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Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
Legislation Developments   William Fry
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Legislation Developments William Fry

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  • 1. 2010 Mid-year Review of Legislative Developments 23 July 2010
  • 2. CONTENTS INTRODUCTION ................................................................................................................................................... 5 ASSET MANAGEMENT & INVESTMENT FUNDS – YEAR TO DATE ............................................................... 6 Directive 2010/42/EC implementing Directive 2009/65/EC as regards certain provisions concerning fund mergers, master-feeder structures and notification procedure .............................................. 6 Directive 2010/43/EC implementing Directive 2009/65/EC as regards organisational requirements, conflicts of interest, conduct of business, risk management and content of the agreement between a depositary and a management company.............................................................................. 6 Regulation 583/2010 implementing Directive 2009/65/EC as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website ........................................................................... 6 Regulation 584/2010 implementing Directive 2009/65/EC as regards the form and content of the standard notification letter and UCITS attestation, the use of electronic communication between competent authorities for the purpose of notification, and procedures for on-the-spot verifications and investigations and the exchange of information between competent authorities ............................... 7 ASSET MANAGEMENT & INVESTMENT FUNDS – STILL TO COME .............................................................. 7 Collective Investment Schemes Consolidation Bill .................................................................. 7 Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) - UCITS IV Directive ............. 7 Proposed Directive on Alternative Investment Fund Managers, COM 2009/207 ............................... 8 Proposed Directive amending Directive 2003/71/EC (the Prospectus Directive) and Directive 2004/109/EC (the Transparency Directive), COM 2009/491....................................................... 8 COMMERCIAL – STILL TO COME ...................................................................................................................... 9 Communications (Retention of Data) Bill 2009....................................................................... 9 Criminal Justice (Forensic Evidence and DNA Database System) Bill 2010 .................................... 9 Reform of data protection legislation................................................................................... 9 Proposed Directive on consumer rights, COM (2008) 614 ......................................................... 9 COMPETITION & REGULATION – YEAR TO DATE ........................................................................................ 10 Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 ....................................... 10 Competition (Amendment) Act 2010 ................................................................................. 10 Communications Regulation (Premium Rate Services and Electronic Communications Infrastructure) Act 2010 .................................................................................................................. 10 European Communities (Public Authorities’ Contracts) (Review Procedures) Regulations 2010 and European Communities (Award of Contracts by Utility Undertakings) (Review Procedures) Regulations 2010 ....................................................................................................................... 10 Commission Block Exemption Regulation on supply and distribution agreements (Regulation 330/2010/EU) ............................................................................................................ 10 COMPETITION & REGULATION – STILL TO COME ....................................................................................... 11 Directive 2006/123/EC on services in the internal market ........................................................ 11 Directive 2008/6/EC - The Postal Directive, Postal Services Bill ............................................... 11 Proposed Regulations on the Competition aspects of horizontal co-operation agreements ................ 11 CORPORATE – YEAR TO DATE....................................................................................................................... 12 European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010, (S.I. No. 220 of 2010) ...................................................................................................................... 12 CORPORATE – STILL TO COME...................................................................................................................... 12 Companies Consolidation and Reform Bill.......................................................................... 12 Local Government Services (Corporate Bodies) (Amendment) Bill............................................. 12
  • 3. Directive 2009/49/EC amending Directives 78/660/EC and 83/349/EC as regards certain disclosure requirements for medium-sized companies and the obligation to draw up consolidated accounts ........ 12 Proposed Council Regulation on the Statute for a European private company, COM (2008) 396 ........ 13 Proposed Directive on coordination of safeguards required by Member States of companies in respect of the formation of public limited companies and the maintenance and alteration of their capital, COM (2008) 544................................................................................................................ 13 Proposed Directive on the annual accounts of certain types of companies as regards micro-entities, COM (2009) 83 .......................................................................................................... 13 Proposed Directive on combating late payment in commercial transactions (Recast) COM (2009) 126 . 14 EMPLOYMENT & BENEFITS – YEAR TO DATE .............................................................................................. 15 Directive 2010/18/EU implementing the revised Framework Agreement on parental leave and repealing Directive 96/34/EC ...................................................................................................... 15 Directive 2010/41/EU on the application of the principle of equal treatment between men and women engaged in an activity in a self-employed capacity and repealing Council Directive 86/613/EEC ......... 15 EMPLOYMENT & BENEFITS – STILL TO COME............................................................................................. 15 Employment Law Compliance Bill 2008 ............................................................................. 15 Employment Agency Regulation Bill 2009 .......................................................................... 15 Industrial Relations Amendment Bill 2009 .......................................................................... 15 Proposed Directive amending Directive 2003/88/EC concerning certain aspects of the organisation of working time, COM (2004) 607 – 2004/0209/COD ................................................................ 16 Proposal for a Directive amending Council Directive 92/85/EEC on the introduction of measures to encourage improvements in the safety and health at work of pregnant workers and workers who have recently given birth or are breastfeeding, COM (2008) 637 ...................................................... 16 Proposal for a Regulation establishing a European Insurance and Occupational Pensions Authority (EIOPA), COM (2009) 502............................................................................................. 16 Proposal for a Directive on intra-corporate temporary transfer of non-EU skilled workers, COM (2010) 378 ........................................................................................................................ 17 Proposal for a Directive on seasonal employment, COM (2010) 379 .......................................... 17 ENERGY & NATURAL RESOURCES – YEAR TO DATE................................................................................. 18 Petroleum Exploration and Extraction (Safety) Act 2010 ......................................................... 18 Energy (Biofuel Obligation and Miscellaneous Provisions) Act 2010 ........................................... 18 Electricity Regulation (Amendment) (Carbon Revenue Levy) Act 2010........................................ 18 Directive 2010/30/EU - Energy Labelling Directive ................................................................ 18 ENERGY & NATURAL RESOURCES – STILL TO COME................................................................................ 19 Geothermal Energy Bill................................................................................................. 19 Directive 2009/29/EC on EU Emissions Trading Scheme........................................................ 19 ENVIRONMENT & PLANNING – YEAR TO DATE............................................................................................ 20 European Communities (Assessment and Management of Flood Risks) Regulations 2010 (S.I. No. 122 of 2010) ................................................................................................................... 20 European Communities (Greenhouse Gas Emissions Trading) (Aviation) Regulations 2010 (S.I. No. 261 of 2010).............................................................................................................. 20 Planning and Development (Amendment) Act 2010 .............................................................. 20 ENVIRONMENT & PLANNING – STILL TO COME........................................................................................... 20 Environmental Liability Bill ............................................................................................. 20 Environment (Miscellaneous Provisions) Bill ....................................................................... 21 Noise Nuisance Bill ..................................................................................................... 21 Minerals Development Bill ............................................................................................. 21 Directive 2007/2/EC .................................................................................................... 21 Directive 2008/50/EC on ambient air quality and cleaner air for Europe ....................................... 21 Directive 2009/33/EC on the promotion of clean and energy-efficient road transport vehicles............. 21
