Minister McGrath and Minister of State Carroll MacNeill launch 2024 Ireland for Finance Action Plan
From Department of Finance 
Published on 8 March 2024
Last updated on 8 March 2024
 
The Minister for Finance Michael McGrath and Minister of State for Financial Services, Credit Unions, and Insurance Dr Jennifer Carroll MacNeill today (Friday 8 March) launch the second Action Plan from the updated Ireland for Finance strategy following Cabinet approval.

The updated Ireland for Finance strategy looks to further establish Ireland as the recognised global location of choice for specialist international financial services. The 2024 Action Plan details various key measures to realise this ambition over the course of this year, in collaboration with both public and private sector stakeholders. There is an estimated 57,600 people now directly employed in the international financial services sector, with the industry also indirectly supporting a range of professional areas. Following on from the update to the strategy in October 2022, the new Action Plan is focused on 13 key deliverables over the remainder of the year under the five themes, namely:

• Sustainable finance
• Fintech and Digital finance
• Diversity and Talent
• Regionalisation and Promotion
• Operating Environment

This plan contains a special edition on sustainable finance.

These 13 measures are in addition to the continued work that is carried out by organisations in the public and private sectors that allow Ireland to be the location of choice for international financial services firms.

Consultation Paper in PDF - here
LinkedIN Posts - here and here
Fintech Ireland Consultation Page - here
Department of Finance Page - here

09 August 2023: Ireland's Department of Finance has issued a Public Consultation Markets in Crypto Assets Regulation (EU 2023/1114).  CLICK HERE.

Minister for Finance Michael McGrath TD has today announced the launch of a public consultation on the exercise of national discretions contained within the Markets in Crypto Assets Regulation (MICAR) (EU) 2023/1114.

The Markets in Crypto-Assets Regulation is the first European-level legislation introducing a harmonised and comprehensive framework for crypto-assets, covering issues from the offering to the public of crypto-assets to preventing market abuse in crypto-asset markets. The consultation commences 9 August 2023 and ends 5p.m. on 15 September 2023.

The Department of Finance has issed a public consultation, commencing 9 August 2023 ending 15 September 2023 for purpose of obtainin submissions on the transposition of national discretions included within the Markets in Crypto-Assets Regulation (MiCAR) EU 2023/11141. MiCAR is the first European-level legislation introducing a harmonised and comprehensive framework for crypto-assets, covering issues from the offering to the public of crypto-assets to preventing market abuse in crypto-asset markets. The legislation provides a set of prescriptive rules that will shape the functioning of the European markets in crypto-assets, including transparency rules, authorisation requirements, customer protection rules and an anti-market abuse framework.

As a Regulation MiCAR has direct effect, however, there are a number of provisions in the Regulation to which full harmonisation does not apply and Member States are given discretion as to whether and how to apply these provisions.

The four national discretions this consultation seeks feedback on include:

• Article 88 (1): Public disclosure of inside information
• Article 111 (2): Administrative penalties and other administrative measures
• Article 143 (2): MiCAR transition period; and
• Article 143 (6): Simplified authorisation procedure.

Section 5 of this consultation document sets out detail of the national discretions contained within MiCAR and the Department invites comments on whether these discretions should be availed of, how they should be availed of and clear reasoning for such a position.

The Department of Finance invites people responding to the consultation to:

• Give their views on the specific questions set out below. You do not have to answer every question – you may choose to answer all of the questions or only those which are relevant to you.
•  Provide details of any issues or concerns you feel should be considered in dealing with the particular topic being addressed in your response.
• Where appropriate, provide some analysis or views on the regulatory and/or financial impact of the proposed approach.

The comments received will be taken into consideration when deciding how best to transpose the MiCAR into Irish law.

The consultation period will run from 9 August 2023 to 15 September 2023. 

The Department of Finance says that any submissions received after this date may not be considered.

