- DPC's Annual Report 2014 – What insights does it provide into regulation by the Irish DPC? (30/06/2015)
As usual, the Data Protection Commissioner's Annual Report reveals some interesting trends, statistics and case-studies, and provides an insight into priority areas being pursued by the DPC.
- Clause allowing interest rates to be altered in accordance with market conditions clear and unambiguous (30/06/2015)
The Court of Appeal in Millar & anor -v- Financial Services Ombudsman  IECA, has held that a clause in Danske Bank's terms and conditions allowing them to alter rates in accordance with market conditions was clear and unambiguous and on the facts the Financial Services Ombudsman did not have to have regard to extrinsic evidence in reaching his conclusion.
- EAT case highlighting employer's obligations in absence management cases (30/06/2015)
A recent determination from the Employment Appeals Tribunal provides a useful reminder of an employer's obligations when managing employees who are absent on sick leave.
- Corporate Governance Update June 2015 (23/06/2015)
This article contains a round up of all recent corporate governance developments.
- Licensing of Private Investigators mandatory from 1 November 2015 (23/06/2015)
On 14 May 2015, the Private Security (Licensing and Standards) (Private Investigator) Regulations 2015 (S.I. No 195 of 2015) were signed into law.
- Annual Report of the Data Protection Commissioner for 2014 (23/06/2015)
The Data Protection Commissioner, Helen Dixon, has published her Annual Report for 2014.
- English High Court orders Disclosure of Privileged Communications provide to Regulator (16/06/2015)
In Property Alliance Group Ltd v The Royal Bank of Scotland Plc  EWHC 1557 the English High Court held that Royal Bank of Scotland ("the Bank"), by positively relying on regulatory decisions in their Defence, had waived legal professional privilege and without prejudice privilege in documents provided to those regulators.
- Comparator Products must be identifiable and similar to come within Comparative Advertising Rules (16/06/2015)
Aldi Stores (Ireland) Limited and Aldi Gmbh and Co Kg –v- Dunnes Stores, Cregan J, 9 June 2015 In this case Aldi claimed Dunnes had engaged in unlawful comparative advertising. Aldi also claimed that in using its trademarks in an unlawful manner, Dunnes had infringed its trademarks.
- Data Protection Commissioner clamps down on 'vetting by the back-door' (09/06/2015)
The Data Protection Commissioner has written to a random selection of 40 organisations to raise awareness of, and ensure compliance with, legislation introduced last year prohibiting 'enforced access requests' by employers.
- Are you cyber secure? (09/06/2015)
This article discusses some practical strategies for avoiding cyber security breaches and mitigating damage if they do occur.
- Tracker, Financial Services Regulation & Compliance - Banking (03/06/2015)
Lars Frisell, advisor to the Governor of the Central Bank of Ireland, gave an address entitled 'Resolution of the Irish banking crisis: Hard-earned lessons for Europe' to the Financial Safety Net Conference in Sweden. His speech focused on the blanket guarantee provided by the Irish Government in September 2008 and the fall-out from that decision. He highlighted that, while the Irish economy grew by 5% in 2014, on average one in every 7 mortgages over primary dwellings is in arrears. He stated that, although the introduction of the Bank Recovery and Resolution Directive in January 2015 came too late for Ireland, lessons must be taken from the Irish example and the Directive must be adhered to by Europe.
- Tracker, Financial Services Regulation & Compliance - Insurance (03/06/2015)
On 14 May 2015, CBI advised that it is open to receive formal submissions of Solvency II preparatory phase reporting. In a recent Solvency II newsletter, the CBI advised firms, based on feedback from test filings, to fully apply the XBRL taxonomy validation rules before attempting to upload returns and to pay close attention to guidance in the User Procedure documents on non-taxonomy related issues.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (03/06/2015)
The CBI and ISE have published their responses to the European Commission's green paper on building a Capital Markets Union (CMU). The purpose of the green paper was to consult all interested parties on the Commission’s overall approach to putting in place the building blocks for CMU by 2019. The CBI's response states that it supports measures to increase the safety and efficiency of Europe's capital markets and that the realisation of a CMU will take "significant effort and commitment on the part of all stakeholders in the EU. The response outlines the CBI's belief that a realistic timeframe for implementing priority areas on a phased basis will need to be set down and highlights a number of key areas where it believes policy initiatives would materially improve the functioning of Europe's capital markets. In particular the CBI stated that: "a harmonised framework for predictable and expeditious recovery of client assets (and investor monies) from a failed regulated financial services firm … domiciled in any one of EU jurisdictions should be a feature of CMU".
- Tracker, Financial Services Regulation & Compliance - Funds (03/06/2015)
A new process for submitting the net asset values (NAV) for listed investment funds will be implemented by the Irish Stock Exchange (ISE) in September 2015. Currently NAVs are submitted by email to email@example.com or firstname.lastname@example.org. All funds listed on the Main Securities Market of the ISE must submit a NAV per class in accordance with the Code of Listing Requirements and Procedures for Investment Funds (the Code). The NAV must be submitted upon calculation in accordance with the listing rules. The new enhanced service will be operated securely, and on a timely basis, enabling efficient filing, real time intraday detail updates, straight through processing and publication to market. This will ensure fund issuers can continue to comply with their regulatory and transparency obligations under relevant EU securities legislation and ISE Listing Rules.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (03/06/2015)
In its report, the CBI discusses the improvements that the Irish economy and banking sector were displaying throughout 2014 and continue to display.
- Government publishes heads of bill to provide for Periodic Payment Orders (02/06/2015)
The Minister for Justice has published the General Scheme of the Civil Liability (Amendment) Bill 2015 to empower the courts to award Periodic Payment Orders (PPOs), instead of the current lump sum award, to catastrophically injured persons. The proposals are aimed at providing financial security to those who have been catastrophically injured and require long term care.
- CJEU confirms that 'click-wrapping' meets the requirements of Article 23 of the Brussels I Regulation (02/06/2015)
In El Majdoub Jaouad El Majdoub v CarsOnTheWeb.Deutschland GmbH  (C-322/14) (21 May 2015) the Court of Justice of the European Union (the CJEU) ruled that the method of accepting general terms and conditions of a contract for sale (which includes a jurisdiction clause) by 'click-wrapping', complied with the formalities set out in Article 23 of the Brussels I Regulation.
