions taken during the month. EFRAG has asked for views on the Exposure Draft Non-current Liabilities with Covenants and Supplier Finance Arrangements. Questionnaires to facilitate this request are available to view on the EFRAG website and can be completed by 4 March 2022. EFRAG is seeking comments on their discussion paper “Better Information on Intangibles – Which is the best way to go?” Comments are requested by 30 June 2022. EFRAG has completed its due process regarding the initial application of IFRS 17 and IFRS 9- Comparative Information (amendment to IFRS 17) and has submitted its endorsement advice letter to the European Commission. As a result, EFRAG has also updated its Endorsement Status Report.` The UK Endorsement Board has published its Draft Comment Letter in response to IASB’s Exposure Draft - Supplier Finance Arrangements: Proposed amendments to IAS 7 and IFRS 7 and is seeking feedback on this by 4 March 2022. The IFRS Foundation, CDP and the Climate Disclosure Standards Board (CDSB) have completed the consolidation of the CDSB into the IFRS Foundation. Resources from the CDSB will transfer to the IFRS Foundation and provide intellectual property and technical assets which will support the International Sustainability Standards Board (ISSB). Auditing New research with Audit Committee Chairs reinforces the case for developing standards for Audit Committees. Independent research commissioned by the Financial Reporting Council which builds on similar research in 2020, reinforces the case for developing standards for Audit Committees to help promote a more consistent approach to audit quality. The research, conducted by YouGov, was based on in-depth interviews with Audit Committee Chairs (ACCs) discussing how they carry out their role. A link to the full research can be found here. Insolvency The Institute is hosting a free one hour webinar on 10 February on practical considerations for the small company administrative rescue process (SCARP). The process, how to prepare for it, what to look out for and key matters to be aware of when considering it will be discussed as well as exploring some practical issues including dealing with creditors and the pros and cons of a company entering the process. Fraud/Anti money laundering/Economic Crime Europol has recently issued its report “Cryptocurrencies: tracing the evolution of criminal finances”. It analyses the criminal use of cryptocurrencies, and the report contains core definitions, case examples, and details of the challenges authorities face in combating the illicit use of cryptocurrency. Also, in its press release Europol debunks some myths .It says that overall number and value of cryptocurrency transactions related to criminal activities still represent only a limited share of the criminal economy when compared to cash and other forms of transactions .It also states that cryptocurrencies are not anonymous and while privacy coins and a number of services and techniques may hinder law enforcement investigations, transactions are traceable. The UK Financial Conduct Authority recently published guidance on competency and capability for heads of compliance and money laundering reporting officers (MLROs) of firms authorised and registered by it. The FCA says it should help firms decide if an individual candidate is suitable. The guidance  is  based on FCA  experience of approved applications and gives details of what successful applicants had for example in the way of training and experience. The Treasury Committee of UK Parliament recently published a report on fraud, scams and economic crime. It has called for additional Government action to combat fraud and scammers. The report urges legislation against online fraudulent adverts and for the government to seriously consider whether online giants should reimburse those who fall victim to scams on their platforms. It makes recommendations such as appropriate resourcing and whether a single law enforcement agency would be more effective. Other Areas of Interest In recent days the Irish government launched a new national digital strategy, Harnessing Digital – The Digital Ireland Framework, to drive and enable the digital transition across the Irish economy and society. You can read more details and download the strategy from this page . The strategy was welcomed by regulators, the Broadcasting Authority of Ireland , Competition and Consumer Protection Commission (CCPC), Commission for Communications Regulation (ComReg) and the Data Protection Commission (DPC) . The UK government launched its Cyber Security Strategy this week. It sets out the government’s approach to building a cyber resilient public sector and to ensuring that core government functions are resilient to cyber-attack. Following a consultation last year, the Central Bank this week published its Guidance on the Use of Service Companies for Staffing Purposes in the Insurance Sector due to the potential of these staffing arrangements, if not effectively managed, to threaten the operational resilience of undertakings regulated by the Central Bank. The Guidance expects that where an undertaking uses such staffing arrangements, this should not impair the quality of its system of governance, unduly increase operational risk, impair the ability of the Central Bank to monitor compliance of the undertaking with its obligations, or undermine service to policyholders. This week the Central Bank also published its Regulatory Service Standards Performance Report for the second half of 2021. The document sets out the Central Bank’s performance against service standards that it has committed to in respect of (a) authorisation of investment funds and financial service providers, (b) processing of Pre-Approval Controlled Function Individual Questionnaire  applications and (c) contact management. There are 44 service standards against which the Central Bank sets performance targets. The report documents that during the period, there were 12 service standards which were not relevant and of the 32 which were, 27 of these were either met or exceeded. The Companies Registration Office (CRO) has announced that it will introduce mandatory online filing for 18 of its Companies Office forms from 1 March 2022. These include forms for winding up resolutions and  appointment of liquidators and receiver. Click here to see the list of affected forms. Any forms, which are mandatory online filings, received on or after 1 March 2022 will be returned for re-submission online. Users are advised to familiarise themselves with the CRO’s CORE system to avoid unnecessary delays.   The Department of Enterprise, Trade and Employment (DETE) recently  launched a Public Consultation on Reform and Modernisation of Legislation regarding Co-operative Societies. Work is nearing completion on proposed legislation to repeal the Industrial and Provident Societies Acts 1893-2021 and provide a modern and effective legislative framework suitable for the diverse range of organisations using the co-operative model in Ireland. This consultation outlines a number of issues and asks specific questions to assist the DETE prior to finalising legislative proposals. The DETE is also taking the opportunity to give stakeholders a general overview of the proposed legislation. It is seeking responses from interested parties by 25 February 2022.The press release regarding the consultation can be found here. The Institute is responding to this consultation and we welcome comments from members. Please use the form here to send us your views on this proposed reform.  Following relaxation of many public health measures, including the requirement on public health grounds, to work from home, the Tánaiste recently published the Transitional Protocol, a guidance document which was developed in consultation with business representative groups and unions. It sets out best practice for keeping the workplace safe and to help employers and their employees return to work safely. The DETE has recently published its latest newsletter .It contains information on a number of matters including the Transitional Protocol mentioned in the preceding paragraph and the publication of the Competition (Amendment) Bill 2022 which, if passed, will give  more powers to the competition authority to protect consumers. The European Commission is running its annual event EU Industry Days from 8 – 11 February 2022.You can register and join online. It is a four day event with one day casting a spotlight on the EU tourism ecosystem and other days holding discussions across industrial ecosystems on their green and digital transition, in support of strengthening the resilience of EU companies (including SMEs).It will also hold a special youth programme  focusing  on some of the most urgent concerns for young Europeans today: social equality, youth unemployment and precarious work, and the urgent call for sustainable and socially responsible business models. Details of the programme including the special youth programme on 10 February 2022 can be found here. Speakers include Ursula Von Der Leyen President of the European Commission and Maroš Šefčovič, Vice President. A podcast series is also available on the website where industry insiders, civil society representatives, academics, and many others have a say about the trends, challenges and  opportunities that the green, digital, and resilient transition brings for European industry.