The main themes to be considered by those in the financial services industry in 2018 will include increased regulation, protection of data, the push for transparency from Europe along with the ongoing uncertainty of Brexit. We have flagged some key dates to watch out for in the upcoming year.
January - Register of Beneficial Ownership - A national central register of beneficial ownership (to be run by the Registrar of Companies at the Companies Registration Office) is scheduled to be launched in Q1 of 2018. All corporates and industrial and provident societies will need to file detailed information about their beneficial owners online to be stored on the central register and it is expected that there will be a certain time period within which such filing obligations must be met. In the aftermath of the global financial crisis, Europe looked to increase transparency on individual ownership of corporates and this issue became a core feature of the 4th AMLD. Later in 2018 will see the finalisation of the 5th AMLD which will take the transparency objective to another level by ultimately making all national central registers of beneficial ownership throughout the EU publicly accessible and searchable in certain circumstances.
February - 75th anniversary of the Central Bank of Ireland - As part of the commemorative programme, a symposium on financial globalisation (including speakers from the Federal Reserve Bank of New York, BIS and the IMF) will be held to celebrate the 75th anniversary of the Irish Central Bank on 2 February 2018.
March - Securitisation - 15 March 2018 is the deadline for sending comments on two recent European Banking Authority's public consultations on the draft Regulatory Technical Standards related to risk retention and on the new homogeneity requirement which aims to help investors assess underlying risks and perform the required due diligence in relation thereto. These consultations are part of the new EU securitisation framework (described by the EBA as "one of the cornerstones of the Capital Markets Union, the EU Commission's pivotal project to build a single market for capital in the EU") which along with the recent "STS" Securitisation Regulation aim to increase transparency about the securitisation process by the introduction of a new simple, transparent and standardised categorisation for securitisation which from 1 January 2019 should benefit from a lower risk weighting for capital purposes once all relevant...