- Court considers whether After the Event (ATE) Legal Costs Insurance provides sufficient protection for Costs (26/05/2015)
On 8 May 2015, in Greenclean Waste Management Ltd v Leahy p/a Maurice Leahy & Co. Solicitors  IECA 97, the Court of Appeal considered whether the trial judge was correct to refuse to order security for costs by virtue of the existence of the insolvent plaintiff's 'After the Event' (ATE) insurance policy.
- No Liability for Defamation for incorrect communication by Bank to Credit Reference Body (26/05/2015)
A recent High Court decision has confirmed that a communication by a financial institution to a credit reference body gives rise to an occasion of qualified privilege, thus defeating a claim in defamation.
- Corporate Governance update May 2015 (26/05/2015)
This article contains a round up of corporate governance developments for May 2015.
- Court considers adequacy of search terms used in discovery process (19/05/2015)
In O'Leary v Volkswagen Group Ireland Limited  IESC 35, the Supreme Court considered the risks involved with the use of keyword searches in the discovery process, and the test for ordering further and better discovery.
- Stateable case sufficient for leave to appeal High Court rejection of FSO appeal (15/05/2015)
In Governey v Financial Services Ombudsman  IESC 38 the Supreme Court held that where a statutory provision restricts the constitutional right to appeal a High Court decision, but sets no criteria for the grant of leave, leave will be granted where the applicant makes an arguable or stateable case for the type of appeal allowed.
- Industrial Relations Bill published (15/05/2015)
The Government recently published the long awaited Industrial Relations (Amendment) Bill 2015. The new legislation aims to provide an improved framework for workers who seek to enhance their terms and conditions of employment, where collective bargaining is not recognised by their employer, as well as to provide a replacement framework for the Registered Employment Agreements (REAs) system.
- Once-off provision of incorrect information to a single consumer a 'misleading commercial practice' (12/05/2015)
The ECJ has held in the case of Nemzeti Fogyasztóvédelmi Hatóság v UPC Magyarország Kft (Case C-388/13) that an incorrect communication to a single consumer was a "misleading commercial practice", prohibited under the Unfair Commercial Practices Directive (Directive 2005/29/EC).
- Information Commissioner publishes Annual Report for 2014 (12/05/2015)
The Information Commissioner, and Commissioner for Environmental Information, Peter Tyndall, has published his Annual Report for 2014.
- Tracker, Financial Services Regulation & Compliance - Banking (07/05/2015)
The Central Bank of Ireland (Central Bank) has published guidance and forms for monthly data required to be provided by monetary financial institutions (MFIs).
- Tracker, Financial Services Regulation & Compliance - Insurance (07/05/2015)
The Central Bank of Ireland (Central Bank) has recently published additional Solvency II Information Notes. The first of these, Note 4, outlines its approach to applications for approvals regarding undertaking-specific parameters (which are being accepted by the Central Bank since 1 April 2015). Note 5 outlines the approval process for special purpose vehicles (SPV) and includes a checklist of supporting documentation to be provided with applications for authorisation as a SPV.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (07/05/2015)
Central Bank publishes Consultation Paper on Corporate Governance Requirements for Investment Firms.
- Tracker, Financial Services Regulation & Compliance - Funds (07/05/2015)
A new process for submitting the net asset values (NAV) for listed investment funds will be implemented by the Irish Stock Exchange (ISE) in September 2015.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (07/05/2015)
The Central Bank of Ireland (Central Bank) published quarterly results and forecasts for the Irish economy as at Q2 2015. The Central Bank considers that there has been strong growth in the Irish economy and predicts this to continue, with an improving labour market and rising real disposable incomes lending greater support to consumer spending in 2015 and 2016.
- Companies Act 2014 - Key potential side effects for Irish insurers and reinsurers (06/05/2015)
Most of the provisions of the Companies Act 2014 (the Act) are expected to be commenced on 1 June 2015. Many insurers and reinsurers that take the form of private companies limited by shares will be aware that, assuming they intend to convert to a "Designated Activity Company" (DAC) , they must do so within 15 months of commencement of the Act.
- CJEU considers an allegedly unfair contractual term in an insurance contract (05/05/2015)
In Jean-Claude Van Hove v CNP Assurances SA (Case C-96/14) the Court of Justice of the European Union (CJEU) considered Article 4(2) of the Unfair Terms in Consumer Contracts Directive 93/13/EEC (the Directive), in the context of proceedings involving an allegedly unfair contractual term in an insurance contract.
- Defendant failed to show that there was no negligence in signing loan facility (05/05/2015)
In AIB v Higgins & ors  IECA 23, the Court of Appeal considered the necessary elements of the defence of 'non est factum'. Generally speaking if a person signs a document they are affirming the contents and will be bound by their signature. The defence of 'non est factum' (meaning literally “it is not my deed”) alleges that the signed agreement is void due to an absence of consent by the signatory.
- Prescribed form of new Companies Office forms under the Companies Act 2014 published (05/05/2015)
The Companies Act 2014 (Forms) Regulations 2015, SI No, 147 of 2015 (the Regulations) have been published, which set out the prescribed form of new Companies Office forms under the Companies Act 2014.
- High Court revisits application of Section 160 of the Planning and Development Act 2000 to private dwellings (28/04/2015)
In the recent case of Kinsella v Wicklow County Council  IEHC 229, the High Court has adopted a different position from that taken by Mr Justice Hogan in Wicklow County Council v Fortune  IEHC 406.
- Allegations of mis-selling could not be considered by Financial Services Ombudsman when they occurred more than six years previously (28/04/2015)
In Geoghegan v Financial Services Ombudsman & ors  IEHC 217, Kearns P in the High Court rejected an appeal of a decision of the Financial Services Ombudsman.
- Equality Tribunal Update on enforceability of settlement agreements (28/04/2015)
A recent determination from the Equality Tribunal highlights again the importance of a properly drafted compromise agreement where employers and employees are terminating the employment relationship and any claims arising from it.
- Principal Shareholder of Company refused permission to legally represent Company in High Court Proceedings (21/04/2015)
The High Court in a recent decision has made it clear that only in exceptional circumstances will it exercise its discretion to allow a shareholder to represent a company in legal proceedings.
- Corporate Governance Update - April 2015 (21/04/2015)
DOMESTIC DEVELOPMENTS Deadline for charities to register with the Charities Regulatory Authority extended to 2016 The Minister for Justice and Equality has extended by one year, the period within which charities established before 16 October 2014 must apply to the Charities Regulatory Authority (CRA) for inclusion in the Register of Charities. Any charity established before 16 October 2014 and not automatically registered with the CRA under Section 40 of the Charities Act 2009 must apply directly to the CRA to register. Applications from these charities to the CRA must now be submitted by 16 April 2016.