  • 4. Directive 2009/28/EC on the promotion of the use of energy from renewable sources...................... 22 Directive 2008/98/EC on waste – Waste Framework Directive.................................................. 22 Directive 2008/99/EC on Environmental Crime .................................................................... 22 Directive 2009/30/EC amending Directive 98/70/EC as regards the specification of petrol, diesel and gas-oil and introducing a mechanism to monitor and reduce greenhouse gas emissions and amending Directive 1999/32/EC as regards the specification of fuel used by inland waterway vessels and repealing Directive 93/12/EEC ........................................................................................ 22 Proposed EU Directive on industrial emissions, COM (2007) 844 .............................................. 23 FAMILY LAW – YEAR TO DATE ....................................................................................................................... 24 Adoption Act 2010 ...................................................................................................... 24 Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010............................... 24 FAMILY LAW – STILL TO COME ...................................................................................................................... 25 Child Care (Amendment) Bill 2009 ................................................................................... 25 Mental Capacity Bill..................................................................................................... 25 Proposal for a Council Regulation implementing enhanced cooperation in the area of the law applicable to divorce and legal separation, COM (2010) 104 ................................................................. 25 FINANCIAL SERVICES – YEAR TO DATE ....................................................................................................... 26 Central Bank Reform Act 2010 ....................................................................................... 26 European Communities (Consumer Credit Agreements) Regulations 2010 (S.I. No. 281 of 2010) ....... 26 FINANCIAL SERVICES – STILL TO COME ...................................................................................................... 26 Central Bank (No.2) Bill ................................................................................................ 26 Central Bank (Consolidation) Bill ..................................................................................... 26 Financial Services (Miscellaneous Provisions) Bill ................................................................ 26 Dormant Accounts (Amendment) Bill ................................................................................ 26 Directive 2009/111/EC amending Directives 2006/48/EC, 2006/49/EC and 2007/64/EC as regards banks affiliated to central institutions, certain own funds items, large exposures, supervisory arrangements, and crisis management (CRD II) ................................................................... 27 Directive 2009/44/EC amending Directive 98/26/EC (Settlement Finality Directive) and Directive 2002/47/EC (Financial Collateral Arrangements Directive) ...................................................... 27 Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC .............................................................................................................. 27 Proposed Directive on taxation of savings income in the form of interest payments, COM (2008) 727 .. 28 Proposal for a Directive amending Directives 2006/48/EC and 2006/49/EC as regards capital requirements for the trading book and for re-securitisations, and the supervisory review of remuneration policies (CRD III), COM (2009) 362 .................................................................................. 28 Proposal for a Regulation on Community macro prudential oversight of the financial system and establishing a European Systemic Risk Board, COM (2009) 499............................................... 28 Proposal for a Council Decision entrusting the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board, COM (2009) 500 ...................................... 28 Proposals for three Regulations establishing a European System of Financial Supervisors (ESFS), COM (2009) 501, 502 and 503 ....................................................................................... 29 Proposal for a Directive amending Directives 1998/26/EC (Settlement Finality), 2002/87/EC (Financial Conglomerates), 2003/6/EC (Market Abuse), 2003/41/EC (Institutions for Occupational Retirement Provisions), 2003/71/EC (Prospectus), 2004/39/EC (MiFID), 2004/109/EC (Transparency), 2005/60/EC (AML), 2006/48/EC, 2006/49/EC (CRD), and 2009/65/EC (UCITS IV) in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, COM (2009) 576 .................................................. 29 Proposal to enhance the resilience of OTC Derivative markets, COM (2009) 563 ........................... 29 Proposal for a Regulation amending Regulation (EC) No 1060/2009 on Credit Rating Agencies, COM (2010) 289................................................................................................................ 30 Proposal for a Directive on Deposit Guarantee Schemes (recast) COM 2010 (368)........................ 30
  • 5. Proposal for the amendment of Directive 97/9/EC on investor compensation schemes COM (2010) 37130 Proposal for the revision of the Market Abuse Framework Directive (2003/6/EC)............................ 31 INSURANCE – YEAR TO DATE ........................................................................................................................ 32 Commission Block Exemption Regulation on certain types of agreements in the Insurance sector (Regulation (EU) No 267/2010) ....................................................................................... 32 INSURANCE – STILL TO COME ....................................................................................................................... 32 Directive 2009/138/EC on the taking up and pursuit of the business of Insurance and Reinsurance - Solvency II (recast) ..................................................................................................... 32 Proposal for a Regulation establishing a European Insurance and Occupational Pensions Authority (EIOPA), COM (2009) 502............................................................................................. 33 Proposal for a Directive on Insurance Guarantee Schemes, COM (2010) 370 ............................... 33 INTELLECTUAL PROPERTY – STILL TO COME............................................................................................. 34 Proposed Directive amending Directive 2006/116/EC on the term of protection of copyright and related rights, COM (2008) 0464............................................................................................... 34 LITIGATION – YEAR TO DATE ......................................................................................................................... 35 Arbitration Act 2010..................................................................................................... 35 LITIGATION – STILL TO COME ........................................................................................................................ 35 Tribunals of Inquiry Bill 2005 .......................................................................................... 35 Coroners Bill 2007 ...................................................................................................... 35 Civil Law (Miscellaneous Provisions) Bill............................................................................ 35 Sale of Alcohol Bill ...................................................................................................... 36 Ombudsman (Amendment) Bill 2008 ................................................................................ 36 PROPERTY – YEAR TO DATE .......................................................................................................................... 37 Compulsory Purchase Orders (Extension of Time Limits) Act 2010 ............................................ 37 Directive 2010/31/EU on the energy performance of buildings .................................................. 37 PROPERTY – STILL TO COME ......................................................................................................................... 37 Property Services (Regulation) Bill 2009 ............................................................................ 37 Multi-Unit Developments Bill 2009 ................................................................................... 37 PROJECTS & CONSTRUCTION – STILL TO COME........................................................................................ 38 Construction Contracts Bill 2010 ..................................................................................... 38 TAXATION – YEAR TO DATE ........................................................................................................................... 39 Finance Act 2010 ....................................................................................................... 39 Directive 2010/24 concerning mutual assistance for the recovery of claims relating to taxes, duties and other measures .......................................................................................................... 39 Directive 2010/23/EU amending Directive 2006/112/EC on the common system of value added tax, as regards an optional and temporary application of the reverse charge mechanism in relation to supplies of certain services susceptible to fraud .............................................................................. 39 Directive 2010/.../EU amending Directive 2006/112/EC on the common system of Value Added Tax as regards the rules on invoicing ......................................................................................... 39 TAXATION – STILL TO COME .......................................................................................................................... 40 Motor Vehicles (Duties and Licences) Bill........................................................................... 40 Value Added Tax Consolidation Bill.................................................................................. 40 Directive 2008/8/EC amending VAT Directive 2006/112/EC as regards the place of supply of services . 40 Directive 2009/69/EC amending Directive 2006/112/EC on the common system of value added tax as regards tax evasion linked to imports ................................................................................ 40
  • 6. Directive 2009/162/EC amending various provisions of Directive 2006/112/EC on the common system of value added tax ...................................................................................................... 40 Proposal for a Directive on taxation of savings income in the form of interest payments, COM (2008) 727 ........................................................................................................................ 41 Proposal for a Directive on administrative cooperation in the field of taxation, COM (2009) 29 ........... 41 Proposal for a Directive amending Directive 2006/112/EC on the common system of value added tax, with regard to the duration of the obligation to respect a minimum standard rate, COM (2010) 331...... 41 TRUSTS AND ESTATES – YEAR TO DATE ..................................................................................................... 42 Civil Partnership and Certain Rights and Obligations of Cohabitants Act 2010............................... 42 TRUSTS AND ESTATES – STILL TO COME.................................................................................................... 42 Trusts Bill ................................................................................................................. 42
  • 7. INTRODUCTION The 2010 Mid-year Review provides a snapshot of selected Irish and EU legislative developments in the first half of 2010 and key measures where progress is expected by year end. It also contains some information on legislative measures that may not be finalised until 2011 or beyond. It does not purport to be a comprehensive review of all issues. Legislative measures are generally listed under the Practice Area that they are most associated with, although some measures may impact on more than one Practice Area. This Preview gives the status of all measures herein as at 23 July 2010. Expectations are based on the information currently available, but it is not unusual for timelines to change with the priorities of the Irish Government or EU institutions. For updates on these and other legislative matters please call or email your usual William Fry contact person. The material contained in this Review of Legislative Developments is provided for information purposes only and does not constitute legal or other professional advice. It does not take account of specific circumstances and cannot be considered a substitute for specific legal or other professional advice. Our website Disclaimer also applies.
