EisnerAmper supports Insurance Ireland INED webinar series
EisnerAmper Ireland, in conjunction with Insurance Ireland, was delighted to host the final INED forum in the series for this year, this afternoon.
Today’s webinar focused on the end consumer and provided very informative insights into relevant consumer issues faced by both the Irish and UK markets. Frank Keane, Partner and Head of Client Internationalisation at EisnerAmper Ireland, moderated the event. We would like to thank Moyagh Murdock, CEO at Insurance Ireland for setting the scene, and to thank our panellists for their insightful contributions:
- Aaron Keogh – Managing Director, Vhi Healthcare Dac; and
- David Clements – Partner, Risk Advisory, Delitte UK.
Many thanks also to the participants who joined the webinar and who contributed to our Q&A session.
We deliver specialist Insurance Regulatory Compliance Services to help you meet your regulatory compliance and corporate governance requirements.
At EisnerAmper, we design and deliver specialist Services and Solutions for Business in the areas of Governance, Risk and Compliance. In this regard, if we can assist you or your business in any way, please do get in touch – we’d be delighted to help.
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Latest News →EisnerAmper hosts Pet Corner Competition
This week, EisnerAmper Ireland’s CSR Committee were delighted to host an online Pet Corner Competition for all our employees and their pets to participate in.
Studies say that employees who bring their pets to work often lead more productive and engaged work lives. They are often happier and less worried throughout the day. Although we don’t bring our pets to the office, while working from home we have the pleasure of having our pets to keep us company. Some of the perks of having our pets at home while we work include; reducing stress, promoting creativity and creating happiness.
EisnerAmper Ireland wanted to celebrate our pets and therefore created a ‘Pet Corner Competition’. The CSR Committee asked staff members with pets to send in a picture of their furry friend. All of our entries were posted to our internal hub for staff members to vote for their favourite picture and the pet with the most votes won a small prize.
The competition winner – Mylo
To learn more about our CSR initiatives, click here.
At EisnerAmper Ireland, we care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our Firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
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Latest News →Central Bank of Ireland – Thematic Review of Fund Management Companies
Central Bank of Ireland – Thematic Review of Fund Management Companies
On Tuesday, 20 October 2020, the Central Bank of Ireland (Central Bank) published the findings of its thematic review of Irish Fund Management Companies’ (FMCs) governance, management and oversight. The Central Bank’s FMC Framework (Framework) was first introduced in 2017 for firms seeking new authorisation and was extended to existing firms in mid-2018. The Framework, underpinned by legislation designed to deliver investor protection, market integrity and systemic resilience, was introduced to provide increased clarity as to the standards to be met by FMCs. The Framework provides a strong basis for firms to identify and retain the level and nature of resources needed to put in place the required governance, management, systems and controls.
The findings of the thematic review, which are summarised below, noted that a significant number of previously authorised FMCs had not fully implemented the Framework.
EisnerAmper’s Risk & Regulatory team, led by Tom Brennan, Partner, advises FMCs on risk, regulatory and compliance-related matters. For more information on our services, please click here.
Thematic Review – Summary of key findings:
- Resourcing:
- According to the Central Bank, several FMCs, who were authorised prior to CP86 (Consultation on Fund Management Company Effectiveness-Delegate Oversight) taking effect, had not increased their resources adequately to ensure effective implementation of the Framework. As such, the Central Bank expects a minimum of three full-time employees (FTEs) in all FMCs, each of whom should be suitably qualified and of appropriate seniority to fulfil the role. This FTE requirement is a minimum expectation and only relevant to the smallest and simplest of entities.
- Larger firms are expected to have greater levels of resources in place, depending on the nature, scale and complexity of their operations.
- The Central Bank also expects “all but the smallest firms” to have a CEO responsible for the day to day running of the business.
- The review noted that 28% of FMCs had instances where an INED had a tenure exceeding 10 years. The Central Bank expects tenure and ongoing independence to be considered as part of the Organisational Effectiveness (OE) Director’s review of board composition.