- CASE OF THE MONTH: Allegation of oppression of minority shareholder rejected by the High Court (14/04/2015)
In Hamill -v- Vantage Resources Limited & Anor  IEHC 195, High Court, Binchy J, 20 March 2015 the petitioner claimed that he had been oppressed as a minority shareholder and that there had been a disregard of his interests as a member of the Company under Section 205 of the Companies Act 1963.
- High Court orders UPC to take action against illegal downloaders (14/04/2015)
The Commercial Court has delivered a ruling which will have significant implications for music companies and ISPs, in regard to illegal downloading.
- Recent disability discrimination case highlights delay in considering reasonable accommodation (14/04/2015)
A retailer has been ordered to pay €14,000 to a claimant after the Equality Tribunal held that it had failed to provide reasonable accommodation to the claimant salesman who went on sick leave due to deteriorating eyesight (Alistair Clews v DSG Retail (DEC-E2014-081).
- Tracker, Financial Services Regulation & Compliance - Banking (02/04/2015)
CBI publishes introductory statement by Governor Patrick Honohan at the Oireachtas Banking Enquiry, European Banking Authority (EBA) publishes benchmarking package, EBA requirements for business reorganisation plans, EBA resolution procedures for EU banks, EBA updates its risk dashboard for EU banking sector, EBA final guidelines on standardised fee terminology for payment accounts within the EU.
- Tracker, Financial Services Regulation & Compliance - Insurance (02/04/2015)
CBI Solvency II Information Notes, reserving requirements, non-life insurers, reinsurers, Solvency II newsletter, Competition and Consumer Protection Commission, motor survey, Insurance Ireland Annual Report published, CIRs, ITS, EIOPA review, Commission Delegated Regulation, equity capital charge, ITS guidelines, risk dashboard, ESAs ITS, PRIIPs, product intervention powers, IAIS consultation, UK insurance fraud taskforce issues interim report, Mesothelioma compensation payments increased UK, PRA speech, FCA policy development, UK Mutual Deferred Shares Act 2015, PRA, FCA,fit and proper rules.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (02/04/2015)
Supervision and Enforcement Act 2013, Client Asset Regulations 2015 for Investment Firms signed, European Securities and Markets Authority (ESMA) enters into a Memorandum of Understanding with Reserve Bank of Australia (RBA) regarding trading repositories, MAS, CCPS, NCAS, RTS, clearing obligations on interest rate swaps, Trends, Risks and Vulnerabilities, EU securities markets, IOSCO, CRA code, CRA.
- Tracker, Financial Services Regulation & Compliance - Funds (02/04/2015)
The ICAV, Central Bank (Supervision and Enforcement) Act 2013 (s48(1) Investor Money Regulations 2015 for Fund Services Providers (SI 105 of 2015) was signed by Deputy Governor (Financial Regulation) Cyril Roux on 25 March 2015, MMF Regulation, ESMA AIFMD Q&A,ESMA KIID Q&A, ELTIFs, Shadow Banking Consultation (all MMFs and AIFs in scope), Conflicts of interest
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (02/04/2015)
CBI publishes various reporting requirements for MiFID investment firms, CBI first review of debt management firms, Statement on external review CBI Consumer Protection function, publishes Schedule of Dates for the receipt of supervisory data for 2015, Fitness and Probity 2015 Regulations for Credit Unions, ESRB publishes a report on regulatory treatment of sovereign exposures, BIS publishes its quarterly review, EBA consultation paper on draft guidelines relating to exposures on shadow banking entities, ESMA publishes its revised Regulatory Work Programme for 2015
- The Front Page, Asset Management & Investment Funds: EU & International Developments (31/03/2015)
On the International Front, we look at the MMF Regulation, ESMA AIFMD Q&A, ESMA KIID Q&A, ESMA guidelines and technical standards, ELTIFs, Capital Markets Union, Anti- Money Laundering and Countering the Financing of Terrorism, Shadow Banking Consultation (all MMFs and AIFs in scope), Market Abuse and Inside Information, Conflicts of Interest, ESMA Risk Dashboard, ESMA Regulatory Work programme and Own Funds Requirements for firms based on fixed overheads.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (31/03/2015)
On the Domestic Front, we look at, the ICAV, FATCA, Central Bank Markets Update, a speech by the Central Bank Director of Markets Supervision, Central Bank Reporting Requirements and the Irish Government Strategy for Irish Financial Services, Client Asset Regulations, Investor Money Regulations and Companies Act 2014.
- Man sues DPC for failing to conduct an oral hearing (31/03/2015)
A Garda has alleged that his data protection rights were breached when a representative of his Credit Union, showed his father his confidential financial statements which indicated difficulties with his loans.
- Women on Boards: new figures from the UK show continued improvement (31/03/2015)
On 25 March, Lord Davies published his fourth Annual Report on Women on Boards in the UK.
- Supreme Court considers the transfer of registered charges in a cross-border merger (31/03/2015)
The Supreme Court recently unanimously dismissed an appeal by Patrick McLaughlin and Roseann McLaughlin (together the McLaughlins) against the appointment of receiver, Tom Kavanagh, and a declaration that Bank of Scotland plc (BOS) was entitled to recover debts of over €4million.
- Irish Competition and Consumer Protection Commission: Price Transparency and Discriminatory Practices - the Glasnevin Case (25/03/2015)
The Irish Competition and Consumer Protection Commission ("CCPC") is the successor institution to the Irish Competition Authority ("ICA") and the National Consumer Agency. Unlike the European Commission, the CCPC may not impose penalties because the power to do so is reserved to courts by virtue of the Irish Constitution.
- High Court rules Code of Conduct on Mortgage Arrears does not require a Lender to participate in Mortgage to Rent Scheme (24/03/2015)
In Stepstone Mortgage Funding Ltd -v- Clarke & anor  IEHC 105, High Court, White Michael J, 15 January 2015 the High Court held, in an application for possession of a property, that while the Code of Conduct on Mortgage Arrears (the Code) required a lender to explore all options for alternative repayment, the lender is not obliged to explore the option of a voluntary scheme of which it is not a participant.