If you wish to respond to this consultation paper you may do so either electronically or in writing by 15 September 2023.  Electronic submissions can be sent to https://consult.finance.gov.ie/.  Postal submissions to MiCAR Public Consultation, Financial, Advisory, Department of Finance, 1 Miesian, Plaza, D02 R583, Ireland. 
 

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Ireland's Minister of State for Financial Services, Credit Unions, and Insurance Seán Fleming TD today (Thursday 11th February) launches the Ireland for Finance Action Plan for 2021 following Cabinet approval.

The 2021 Action Plan has four priority areas; Sustainable Finance, Diversity, Regionalisation, and Digital Finance. It contains 16 new measures to build on the resilience shown by the IFS sector over the last year.

New actions, include:

• Establishing a Department of Finance Fintech Group
• Developing proposals for increased financial services collaboration in the Grand Canal Innovation District (GCID)
• Delivering a new Masters programme in fintech innovation
• Promoting careers for women in the Financial Services industry, as part of the ‘Career less Ordinary’ campaign
• Developing a portfolio of sustainable finance education programmes
• Working with the office within the Department of Finance tasked with encouraging greater competition in the Irish insurance market
• Promoting the Investment Limited Partnership vehicle

Ongoing initiatives:

• Engage at EU level on the latest Capital Markets Union proposals
• Engage at EU level on sustainable finance developments
• Engage on and analyse post-Brexit financial services issues
• Continue the rollout of Ireland’s sustainable finance innovation programme supporting the development of new IFS environmental, social, and governance products and services
• Deliver training programmes in sustainable finance and responsible investment supported by the Sustainable Finance Skillnet
• Maintain a regional focus in developing the IFS sector

Commenting on the 2021 Action Plan, Minister Donohoe noted:

Minister Fleming leads on the implementation of the Ireland for Finance strategy which strives for Ireland to be the recognised global location of choice for specialist international financial service. Ireland for Finance is the strategy for the development of the international financial services (IFS) sector in Ireland to 2025 and was included in the Programme for Government.

What is "Ireland for Finance?"

The Ireland for Finance strategy is structured around the following four pillars:

1. The operating environment pillar is focused on ensuring the policy, culture and legislative conditions underpinning IFS will support growth;

2. The technology and innovation pillar is focused on providing a collaborative approach to addressing emerging challenges and opportunities in technological developments;

3. The talent pillar seeks to ensure that we continue to have skilled people to meet the demands of the IFS sector, including meeting new and changing skills ; and

4. The communications and promotion pillar is focused on ensuring that Ireland’s IFS offering is communicated to all those who are or may be attracted to investing in Ireland.

Minister of State Fleming has identified his priorities for the coming year as Sustainable Finance, Diversity, Regionalisation, and Digital Finance.

Ireland for Finance utilises a whole-of-government approach which is supported through ongoing collaboration between public and private stakeholders and educational institutions to ensure the talent and expertise of all three sectors can continue to be successfully harnessed to build on existing achievements and secure the ambitions set out in Ireland for Finance.

The Strategy is updated each year by means of annual Action Plans. This approach ensures that the Strategy remains relevant and up-to-date in identifying and addressing emerging challenges. Each annual Action Plan contains a list of measures grouped under each of the four pillars to be actioned in that year with a responsible stakeholder tasked with leading on the execution of each measure.

The implementation of the Strategy is overseen by a public sector High Level Implementation Committee (HLIC) with assistance from an Industry Advisory Committee (IAC). This Joint Committee meets quarterly and it is chaired by Minister of State Fleming. The HLIC membership consists of senior officials of the Departments of the Taoiseach; Further and Higher Education, Research, Innovation and Science; Foreign Affairs; Business, Enterprise, and Employment; and Finance and the Chief Executive Officers of the IDA and Enterprise Ireland. The IAC includes key industry stakeholders such as representative bodies (secretariat), advisory firms and senior executives from companies across the different international financial services sectors.