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Latest Ireland - Banking & Financial Services News

COP29 round-up—20 November 2024 (Urbanisation, Transport and Tourism)

On 20 November 2024, the tenth day of the 29th Conference of the Parties of the United Nations Framework Convention on Climate Change (COP29) focused on urbanisation, transport, and tourism, marking the first time the COP Presidency dedicated a day to tourism. The Presidency Stocktaking Plenary discussed several topics, including the new collective quantified goal on climate finance (NCQG). In addition, the UN Climate Change Executive Secretary, Simon Stiell, delivered a speech on nationally determined contributions (NDCs), and the COP29 Presidency launched declarations on tourism and urban resilience.

ESMA seeks input on active account requirement under EMIR 3

The European Securities and Markets Authority (ESMA) has published a consultation paper on the conditions of the active account requirement (AAR) following the review of the European Market Infrastructure Regulation (EMIR 3). The AAR mandates that EU counterparties active in specific derivatives maintain an operational and representative account with an EU-authorised central counterparty. Responses are sought by 27 January 2025, with ESMA aiming to submit final draft regulatory technical standards (RTS) within six months of EMIR 3's enactment. ESMA plans to organise a public hearing on 20 January 2025.

ESAs publish joint guidelines on information exchange for fit and proper assessments

The three European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority—ESAs) have published their joint guidelines for establishing a system to facilitate the exchange of information relevant to assessing the fitness and propriety of holders of qualifying holdings, directors and key function holders at financial institutions by competent authorities in accordance with the legislative acts referred to in Articles 1(2) of Regulation (EU) 1093/2010, Regulation (EU) 1094/2010 and Regulation (EU) 1095/2010 (the ESA’s Founding Regulations).

CMU: Council adopts EMIR 3 and amending Directive on treatment of CCP concentration risk

The Council of the EU has announced its adoption of the Regulation amending Regulations (EU) No 648/2012 (EU EMIR), the Capital Requirements Regulation (EU) 575/2013 (EU CCR) and the Money Market Funds Regulation (EU) 2017/1131 (EU MMF Regulation) as regards measures to mitigate excessive exposures to third-country central counterparties (CCPs) and improve the efficiency of EU clearing markets (EMIR 3) and the Directive amending Directives 2009/65/EC, 2013/36/EU and (EU) 2019/2034 as regards the treatment of concentration risk arising from exposures towards CCPs and of counterparty risk in centrally cleared derivative transactions. The EMIR 3 and the amending Directive will be published in the EU’s Official Journal (OJ) before entering into force 20 days later.

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