1. FSPO Legislative Updates: (1) Financial Services and Pensions Ombudsman (Amendment) Act 2025 signed into law (2) FSPO Financial Services Industry Levy
1. Financial Services and Pensions Ombudsman (Amendment) Act 2025 signed into law
On 15 April 2025, the Financial Services and Pensions Ombudsman (Amendment) Act 2025 (“2025 Act”) was signed into law by the President.
The key aim of the 2025 Act is to strengthen protections for financial consumers by amending the legislation underpinning the Financial Services and Pensions Ombudsman (“FSPO”).
Welcoming the passing of the 2025 Act, Minister of State at the Department of Finance, Deputy Robert Troy, stated that the 2025 Act:
“will significantly improve the consumer protection framework in Ireland and, importantly, it will clarify that customers of financial services providers that have left the Irish market will continue to be able to access the existing services and consumer protections afforded by the FSPO. All mortgage holders will now have access to the FSPO, even if their mortgage loan was a credit servicer that was unregulated before the Acts of 2015 and 2018.”
2. FSPO Financial Services Industry Levy
On 18 April 2025, the Financial Services and Pensions Ombudsman Act 2017 [Financial Services and Pensions Ombudsman Council] Financial Services Industry Levy Regulations 2025 were published in Iris Oifigiúil (“Regulations”).
The Regulations provide:
- that each financial service provider is liable to pay an annual levy in respect of the services provided by the Office of the Financial Services and Pensions Ombudsman (“Office”) to the financial services industry;
- for the collection and recovery of the levy;
- for certain obligations in respect of information to be provided to the Office to enable it to assess the levy to be paid by certain financial service providers;
- for certain record keeping by financial service providers; and
- for the calculation of the required levy contribution payable by each category of financial service provider for the year ended 31 December 2025.
The Schedule to the Regulations details the different categories of financial service providers and how their required levy contribution for the year ended 31 December 2025 is calculated.
Next Steps
These Regulations came into operation on 24 April 2025.
2. Central Bank Updates: (1) Central Bank updates its Requirement for External Audit of Solvency II Regulatory Returns / Public Disclosures (2) Central Bank updates its MiFIR online transaction reporting documentation
On 17 April 2024, the Central Bank of Ireland (“Central Bank”) published an updated version of its Requirement for External Audit of Solvency II Regulatory Returns/Public Disclosures (“Requirements”) which had been in place since 2016.
The Central Bank explains that it has updated the Requirements to
- remove captive insurance undertakings and captive reinsurance undertakings from the scope of the Requirements; and
- to make other minor updates on account of the passage of time.
Next Steps
These amendments apply with effect for the financial years ending on or after 30 April 2025.
2. Central Bank updates its MiFIR online transaction reporting documentation
On 24 April 2025, the Central Bank of Ireland (“Central Bank”) updated its documentation regarding the online reporting system for MiFIR transaction reporting, as follows:
- Online Reporting System - MiFIR Transaction Reporting User Procedure Document
This document replaces the March 2018 version. It has been updated with a new section 1.0 to include reference to the “MiFIR Transaction Reporting Return”. This section deals with access to the Central Bank’s MiFIR transaction reporting return and relevant permissions.
- Transaction Reporting under Regulation 600/2014 ('MiFIR') - Operational and Technical Arrangements
This document replaces the July 2023 version and has been amended to take account of the updates to the document set out at number 1, above, as regards the MiFIR transaction reporting return.
3. Insurance Updates: (1) Public consultation on new Action Plan for Insurance Reform (2) EIOPA launches first set of consultations in respect of IRRD
1. Public consultation on new Action Plan for Insurance Reform
On 28 April 2025, the Department of Finance (“Department”) launched a public consultation on the development of a new action plan for insurance reform (“New Action Plan”).
As part of the launch, the Department outlined the areas of significant progress made on the back of the 2020 Action Plan for Insurance Reform including:
- rebalancing of the Duty of Care;
- reform of the Personal Injuries Assessment Board;
- introduction of the Personal Injuries Guidelines;
- enhancement of the National Claims Information Database; and
- increasing competition in the insurance market.
