- Proceedings Dismissed Where Plaintiff Purchased Right to Litigate (21 March 2017)
In SPV Optimal Osus Limited -v- HSBC Institutional Trust Services (Ireland) Limited & Ors the Court of Appeal rejected an appeal of a High Court decision dismissing proceedings as being frivolous and vexatious and bound to fail on the basis that the proceedings against the defendants were contrary to public policy, void and unenforceable as a matter of law since the assignment of the right to litigate third party claims amounted to the assignment of a bare cause of action and contrary to the rules of champerty and maintenance.
- No Implied Duty of Good Faith and Fair Dealing in Commercial Contract (21 March 2017)
In Flynn v Breccia the Court of Appeal overturned a High Court ruling that there was a general principle of good faith in Irish commercial contract law.
- European Commission Imposes Fines Totalling €776m on 11 Airlines: Take Two (20 March 2017)
Ireland's national day, St Patrick's Day, was not a lucky day for 11 airlines around the world. On 17 March 2017, the European Commission imposed fines on 11 airlines totalling €776 million. The Commission believed that these airlines fixed the price of fuel and security surcharges on air cargo flights to and from the European Economic Area between 1999 and 2006. The airlines fined were Air Canada (€21m), Air France (€182m), KLM (€127m), Martinair (€15m), British Airways (€104m), Cargolux (€79m), Cathay Pacific (€57m), Japan Airlines (€35m), LAN (€8m), SAS (€70m) and Singapore (€74m).
- Ireland’s Corporate Immigration System Enters a Brave New World (16 March 2017)
January 2017 saw chaotic scenes at many airports around the world when individuals from seven countries were refused entry to the US following the implementation of President Trump's controversial travel ban. Holders of valid visas and green cards for the US were affected by the ban and the successful legal challenges that followed were largely brought by such visa holders. The key learning point is the need for a well-managed and streamlined approach to immigration administration. While Ireland, like most countries, has sometimes struggled with implementing a clear and swift immigration system, progress has been made towards a more user friendly and predictable immigration system.
- Proposed New EU Prospectus Regulation - an Update (16 March 2017)
The European Parliament, the EU Council and the EU Commission have agreed on a revamped Prospectus Regulation. The reform was proposed by the Commission last November, as part of its Capital Markets Union Action Plan, in order to improve access to finance for companies and simplify information for investors.
- Mergers & Acquisitions Post-Brexit (15 March 2017)
In light of Brexit, Irish businesses are assessing the implications, challenges and opportunities involved including the implications for mergers and acquisitions. Dr Vincent Power of A&L Goodbody recently addressed a conference on Brexit organised by the School of Law at University College Cork where he outlined the potential consequences for mergers, acquisitions and joint ventures in relation to EU Merger Control Regulation.
- Data Protection Commissioner not required to disclose lobbying communications (14 March 2017)
The Information Commissioner has made a formal binding decision that records of lobbying communications with the Data Protection Commissioner are not accessible under the Freedom of Information (FOI) Act 2014.
- No right to be forgotten in respect of personal data in company registers (14 March 2017)
The CJEU has ruled (Case C-398/15) that there is no general right to be forgotten in respect of personal data in a companies register.
- Court refuses to overturn Bank's objection to Personal Insolvency Arrangement (14 March 2017)
In the case of In Re Dunne (A Debtor)  IEHC 59, High Court, Baker J, 6 February 2017 the High Court refused an application by debtors under Section 115A of the Personal Insolvency Acts 2012 to 2015 to overturn a secured creditor's objection to a Personal Insolvency Arrangement.
- Communicating with online banking customers (14 March 2017)
In Case C-375/15 (the BAWAG case) the CJEU examined the scope of a payment service provider’s obligation to communicate changes to information and conditions, and to framework contracts, to e-banking customers.
- The Gig Economy: The spotlight continues to shine on giggers (08 March 2017)
- Mediation Bill 2017 Published (07 March 2017)
The proposed Mediation Bill discussed in our recent article has now been published.
- Economic Migration Update (07 March 2017)
The minimum income requirements imposed by the Home Office in respect of British citizens (the Sponsor) wishing to bring a non-EEA spouse, partner or dependant to the UK have been 'held acceptable in principle' by the Supreme Court on 22 February 2017.
- New Bill Proposes Abolishing Compulsory Retirement Ages (07 March 2017)
A recently published Private Member's Bill (The Employment Equality (Abolition of Mandatory Retirement Age) Bill 2016 ) aims to abolish compulsory retirement. Private Member Bills do not usually progress to enactment, however last week the Government indicated that it would not oppose this Bill stating that it wished to support measures aimed at facilitating fuller working lives. The Bill, if passed, will have significant implications for employers and how they manage their older employees.
- Data Subject Access Requests - Proportionality and Motive (07 March 2017)
The UK Court of Appeal has clarified the scope of the disproportionate effort exemption, and the relevance of motive, when responding to Data Subject Access Requests (DSARs).
- Tracker, Financial Services Regulation & Compliance - Banking (03 March 2017)
On the Domestic Front: Central Bank publishes Policy Statement on variable remuneration for Irish Less Significant Institutions and CRD IV Investment Firms. On the EU Front: Regulatory technical standards supplementing the Capital Requirements Regulation are published; Single Resolution Board publishes 'Approach taken in 2016 and next steps'
- Tracker, Financial Services Regulation & Compliance - Funds (03 March 2017)
On the Domestic Front: Michael Hodson, Central Bank Director of Asset Management Supervision gives speech on fund management company effectiveness and Central Bank supervisory & thematic priorities. On the EU Front: Joint Committee of ESAs consults on PRIIPs with environmental or social objectives; IOSCO report on loan funds survey
- Tracker, Financial Services Regulation & Compliance - Insurance (03 March 2017)
On the Domestic Front: Central Bank publishes letters to industry concerning life insurance pricing/reserving; The Consumer Insurance Contracts Bill 2017 is making its way through the Oireachtas On the EU Front: EIOPA publishes draft rules regarding the IPID; EIPOA consults on Guidelines on complex insurance-based investment products; EIOPA publishes its technical advice to the European Commission on possible delegated acts under the IDD.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (03 March 2017)
On the Domestic Front: Michael Hodson, Director of Asset Management Supervision in the Central Bank gives speech in relation to MiFID II On the EU Front: European Supervisory Authorities publish statement on variation margin exchange
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (03 March 2017)
On the Domestic Front: Central Bank publishes Guidance for Completion of the AML Risk Evaluation Questionnaire; Central Bank publishes a Report on Findings of Thematic Fitness and Probity Inspections in Credit Unions; Department of Finance publishes overview of the new anti-money laundering regulation on beneficial ownership On the European Front: The European Economic and Social Committee publishes Opinion on the proposal the Fifth EU Anti-Money Laundering Directive; The three European Supervisory Authorities publish a joint Opinion on the risks of money laundering and terrorist financing affecting the European Union's financial sector
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