  • 8. ASSET MANAGEMENT & INVESTMENT FUNDS – YEAR TO DATE Legislative Measure Description Commencement Directive 2010/42/EC implementing This Directive implements Directive 2009/65/EC as regards certain provisions Shall enter into force on 30 July Directive 2009/65/EC as regards concerning fund mergers, master-feeder structures and notification procedure. It 2010. certain provisions concerning fund details certain investor protection measures in relation to these asset pooling mergers, master-feeder structures techniques, and establishes a common approach to the sharing of information Transposition date: 30 June 2011 and notification procedure between master and feeder UCITS. It also covers detailed rules on the liquidation, merger or division of a master UCITS. However, transposition date of Articles 7-29: 31 December 2013. The Department of Finance have indicated that drafting of transposition measures will commence shortly. Directive 2010/43/EC implementing This Directive implements Directive 2009/65/EC as regards organisational Shall enter into force on 30 July Directive 2009/65/EC as regards requirements, conflicts of interest, conduct of business, risk management and 2010. organisational requirements, content of the agreement between a depositary and a management company. It conflicts of interest, conduct of aligns organisational requirements and rules of conduct for investment firms with the Transposition date: 30 June 2011 business, risk management and standards already applied across much of the financial services through the Markets content of the agreement between a in Financial Instruments Directive (MIFiD). The Department of Finance have depositary and a management indicated that drafting of company transposition measures will commence shortly. Regulation 583/2010 implementing This Regulation implements Directive 2009/65/EC as regards key investor Shall enter into force on 30 July Directive 2009/65/EC as regards key information and conditions to be met when providing key investor information or the 2010. investor information and conditions prospectus in a durable medium other than paper or by means of a website. Covers to be met when providing key the content and form of the document, including the use of plain language and a Directly Applicable. investor information or the much more investor-friendly presentation of information about risk prospectus in a durable medium Applies from 1 July 2011. other than paper or by means of a website
  • 9. Regulation 584/2010 implementing This Regulation implements Directive 2009/65/EC as regards the form and content Shall enter into force on 30 July Directive 2009/65/EC as regards the of the standard notification letter and UCITS attestation, the use of electronic 2010. form and content of the standard communication between competent authorities for the purpose of notification, and notification letter and UCITS procedures for on-the-spot verifications and investigations and the exchange of Directly Applicable. attestation, the use of electronic information between competent authorities. It sets out the details of standard communication between competent documents and procedures to be used for electronic transmission in the notification Applies from 1 July 2011. authorities for the purpose of procedure (used by a UCITS when it wishes to gain access to the market in another notification, and procedures for on- Member State). It also contains common procedures for enhancing supervisory the-spot verifications and cooperation in their oversight of fund managers' cross-border activity of fund investigations and the exchange of managers. information between competent authorities ASSET MANAGEMENT & INVESTMENT FUNDS – STILL TO COME Legislative Measure Description Status Collective Investment Schemes This Bill is proposed to consolidate and update collective investment schemes Bill expected to be published in Consolidation Bill legislation. 2011. Directive 2009/65/EC on the The UCITS IV Directive consolidates the previous UCITS Directives and is intended Transposition Date: 30 June 2011 coordination of laws, regulations to: improve investor information by creating a standardised summary information and administrative provisions document “key information for investors”; create a genuine European passport for The Department of Finance has relating to undertakings for UCITS management companies; facilitate cross-border mergers of UCITS; facilitate indicated that drafting of the collective investment in transferable asset pooling by creating a framework for the system of “master-feeder” transposition measures will securities (UCITS) - UCITS IV arrangements; and strengthen the supervision of UCITS and of the companies that commence shortly. Directive manage them. 7
  • 10. Proposed Directive on Alternative The purpose of the proposed Directive is to establish a secure and harmonised EU Proposal adopted by the European Investment Fund Managers, COM framework for monitoring and supervising the risks that Alternative Investment Fund Commission on 30 April 2009. 2009/207 Managers (AIFM) pose to their investors, counterparties, other financial market participants and to financial stability and to permit, subject to compliance with strict The next step is consideration by the requirements, AIFM to provide services and market their funds across the internal European Parliament which is market. expected in September 2010. Proposed Directive amending The purpose of the proposed Directive is to simplify and improve the application of Proposal adopted by the European Directive 2003/71/EC (the Prospectus the Prospectus Directive and increase its efficiency. It would also amend the Commission on 23 September 2009. Directive) and Directive 2004/109/EC mechanism for the determination of the home and the host Member States in Article (the Transparency Directive), COM 2(1)(i)(i) of the Transparency Directive. The European Parliament adopted 2009/491 the proposed directive in June. Next step is consideration by Council. 8
  • 11. COMMERCIAL – STILL TO COME Legislative Measure Description Status Communications (Retention of Data) The purpose of this Bill is (inter alia) to give effect to Directive 2006/24/EC on the Transposition of the Directive is Bill 2009 retention of data generated or processed in connection with the provision of publicly overdue. available electronic communications services or of public communications networks. The Bill was passed by Dáil The purpose of the Directive is to harmonise the obligations on providers to retain Éireann and is currently at Second certain data and to ensure that such data is available for the purpose of the Stage in Seanad Éireann. investigation, detection and prosecution of serious crime. The deadline for transposition into Irish law was 15 September 2007. Criminal Justice (Forensic Evidence This Bill is proposed to provide for the establishment and operation of a national The Bill was initiated in Dáil Éireann and DNA Database System) Bill 2010 DNA Database with separate sections to assist in the investigation of criminal where it has been referred to Select investigations and to help trace and identify missing or unknown persons. Committee. Reform of data protection legislation The European Commissioner responsible for Justice, Fundamental Rights and Legislative proposals expected Citizenship has indicated that she intends to present a legislative proposal for the from the European Commission in reform of the Data Protection Directive (95/46/EC) by the end of 2010. In Ireland the late 2010. Report of the Data Protection Review Group was published in May 2010 and the Minister for Justice, Equality & Law Reform is currently considering its recommendations. The Report recommends some legislative change, but notes that many of the issues it raised may be addressed by the proposed reform at EU level. Proposed Directive on consumer In October 2008, the European Commission proposed a new Directive to harmonise Adopted by the Commission rights, COM (2008) 614 and introduce new consumer rights across the EU, replacing and enhancing the October 2008. provisions of four existing consumer protection Directives. It is designed to be a "maximum harmonisation" Directive, meaning that Member States will not be able to The European Council debated the introduce provisions going beyond the terms of the Directive. proposal in May 2010 Awaiting European Parliament decision which is expected in December 2010. 9
  • 12. COMPETITION & REGULATION – YEAR TO DATE Legislative Measure Description Commencement Criminal Justice (Money Laundering This Act provides for offences of, and related to, money laundering in and outside Enacted: 5 May 2010. and Terrorist Financing) Act 2010 the State; gives effect to Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing and Commenced: 15 July 2010. provides for the registration of persons directing private members’ clubs. Competition (Amendment) Act 2010 This Act amends section 35 of the Competition Act 2002 to permit the appointment Enacted: 19 June 2010 of temporary members to the Competition Authority to enable the Minister for Enterprise, Trade and Employment appoint temporary members to fill current and Commenced: 19 June 2010 upcoming vacancies in the Competition Authority, which had the effect of reducing membership below the statutory minimum requirement. Communications Regulation This Act gives ComReg the function of regulating the content and promotion of Enacted: 16 March 2010 (Premium Rate Services and premium rate services (PRS). Electronic Communications Part II commenced: 12 July 2010 Infrastructure) Act 2010 All other sections commenced: 16 March 2010 European Communities (Public These Regulations transpose Directive 2007/66/EC on improving the effectiveness Authorities’ Contracts) (Review of review procedures concerning the award of public contracts - the Remedies 25 March 2010 Procedures) Regulations 2010 and Directive. The Directive replaces existing EC rules on remedies in the area of public European Communities (Award of procurement. It introduces a “standstill period” requiring contracting authorities to Contracts by Utility Undertakings) wait at least ten days after deciding who has won the public contract before the (Review Procedures) Regulations contract may actually be signed. This standstill obligation is designed to allow 2010 bidders time to examine the decision and to assess whether to initiate a review procedure. The Directive also clarifies the powers of national courts to render public contracts ineffective where they have been illegally awarded without transparency and prior competitive tendering. Commission Block Exemption This Regulation replaces the previous Commission Block Exemption Regulation on Commenced: 1 June 2010 Regulation on supply and supply and distribution agreements (Regulation EC 2790/1999) which expired in distribution agreements (Regulation May 2010. Expires: 31 May 2022 330/2010/EU) 10