Despite this, the government maintains that challenges persist regarding affordability and availability in certain sectors, and the full benefits of reform have not yet been entirely passed on to consumers and businesses. The New Action Plan is being developed by the Department to address these ongoing challenges and shape the next phase of reform. As with other recent Department consultations, the consultation takes the form of a number of questions that interested parties are asked to address. The questions fall under the following headings:
- Transparency & Affordability – Clearer, Fairer, and More Accessible Insurance;
- Competitiveness & Availability – A More Dynamic and Resilient Market;
- Fraud – Tackling Misuse for a More Sustainable System;
- Innovation & Skills – Building a Stronger, More Efficient Insurance Sector; and
- Climate Protection Gap – Ensuring Resilience for the Future.
The responses to the consultation will provide the Department with insights which will inform the development of the New Action Plan.
Next Steps
Responses can be submitted electronically via http://consult.finance.gov.ie/ or by post by Monday 19 May, 2025.
2. EIOPA launches first set of consultations in respect of IRRD
On 29 April 2025, the European Insurance and Occupational Pensions Authority (“EIOPA”) published its first set of consultation papers in respect of the implementation of the Insurance Recovery and Resolution Directive (“IRRD”). For more detail on the IRRD please see the FIG Top 5 at 5 dated 7 November 2024 and FIG Top 5 at 5 dated 9 January 2025.
The consultations include:
- Consultation proposing draft regulatory technical standards (“RTS”) detailing the minimum elements that have to be included in the pre-emptive recovery plan of (re)insurers subject to pre-emptive recovery planning requirements.
- Consultation proposing draft RTS detailing the specific criteria for selecting which (re)insurers should be required to prepare pre-emptive recovery plans and detailing the methods for calculating the market share of undertakings subject to these requirements.
- Consultation proposing guidelines on the criteria for the identification of critical functions.
- Consultation proposing draft RTS detailing the minimum elements that must be included in resolution plans.
- Consultation proposing guidelines detailing the criteria for the assessment of the resolvability of undertakings or groups.
- Consultation proposing guidelines regarding the measures to remove impediments to resolvability and the circumstances in which each measure may be applied.
Next Steps
The consultations are open for comment until 31 July 2025. EIOPA has indicated that it will revise its proposals having regard to the comments received and will publish a report on each consultation, including the revised proposal.
4. Crypto Assets Updates: (1) European Commission adopts RTS on market abuse under MiCA (2) ESMA publishes supervisory guidelines to prevent market abuse under MiCA (3) EBA publishes final report on amending the RTS on the criteria for the appointment of central contact points for electronic money issuers and payment service providers
1. European Commission adopts RTS on market abuse under MiCA
On 29 April 2025, the European Commission (“Commission”) adopted a Delegated Regulation supplementing the Regulation on markets in cryptoassets (“MiCA”) with regard to regulatory technical standards (“RTS”) detailing:
- the arrangements, systems and procedures to prevent, detect and report market abuse,
- the templates to be used for reporting suspected market abuse; and
- the coordination procedures between the competent authorities for the detection and sanctioning of market abuse in cross-border market abuse situations.
The Delegated Regulation is based on draft RTS developed by the European Securities and Markets Association (“ESMA”) and submitted to the Commission in December 2024. See FIG Top 5 at 5 dated 19 December 2024 for more details.
Next Steps
The Council of the EU and the European Parliament will now examine the Delegated Regulation. If neither objects, it will be published in the Official Journal of the European Union and come into force 20 days after publication.
2. ESMA publishes supervisory guidelines to prevent market abuse under MiCA
On 29 April 2025, ESMA published its final report on guidelines on supervisory practices for national competent authorities (“NCAs”) to prevent and detect market abuse under Article 92(3) of MiCA.
