The Irish High Court (Court) has pierced the corporate veil in Powers v Greymountain Management Ltd [In Liquidation] & Ors [2022] IEHC 599, to hold passive resident directors and non-resident shadow directors personally liable for funds lost to investors as a result of fraud.

The Irish Screening of Third Country Transactions Act 2023 (the Act) entered into force on 6 January 2025, introducing mandatory notification and pre-clearance for in scope transactions.

In November 2024, The Central Bank of Ireland (Central Bank) published Guidance on its expectations for applicants seeking authorisation from the Central Bank to operate as a regulated firm (Cross Sectoral Guidance).

The Government Legislation Programme for the Spring 2025 session has been published. The Cabinet has approved 21 bills for priority publication and 29 bills for priority drafting. Priority legislation includes the EU Data Regulation Bill, the Media Regulation Bill and the Protection of Employees (Employers’ Insolvency) (Amendment) Bill.

On 30 August 2024, the Department of the Environment, Climate and Communications published the General Scheme for the National Cyber Security Bill 2024 (CSB).

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

The Data Protection Commission (“DPC”) recently published its 2022 annual report (the “Report”) covering its regulatory activities between 1 January 2022 and 31 December 2022.

On 20 February 2023, the Central Bank of Ireland (the “CBI”) issued a notice entitled: ‘Process clarifications for UCITS and AIFs pre-contractual documentation updates in relation to the Commission Delegated Regulation (EU) 2023/363’ (the “Notice”).