  • 13. COMPETITION & REGULATION – STILL TO COME Legislative Measure Description Status Directive 2006/123/EC on services in The objective of the Directive is to provide the necessary legal framework to Transposition overdue. the internal market eliminate the obstacles to the freedom of establishment for service providers and the free movement of services between Member States. Some provisions relate to This Directive is to be transposed by freedom of establishment only, some to free movement of services only and some Statutory Instrument. The expected to both. The Directive also gives effect to decisions of the European Court of date of transposition is August Justice. 2010. The Directive applies to all commercial services, except financial, electronic communications and transport services. Public services are excluded, as are healthcare services, audio-visual services, activities connected with the exercise of official authority, temporary employment agencies, security services, certain social services, gambling and taxation. The deadline for transposition into Irish law was 28 December 2009. Directive 2008/6/EC - The Postal This Directive aims to accomplish the Single Market for postal services and ensure Transposition due by 31 December Directive, a high quality universal service, by opening up the sector to competition in a 2010. Postal Services Bill gradual and controlled way. It is expected that the Bill will be This Bill is proposed to transpose the Postal Directive and to consolidate all published in 2010. previous postal legislation. Proposed Regulations on the Guidance for the assessment of horizontal co-operation agreements is currently The Commission has launched a Competition aspects of horizontal co- given by way of two ‘Block Exemption’ Regulations (Commission Regulation (EC) consultation on the review of the operation agreements No. 2659/2000 on research and development (R&D) agreements and Commission rules applicable to horizontal co- Regulation (EC) No. 2658/2000 on specialisation agreements). The current operation agreements Regulations are due to expire in December 2010. The Commission has published Draft Regulations and Guidelines on the competition aspects of horizontal co-operation agreements. 11
  • 14. CORPORATE – YEAR TO DATE Legislative Measure Description Commencement European Communities (Statutory This Statutory Instrument transposed Directive 2006/43/EC on annual and 20 May 2010 Audits) (Directive 2006/43/EC) consolidated accounts. The Directive introduces a number of rules to harmonise Regulations 2010, (S.I. No. 220 of the auditing of annual accounts and codified accounts, clarifies the duties of 2010) statutory auditors, requires that public oversight systems are in place for statutory auditors and audit firms and a quality assurance system is in place. CORPORATE – STILL TO COME Legislative Measure Description Status Companies Consolidation and This Bill is proposed to modernise Irish company law through the consolidation and The complete draft Bill is not Reform Bill reform of the existing Company Law Acts, regulations and case law. expected to be published until late 2011. However, it is hoped that a draft of Pillar A will be published for consultation towards the end of 2010 or early 2011. Local Government Services This Bill is proposed to provide for clarification of the legal provision for establishing Bill expected to be published late (Corporate Bodies) (Amendment) Bill corporate bodies. 2010. Directive 2009/49/EC amending The purpose of the Directive is to ease the administrative burden linked to certain Transposition Date: 31 December Directives 78/660/EC and 83/349/EC disclosure requirements for medium-sized companies and obligation to draw up 2010 as regards certain disclosure consolidated accounts. requirements for medium-sized Draft Regulations are currently companies and the obligation to draw being drafted and it is expected that up consolidated accounts these will be signed by the transposition deadline. 12
  • 15. Proposed Council Regulation on the The proposed Regulation lays down the conditions governing the establishment Proposal adopted by the Statute for a European private and operation within the Community of companies in the form of a European Commission on 25 June 2008. company, COM (2008) 396 Private Company with limited liability (Societas Privata Europaea) (SPE’s). The European Parliament adopted The purpose of the proposal is to enhance the competitiveness of Small and a resolution amending the proposal Medium sized Enterprises (SME’s) by facilitating their establishment and operation on 10 March 2009. in the Single Market. It allows entrepreneurs to set up an SPE following the same, simple, flexible company law provisions across the Member States. Council agreement was not reached on 3 December 2009. The Council noted that further work is required on the proposal. Proposed Directive on coordination The proposed Directive codifies the Second Council Directive 77/91/EEC on Proposal adopted by the of safeguards required by Member coordination of safeguards required by Member States of companies in respect of Commission on 16 September States of companies in respect of the the formation of public limited companies and the maintenance and alteration of 2008. The European Parliament formation of public limited companies their capital with a view to making such safeguards equivalent throughout the approved Proposal on 16 and the maintenance and alteration of Community. December 2008 without their capital, COM (2008) 544 amendment. The next step is approval by the Council. Proposed Directive on the annual The proposed Directive amends Directive 78/660/EEC (4th Company Law Proposal adopted by the accounts of certain types of Directive). Commission on 26 February 2009. companies as regards micro-entities, COM (2009) 83 The proposed Directive would enable Member States to exclude very small The European Parliament adopted enterprises (so-called “micro-entities”, which employ fewer than ten persons) from the Proposal with amendments on the scope of the 4th Company Law Directive and thus exempt them from its 10 March 2010. The next step is administrative and accounting requirements. approval by the Council which is expected in December 2010. The changes should lead to reduced administrative burden while safeguarding adequate protection and information to stakeholders and enable alignment of the micro-entities' reporting requirements with the real needs of users and preparers. 13
  • 16. Proposed Directive on combating late The proposed recast Directive would replace and repeal Directive 2000/35/EC on Proposal adopted by the payment in commercial transactions combating late payments in commercial transactions. Commission on 8 April 2009. (Recast) COM (2009) 126 The purpose of the proposal is to help ensure that SMEs are paid within the 30-day time limit. Awaiting Parliament decision which is expected in October 2010. 14
  • 17. EMPLOYMENT & BENEFITS – YEAR TO DATE Legislative Measure Description Commencement Directive 2010/18/EU implementing This Directive gives legal effect to a revised framework agreement on parental leave In force: 7 April 2010 the revised Framework Agreement which extends workers’ rights to parental leave from three to four months for each on parental leave and repealing parent. Transposition Date: 8 March 2012 Directive 96/34/EC Directive 2010/41/EU on the This Directive will repeal and replace Directive 86/613/EEC. It will provide Transposition Date: 5 August 2012 application of the principle of equal equivalent access to maternity leave for self-employed workers as for employees, treatment between men and women but on a voluntary basis and contains provisions on social protection for assisting There is provision for an additional engaged in an activity in a self- spouses and life partners (recognised as such in national law) granting them the period of two years until 5 August employed capacity and repealing right to social security coverage (such as pensions) on an equal basis as formal self- 2014 in order to comply with Article Council Directive 86/613/EEC employed workers. 7, and in order to comply with Article 8 as regards female spouses and life partners referred to in Article 2(b) in certain circumstances. EMPLOYMENT & BENEFITS – STILL TO COME Legislative Measure Description Status Employment Law Compliance Bill This Bill is proposed to place the National Employment Rights Authority on a The Bill was initiated in Dáil Éireann 2008 statutory footing. Provisions on NERA’s inspection powers, and penalties for non- where it is currently awaiting compliance with employment legislation are also included. Committee. Employment Agency Regulation Bill This Bill is proposed to provide that employment agencies established in the State The Bill was initiated in Dáil Éireann 2009 may operate only under a licence granted by the Minister. It also contains provisions where it has completed Committee governing the operation in Ireland of employment agencies established in another Stage. EEA state. Industrial Relations Amendment Bill This Bill is proposed to amend the Industrial Relations Acts to provide for the The Bill has been passed by 2009 continued effective operation of the Joint Labour Committee and Registered Seanad Éireann and is currently Employment Agreement systems. awaiting Committee in Dáil Éireann. 15