- Designated Persons: The review also identified shortcomings in how the Designated Persons (DP) role is discharged including poor quality of reporting to the Board, inadequate challenge of delegates, insufficient review of delegate reports and insufficient time committed to the role.
- Delegate Oversight: Several deficiencies were identified in relation to delegate oversight, including:
- Some FMCs could not evidence compliance with Central Bank expectations in terms of initial and ongoing due diligence performed on delegates;
- Where reliance was placed on the policies and procedures of group/delegates, not all FMCs could evidence review of the policies and procedures;
- Some firms did not properly document service level agreements (SLAs) with regard to delegated activities; and
- In some cases, delegate reports were not of sufficient quality to allow for a meaningful review of the situation by the FMC.
- Risk Management Framework: Shortcomings were identified in the risk management framework of several FMCs, whereby many firms did not have:
- An entity specific risk management framework;
- An entity specific risk register; and
- A defined risk appetite.
- Board approval of new funds: Some FMCs under review were unable to demonstrate Board approval for the launch of sub-funds. Additionally, there was often a lack of evidence of Board discussions in relation to setting or agreeing the proposed strategy of the fund prior to submission of the application to the Central Bank.
- Organisational Effectiveness Director: Certain weaknesses were identified in how the Organisational Effectiveness (OE) Director executes the role in many FMCs, including:
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- The OE Director not being able to evidence that meetings took place;
- The absence of formal records of meetings with Designated Persons;
- An absence of formal reporting to the Board (principally in the area of resource evaluation); and
- A lack of consideration given to conflicts of interest and personal transactions.
- Gender Balance: A substantial gender imbalance on the Boards of FMCs was noted in the review with only 16% of director roles held by women.
Actions Required:
The Central Bank requires all FMCs to assess their operational, resourcing and governance arrangements against all relevant rules and guidance, taking into account the findings of its thematic review. FMCs are required to develop and progress individual action plans to make the necessary changes to ensure full and effective embedding of all aspects of the Central Bank’s requirements and related guidance. These assessment and implementation plans must be approved by the board of directors of the FMC by the end of Q1 2021 and should at a minimum include the following:
- The time commitment, skills and expertise of available resources;
- The FMC’s retained and delegated tasks, including how ongoing independent challenge of all delegates can be ensured;
- The tasks required by the framework, including those that must be completed on a fund by fund basis;
- How resources and operational capacity will need to increase to take account of any increase in the nature, scale and complexity of the funds under management since authorisation or the last time the FMC critically assessed its operations; and
- How resources and operational capacity will need to increase to deal with a market and/or operational crisis.
How EisnerAmper Ireland can help
Our Risk & Regulatory team, led by Tom Brennan, advises financial services providers on risk, regulatory and compliance-related matters. Our services include:
- Supporting organisations throughout the regulatory engagement lifecycle;
- Provision of outsourced compliance services;
- Provision of bespoke board support and training;
- Designing and developing integrated risk and compliance frameworks;
- Preparing compliance briefings for discussion with the board covering new / pending legislation, marketplace intelligence, regulatory sanctions and impacts thereof;
- Supporting the board in responding to and implementing any changes required relating to evolving needs.
Learn more about our Risk & Regulatory Services here, alternatively, request a callback from our Risk and Regulatory team now.
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EisnerAmper Ireland hosts The Practitioner Academy 2020
The EisnerAmper Ireland Academy 2020, the Firm’s annual all-staff training programme, was held for the ninth year running on Thursday, 15 October. This year we were adapting and innovating to our changing environment and hosted our first Virtual Academy. The “Practitioner Academy” focused upon developing great practitioner skills to enable us to do great work for our clients in a changing world. We had an action packed line up of keynote speakers and thinkers, skills workshops, break-out and plenary sessions.
