Compliance Update – July 2022
Tue Jul 5 2022
Legal Entity Identifier (LEI)
From 1 July 2022, intermediaries that carry out cross border business in other EU Member States have an LEI, in line with the revised EIOPA Guidelines. This applies to insurance intermediaries currently availing of an EU passport and to any insurance intermediaries intending to passport in the future.
The LEI connects to key reference information that enables clear and unique identification of legal entities participating in financial transactions. The LEI system in Ireland is run by Euronext. Further information can be found here: https://direct.euronext.com/#/lEIServices.
Firms are required to obtain an LEI code and to submit a letter/email to firstname.lastname@example.org by 31 July 2022 confirming the firm’s LEI.
Delay to the commencement of the Assisted Decision Making (Capacity) Act 2015
The Decision Support Service has advised that the amending legislation for the Assisted Decision Making (Capacity) Act 2015 will not be passed during the current Dáil session.
Commencement of the Act is now expected towards the end of October; however, no exact date has been confirmed. The associated codes of practices are not expected to be published until the amending legislation has been passed.