  • 18. Proposed Directive amending This proposed Directive is intended to amend the Working Time Directive. There is currently disagreement Directive 2003/88/EC concerning between the European Parliament certain aspects of the organisation and the Council, particularly in of working time, COM (2004) 607 – relation to on-call time and the opt 2004/0209/COD out provisions. As a result of this disagreement the Commission is planning a comprehensive review of existing working time rules before considering the different options to address these issues. The Commission has launched a Consultation on the options for reviewing rules on working time. Proposal for a Directive amending The aim of this proposal is to improve the protection offered to pregnant workers and Proposal adopted on 3 October Council Directive 92/85/EEC on the workers who have recently given birth or are breastfeeding. In particular, the 2008. introduction of measures to proposal extends the minimum length of maternity leave from 14 to 18 weeks. encourage improvements in the The Committee of the European safety and health at work of Parliament have agreed on pregnant workers and workers who proposals to extend maternity have recently given birth or are leave, on full pay, to 20 weeks. breastfeeding, COM (2008) 637 The full European Parliament will vote on the amendments proposed in October 2010. Proposal for a Regulation The purpose of the proposed Regulation is to establish a European Insurance and Proposals adopted by the establishing a European Insurance Occupational Pensions Authority (EIOPA) to replace the Committee of European European Commission on 23 and Occupational Pensions Insurance and Occupational Pensions Supervisors (CEIOPS). September 2009. Authority (EIOPA), COM (2009) 502 The draft regulation is part of a package of proposals to reform the EU framework for The next step is consideration by the supervision of banking, insurance and securities markets in the wake of the the European Parliament which is global financial crisis (see Financial Services section below). expected in September 2010. 16
  • 19. Proposal for a Directive on intra- The aim of the proposal is to facilitate multinational companies wishing to Proposal adopted by the corporate temporary transfer of non- temporarily transfer third-country national skilled workers from a company located Commission on 13 July 2010. EU skilled workers, COM (2010) 378 outside the EU to branches or subsidiaries in EU Member States. At preparatory phase in the European Parliament. Proposal for a Directive on seasonal The aim of the proposal is to establish a common procedure for entry and residence Proposal adopted by the employment, COM (2010) 379 in the EU and defines the rights of seasonal workers from Third-countries. Commission on 13 July 2010. At preparatory phase in the European Parliament. 17
  • 20. ENERGY & NATURAL RESOURCES – YEAR TO DATE Legislative Measure Description Commencement Petroleum Exploration and Extraction This Act confers responsibility for the safety of petroleum exploration and Enacted: 3 April 2010. (Safety) Act 2010 production activities on the Commission for Energy Regulation (CER). Selected sections commenced: 22 May 2010 Energy (Biofuel Obligation and This Act amends the National Oil Reserves Agency (NORA) Act 2007 to provide for Enacted: 9 June 2010. Miscellaneous Provisions) Act 2010 the establishment of a biofuels obligation scheme and to provide for amendments to the Act to facilitate NORA’s ongoing activities. Selected sections commenced: 9 June 2010 and 1 July 2010 Electricity Regulation (Amendment) This Act provides for the imposition of the carbon revenue levy on such amount of Enacted: 30 June 2010 (Carbon Revenue Levy) Act 2010 the revenues received by certain electricity generators, through participation in the single electricity market, as is attributable to the emissions from each installation of Commenced: 30 June 2010 which an electricity generator is the operator. Directive 2010/30/EU - Energy This Directive provides for the indication by labelling and standard product Transposition measures to be Labelling Directive information of the consumption of energy and other resources by energy-related brought into force by 20 June 2011 products. It extends the requirement for energy labels to energy-related products in and applied from 20 July 2011. the commercial and industrial sectors. 18
  • 21. ENERGY & NATURAL RESOURCES – STILL TO COME Legislative Measure Description Status Geothermal Energy Bill This Bill is proposed to provide a legislative framework for the vesting, licensing It is expected that the Bill will be and regulation of the development of geothermal energy. published in 2010. Directive 2009/29/EC on EU This Directive improves and extends the EU Emissions Trading Scheme so as to Transposition Date: 31 December Emissions Trading Scheme provide for a more efficient, more harmonised and fairer system. 2009 (selected provisions) Remainder: 31 December 2012 Partially transposed by European Communities (Greenhouse Gas Emissions Trading) (Amendment) Regulations 2010 (S.I. No. 161 of 2010). 19
  • 22. ENVIRONMENT & PLANNING – YEAR TO DATE Legislative Measure Description Commencement European Communities (Assessment These Regulations provide for the transposition of Directive 2007/60/EC 15 March 2010 and Management of Flood Risks) establishing a framework for community action in the field of assessment and Regulations 2010 (S.I. No. 122 of management of flood risks. 2010) European Communities (Greenhouse These Regulations provide for the transposition of EU Directive 2008/101/EC which 4 June 2010 Gas Emissions Trading) (Aviation) extends the EU Emissions Trading Scheme to aviation activities. These Regulations 2010 (S.I. No. 261 of Regulations incorporate the provisions of the first phase of transposition of the 2010) Directive— the European Communities (Greenhouse Gas Emissions Trading) (Aviation) Regulations 2009 (S.I. No. 274 of 2009). Those Regulations are revoked by these Regulations. Planning and Development This Act will amend the Planning and Development Acts with the principal aim of The Bill has been passed by both (Amendment) Act 2010 supporting economic renewal and promoting sustainable development by ensuring Houses of the Oireachtas and sent that the planning system supports targeted investment on infrastructure by the to the President for signing. It State and further modernising land zoning. should be enacted (signed) before the end of July 2010. ENVIRONMENT & PLANNING – STILL TO COME Legislative Measure Description Status Environmental Liability Bill Directive 2004/35/EC on environmental liability with regard to the prevention and Bill expected to be published in remedying of environmental damage was partially transposed by the European 2010 Communities (Environmental Liability) Regulations 2008 (S.I. No. 547 of 2008), which came into effect on 1 April 2009. The Environmental Liability Bill is proposed to further transpose the Environmental Liability Directive, including some of the discretionary provisions. 20
  • 23. Environment (Miscellaneous This Bill is proposed to increase current levels of plastic bag and landfill levies and Bill to be published in late 2010. Provisions) Bill to provide for increases in penalties under the Air Pollution Act 1987. Noise Nuisance Bill This Bill is proposed to extend and improve the powers available to enforcement Bill to be published in late 2010. authorities to prevent, reduce or abate noise nuisances, in particular noise from continuously sounding alarms. Minerals Development Bill This Bill is proposed to modernise and consolidate all mineral development Bill to be published in late 2010. legislation. Directive 2007/2/EC This Directive establishes an Infrastructure for Spatial Information in the European Transposition overdue. Community (INSPIRE). This should assist policy-making in relation to policies and activities that may have a direct or indirect impact on the environment. The Department of the Environment has indicated that Regulations to The deadline for transposition into Irish law was 15 May 2009. transpose this Directive should be signed before the Autumn session Directive 2008/50/EC on ambient air This Directive replaces four directives and one Council decision with a single Transposition Date: 10 June 2010 quality and cleaner air for Europe Directive on air quality. It sets standards and target dates for reducing concentrations of fine particles, which together with coarser particles known as Transposition overdue. PM10 already subject to legislation, are among the most dangerous pollutants for The Department of the Environment human health. has indicated that Regulations to transpose this Directive should be signed by end October 2010. Directive 2009/33/EC on the This Directive requires that energy and environmental impacts linked to the Transposition Date: 4 December promotion of clean and energy- operation of vehicles over their whole lifetime are taken into account in all 2010 efficient road transport vehicles purchases of road transport vehicles, as covered by the public procurement Directives and the public service Regulation. 21
  • 24. Directive 2009/28/EC on the This Directive sets a common EU framework for the promotion of energy from Transposition Date: 5 December promotion of the use of energy from renewable sources. The aim of this legislative act is to achieve by 2020 a 20% 2010 renewable sources share of energy from renewable sources in the EU's final consumption of energy and a 10% share of energy from renewable sources in each Member State's transport energy consumption. The Directive sets: mandatory national targets for the overall share of energy from renewable sources for each Member State; rules relating to statistical transfers between Member States, joint projects between Member States and with third countries, guarantees of origin, administrative procedures, information and training, and access to the electricity grid for energy from renewable sources; and sustainability criteria for biofuels and bioliquids. Directive 2008/98/EC on waste – This Directive revised Directive 2006/12/EC on waste in order to modernise and Transposition Date: 12 December Waste Framework Directive streamline its provisions. Directive 2008/98/EC sets the basic concepts and 2010 definitions related to waste management and lays down waste management principles such as the "polluter pays principle" and the "waste hierarchy". Directive 2008/99/EC on This Directive requires Member States to impose criminal penalties for serious Transposition Date: 26 December Environmental Crime breaches of certain EU environmental legislation. However, the Directive does not 2010 specify the type and level of criminal penalties that must be imposed. It will be up to each Member State to decide this. Directive 2009/30/EC amending This Directive revises the Fuel Quality Directive (Directive 98/70/EC). It amends a Transposition Date: 31 December Directive 98/70/EC as regards the number of elements of the petrol and diesel specifications as well as a requirement 2010 specification of petrol, diesel and on fuel suppliers to reduce the greenhouse gas intensity of energy supplied for gas-oil and introducing a mechanism road transport (Low Carbon Fuel Standard). In addition the Directive establishes to monitor and reduce greenhouse sustainability criteria that must be met by biofuels if they are to count towards the gas emissions and amending greenhouse gas intensity reduction obligation. Directive 1999/32/EC as regards the specification of fuel used by inland waterway vessels and repealing Directive 93/12/EEC 22