The Academy is specifically designed for our professionals to accelerate their “on the job” learning and to facilitate their journey towards becoming not just great accountants but exceptional advisers and practitioners. Participants acquire the necessary core awareness, knowledge, skills and confidence to successfully further their careers in practice.
The Practitioner Academy guest speakers.
The theme of this year’s programme was ‘Doing great work for our clients in a changing world’ and included workshops, technical training, team building and knowledge exercises reaffirming EisnerAmper Ireland’s commitment to achieving and maintaining excellence in everything we do. The workshops encouraged our staff to develop their design thinking skills and their self-awareness.
Our staff attendees at our virtual Academy.
We would like to thank our guest speakers for their insightful contributions:
- Mark Nolan, Consulting Director, Genesis Consultants – Thoughts on our rapidly changing environment and the future of work;
- Catherine Guy, CEO Sixt, FAI Board, former Managing Partner, Byrne Wallace – Doing great work – Practitioner & client perspectives;
- Tony Carey, Managing Director, Cooney Carey – Skills and strategies for successful negotiation;
- Peter Cogan, Managing Partner, EisnerAmper LLP – Strategy & growth insights; and
- Stephen McCullough, Barrister at Law – Applying the Principles of Natural Justice.
Guest speaker Catherine Guy presenting to our staff members.
We care about business and we care about the people we work with in business.
Our trainees are involved in all elements of practice management from day one. From the outset, trainees work closely with Partners and Senior Management to deliver services to our key markets. This approach facilitates our trainees getting hands-on experience while also developing the core awareness, knowledge, skills and confidence to succeed in their careers. To learn more about our trainee programme, click here.
Latest News →Budget 2021
With Budget 2021 announced earlier this week, EisnerAmper Ireland examines its effect on Irish-based businesses across the following four areas:
- Corporation Tax;
- Indirect Tax;
- Employment and Personal Tax; and
- Other Taxes.
1. Corporation Tax
– Corporation tax rate on trading profits
There has been no change to the 12.5% corporation tax rate applicable to the trading profits of a company.
The government has announced the extension to the accelerated capital allowances for energy savings plant and machinery to the end of 2023.
2. Indirect Tax
– VAT
The rate of VAT for the hospitality and tourism sector, currently 13.5%, will be reduced to 9% from 1 November 2020 until 31 December 2021.
The standard rate will revert from the current 21% to 23% from 1 March 2021 as outlined in the July Stimulus Plan.
The Flat rate of VAT for Farmers will increase from 5.4% to 5.6%.
– Other Indirect Tax considerations
The rate of carbon tax on fuel has increased from €26 to €33.50 per tonne of CO2. This has been applied to diesel and petrol as of midnight on 13 October 2020 which is approximately 2.5 cent a litre, with the increase to home heating oil being deferred until May 2021. This will increase by €7.50 per year until 2029 with a €6.50 increase in 2030 to bring the tax to €100 per tonne of CO2.
VRT reliefs for conventional and plug-in hybrid vehicles will finish at the end of 2020.
3. Employment and Personal Tax
– Income Tax, USC and PRSI
The Dependent Relative tax credit has increased by €175 to €245 and the Earned Income tax credit for Self Employed individuals has increased by €150 to €1,650 for 2021. The Sea-going Naval personnel Tax Credit has been extended until 31 December 2021 and increased from €1,270 to €1,500.
The reduced rate of USC for medical card holders and people aged 70 and above whose income is €60,000 or less has been extended for another year, until 31 December 2021.
Due to an increase in the National Minimum Wage from €10.10 to €10.20 per hour on 01 January 2021, the threshold for the 2% rate of USC has increased from €20,484 to €20,687. This is to prevent full-time workers on minimum wage from paying USC at the top rates.
The weekly threshold for the higher rate of Employer’s PRSI has been increased from €394 to €398. The higher rate, which was expected to increase, remains at 11.05% for 2021.
Employee’s PRSI is unchanged.
– Benefit in Kind (BIK)
There was no change to the 0% BIK rate for employers providing electric cars or vans, which is due to remain in place until 31 December 2022.
