Public Policy

EU Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection Michael McGrath has confirmed that the long awaited 28th Regime or ‘EU Inc’ proposals will be published next week. EU Inc. will be a new EU-wide legal framework designed to make it easier to set up, scale up and invest across the Single Market. It will provide an alternative to the complex and differing regulations faced by businesses that want to expand across different Member States. The ambition is that a company can be established using a fully digital platform within 48 hours, and it will be recognised throughout the European Union. There will be a common rulebook that will simplify business operations across the EU Single Market and boost competitiveness. With 450 million people, the Single Market is the world’s largest trading bloc. For Irish companies wishing to expand into other Member States, this legislation will reduce the burdensome administration costs and enable easier access to the European Market. Commissioner McGrath has set four distinct objectives from these proposals: The ability to register and establish a company cheaper, faster and digitally that is recognised in each Member State; EU Inc will provide for adaptable, flexible and future-ready governance tools; Companies will find it easier to attract and retain talent; Access to investment will be boosted. In September last year, Chartered Accountants Ireland responded to a call for evidence from the Commission on the 28th Regime. There will be a further public consultation on these proposals once they are announced and Chartered Accountants Ireland will engage in that process to ensure the final proposals adopted by the EU will fulfil the ambitions and objectives set out previously. The proposals are set to be launched next week, and the Institute will keep you informed of developments.

Tánaiste and Minister of Finance, Simon Harris, has signed into law the Statutory Instruments creating the Irish framework of the European Single Access Point (ESAP), an EU-wide data portal centralising free source of public information about EU companies and investment products. The portal, which is established via EU legislation, aims to improve public access to companies’ financial and non-financial information, including that of SMEs. Minister with responsibility for Small Business and Retail and the Circular Economy, Alan Dillon TD, described the rollout of the portal as “mark[ing] an important milestone for Irish businesses, particularly SMEs seeking greater visibility and investment opportunities. By providing a single, standardised source of company information, this platform will simplify cross border engagement, improve investor confidence, and contribute to a more connected and competitive European marketplace.” Commenting, the Tánaiste stated that the portal benefits the green transition by centralising sustainability related financial information and illustrates the commitment the Irish government and the EU has to simplifying the investment journey for retail investors and finding ways to boost investment in Ireland’s domestic industry: “Altogether, the ESAP has the potential to bring a myriad of benefits to Irish people whilst simultaneously supporting the objectives of the Savings and Investment Union and making it easier for firms to raise capital across the EU.” The ESAP will be established and administered by the European Securities and Markets Authority (ESMA). Designated national collection bodies as well as the European Supervisory Authorities will provide data to ESMA for the purposes of ESAP. Back to the Sustainability/ESG Bulletin

Minister for Public Expenditure, Infrastructure, Public Service Reform and Digitalisation,  Jack Chambers TD, this week secured Government approval for the General Scheme of the long awaited Critical Infrastructure Bill.  The Bill, once enacted will allow Government, subject to Dáil approval, to designate specific infrastructure projects as critical. This would then oblige all State bodies involved in the approval process to cooperate and coordinate with each other.  At its core this legislation is designed to speed up the approval process for major pieces of national infrastructure. For far too long critical infrastructure projects have been delayed.A delayed project imposes a cost on the entire economy and as delays mount the cost of the entire project escalates.  The progress on this Bill follows the establishment last week of a Regulatory Simplification Unit by Minister Chambers.