The guidelines:
- aim to support consistent and efficient supervisory practices among NCAs;
- set out general principles to ensure high-quality and effective supervision on market abuse in cryptoassets, as well as more specific practices for NCAs regarding detection and prevention;
- set an objective for NCAs to build a common supervisory culture specific for cryptoassets through an open dialogue with the industry and interactions with other NCAs;
- take into account experience under the Market Abuse Regulation to prevent and detect market abuse; and
- consider specific features of the cryptoassets environment, such as the more intensive use of social media, the specific technologies used and the cross-border nature of crypto trading.
It should be noted that ESMA did not consult on the guidelines as it considered that it would have been disproportionate given that the guidelines are addressed to NCAs and not market participants, and their adoption is required by MiCA.
Next Steps
The guidelines will be translated into the official EU languages and published on ESMA's website. They apply three months after that date. As is often the case, ESMA has recommended that NCAs start implementing the principles included in the guidelines while waiting for the translations.
On 25 April 2025, the European Banking Authority (“EBA”) published a final report containing draft RTS that will amend Commission Delegated Regulation (EU) 2018/1108 as regards criteria for the appointment of central contact points (“CCPs”) for electronic money issuers (“EMIs”) and payment service providers (“PSPs”), and with rules on their functions.
The draft RTS are being amended to extend their application to cryptoasset service providers (“CASPs”) on the back of amendments made to the Fourth Money Laundering Directive by the Wire and Cryptoasset Transfer Regulation.
The draft RTS set out:
- the conditions under which CASPs should appoint a CCP; and
- the roles and responsibilities of that CCP.
Next Steps
The draft RTS will be submitted to the European Commission for consideration. Once endorsed by the European Commission, the Council of the EU and the European Parliament will examine the Delegated Regulation. If neither objects, it will be published in the Official Journal of the European Union and come into force 20 days after publication.
5. Omnibus Package Developments: (1) European Commission launches webpage for reporting barriers to financial market integration (2) Invest EU Regulation secures Coreper approval
1. European Commission launches webpage for reporting barriers to financial market integration
On 24 April 2025, the European Commission (“Commission”) launched a webpage to allow for the reporting of barriers to financial market integration within the EU single market. The Commission announced its intention to take such a step in its Savings and Investments Union communication in March 2025. For more details please see the FIG Top 5 at 5 dated 27 March 2025.
The Commission invites all market participants, individuals and businesses to use the webpage to report information on any obstacles that affect the functioning of the single market for savings and investments. The Commission has explained that it will use the information it receives to support the work it is doing to tackle existing obstacles to financial market integration and free movement of capital. It also notes that it will take enforcement actions to accelerate the removal of these barriers, where necessary.
2. Invest EU Regulation secures Coreper approval
On 16 April 2025, the Member states’ representatives, known as the Coreper, approved the European Council’s position (“Council”) on the proposed “Invest EU Regulation”.
The proposal forms part of the Omnibus packages adopted by the Commission at the end of February 2025, which are designed to simplify existing legislation in the fields of sustainability and EU investments. For more details on the Omnibus packages please see the FIG Top 5 at 5 dated 6 March 2025 and FIG Top 5 at 5 dated 27 March 2025.
The proposal specifically amends the ‘Invest EU’ regulation with several objectives:
- help mobilise around €50 billion of investments by increasing the size of the EU guarantee;
- facilitate the combined use of the ‘Invest EU’ guarantee with existing capacity from three legacy programmes which include:
- the European Fund for Strategic Investment;
- the Connecting Europe Facility debt instrument; and
- the so-called ‘InnovFin debt facility’, which is an initiative launched by the EIB group to support research and innovation.
- increase the attractiveness of the ‘Invest EU’ member state compartment; and
- reduce the administrative burden caused by reporting requirements, which is particularly beneficial for SMEs.
Next Steps
Following the approval of the Council’s negotiating mandate by Coreper, the next step is for the presidency to enter into interinstitutional negotiations with the European Parliament with the goal of reaching a provisional agreement on the proposal.