Developments during 2021, such as the EU Capital Requirements Directive updates and the new Investment Firms Directive and Regulation will continue to be bedded in. Actions will also be driven by interventions of the Central Bank of Ireland ("CBI") which has recently issued correspondence to firms in relation to Market Abuse, MiFID Suitability and Electronic Money. While implementing ESG requirements and sustainability considerations will be important. The recent CBI cross industry guidance on outsourcing will apply a common standard across all regulated firms for the first time. We will also see firms continuing preparations for the introduction of the CBI's Individual Accountability Framework and lenders will look out for changes to the retail credit regime. We see a continuing trend of payments and electronic money, as well as crypto, firms establishing in Ireland as firms look for an appropriate EU base.
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