  • 25. Proposed EU Directive on industrial The proposed Directive revises and consolidates seven separate existing Proposal Adopted by the European emissions, COM (2007) 844 Directives related to industrial emissions into a single Directive. It is intended to Commission on 21 December amend and simplify existing legislation related to industrial emissions which applies 2007. minimum standards for the prevention and control of industrial emissions across the whole Community. Adopted by the European Parliament on 7 July 2010. Next step is consideration by the Council. 23
  • 26. FAMILY LAW – YEAR TO DATE Legislative Measure Description Commencement Adoption Act 2010 This Act gives effect to the Hague Convention on Protection of Children and Co- Enacted: 14 July 2010 operation in Intercountry Adoptions and provides for the setting up of the Adoption Authority of Ireland (to replace the existing Adoption Board). In addition, the Act No Commencement Order consolidates and updates the existing Adoption legislation. published yet. It is expected that this Act will be commenced in November 2010. Civil Partnership and Certain Rights This Act provides for a system of registration of same-sex partnerships and for Enacted: 19 July 2010 and Obligations of Cohabitants Act certain legal protections for them and cohabitants. 2010 No Commencement Order published yet. It is expected that the Act will be commenced following changes to the tax and social welfare code to be made in the next Finance and Social Welfare Bills. 24
  • 27. FAMILY LAW – STILL TO COME Legislative Measure Description Status Child Care (Amendment) Bill 2009 This Bill is proposed to amend the Child Care Act 1991 to provide a statutory The Bill was initiated in Seanad scheme for the High Court to have exclusive original jurisdiction to hear special Éireann, and has been passed by care cases. The Bill also provides that special care units will be inspected under Seanad Éireann. It is now due for the Health Act 2007. consideration by Dáil Éireann. Mental Capacity Bill This Bill is proposed to reform the law on mental capacity, taking into account the Bill expected to be published in Law Reform Commission’s Report on Vulnerable Adults and the Law. 2010. Proposal for a Council Regulation The proposed Regulation aims to create a clear, comprehensive legal framework in Proposal adopted by Commission implementing enhanced cooperation the area of the law applicable to divorce and legal separation in the participating on 24 March 2010. in the area of the law applicable to Member States, provide citizens with appropriate outcomes in terms of legal divorce and legal separation, COM certainty, predictability and flexibility, and prevent a situation from arising where Next step is consideration by the (2010) 104 one of the spouses applies for divorce before the other one does in order to ensure Parliament which is expected in that the proceeding is governed by a given law which he or she considers more November 2010. favourable to his or her own interests. 25
  • 28. FINANCIAL SERVICES – YEAR TO DATE Legislative Measure Description Commencement Central Bank Reform Act 2010 This Act establishes the Central Bank of Ireland as a single fully-integrated structure Enacted: 17 July 2010 with a unitary board (the Central Bank Commission), enhances the system of regulatory control and confers additional powers on the Central Bank, the Governor No Commencement Orders and the Head of Financial Regulation. It also transfers certain functions of the published yet. Central Bank to the National Consumer Agency and amends the law relating to the regulation of lending by credit unions. European Communities (Consumer This Statutory Instrument transposed Directive 2008/48/EC on credit agreements for 11 June 2010 Credit Agreements) Regulations 2010 consumers. The Directive establishes common rules on consumer credit aimed at (S.I. No. 281 of 2010) harmonising certain aspects of the laws, regulations and administrative provisions on consumer credit in the internal market. The Directive applies to personal loans of between €200 and €75,000 repayable after more than a month. It does not apply to mortgages or to deferred debit cards. FINANCIAL SERVICES – STILL TO COME Legislative Measure Description Status Central Bank (No.2) Bill This Bill is proposed to address the question of necessary changes and It is expected that the Bill will be enhancements to the regulatory functions of the Central Bank. published in 2010. Central Bank (Consolidation) Bill This Bill is proposed to consolidate the body of legislation relating to the Central It is expected that the Bill will be Bank into a single statute. published in 2010. Financial Services (Miscellaneous This Bill is proposed to transfer Ministerial responsibility for building societies from It is expected that the Bill will be Provisions) Bill the Minister for the Environment, Heritage and Local Government to the Minister for published in 2010. Finance and to provide for various other miscellaneous amendments to financial services law. Dormant Accounts (Amendment) Bill This Bill is proposed to amend the Dormant Accounts Acts and to take account of It is expected that the Bill will be the lower level of funds available for disbursal and to improve the administrative published in late 2010. efficiency of the existing operations. 26
  • 29. Directive 2009/111/EC amending This Directive amends Directives 2006/48/EC, 2006/49/EC (the existing Capital Transposition Date: 31 October Directives 2006/48/EC, 2006/49/EC Requirements Directives) and Directive 2007/64/EC (the Payment Services 2010 and 2007/64/EC as regards banks Directive) to further strengthen the prudential framework for risk management for affiliated to central institutions, banks and investment firms and to establish processes by which information is The Department of Finance has certain own funds items, large shared and greater coordination takes place among supervisors in relation to cross- indicated that the Directive will be exposures, supervisory border banking groups. transposed by Statutory arrangements, and crisis Instrument. management (CRD II) Directive 2009/44/EC amending The purpose of the Directive is to extend the scope of the Financial Collateral Transposition Date: 30 December Directive 98/26/EC (Settlement Arrangements Directive and to simplify the Settlement Finality Directive. 2010 Finality Directive) and Directive 2002/47/EC (Financial Collateral The main objective of the amendments is to bring the rules on settlement finality in The Department of Finance has Arrangements Directive) payment and securities systems as well as on financial collateral arrangements in indicated that the Directive will be line with the latest market and regulatory developments. transposed by Statutory Instrument. Directive 2009/110/EC on the taking This Directive modernises the regulatory framework around electronic money to Transposition date: 30 April 2011 up, pursuit and prudential improve the development of the electronic money market and stimulate supervision of the business of technological innovation in this area. The Department of Finance has electronic money institutions indicated that the Directive will be amending Directives 2005/60/EC and The new Directive clarifies the scope of the application of the current e-money transposed by Statutory 2006/48/EC and repealing Directive regime; revises the prudential requirements for electronic money institutions, opens Instrument. 2000/46/EC up the permitted activities of electronic money institutions and introduces associated safeguards, clarifies customers’ rights to redeem electronic money and aligns the Directive with existing regimes under the Payment Service Directive (2007/64/EC), the Anti-Money Laundering Directive (2005/60/EC) and the Capital Requirements Directive (2006/48/EC). 27
  • 30. Proposed Directive on taxation of Proposed Directive to amend the Savings Tax Directive (Directive 2003/48/EC) with Proposal adopted by the savings income in the form of interest a view to closing existing loopholes and eliminating tax evasion. European Commission on 13 payments, COM (2008) 727 November 2008. European Parliament approved proposal with amendments on 24 April 2009. Discussed by European Council on 19 Jan 2010. Awaiting final decision. Proposal for a Directive amending The proposed Directive will provide for a further revision of EU rules on capital Proposal adopted by European Directives 2006/48/EC and 2006/49/EC requirements for banks that is designed to tighten up the way in which banks assess Commission July 2009. as regards capital requirements for the risks connected with their trading book; impose higher capital requirements for the trading book and for re- re-securitisations; increase market confidence through stronger disclosure The European Parliament adopted securitisations, and the supervisory requirements for securitisation exposures; and require banks to have sound the proposal with amendments in review of remuneration policies (CRD remuneration practices that do not encourage or reward excessive risk-taking. July 2010. III), COM (2009) 362 Next step is consideration by the European Council. Proposal for a Regulation on The purpose of the proposed Regulation is to establish a European Systemic Risk Proposal adopted by the Community macro prudential Board responsible for macro-prudential oversight of the financial system within the European Commission on 23 oversight of the financial system and Community in order to prevent or mitigate systemic risks within the financial system. September 2009. establishing a European Systemic Risk Board, COM (2009) 499 The next step is consideration by the European Parliament which is expected in September 2010. Proposal for a Council Decision Proposed Decision appointing the President and the Vice-President of the European Proposal adopted by the entrusting the European Central Bank Central Bank as Members of the General Board of the European Systemic Risk European Commission on 23 with specific tasks concerning the Board. The ECB shall ensure the Secretariat provide analytical, statistical and September 2009. functioning of the European Systemic administrative support to the ESRB. Risk Board, COM (2009) 500 The next step is consideration by the European Parliament which is expected in September 2010. 28
