Insights & Publications - A&L Goodbody

Insights & Publications


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  • Update on the implementation of the Fourth Anti-Money Laundering Directive in Ireland (27 June 2017)

    The Fourth Anti-Money Laundering Directive (4 AMLD) (EU 2015/ 849) is due to be transposed by EU member states by 26 June 2017. Meanwhile proposals for a Fifth Anti-Money Laundering Directive (5 AMLD) which will amend 4 AMLD are at an advanced stage and are currently scheduled to be discussed by the EU Parliament on 23-26 October 2017.

  • Initial Public Offerings (IPO) Law Review - Ireland (21 June 2017)

    Matthew Cole and Sheena Doggett provide an overview of the IPO process in Ireland, addresses the regulatory and exchange requirements and presents key offering considerations.

  • Priority Drafting of Legislation for Those on Low Hours/Insecure Contracts (20 June 2017)

    The Government recently announced its commitment to priority drafting of legislation to enhance protection for those on precarious working arrangements. In particular, it is designed to address those on low hours and insecure contracts. Such contracts are often used by employers to deal with seasonality in their business. Whilst they are an attractive proposition for some workers, for the vast majority they result in financial insecurity and uncertainty.

  • High Court Considers Veto of Secured Lenders in Personal Insolvency Applications (20 June 2017)

    Baker J in the High Court has given three recent judgments in matters concerning Section 115A(9) of the Personal Insolvency Acts 2012 – 2015 (the Acts). This Section gives a Court power to review and approve a Personal Insolvency Application (PIA) rejected at a meeting of creditors.

  • Let the Talks Begin.... (19 June 2017)

    Just as the Olympics open with the ritual words "let the Games begin...", so too the Brexit talks begin in Brussels today. The EU side is led by Michel Barnier who is the European Commisson's Chief Negotiator and an experienced EU Commissioner. The UK side is led by David Davis who is Secretary of State for Exiting the European Union and was tipped yesterday as the next leader of the Conservative Party. Both have teams of negotiators and Sherpas (led on the EU side by Sabine Weyand and on the UK side by Olly Robbins) to deliver one of the biggest break-away deals in history.

  • Just how "fair" do employee investigations need to be? A new High Court case to be aware of (16 June 2017)

    Conducting a fair investigation can be a legal minefield for many employers and a recent High Court decision (Michael Lyons v Longford Westmeath Education and Training Board) has gone a step further, seemingly adding to employees' procedural armoury! The Court held that where one outcome of an investigation was potential dismissal or an adverse impact on the employee's reputation, the employee has both the right to cross-examine the individual accusing him of wrongdoing, and the right to legal representation during the process. This decision means that employers must be crystal clear as to the scope and nature of any investigation, distinguishing between solely fact finding investigations and investigations which could result in findings against the employee in question. In the case of the latter, it seems the full panoply of natural justice rights must be afforded. The broad-ranging statements of the judge in this case suggest that prudent employers should proceed more cautiously than ever in carrying out investigations, and afford accused employees with the right to cross-examine and be legally represented during the investigative stage.

  • Companies (Accounting) Act 2017 (other than Section 80) is in force from today: Your Guide to the Highlights (09 June 2017)

    The Companies (Accounting) Bill was signed by the President on 17 May 2017, and is accordingly the Companies (Accounting) Act 2017 (the Accounting Act). As mentioned in our previous bulletins, the purpose of the Accounting Act is to transpose the EU Accounting Directive (Directive 2013/34/EU) into Irish law. For this purpose, the Accounting Act makes a large number of technical changes to the accounting provisions of the Companies Act 2014 (2014 Act). However, in an unusual move, we understand that a second commencement order was signed on Thursday 8 June 2017, with the effect that Section 80 of the Accounting Act will not come into operation today (9 June 2017). This is discussed further below.

  • Tracker, Financial Services Regulation & Compliance - Banking (08 June 2017)

    On the Domestic Front: Initial public offering of shares in AIB announced by the Minister for Finance. On the EU Front: EBA publishes opinion on "own funds" in the context of the CRR and CRD review proposal; ECB publishes guidance on Fit and Proper Assessments and on Leveraged Transaction.

