Complex EU regulations and sanctions regimes creating ‘patchwork of risk’ for Irish firms, A&L Goodbody summit hears
The Screening of Third Country Transactions Act 2023, which was signed into law in October 2023, was due to start in April but was further delayed until the summer, and then the autumn. It is now slated for commencement in December. It requires companies to report qualifying transactions to the Minister for Enterprise, Trade and Employment at least 10 days before completion. The Minister then has 90 days to review the transaction and can then approve, block or impose conditions on it.
“A critical sector means critical infrastructure, critical inputs, media,” she said. “Generally, we’re looking at health, energy, transport: these types of sectors. So it’s a very far-reaching broad regime, and I have to say it’s keeping us busy at the moment.”