- European Court considers safety of Safe Harbour (24/03/2015)
The Court of Justice of the European Union (CJEU) is due to hear questions concerning the validity of the Safe Harbour regime today, Tuesday 24 March 2015, in Maximillian Schrems v Data Protection Commissioner (Case C-362/14).
- Fair procedures in redundancy cases (24/03/2015)
A recent determination from the Employment Appeals Tribunal (the EAT) reiterates the key elements of fairness necessary when effecting a redundancy dismissal (Desmond McGuire v Sleedagh Farms Limited UD1320/2012).
- Draft Grocery Goods Regulations published (20/03/2015)
The Minister for Jobs, Enterprise and Innovation has published draft Regulations which, if adopted in their current form, will regulate commercial dealings between suppliers and certain operators in the grocery sector.
- If you can't beat them, join them lawfully - Competition and Consumer Protection Commission Guide for SMEs on Consortium Bidding (20/03/2015)
The Competition and Consumer Protection Commission (CCPC) has published a guidance document for SMEs on consortium bidding for public contracts. The guide outlines how SMEs can comply with competition law when tendering on a joint basis.
- Irish Merger Control in the Context of Property Transactions (20/03/2015)
This article addresses Irish merger control under the Competition Act 2002 (as amended) (Act) and its possible application in the context of property transactions.
- Changes to Irish Media Merger Control (20/03/2015)
The Competition and Consumer Protection Act 2014 (the "2014 Act") has introduced significant changes to Irish media mergers effective from the 31 October 2014. The 2014 Act now mandates dual notification of media mergers to the Competition and Consumer Protection Commission (CCPC) (or the European Commission) and the Minister for Communications, Energy and Natural Resources (Minister).
- OCS v DAA Appeal: Supreme Court Judgment on Automatic Suspension - 30 January 2015 (20/03/2015)
On 30 January 2015, Mr Justice Frank Clarke issued a detailed judgment outlining the reasons for the Supreme Court's dismissal of an appeal by Dublin Airport Authority ("DAA") against the High Court judgment of 30 May 2014 on a refusal to lift an automatic suspension.
- European Court ruling extends liability of manufacturers for defective medical devices (20/03/2015)
In Boston Scientific Medizintechnik GmbH v AOK Sachsen-Anhalt - Die Gesundheitskasse and Others (Joined Cased C-503/13 and C-504/13 (5 March 2015), the Court of Justice of the European Union (CJEU) held that where a medical device has a potential defect, all products of the same model may be classified as defective, without there being any need to show that the product is defective in each individual case
- Irish Whiskey - refusal to supply complaint not a priority for European Commission investigation (19/03/2015)
The European Commission has rejected a complaint from Protégé International Ltd alleging that three Irish whiskey producers had agreed not to supply it with whiskey in breach of Article 101 of the Treaty on the Functioning of the European Union (TFEU) (Article 101 prohibits anti-competitive agreements between businesses). Protégé alleged that the refusal would lead to its exclusion from the market.
- The Damages Directive comes closer: Businesses and consumers to be helped bring claims for losses due to anti-competitive behaviour (19/03/2015)
Businesses and consumers who suffer loss because of the anti-competitive behaviour of others may sue for damages. Some businesses have mounted major actions to claim damages in various courts to recover losses due to cartels, abuses of dominance and other breaches of competition law.
- Compromise/waiver agreements in the spotlight (18/03/2015)
The issue of compromise agreements in the employment context has been in the spotlight recently with 2 cases with differing outcomes. It is well established that a well drafted and properly executed compromise agreement can prevent or limit the possibility of proceedings against an employer.
- Data Privacy and Cyber Risk in M&As: Are you prepared? (18/03/2015)
This article examines the data protection compliance issues that arise in mergers and acquisitions.
- CJEU elaborates on interpretation of precise information in insider dealing case (18/03/2015)
On 11 March, the Court of Justice of the EU (CJEU) gave a preliminary ruling on the meaning of information of a "precise nature" in the context of two Directives, namely Directive 2003/6/EC on insider dealing and market manipulation, and Directive 2003/124/EC on the definition and public disclosure of inside information and the definition of market manipulation.
- Regulation of Lobbying Act 2015 Signed by the President (18/03/2015)
The long anticipated Regulation of Lobbying Act was signed into law by the President on 11 March 2015.
- Ireland updates its Betting Laws (16/03/2015)
The Irish President has signed into law the Betting (Amendment) Act, 2015 (the "Act"). This new legislation will update and extend the regulatory regime in Ireland in relation to bookmakers licences, as provided for in the Betting Act 1931, to include all remote betting operators who are accepting (or in the case of betting exchanges, facilitating), bets from Irish customers.
- Eleventh UK corporate manslaughter conviction (10/03/2015)
A UK building firm, Peter Mason Ltd, has become the eleventh company to be convicted for corporate manslaughter.
- A reminder of the rule against penalty clauses (10/03/2015)
In the recent English case of Edgeworth Capital (Luxembourg) S.A.R.L. and another v Ramblas Investments B.V. EWHC 150, the UK High Court held that the rule against penalties did not apply to a fee payable for the provision of financing, because the fee was payable in various circumstances, not just in the event of a breach.
- No absolute duty on the employer in relation to the safety of work equipment (10/03/2015)
In Thompson v Dublin Bus and Another  IESC 22, Dublin Bus appealed from the decision of the High Court (de Valera J., 4 June 2010) that there was a statutory duty on their part in respect of the safety of equipment provided for the use of its employees which had not been discharged.
- Opportunities, Advantages and Practical Considerations of the ICAV (09/03/2015)
The Irish Collective Asset-management Vehicles Act 2015 (the ICAV Act) was signed into law on 4 March 2015. The ICAV Act allows for the establishment of a new Irish corporate investment fund structure (the ICAV) that is tailored to the needs of the global funds industry.
- Tracker, Financial Services Regulation & Compliance - Banking (04/03/2015)
CBI publishes Consumer Protections Outlook Report: Quarterly Bulletin for Q1 of 2015; Report on AML/CFT and FS in the Irish banking sector; Basel Committee publishes Frequently Asked Questions on Basel III monitoring; EBA adds the BRRD to its online Interactive Single Rulebook and Q&A tools; EBA recommends convergence of lending-based crowdfunding regulation across the EU; EBA advises the European Commission on CVA risk.
