Law & Regulation News
- Additional listing of over 140 individuals and entities to the sanctions list.
- A ban on direct or indirect import, purchase or transfer of diamonds from Russia.
- A direct ban applies to non-industrial natural and synthetic diamonds.
- Introduction of a no Russia clause which prohibits re-exportation to Russia of particularly sensitive goods and technology, including Russian military systems.
- Further circumvention measures relating to dual use goods and technologies, including extending the transit ban to all battlefield goods.
- Exceptions were introduced for personal use items.
- A ban on Russian nationals from holding any posts on governing bodies.
- Tighter compliance rules have been introduced to clamp down on circumvention to support the implementation of the oil price cap.
The Department of Finance ask that all entities familiarise themselves with the measures introduced and how they can comply with the sanctions.
The relevant Statutory Instruments are, or will be shortly, available on the Irish Statute Book. Further information on restrictive measures can be viewed also at:
- The EU Council website, from which the measures agreed at an EU level in response to the crisis in Ukraine can be found
- The European Commission website, from which Frequency Asked Question documents are available
- The Central Bank of Ireland
- D/Foreign Affairs – who also have domestic guidance on the implementation of sanctions at the bottom of that page.
Please monitor the websites referenced above closely in the event that further information is available or further restrictive measures are adopted. It is very important that all supervisors in particular keep up to date on developments and ensure that the obligations arising from the sanctions are communicated appropriately to all obliged entities.
All legal and natural persons are bound by the obligations in the sanctions and supervisors need to ensure compliance with same.
Should you have any queries, contact sanctions@finance.gov.ie
The Bill revises and updates the 2009 Charities Act, and is a key step that needs to be implemented in order to allow for the appropriate regulation, particularly financial regulation, of the sector.
The measures proposed will introduce greater transparency to the way in which charities report, enhancing public confidence in the sector, and will enhance and consolidate the existing legal framework for the Charities Regulator to carry out its statutory functions.
The Bill includes provisions that will ensure that registered charities that are companies will be subject to the same regulatory requirements and rules as all other registered charities. It also increases the financial thresholds which currently apply for the regulation of charities to ensure more appropriate reporting requirements that are reflective of a charity’s size.
While some remain in the planning stage like the proposed automatic enrolment scheme scheduled to be implemented before the end of 2024 and proposals for legislation that would prohibit mandatory retirement ages that are lower than the State pension age of 66.
A new flexible pension model has been available to Employees since the 1st January 2024. Under this revised State pension model, Employees have the option to continue working until the age between 67 and 70. Employees can continue to drawdown the State pension at the age of 66 in the normal way but those that choose to defer their drawdown date will receive an “age referenced rate of State pension” or an actuarially increased rate of payment.