  • Tracker, Financial Services Regulation & Compliance - Funds (08 June 2017)

    On the Domestic Front: Companies (Accounting) Act 2017 will come into operation on 9 June 2017; Central Bank publishes AIFMD Q&As and UCITS Q&As. On the EU Front: ESMA publishes principles on supervisory approach to relocations from the UK; European Council adopts the Money Market Fund Regulation

  • Tracker, Financial Services Regulation & Compliance - Insurance (08 June 2017)

    On the Domestic Front: Supreme Court reaches decision in Law Society of Ireland v The Motor Insurers' Bureau of Ireland; Central Bank publishes notice on reporting under Solvency II. On the EU Front: Insurance Europe publishes Annual Report and review of indirect taxation on insurance contracts; European Commission adopt Solvency II Implementing Regulation on the calculation of technical provisions and basic own funds

  • Tracker, Financial Services Regulation & Compliance - Investment Firms (08 June 2017)

    On the Domestic Front: Central Bank publishes Markets Update, Issue 3 2017. On the EU Front: ESMA publishes final report on Product Governance Guidelines under the MiFID II; ESMA publishes opinions and updated Q&As in relation to MIFID II; European Commission publishes a proposal for a regulation amending the EMIR

  • Tracker, Financial Services Regulation & Compliance - Cross Sectoral (08 June 2017)

    On the Domestic Front: Exemption from stamp duty announced on the transfers of shares in Irish companies admitted to the Enterprise Securities Market of the Irish Stock Exchange; Financial Services and Pensions Ombudsman Bill 2017 published. On the EU Front: EBA consults on draft Guidelines on security measures for operational and security risks of payment services under the PSD II; Corrigendum to Delegated Regulation (EU) 2017/653 on Key Information Documents published.

  • Update on the Gambling Control Bill (07 June 2017)

    Significant reforms to Ireland’s outdated gambling laws have long been promised. Most notably, in July 2013 the Government published the draft scheme of the Gambling Control Bill (the Bill). That Bill proposes to modernise Ireland's legislative framework for all types of online and land-based gambling, but it has not advanced through the legislative process since its initial publication. There have, however, been recent positive signals that indicate the Bill may finally be moving to the formal legislative stages. Last month, the Minister of State for Justice, Mr. David Stanton, announced in response to a parliamentary question his intention to bring forward the Bill for Government approval and publication later in 2017.

  • Revised Timelines for the Launch of the Beneficial Ownership Central Register for Companies and Industrial and Provident Societies (01 June 2017)

    Since the publication of our Client Alert dated 16 May 2017, the Companies Registration Office has published revised information regarding: (1) the timelines for the launch of the central beneficial ownership register for companies and industrial and provident societies(Central Register); and (2) the time frame for companies and I&Ps to make relevant beneficial ownership filings on the Central Register.

  • The Front Page, Asset Management & Investment Funds: Irish Practice Developments (31 May 2017)

    In Irish practice developments: we look at some approaching deadlines, a CBI Markets Update, ETFs, GoAML, Central Beneficial Ownership Register for Companies, Companies (Accounting) Act 2017, FATCA/ CRS and a Speech by Gerry Cross, Director of Policy and Risk at the Central Bank.

  • The Front Page, Asset Management & Investment Funds: EU & International Developments (31 May 2017)

    On the International Front we look at the ESMA principles on a supervisory approach to relocations from the UK, ESMA Q&As for AIFMD and UCITS, MMF Regulation, PRIIPs, FinTech and Anti- Money Laundering/ Combating the Financing of Terror/ Corruption.

  • The Front Page - Q&A: May 2017 (31 May 2017)

    What does a Fund need to do to prepare for the General Data Protection Regulation (GDPR) which will come into force on 25 May 2018?

  • Irish court grants Order to discharge International Registry registrations following novel application of Article 44(1) Cape Town Convention (29 May 2017)

    Our client, a US aircraft lessor, had contracted to sell an aircraft and related engines (the Aircraft). However, the purchaser indicated that it would not complete the purchase, unless a series of international interests registered in the International Registry against the Aircraft, in respect of a long expired sublease, were discharged.. This presented our client with a difficult practical and legal scenario.

  • High Court Rejects Proposal to Warehouse Mortgage (25 May 2017)

    In a High Court decision of 22 May 2017, Baker J rejected a proposal by a secured lender to write down a portion of a debtor couple's mortgage debt. This proposal was rejected because future repayment of the warehoused part of the loan was not predicated on an ability to repay and the proposal was therefore capable of creating circumstances amounting to insolvency at the end of the mortgage term.

  • Court of Appeal Breathes Much Needed Life into the Offer of Amends Procedure (23 May 2017)

    The Offer of Amends procedure is designed to provide parties in a defamation dispute with a fast track resolution process; encouraging earlier and more cost effective settlements[1].

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