Criminal Justice (Money Laundering and Terrorist Financing) Act 2010
The Third Anti-Money Laundering Directive was transposed into Irish law on 5 May, 2010 by the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the "CJA 2010") and has been effective as of 15 July, 2010.
The period of consultation in respect of the final draft of the industry Core Money Laundering Guidance Notes closed on the 23 February, 2011. Once the Core Guidance Notes have been published, it is expected that the process of finalising the Sectoral Guidance Notes will commence.
On the 25 March, 2011 Council Regulation (EU) No 296/2011 amending Regulation EU No 204/2011 came into effect. This concerns restrictive measures to be applied in view of the situation in Libya. Designated persons are required to have appropriate procedures in place to meet with the requirements of this Regulation.
If you would like further information on anti-money laundering requirements or any changes arising out of the CJA 2010, Dillon Eustace regularly advises on all aspects thereof and provides training sessions on this topic. Training can be held either at Dillon Eustace's office at 33 Sir John Rogerson's Quay, Dublin 2 or in house training can be provided at a venue of your choosing.
Solvency II Framework Directive - 2009/138/EC
On the 17 December, 2009, the definitive text of the Solvency II Directive (2009/138/EC) ("Solvency II") was published in the Official Journal. The Directive aims to strengthen the supervision and prudential regulation of insurance and reinsurance companies, particularly through the imposition of new solvency and governance requirements. It also establishes a new framework for EU regulation through the recasting of 13 insurance directives into a single text.
On the 19 January, 2011 the draft text of the Omnibus II Directive ("Omnibus II") was published. This Directive, if adopted, will amend the Solvency II Directive.
Omnibus II is designed to make Solvency II consistent with the new European regulatory architecture for financial supervision. The directive proposal contains a limited set of amendments to Solvency II. These amendments include:
The provision of more specific tasks for the European Insurance and Occupational Pensions Authority ("EIOPA") such as ensuring harmonized technical approaches on the use of ratings in relation to the Solvency Capital Requirements; Extension of the implementation date by two months to ensure better...