- Tracker, Financial Services Regulation & Compliance - Insurance (04/03/2015)
CBI publishes its economic letter on mortgage insurance; Intermediary Times, PII Reminder; Solvency II, Commission Delegated Regulation comes into force; EIOPA, first set of Solvency II guidelines; New EIOPA workstream - infrastructure investments by insurers; EIOPA - conflicts of interest in insurance-based investment product sales; IAIS policy on meeting attendance and consultation; FCA to assess UK PPI complaints process; Various Solvency II publications by the PRA; EIOPA report on functioning of colleges and accomplishments of action plan 2014.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (04/03/2015)
CBI publishes programme of themed inspections in Markets Supervision ; European Commission report pension funds; European Securities and Markets Authority establishes a peer review on best execution under MiFID; European Securities and Markets Authority and Financial Services Agency of Japan Memorandum of Cooperation regarding CCPs; EU framework for simple, transparent and standardised securitisation; ESMA updates list of authorised CCPs and Public Register.
- Tracker, Financial Services Regulation & Compliance - Funds (04/03/2015)
Irish Collective Asset-management Vehicle, ICAV Bill, passed all stages in the Oireachtas, Money Market Funds Regulation, MMF Regulation, European Long-Term Investment Funds Regulation, ELTIF Regulation, EuSEF and European Venture Capital Funds, EuVECA, Benchmark Regulation.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (04/03/2015)
CBI publishes 'Regulatory Transactions Service Standards Performance Report: July to December 2014'; Article 5 of Regulation (EU) No 648/2012, ESMA advises the European Commission on implementation of the new MAR, EBA, eligible capital, European Commission - Consultation on the Review of the Prospectus Directive, European Securities and Markets Authority (ESMA) publishes Addendum Consultation Paper to implementing rules for MiFID II/MiFIR, Financial Action Task Force Plenary meeting, terrorist financing high on the agenda, European Commission President presented an Analytical Note on the Economic and Monetary Union
- Corporate Governance Update - February 2015 (03/03/2015)
The long awaiting legislation which provides for the establishment of the Irish Collective Asset-management Vehicle (the ICAV) has now been passed by both Houses of the Oireachtas.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (27/02/2015)
On the Domestic Front, we look at deadlines, the ICAV, Central Bank programme of themed inspections and enforcement priorities, Central Bank report on Anti-Money Laundering/Countering the Financing of Terrorism and Financial Sanctions Compliance in the Irish Banking Sector as well as the Central Bank appointment of Gerry Cross to the role of Director, Policy and Risk.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (27/02/2015)
On the International Front, we look at the MMF Regulation, the Fourth Anti Money Laundering Directive and the Wire Transfer Regulation, the ELTIF Regulation, the EuSEF and EuVECA Regulations, the Benchmark Regulation, an IOSCO report on Financial Benchmarks, the SFT Regulation, Best execution under MiFID, EMIR and the new market abuse regime under MAR.
- Northern Ireland Open for Business (26/02/2015)
Home Secretary Theresa May has this month announced sweeping reform to the United Kingdom's visa system, endeavouring to attract greater foreign investment through 'Corporate Immigration'.
- Central Bank Report on Anti-Money Laundering/Countering the Financing of Terrorism and Financial Sanctions Compliance in the Irish Banking Sector (26/02/2015)
Given that Banks use systems to facilitate the management and monitoring of ML/TF risks and Financial Sanctions, it is important that these systems are operating correctly and effectively.
- Climate Action and Low Carbon Development Bill (25/02/2015)
The Climate Action and Low Carbon Development Bill 2015 (the Bill) was published by the Department of the Environment on 15 January 2015 and is currently before the Dáil.
- Check out the New Hotel Merger Regime (25/02/2015)
Many hotel sales are now subject to Irish merger control approval due to the change to the turnover thresholds triggering a notification requirement to the CCPC.
- Irish High Court refuses application to stay proceedings and refer dispute to arbitration (24/02/2015)
In The Lisheen Mine (being a partnership between Vedanta Lisheen Mining Limited and Killoran Lisheen Mining Limited) v Mullock and Sons (Shipbrokers) Limited and Vertom Shipping and Trading BV  IEHC 50, the Irish High Court considered its jurisdiction to assess whether an arbitration agreement existed, in particular whether it should apply a prima facie or "full judicial consideration" test.
- European Commission review of Prospectus Directive (24/02/2015)
The European Commission has published a consultation paper in connection with its review of the Prospectus Directive.
- The Irish Collective Asset-management Vehicle is coming soon (24/02/2015)
The long awaited legislation which provides for the establishment of the Irish Collective Asset-management Vehicle (the ICAV) has now been passed by both Houses of the Oireachtas.
- Review of M&A activity in 2014 and considerations for 2015 (23/02/2015)
With the recent devolvement of corporation tax setting powers, the frequent announcements of new jobs coming into Northern Ireland not to mention the reported increase in the level of activity in the real estate sector, is it safe to assume that this is going to be a good year for businesses in Northern Ireland?
- Small Business, Enterprise and Employment Bill: The Effects on Companies (23/02/2015)
The Small Business, Enterprise and Employment Bill (the Bill) is currently making its way through Parliament, bringing with it a number of important changes to company law. The intention of some of these changes is increased transparency, whilst other changes simplify company filing requirements. The Bill is expected to pass into law in early 2015, but it will come into force in stages.
- China Proposes Draft New Foreign Investment Law (23/02/2015)
The Chinese Ministry of Commerce ("MOFCOM") released the draft of its proposed new foreign investment law (the "Draft Law") for public consultation on 19 January 2015.
- ICAV bill passes all stages in the Oireachtas (20/02/2015)
The legislation which provides for the establishment of the Irish Collective Asset-management Vehicle (the ICAV) has now been passed by both Houses of the Oireachtas. The ICAV is a new form of corporate vehicle specifically tailored for the funds industry. The ICAV will sit alongside the available fund structures in Ireland, namely the variable capital company (VCC), the unit trust, the common contractual fund (CCF) and the investment limited partnership (ILP). The Central Bank of Ireland (Central Bank) will act as both the incorporating and authorising body for the ICAV. ICAVs may be stand alone or umbrella structures.
- 'Zero Hours' contracts are here to stay (20/02/2015)
The public consultation on the use of zero-hours contracts in Northern Ireland closed at the end of September 2014. Following the consultation process, Minister Farry announced this week that an outright ban on 'zero-hours' contracts will not be introduced in Northern Ireland and stated that '[s]uch a ban could have unintended consequences in relation to individuals and employment opportunities'.
