Agenda Articles

A recent High Court case has illustrated the powers the courts have under the Companies Acts to make directors personally responsible for the actions of a commercial organisation in failing to abide by a court order and the limits of that power.

DORA introduces various requirements for the management of ICT third-party risk and financial entities should start reviewing their contractual arrangements and documentation in preparation for its application.

The European Securities and Markets Authority (“ESMA”) has published its final guidelines on funds’ names using ESG or sustainability-related terms (the “Guidelines”).

The Government Legislation Programme for Spring 2024 includes a Companies (Corporate Governance, Enforcement and Regulatory Provisions) Bill that would be designed to enhance and strengthen enforcement and regulatory provisions in the Companies Act 2014 (the “2014 Act”).

For employers, an SAYE Scheme can encourage employee engagement and improve retention. While historically a very popular scheme, following Brexit the number of licensed savings carriers in the Irish market fell and the last licensed savings carrier exited the market in early 2021. Since then, it has not been possible to establish or grant new options under a SAYE Scheme. However, with the anticipated announcement of a new licensed savings carrier before the summer, employers should reconsider the benefits of offering a Revenue approved SAYE Scheme.

Under Article 82(1) the General Data Protection Regulation (“GDPR”) a person who suffers material or non-material damage because of an infringement of their data protection rights can seek compensation from the data controller or processor.

On 21 May 2024, the Department of Enterprise, Trade and Employment launched a consultation on the domestic implementation of the EU Artificial Intelligence Act (the “AI Act”). The consultation is intended to inform Ireland’s approach to implementing the AI Act, particularly in relation to the configuration of national competent authorities required for implementation.

The CRO have restored the status of the companies effected and have ceased the involuntary strike-off process, pending a full review.

Following on from the UK Supreme Court decision in Sequana (discussed here), the recent UK High Court (UKHC) decision in Hunt v Singh [2023] EWHC 1784 (Ch), further considered the duty of directors to take into account the interests of creditors in certain circumstances.