  • 31. Proposals for three Regulations The purpose of the proposed Regulations is to establish a European System of Proposals adopted by the establishing a European System of Financial Supervisors (ESFS), consisting of a network of national financial European Commission on 23 Financial Supervisors (ESFS), COM supervisors working in tandem with new European Supervisory Authorities (ESAs), September 2009. (2009) 501, 502 and 503 created by transforming the existing European supervisory Committees (CEBS, CEIOPS and CESR) into a European Banking Authority (EBA), a European The next step is consideration by Insurance and Occupational Pensions Authority (EIOPA), and a European Securities the European Parliament which is and Markets Authority (ESMA), thereby combining the advantages of an overarching expected in September 2010. European framework for financial supervision with the expertise of local micro- prudential supervisory bodies that are closest to the institutions operating in their jurisdictions. Proposal for a Directive amending The purpose of the proposed Directive is to amend existing financial services Proposal adopted by the Directives 1998/26/EC (Settlement legislation to provide an appropriate scope to the more general powers provided for European Commission on 26 Finality), 2002/87/EC (Financial in the individual regulations establishing the ESAs, ensuring a more harmonised set October 2009. Conglomerates), 2003/6/EC (Market of financial rules through the possibility to develop draft technical standards and Abuse), 2003/41/EC (Institutions for facilitate the sharing, where necessary, of micro-prudential information. The next step is consideration by Occupational Retirement Provisions), the European Parliament which is 2003/71/EC (Prospectus), 2004/39/EC expected in September 2010. (MiFID), 2004/109/EC (Transparency), 2005/60/EC (AML), 2006/48/EC, 2006/49/EC (CRD), and 2009/65/EC (UCITS IV) in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority, COM (2009) 576 Proposal to enhance the resilience of The European Commission has indicated that it will propose draft legislation to Awaiting Commission’s legislative OTC Derivative markets, COM (2009) regulate derivatives in 2010. proposals which are expected in 563 The future policy actions include the following objectives: 2010.  reduce counterparty credit risk – strengthen clearing;  reduce operational risks –standardisation;  increase transparency – trade repositories; and  increase transparency – trading; and  improve market integrity. 29
  • 32. Proposal for a Regulation amending The proposed Regulation will amend Regulation (EC) No 1060/2009 on Credit Proposal adopted by the Regulation (EC) No 1060/2009 on Rating Agencies in order to introduce centralised oversight of credit rating agencies Commission June 2010. Credit Rating Agencies, COM (2010) operating in the EU. 289 Awaiting Parliament decision The European Securities and Markets Authority (ESMA) would assume general which is expected in December competence in matters relating to the registration and on-going supervision of 2010. registered credit rating agencies as well as matters related to ratings issued by rating agencies established in third countries that operate in the EU under the certification or endorsement regimes. Proposal for a Directive on Deposit This Directive will recast Directive 94/19/EC and Directive 2009/14/EC on Deposit At Preparatory phase in Guarantee Schemes (recast) Guarantee Schemes (DGS). Parliament. COM 2010 (368) The main elements of the proposal are:  simplification and harmonisation, in particular as to the scope of coverage and the arrangements for payout;  further reduction of the time limit for paying out depositors;  sound and credible DGSs that are sufficiently financed; and  mutual borrowing between DGSs, i.e. a borrowing facility in certain circumstances. Proposal for the amendment of The Investor Compensation Schemes Directive 97/9/EC (ICSD) provides for clients Proposal adopted by the Directive 97/9/EC on investor receiving investment services from investment firms (including credit institutions) to Commission July 2010. compensation schemes COM (2010) be compensated in specific circumstances where the firm is unable to return money 371 or financial instruments that it holds on the client's behalf. At preparatory phase in The aim of this proposal is to improve the practical functioning of the ICSD by Parliament. introducing common rules to ensure a degree of harmonisation. The proposed Directive will align the ICSD with MiFID in order to ensure that the provision of all investment services and activities continue to be adequately covered under schemes. 30
  • 33. Proposal for the revision of the The objective of the revision is to: At consultation stage. Market Abuse Framework Directive  modernise the legislative framework Commission proposal scheduled (2003/6/EC)  strengthen effective enforcement against market abuse; for adoption before the end of  increase the cost-effectiveness of the legislation by reducing national 2010. discretions and introducing more harmonised standards;  contribute to improving the transparency, supervisory oversight, safety and integrity of derivatives; and  increase coordination of action among national regulators and reduce the risk of regulatory arbitrage. 31
  • 34. INSURANCE – YEAR TO DATE Legislative Measure Description Commencement Commission Block Exemption This Regulation replaces the previous Commission Block Exemption Regulation Commenced: 1 April 2010 Regulation on certain types of (BER) on certain types of agreements in the Insurance sector (Regulation (EU) No agreements in the Insurance sector 258/2003 which expired in March 2010) Expires: 31 March 2017 (Regulation (EU) No 267/2010) The new BER renews two of the four categories of agreements currently exempted, namely:  joint compilations, tables and studies; and  co (re)insurance pools, with some amendments. INSURANCE – STILL TO COME Legislative Measure Description Status Directive 2009/138/EC on the taking The purpose of the Directive is to strengthen the supervision of insurance Transposition Date: 31 October up and pursuit of the business of companies and prudential regulation. The Directive sets new solvency rules for 2012 Insurance and Reinsurance - insurance companies in order to reflect the latest developments in prudential Solvency II (recast) supervision, actuarial science and risk management and to allow for updates in the The Department of Finance has future. It also recasts 14 existing insurance Directives into a single legal text. indicated that this Directive will be transposed by way of Statutory The Directive is a framework Directive, which confines itself to setting out the Instrument. principles to which the new system would be subject. On a large number of issues more detailed implementing measures will be set down by the Commission, following consultations with market participants and Member States. 32
  • 35. Proposal for a Regulation The purpose of the proposed Regulation is to establish a European Insurance and Proposal adopted by the establishing a European Insurance Occupational Pensions Authority (EIOPA) to replace the Committee of European European Commission on 23 and Occupational Pensions Authority Insurance and Occupational Pensions Supervisors (CEIOPS). September 2009. (EIOPA), COM (2009) 502 The draft Regulation is part of a package of proposals to reform the EU framework The next step is consideration by for the supervision of banking, insurance and securities markets in the wake of the the European Parliament which is global financial crisis (see Financial Services section above). expected in September 2010. Proposal for a Directive on Insurance `Commission White Paper proposing the introduction of a Directive to ensure that all At consultation stage. Guarantee Schemes, COM (2010) 370 Member States have an Insurance Guarantee Scheme that complies with a Consultation closes in November minimum set of design requirements 2010 after which a legislative proposal may issue. 33
  • 36. INTELLECTUAL PROPERTY – STILL TO COME Legislative Measure Description Status Proposed Directive amending The proposed Directive as amended by the Parliament proposes to increase the The proposal was adopted by the Directive 2006/116/EC on the term of period of protection for sound recordings from 50 to 70 years and provides for European Commission in July 2008. protection of copyright and related protection of musical compositions until 70 years after the death of the last to In April 2009 the European rights, COM (2008) 0464 survive of the author of the lyrics and the composer of the musical composition. Parliament suggested amendments to the proposal. The next step is approval by the European Council. 34
  • 37. LITIGATION – YEAR TO DATE Legislative Measure Description Commencement Arbitration Act 2010 This Act applies the United Nations Commission on International Trade Law Enacted: 8 March 2010 (UNCITRAL) Model Law on International Commercial Arbitration to all arbitrations which take place within the State. Commenced: 8 June 2010 LITIGATION – STILL TO COME Legislative Measure Description Status Tribunals of Inquiry Bill 2005 This Bill is proposed to consolidate and reform the Tribunals of Inquiry legislation The Bill was initiated in Dáil Éireann putting in place a modern comprehensive statutory framework governing all where it is currently at Order for aspects of a tribunal from the time of its establishment to publication of its final Report. report. Coroners Bill 2007 This Bill is proposed to reform and modernise the existing legislation relating to The Bill was initiated in Seanad coroners taking into account the jurisprudence of the Irish courts and the Éireann where it is currently awaiting European Court of Human Rights, and to establish a full time Coroner Service. Committee Stage. Civil Law (Miscellaneous Provisions) This Bill is proposed to establish a Courts Funds Office to replace the Accountants This Bill was due to be published in Bill Office and assume other cash management and accounting functions and to the Summer Session, including provide for miscellaneous matters. provisions for an intoxicating liquor licence for the National Conference Centre, which provisions were dealt with in a separate Act. It is now expected that the Bill will publish over the Summer recess and be presented to the Oireachtas in Autumn 2010. 35