- Central Bank publishes enforcement priorities for 2015 (17/02/2015)
On 9 February 2015 the Central Bank of Ireland published a statement of enforcement priorities for 2015. This is its fifth annual statement of areas on which it intends to focus in order to deter breaches of regulatory requirements and to promote high compliance standards within all regulated firms.
- Compulsory retirement leads to award of 24,000 (17/02/2015)
The Equality Tribunal (the Tribunal) recently issued its latest determination on the topical subject of age discrimination and compulsory retirement (Richard Lett v Earagail Eisc Teo (DEC E2014-076). The Tribunal awarded €24,000 to a seafood company employee who had his working hours reduced from five to three days a week for twenty eight weeks before he was forced to retire at 66.
- Central Bank publishes report on Anti-Money Laundering/Countering the Financing of Terrorism & Financial Sanctions Compliance in Irish banking sector (17/02/2015)
The Central Bank of Ireland today published a report of its observations in relation to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Financial Sanctions (FS) compliance by banks in Ireland.
- Meeting Competitors: What executives may, and, may not do - The Competition Law Angle (16/02/2015)
Every executive in business inevitably meets competitors. Commercial life probably could not function if one did not meet competitors at some point – for example, at meetings of trade associations, where companies come together to tender for a job that none of them could do individually or when regulators and government agencies call industry representatives together to canvass the views of the industry.
- Case Update: Obesity now a Disability? (12/02/2015)
The Industrial Tribunal decision in Neil Bickerstaff –and- Gerard Butcher (Case Ref: 92/14) has attracted considerable media attention over recent days and with good reason. The decision is the first reported Tribunal decision on the question of whether obesity is a disability.
- Corporate Governance update for January 2015 (10/02/2015)
This article highlights the main developments in Corporate Governance for January 2015.
- Further determination on the accrual of annual leave whilst on sick leave (10/02/2015)
Following on from our update on 13 January last, the Labour Court has issued another interesting decision on the accrual of annual leave whilst on sick leave.
- e-filing for annual share option reporting by employers (05/02/2015)
Have your Irish employees been granted or exercised share options during 2014? If so, you need to be aware of a new electronic filing system that Irish Revenue has introduced for tax year 2014 onwards.
- EU State Aid Law / EU Shipping Law: French Tonnage Tax Regime scrutinised but cleared by European Commission (04/02/2015)
Tonnage tax regimes are increasingly common worldwide. Under such schemes, shipping companies are taxed on the basis of the tonnage of their fleets rather than the actual profits of the companies
- Circuit Court dismisses Shatter's appeal against Data Protection Commissioner (03/02/2015)
The Circuit Court has dismissed Mr Shatter's appeal against the Data Protection Commissioner's (the DPC) decision that he breached the Data Protection Acts 1988 and 2003 (the DPAs), by disclosing Mr Wallace's personal information on RTE's Prime Time.
- Tracker, Financial Services Regulation & Compliance - Banking (03/02/2015)
Reminder - revised Corporate Governance Code; Department of Finance: Dataset on mortgage arrears and restructures; CBI: new regulations on residential mortgage lending and publishes passporting notification forms for credit institutions; Lithuania joins the euro area; EBA: public consultation on draft ITS in respect of BRRD and publishes impact assessment report for LCR requirements under CRD IV; EBC: expanded asset purchase programme; Basel Committee: final standard for the updated Pillar 3 disclosure requirements and publishes its work programme for 2015 and 2016.
- Tracker, Financial Services Regulation & Compliance - Insurance (03/02/2015)
Reminder - revised Corporate Governance Code; Solvency II – Commission Delegated Regulation comes into force; EIOPA Solvency II publications and update on Solvency II reporting formats; ECB Regulation; EIOPA updates regarding use of LEIs and updates risk dashboard; Focus on private motor insurance market in the UK; UK FOS - latest edition of Ombudsman News; PRA letter regarding insurance business transfers and consults on transitional measures and treatment of participations under Solvency II; Lloyd's guidance; Firms with 'non 31 December' year-end.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (03/02/2015)
CBI has issued a notice for users of Derivatives in Ireland; ISE publishes its review of 2014; ESMA to cooperate with Hong Kong SFC on CCPs; ESMA publishes an opinion on draft RTS on the clearing obligation for interest rate swaps.
- Tracker, Financial Services Regulation & Compliance - Funds (03/02/2015)
Updated Central Bank AIFMD Q&A; Central Bank AIFMD Reporting; ESMA Discussion Paper on UCITS Share Classes, Q&A on ETFs and other UCITS issues and Q&A on the Application on the AIFMD; AIFMD Reporting by national competent authorities to ESMA; MMF Regulation.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (03/02/2015)
CBI publishes revised version of the Consumer Protection Code; The Consumer Protection Bill 2015 has been published; CBI publishes Patrick Honohan's speech from IMF-CEPR CBI Conference and its first issues of its Markets Update for 2015; ESMA announces that it will hold an opening hearing on MiFID II/MiFIR, The Joint Committee of the ESAs publishes final Guidelines on consistency of supervisory practices for financial conglomerates and discussion paper on the use of credit ratings by financial intermediaries; Council of the EU endorses AML package and publishes joint statement with European Commission on terrorist financing; Latvian Presidency of Council of EU publishes its work programme for first half of 2015.
- Director's Restrictions (03/02/2015)
On 13 January 2015 Barrett J handed down three judgments in applications to restrict directors under Section 150 of the Companies Act 1990.
- Summary Judgment refused and full hearing ordered in enforcement of loan facility arrangement (03/02/2015)
This case concerned an application for summary judgment against two of the defendants.
- Groceries Regime - your opportunity to influence the new Regime (03/02/2015)
It is very likely that new rules will be put in place for the grocery sector. The Minister for Jobs, Enterprise and Innovation has published a draft of the proposed statutory instrument which will set out the rules. The Minister has asked for comments on the draft by the end of February. This A&L Goodbody client bulletin sets out key points of the proposed statutory instrument.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (29/01/2015)
On the Domestic Front, we look at Deadlines, CB AIFMD Q&A, Companies Act 2014 and Annual PCF confirmation return.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (29/01/2015)
On the International Front, we look at the ESMA discussion paper on UCITS share classes, ESMA Q&A on ETFs and other UCITS issues, ESMA Q&A on the Application of the AIFMD, AIFMD reporting by NCAs to ESMA, MMF Regulation, Benchmark Regulation, Fourth Anti Money Laundering Directive and Wire Transfer Regulation, Risk Mitigation standards for non-centrally cleared OTC derivatives, ESMA advice and opinion on investment-based crowdfunding, US-EU financial markets regulatory dialogue, MiFID II and MiFIR.
