From the Professional Accountancy team……
The Government has in recent days issued its Spring Legislative Programme 2025 the first since the new Government took office. In it there is some proposed legislation which may be of interest to members.
Co-operatives
The Co-operative Societies bill is listed for priority drafting. This legislation aims to place the co-operative model on a more favourable and clearer legal basis, thereby creating a level playing field with companies and encouraging the consideration of the co-operative model as an attractive formation option for entrepreneurs. Readers may recall that the previous Government in November 2022 approved the drafting of what was billed as ground-breaking legislation for the sector. The draft legislation proposes to repeal the Industrial and Provident Societies Acts 1893-2021 and provide a modern and effective legislative framework suitable for the diverse range of organisations using the co-operative model in Ireland. You can read more here by following the link to the General Scheme of the Co-operative Societies Bill 2022. Readers can also go to the Institute’s technical hub pages where there is further information on this area.
Other
Also on the business regulation side, changes are proposed to the law on limited partnerships and business names. As we reported previously, heads of the general scheme for the Miscellaneous Provisions (Registration of Limited Partnerships and Business Names) Bill was published in July 2024 as both the limited partnership and business names legislation require updating to provide for modern business practices for those engaged in business using a business name or the limited partnership model .The Spring legislative programme indicates that work is ongoing on priority drafting of this legislation.
Other legislation for priority publication is the National Cyber Security Bill to implement the Directive known as NIS 2 into Irish law. This directive was due to be transposed by 17 October 2024, so Ireland is overdue in its implementation. The previous government published heads of Bill of the National Cyber Security Bill in July 2024.
Finally on this topic:
- heads are in preparation for the Regulation of Artificial Intelligence Bill .The Bill will give full effect to the EU Regulation ,the Artificial Intelligence Act and will designate the National Competent Authorities responsible for implementing and enforcing the EU Regulation and will provide for penalties for non-compliance.
- the Autumn 2024 legislative programme referenced heads in preparation and priority publication of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill. This was stated to amend the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (2010 Act) to ensure that Crypto Asset Service Providers are covered by national law in relation to Ireland’s Anti-Money Laundering and Terrorist Financing regime. Readers might note that in December 2024 the Minister for Justice by SI 724 of 2024 prescribed crypto asset service providers as designated persons under the 2010 Act.
- the Finance (Provision of Access to Cash Infrastructure) Bill 2024 which was published by the Dept of Finance last year has been restored to the Dail order paper .
This information is provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.
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