However, it was unclear if the supervisory authorities would use the full extent of their power when administering their fines. In fact, there was reassurance when in August 2017, The UK’s Information Commissioner Elizabeth Denham stated:
“The law is not about fines. It’s about putting the consumer and citizen first. The ICO’s commitment to guiding, advising and educating organisations about how to comply with the law will not change under the GDPR. We have always preferred the carrot to the stick.”
What we have learned since then is that fines for non-compliance with the GDPR can be significant and that some supervisory authorities may, in fact, be favouring the stick to the carrot.
Now that there has been a significant cohort of fines we have been able to conduct an analysis of the fines to obtain a better understanding of what articles of the GDPR have resulted in the most fines, where the fines are occurring, and what is the cost of non-compliance.
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On April 5, 2024, Finance Minister Michael McGrath launched a Feedback Statement (FS) on the proposed implementation of a Participation Exemption for foreign dividends within the Irish tax system. The FS invites feedback from interested parties on a “Strawman Proposal” developed for the implementation of the Participation Exemption.
In 2022, the European Securities and Markets Authority (ESMA) published its new multi-annual strategy for 2023-2028. ESMA’s 2024 Annual Work Programme is structured around the implementation of the ESMA strategy, fulfilling ESMA mandates in the legislation and building on the activities executed in 2023.
The European Central Bank (ECB) Banking Supervision set out the activities it wishes to develop via its 2024-2026 strategy. 2024 is the first year of the three-year plan.
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