– Tax Debt Warehousing
The tax debt warehousing scheme has been expanded to include Temporary Wage Subsidy Scheme repayments for employers. For self-employed taxpayers it has been extended to include the 2019 and 2020 preliminary tax liabilities.
4. Other Taxes
– Capital Acquisitions Tax (CAT)
No change was made to CAT rates in the Budget.
– Stamp Duty (SD)
The consanguinity relief, which reduces the rate of stamp duty on land transfer to children, has been extended by 3 years.
The farm consolidation relief, which allows farmers to pay 1% stamp duty when buying and selling land within 24 months in a bid to consolidate land parcels, has been extended by 2 years.
How EisnerAmper Ireland Can Help
At EisnerAmper Ireland, we design and deliver business & compliance solutions to make trade happen. This is what we do every day.
EisnerAmper Ireland’s Tax Department provides support to the Firm’s Financial Services and International Business market groups. We advise corporates, their people and principals operating in the technology, life sciences, real estate, structured finance, aircraft leasing and investment funds industries. To find out more, visit our Tax Services page.
Tax Services
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The content above is provided for general information purposes only and is not intended to provide, nor does it constitute, professional advice on any particular matter.
UK Resident Directors
Brexit – Implications for UK Resident Directors of Irish Companies
On 31 December 2020, the transition period between the UK and the EU will come to an end. If thereafter no agreement is in place, Irish companies which have UK resident directors may need to take action to ensure continued compliance with Section 137 of the Companies Act 2014. This is the requirement to have at least one EEA resident director. The EEA is the European Economic Area comprising all EU member states, in addition to Iceland, Liechtenstein and Norway.
In the event of a hard Brexit, an Irish company which currently has a UK resident director fulfilling this requirement should consider replacing the director or appointing an additional director who is resident in the EEA. In the event that a company does not have an EEA resident director, it can avail of one of two exemptions:
- Secure a Section 137 Non-EEA Resident Director Bond
A company can put in place a Section 137 Bond to the value of €25,000 to cover a failure by the company to pay a fine or penalty in respect of offences under the Companies Act 2014 and certain offences under the Taxes Consolidation Act 1997. The bond, which costs €1,750, needs to be put in place for a minimum two year-period.
- Apply for a Section 140 Certificate
A second option is for a company to apply to the Irish Revenue Commissioners and Companies Registration Office for a Section 140 Certificate confirming the company has a real and continuous link with one or more economic activities that are being carried on in the State.
Implications of EEA Resident Director Non-Compliance
Failure to meet the EEA Resident Director requirements is a criminal offence and could lead to a fine of up to €5,000. Additionally, under Section 725(1)(a) of the Companies Act 2014, the Companies Registration Office has the power to strike companies off the register if they believe them to be in breach of Section 137(1) of the Companies Act 2014.
How EisnerAmper Ireland can help
Although the deadline is fast approaching, there is still time to act. If your company is relying on a UK resident to fulfil the EEA resident director requirement and would like to discuss the options available, please contact Karen Moloney, Senior Manager, Accounting Tax & Compliance.
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EisnerAmper hosts 80’s themed Musical Bingo
On Friday 2 October, EisnerAmper Ireland’s CSR Committee were delighted to host an 80’s themed Musical Bingo. The bingo session was hosted by Bingo with a Pep on Zoom for all staff and their family members to enjoy.
Classic songs from the 80’s were played by our host Keith Peppard and all staff were given bingo cards filled with the names of different songs from Keith’s playlists. While everyone danced and sang along, Keith played through his playlists and songs were marked off cards until we had a full line, the four corners and the full 25 squares completed. Spot prizes were given for each of the wins for staff to enjoy.