- Reckless lending claim dismissed by the High Court (27/01/2015)
The High Court in Harrold V Nua Mortgages Limited  IEHC 15 has again made clear that there is no tort of reckless lending in this jurisdiction and that it is not prepared to entertain 'fanciful' arguments by borrowers seeking to repudiate their loans.
- Letters of Demand - Standard of proof to demonstrate that a demand letter was issued (27/01/2015)
Declan McDonald v Thomas Michael Hill  IEHC 629 In a recent judgment of Mr. Justice Binchy, an issue arose surrounding the standards of proof that a bank must demonstrate to prove that a letter of demand was sent to a mortgagee prior to the appointment of a receiver.
- Update on Shared Parental Leave in Northern Ireland (26/01/2015)
The Work and Families (Northern Ireland) Act 2015 ("WFA") will come into full legal effect in Northern Ireland in early April 2015, having received Royal Assent earlier this month.
- Terms and conditions on delivery dockets not incorporated into contract by reference (20/01/2015)
The Supreme Court has dismissed an appeal by Irish Asphalt in Noreside Construction Ltd v Irish Asphalt  IESC 68.
- Pyrite case referred to CJEU (20/01/2015)
In James Elliot Construction v Irish Asphalt Ltd  IESC 74, which involved the supply of defective infill material, the Supreme Court held that an appeal by Irish Asphalt should be dismissed, but such an order was subject to any issue of European law which the Court was referring to the Court of Justice of the European Union.
- Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 (20/01/2015)
The Department of Finance has published the "Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015".
- Corporation Tax (Northern Ireland) Bill (16/01/2015)
Following agreement last month by local politicians, the Corporation Tax (Northern Ireland) Bill was introduced on 8 January 2015 which provides for the devolution of Corporation Tax rate setting powers to the Northern Ireland Assembly.
- Preparing your business for Ireland's impending Anti-Bribery Laws (15/01/2015)
Anti-bribery/corruption laws are well established in the UK and US. Recent developments in those jurisdictions have offered timely reminders of the importance of businesses there having a robust anti-bribery framework.
- Recent Labour Court determination on the accrual of annual leave whilst on sick leave (13/01/2015)
The Labour Court recently issued an important decision stating that an employee is not entitled to rely on the provisions of the grounding European Working Time Directive against a private sector employer in circumstances where she was claiming an entitlement to accrue annual leave whilst on sick leave (Sparantus Limited t/aHighfield Healthcare and Agnieska Jemiola DWT 4110).
- High Court considers the role of the Financial Regulator's Code of Conduct in re-possession proceedings (13/01/2015)
The High Court in ICS Building Society -v- Lambert  IEHC 581 has made clear that while the Financial Regulator's Code of Conduct on Mortgage Arrears (the Code) confers a discretion on the court in dealing with an application for possession the absence of co-operation by a borrower will mean that it will generally not be possible to assess the reasonableness of any proposal made.
- New EU rules on Jurisdiction and Enforcement of Judgments apply from 10 January 2015 (13/01/2015)
The recast Brussels Regulation ((EC) No. 1215/2012), which repeals the Brussels I Regulation ((EC) No. 44/2001), came into operation on 10 January 2015.
- ACC Bank Plc v Michael Byrne and Sean O'Toole 2014 IEHC 530 (13/01/2015)
This case related to a claim by ACC Bank plc (the Bank) for a summary judgment against the first named defendant on foot of a personal guarantee of €250,000 in respect of a loan facility to a company, China Girls Limited (the Borrower) of €3.9m.
- High Court clarifies limitation period for Agreements for Sale based on breach of contract (13/01/2015)
In the recent case of Murphy v Joe O'Toole & Sons Ltd & Anor  IEHC 486, Baker J. held that the limitation period for an agreement for the sale of goods ran from the date of delivery of the goods, rather than from the date of the contract was entered into by the parties.
- Statistics - restriction and disqualification applications (13/01/2015)
2014 has been another busy year in the courts for restriction and disqualification applications.
- 2014 - Directors in the Courts (13/01/2015)
There has been a trend towards leniency in some of the reported decisions from 2014 which represents a change of direction by the courts.
- 2014 – The Liquidator in the Courts (13/01/2015)
The High Court has made clear that if a liquidator is to discharge their role properly in an application to restrict a director, the information provided to the court must be "of meaningful assistance" and it is not sufficient for a liquidator to merely raise points of alleged concern about a director's behavior without also informing the court why those points mean that the director's behavior ought to be held to be less than responsible.
- Calculating Holiday Pay – "Lock" down what you should be paying (12/01/2015)
Recent UK and European Union case-law has created some confusion in Ireland as to the basis on which Irish employers should calculate their employees' holiday pay. So what is the position now?
- Companies Act 2014 and its impact on companies operating in the Irish Investment Funds Industry (07/01/2015)
The Companies Bill 2012 has now been signed by the President of Ireland (on 23 December 2014), and has become the Companies Act 2014 (the Act). It is expected that most of the provisions of the Act will come into effect on 1 June 2015, although this date is subject to change.
- Companies Bill now the Companies Act 2014 - Entry into force expected next June (02/01/2015)
The Companies Bill was signed into law by the President of Ireland in accordance with the provisions of the Irish Constitution on 23 December 2014, and has now become the Companies Act 2014.
- How to minimise disruption to a business when bad weather strikes (23/12/2014)
If the forecasters are to be believed, a big freeze is on the way in the New Year. The last big freeze in 2009/2010 caused havoc for employers and their businesses. So in anticipation of similar inclement weather, what can employers do to prepare themselves?
- ESMA Discussion Paper on UCITS Share Classes (23/12/2014)
By way of providing us with some light reading over Christmas, the European Securities and Markets Authority (ESMA) has issued a Discussion Paper on Share classes of UCITS .