  • 38. Sale of Alcohol Bill This Bill is proposed to codify the law relating to the sale and consumption of Bill expected to be published in late alcohol. 2010. Ombudsman (Amendment) Bill 2008 This Bill is proposed to amend the Ombudsman Act 1980 to extend the remit of The Bill was initiated in Dáil Éireann the Ombudsman and to update certain provisions in that Act. and has been passed by Dáil Éireann. It is now due to be considered by Seanad Éireann. 36
  • 39. PROPERTY – YEAR TO DATE Legislative Measure Description Commencement Compulsory Purchase Orders This Act amends section 217 of the Planning and Development Act 2000 in order to Enacted: 7 July 2010 (Extension of Time Limits) Act 2010 provide that the statutory time limit for the serving of Notices to Treat on landowners relating to confirmed Compulsory Purchase Orders can be extended Commenced: 7 July 2010 where legal proceedings are underway. Directive 2010/31/EU on the energy This Directive will repeal and replace Directive 2002/91/EC on the energy Entered into force on 8 July 2010 performance of buildings performance of buildings. Transposition is staggered. First Transposition Date: 9 July 2012 PROPERTY – STILL TO COME Legislative Measure Description Status Property Services (Regulation) Bill This Bill is proposed to provide for the establishment of a Property Services The Bill was initiated in Seanad 2009 Regulatory Authority to give effect to the Report of the Auctioneering Review Éireann and has been passed by Group. Seanad Éireann. It is now due to be considered by Dáil Éireann. Multi-Unit Developments Bill 2009 This Bill is proposed to amend the law relating to the ownership and management The Bill was initiated in Seanad of the common areas of multi-unit developments. Éireann and has been passed by Seanad Éireann. It is now due to be considered by Dáil Éireann. 37
  • 40. PROJECTS & CONSTRUCTION – STILL TO COME Legislative Measure Description Status Construction Contracts Bill 2010 This Bill is proposed to provide a mechanism to regulate payment and certain other The Bill was initiated in matters under construction contracts. Although this is a Private Members Bill it Seanad Éireann where it is appears to have broad support and so is likely to progress through the legislative currently at Second Stage. process. 38
  • 41. TAXATION – YEAR TO DATE Legislative Measure Description Commencement Finance Act 2010 This Act gives statutory effect to Budget Day decisions and makes other changes Enacted: 3 April 2010. to tax law, including transposition of Directive 2008/118/EC concerning the general arrangements for excise duty and repealing Directive 92/12/EEC. Various commencement dates. Directive 2010/24 concerning mutual This Directive provides for mutual assistance between Member States for the Transposition Date: 31 December assistance for the recovery of claims recovery of each other’s claims and those of the Community with respect to certain 2011 relating to taxes, duties and other taxes and other measures. It provides an overhaul of Directive 76/308/EEC measures (codified by Directive 2008/55/EC), on the basis of which the Member States have engaged in mutual assistance since 1976 aimed at clamping down on tax evasion. Directive 2010/23/EU amending The purpose of the Directive is to implement, on an optional and temporary basis, a In force: 19 April 2010 Directive 2006/112/EC on the common reversal of liability for the payment of VAT (value-added tax) on greenhouse gas system of value added tax, as regards emission allowance trading. an optional and temporary application of the reverse charge mechanism in The aim is to close off certain forms of tax fraud, in particular so-called carousel relation to supplies of certain schemes whereby supplies are traded several times by different suppliers without services susceptible to fraud VAT being paid to the tax authorities. Applying a "reverse charge" principle, the directive will allow, until 30 June 2015 and for a minimum period of two years, liability for the payment of VAT on emission allowances and services to be shifted from the supplier (as normally required by EU rules) to the customer. Directive 2010/.../EU amending The Directive simplifies, modernises and harmonises the VAT invoicing rules. In The Directive was adopted on 13 Directive 2006/112/EC on the common particular, it eliminates the current barriers to e-invoicing in the VAT Directive by July 2010. Awaiting publication in system of Value Added Tax as treating paper and electronic invoices equally. the Official Journal. regards the rules on invoicing 39
  • 42. TAXATION – STILL TO COME Legislative Measure Description Status Motor Vehicles (Duties and Licences) This Bill is proposed to update the law in relation to motor tax and to improve motor It is expected that the Bill will be Bill tax collection and enforcement. published in 2010. Value Added Tax Consolidation Bill This Bill is proposed to modernise our VAT legislation, including making the layout It is expected that the Bill will be and structure of the legislation more in line with that of the recast EU VAT Directive. published in 2010. Directive 2008/8/EC amending VAT This Directive changes the rules on the place of supply of services in order to Transposition is staggered with Directive 2006/112/EC as regards the ensure that most types of services are taxed in the Member State of consumption. provisions coming into force on 1 place of supply of services It also provides for the establishment of a scheme to enable businesses engaging January 2009, 2010, 2011, 2013 and in activities in Member States where they are not established to have a single point 2015. of electronic contact for VAT identification and declaration. Transposed by S.I. No. 520 of 2009 The Directive provides a package of new VAT arrangements for cross-border for the 1 January 2010 business-to-business (B2B) services from 1 January 2010 and, subject to a implementation deadline. feasibility study, from 1 January 2015 for business-to-consumer (B2C) services in The Department of Finance has respect of telecoms, broadcasting and electronic services. indicated that future transposition will be by a combination of Statutory Instrument and primary legislation. Directive 2009/69/EC amending This Directive clarifies the conditions under which imported goods transiting to Transposition Date: 1 January 2011 Directive 2006/112/EC on the common another Member State may qualify for an exemption from VAT. system of value added tax as regards The Department of Finance has tax evasion linked to imports indicated that the Directive is to be transposed by Primary Legislation. Directive 2009/162/EC amending This Directive makes a number of minor changes to the EU VAT Directive Transposition Date: 1 January 2011 various provisions of Directive 2006/112/EC including extension of the rules regarding the supply and importation 2006/112/EC on the common system of natural gas and electricity; clarification as regards the right to VAT deduction, The Department of Finance have of value added tax and derogations for Bulgaria and Romania. indicated that this Directive will be transposed by way of Statutory Instrument. 40
  • 43. Proposal for a Directive on taxation of This proposed Directive is intended to amend the Savings Tax Directive (Directive Proposal adopted by the European savings income in the form of interest 2003/48/EC) with a view to closing existing loopholes and eliminating tax evasion. Commission on 13 November 2008. payments, COM (2008) 727 European Parliament approved proposal with amendments on 24 April 2009. Discussed at European Council on 19 January 2010. Awaiting final decision. Proposal for a Directive on This proposed Directive is aimed at strengthening cooperation between the Proposal adopted by the European administrative cooperation in the field Member States in the field of taxation. Commission on 2 February 2009. of taxation, COM (2009) 29 Adopted by the European Parliament on 10 February 2010. Awaiting final decision Proposal for a Directive amending Directive 2006/112/EC (the VAT Directive) provides that from 1 January 2006 until Proposal adopted by the European Directive 2006/112/EC on the common 31 December 2010 the standard rate may not be less than 15%. The purpose of Commission on 24 June 2010. system of value added tax, with this proposed directive is to maintain the minimum standard VAT rate at 15% for regard to the duration of the five years from 1 January 2011 to 31 December 2015. Next step is consideration by the obligation to respect a minimum European Parliament which is standard rate, COM (2010) 331 expected in December 2010. 41
  • 44. TRUSTS AND ESTATES – YEAR TO DATE Legislative Measure Description Commencement Civil Partnership and Certain Rights This Act provides for a system of registration of same-sex partnerships and for Enacted: 19 July 2010 and Obligations of Cohabitants Act certain legal protections for them and cohabitants. Part 8 of the Act contains 2010 provisions relating to succession. No Commencement Order published yet. It is expected that the Act will be commenced following changes to the tax and social welfare code to be made in the next Finance and Social Welfare Bills. TRUSTS AND ESTATES – STILL TO COME Legislative Measure Description Status Trusts Bill This Bill is proposed to reform and consolidate the law relating to trustees so as to Publication expected 2011. deal with and protect assets. 42
  • 45. Primary Legislation enacted 2010 WF-2562959-v3 WF-2562959-v3

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