Recap on 2018

Here’s a recap on some of the developments in 2018

The Companies (Statutory Audits) Act 2018introduced a number of changes in relation to statutory audit requirements, one of which impacted the loss of audit exemption when a company misses its annual return deadline.

Charities Corporate Governance Code – a new code was introduced for all charities to comply or explain their compliance with the Charities Act 2009.

Beneficial Ownership Registerthe legislation to establish a central register of beneficial ownership (RBO) is at an advanced stage and it is intended that ‘transposing measures’ will be in place before year end 2018. Failure to comply with the obligations is a statutory offence.

The Criminal Justice (Corruption Offences) Act 2018 – a body corporate can now be held liable for the corrupt actions committed for a company’s benefit, by any director, manager, secretary, employee, agent or subsidiary.

UK Corporate Governance Code – the code applies to Irish-incorporated companies listed on the Main Securities Market of Euronext Dublin (formerly the ISE), as well as Irish companies with a premium listing on the London Stock Exchange. The Code is also used by companies and funds as a benchmark for good corporate governance.

A little taste of what’s coming down the line in 2019……….

Shareholder Rights Directive (“Rights Directive”) – The Rights Directive must be transposed into Irish Law by June 2019. The object of the Rights Directive is to increase corporate transparency and shareholder engagement in the long term.

EU ePrivacy Regulation (“ePR”) – One step further than the GDPR, the EU will be introducing a new regulation, which should be read in tandem with GDPR. The ePR mirrors the GDPR rules and was initially intended to compliment the GDPR. It’s not about the cookies, it’s more about the associated infringement and fines.

We have adopted procedures to assist Companies in meeting their obligations under the 2019 Regulations, therefore please contact Anna or Nicola if you require support in complying with the Regulations.


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