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Latest Ireland - Banking & Financial Services News

EBA publishes final draft ITS on uniform reporting under SEPA

The European Banking Authority (EBA) has published final draft Implementing Technical Standards (ITS) to standardise the reporting of charges for credit transfers and payment accounts, and shares of rejected transactions under the Single Euro Payments Area (SEPA) Regulation. Adjustments to the final draft ITS reflect feedback from the EBA’s public consultation, leading to a 12-month extension of the initial reporting deadline for payment service providers (PSPs) to April 2026, with National Competent Authorities (NCAs) reporting to the EBA and European Commission by October 2026.

Commission launches 'Next-Generation' FIU.net to enhance financial crime prevention

The European Commission has launched the 'Next-Generation' FIU.net, an IT system designed to enhance the exchange and cross-matching of information among Financial Intelligence Units (FIUs) and Europol. This system aims to improve the prevention and fight against financial crime such as money laundering and terrorist financing by providing a more efficient, secure, and interoperable platform for information sharing. The Anti-Money Laundering Authority (AMLA) is set to manage the system from 10 July 2027; subject to a decision by AMLA non-EU FIUs may also connect to FIU.net.

Ireland— ESMA publishes survey results on legal entity identifiers, revealing strong preference for LEI

The European Securities and Markets Authority (ESMA) has released the findings of its October 2024 survey on legal entity identifiers. The survey, which garnered 136 responses from 26 countries, aimed to assess the impact of including alternative identifiers for reporting, disclosure, and record-keeping requirements. Results indicate a strong preference (86%) for the Legal Entity Identifier (LEI) among respondents. The survey also revealed significant costs associated with adapting reporting systems to accommodate additional identifiers, with an average cost of 360,000 Euros per firm. Pan-European associations proposed enhancing EUID automation and its interoperability with LEI to reduce burdens and avoid duplication. ESMA plans to conduct a follow-up workshop with respondents and stakeholders to discuss potential future actions, aligning with its Data Strategy 2023-2028 to promote cost-efficient reporting and explore opportunities to reduce reporting burdens.

European Commission rejects draft RTS on ICT subcontracting under DORA in letter sent to the ESAs

The European Commission has published a letter that was sent to the chair of the joint committee of the European Supervisory Authorities (the ESAs) which addresses a draft Delegated Regulation on subcontracting information and communication technology (ICT) services supporting critical or important functions (the RTS), submitted by the ESAs on 17 July 2024. In the letter, the Commission rejects the draft RTS on the basis that it considers the provisions relating to the monitoring of the subcontracting chain as not being within the scope of the mandate set out in Article 30(5) of the Digital Operational Resilience Act (DORA).

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