At EisnerAmper Ireland, we care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our Firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
Contact Us
Latest News →EisnerAmper supports Insurance Ireland INED webinar forum
EisnerAmper Ireland, in conjunction with Insurance Ireland, was delighted to host an informative webinar this afternoon, focusing on the how both the equity and bond markets have been impacted by the Covid-19 pandemic. Frank Keane, Partner and Head of Client Internationalisation at EisnerAmper Ireland, moderated the event. We would like to thank Moyagh Murdock, CEO at Insurance Ireland for setting the scene, and thank our panellists for their insightful contributions:
- Peter Bentley – Deputy Head of Fixed Income and Head of Global Credit at Insight Investment; and
- Nicholas Hatherley – Consulting Actuary, Pensions and Investment at Aon.
Many thanks also to the participants who joined the webinar and who contributed to our Q&A session.
We deliver specialist Insurance Regulatory Compliance Services to help you meet your regulatory compliance and corporate governance requirements.
At EisnerAmper, we design and deliver specialist Services and Solutions for Business in the areas of Governance, Risk and Compliance. In this regard, if we can assist you or your business in any way, please do get in touch – we’d be delighted to help.
Contact Us
Latest News →Meet our new team members!
Meet some of our new joiner Team! This month we welcomed our new joiners aboard the EisnerAmper Ireland team. Our new joiners will be working in our Audit, Accounting, Tax & Compliance departments.
Our new colleagues are in the processes of completing their virtual two week induction programme, covering various topics ranging from technical, on the job and soft skills training, delivered by our HR and Service Excellence Teams.
To learn more about EisnerAmper Ireland click here.
We care about business and we care about the people we work with in business.
Our multi-disciplinary teams bring fresh, candid and connected perspectives to how we work. We strive to nurture and leverage the talent and unique ability of each individual member of our team. To read more about Life in EisnerAmper and about our career opportunities click here.
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Latest News →EisnerAmper hosts wellness workshop with The Wellness Clinic
On Friday 11 September, EisnerAmper Ireland’s CSR Committee were delighted to host an online wellness workshop with Niamh O’Connell from The Wellness Clinic via Zoom for all employees.
Our Firm is focused on providing a positive, healthy and safe working environment, as well as boosting the sense of wellbeing and productivity among our employees. The Firm’s wellbeing initiatives endeavour to foster a culture where we can focus on optimising individual and team performance while offering the tools, resources and guidance to support our employees journey. The 45 minute session discussed managing stress, improving sleep, minding your mental health, tips on nutrition and touched on parenting while remote working. Following Niamh’s presentation there was time for an Q&A session to allow staff members to ask any questions they had regarding any of the topics.
To learn more about The Wellness Clinic, click here.
At EisnerAmper Ireland, we care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our Firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
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Latest News →EisnerAmper Summer Gift Boxes
EisnerAmper Ireland is delighted to have delivered gift boxes to all our staff members this week.
EisnerAmper wanted to thank our staff for all their efforts working together during these challenging times. The gift box from The Book Resort, comprised of all Irish made products, including Irish Belgian chocolate from ‘Chez-Emily’ in Dublin, bamboo socks-from “Polly & Andy” in Waterford, soap-from “The Soap Room” in Galway, a book of choice, face masks and hand sanitiser along with some other small Irish made gifts and a hand written card.
At EisnerAmper Ireland, we care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our Firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
Contact Us
Latest News →EisnerAmper runs Children’s Art Competition
EisnerAmper Ireland is delighted to have run its first internal Children’s Art Competition.
With so many budding artists at home with some extra time to spare, we thought it would be the perfect time to put some artistic skills to use. The competition ran for staff members children and they could paint, draw, crayon or digitally create their artistic pieces. There were four different age categories with the winner of each age category receiving a small prize.
At EisnerAmper Ireland, we care about business and we care about the people we work with in business.
Corporate Social Responsibility (CSR) is integral to how we do business and manage interactions, not just with our employees and clients but also our wider community and society as a whole. As a professional services firm, demonstrating ethical high performance in all aspects of our work and how we run our Firm is fundamental to our success. Learn more about our CSR policy here and our CSR initiatives here.
Contact Us
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