- Tracker, Financial Services Regulation & Compliance - Banking (22/12/2014)
CBI imposes a fine of €105,000 on Provident; EBA seeks input on passport notification requirements for mortgage credit intermediaries; EBA publishes criteria to assess O-SIIs;
- Tracker, Financial Services Regulation & Compliance - Insurance (22/12/2014)
CBI letter to life assurers, speech at Insurance Ireland Conference, publishes Macro-Financial Review; Solvency II Delegated Act; Solvency II and other publications; ECB Regulation; IAIS consults on insurance capital standard; EIOPA insurance stress test 2014; UK case law; EIOPA publishes consumer trends report, financial stability report for second half of 2014; UK Government reports on plans to deal with insurance claims fraud; EIOPA principles; Revision to UK Insurance Bill; ABI updates Statement of Best Practice for Critical Illness Cover; PRA Solvency II updates, letter to general insurers on reserving; FCA consults on new guaranteed asset protection insurance rules; Lloyd's issues core management information; UK FOS
- Tracker, Financial Services Regulation & Compliance - Investment Firms (22/12/2014)
CBI has issued warnings in respect of unauthorised investment firms, published issue 8 of 2014 Markets Update; ESMA to IASB - Exposed Draft Measuring Quoted Investments in Subsidiaries; ESMA releases Steven Maijoor address to DSW/ Better Finance for All Conference.
- Tracker, Financial Services Regulation & Compliance - Funds (22/12/2014)
Reliance on Credit Ratings; CBI UCITS Q&A; Minimum Capital Requirement Report; AIFMD Asset Segregation; EuSEF and EuVECA Regulations; ELTIF Regulation; MMF Regulation; AIFMD Delegated Regulation.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (22/12/2014)
Commencement order of Part 3 of Criminal Justice Act 2008; CBI publishes letter to industry regarding Customer Due Diligence; ESMA published consultation paper on AIFMD Asset Segregation Requirements; The Basel Committee publishes report; ESMA reviews supervisory practices on MiFID investor information; PRIIPs
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (18/12/2014)
Some Approaching Q4 deadlines for 2014 and beyond; Companies Bill passed by Dáil and Seanad Eireann; Updated Central Bank UCITS Q&A; Central Bank Markets Update; Central Bank Director of Enforcement Derville Rowland; Minimum Capital Requirement Report.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (18/12/2014)
AIFMD Asset Segregation; Benchmark Regulation; PRIIPs; ELTIF Regulation; IOSCO and cross-border regulation; Fourth Anti Money Laundering Directive and Wire Transfer Regulation.
- Impact of the Companies Bill on companies operating in the Irish investment funds industry (18/12/2014)
The Companies Bill 2012 has now been passed by both houses of the Oireachtas. Assuming it is signed by the President of Ireland before the end of this month, it will become the Companies Act 2014 (the Act). It is expected that most of the provisions of the new Act will come into effect on 1 June 2015, although this date is subject to change.
- Employee background checks – How far is too far? (16/12/2014)
This article considers the methods available to employers to screen prospective employees in compliance with the Data Protection Acts 1988 and 2003.
- Companies Bill passed by Dáil and Seanad Eireann - Enactment expected soon (16/12/2014)
The Companies Bill 2012 returned to Dáil Eireann on 10 December 2014, when all of the amendments made by Seanad Eireann were considered and agreed to.
- Woman sues pharmacy for data protection breach (09/12/2014)
A woman, who claimed a pharmacy allowed her husband to watch CCTV footage of her buying a pregnancy test kit, has allegedly settled a Circuit Court damages claim against the pharmacy for €10,000.
- Interception of telecommunications messages (09/12/2014)
A Ministerial Order (S.I. 541/2014) has been passed commencing Part 3 of the Criminal Justice (Mutual Assistance) Act 2008, from last Monday 1 December, 2014.
- Compliance conditions in a planning permission must be read in terms of the then applicable standards (09/12/2014)
In Ogalas Limited (t/a Homestore and More) v An Bord Pleanála  IEHC 487 (23 October 2014) the High Court clarified that planning permission compliance conditions do not necessarily move with a change in the underlying Ministerial Guidelines but rather must be viewed in light of the Guidelines applying at the time.
- Eighth UK corporate manslaughter conviction (09/12/2014)
A UK waste management company, Sterecycle (Rotherham) Ltd, has become the eighth company to be convicted of corporate manslaughter under the Corporate Manslaughter and Corporate Homicide Act 2007.
- Dismissal for eating jam tart at work upheld (09/12/2014)
Last month we reported on an Employment Appeals Tribunal case where a claimant failed in her claim for unfair dismissal after she was dismissed for drinking coffee in her workplace, in breach of a workplace regulation.
- Tracker, Financial Services Regulation & Compliance - Banking (03/12/2014)
Permanent TSB submits capital plan to ECB; CBI imposes fine of €3,500,000 in respect of IT governance failures by Ulster Bank Ireland; CBI consultation paper on new regulations for credit unions; ECB assumes responsibility for euro area banking supervision; ECB publishes letter from Jean Claude Trichet to Brian Lenihan from 2010; banks paid fines totalling $3.4 billion in respect of price fixing in foreign exchange market.
- Tracker, Financial Services Regulation & Compliance - Insurance (03/12/2014)
CBI survey, updates life, non-life and composite reinsurance requirements; Health Insurance (Amendment) Bill 2014; IMD2; UK Supreme Court case; EIOPA: Solvency II risk free interest rate, draft Solvency II ITS, consults on insurer product oversight, colleges of supervisors - action plan and fourth annual conference; IAIS guidance - G-SII liquidity; List of G-SIIs for 2014; UK Diffuse Mesothelioma Payment Scheme Regulations 2014; Mis-sale of insurance add-ons; PRA Solvency II updates; Insurance European response to consultation on IAS Regulation; FCA intermediary bribery and corruption risk management; Insurance Europe publishes various papers; FCA and PRA focus on Solvency II 'approved persons'.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (03/12/2014)
CBI issues warnings about unauthorised investment firms; Irish Stock Exchange announces 50% reduction in clearing fees.
- Tracker, Financial Services Regulation & Compliance - Funds (03/12/2014)
Updated Central Bank AIFMD Q&A and UCITS Q&A; ISE EFTs disclosure requirement; ESMA Q&A on AIFMD; AIFMD passport and third country AIFMs; UCITS V; EuSEF and EuVECA Regulations; PRIIPs; MMFs.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (03/12/2014)
CBI published Issue 7 of 2014 of its Markets Update, speech given by its Governor Patrick Honohan at the MABS Annual Conference and Skilled Person's Reporting – Statement of Proposed Use; ECB statements following conclusion of second post programme surveillance mission to Ireland; Bank of England publishes updated version of stress test scenario under CRD IV; Key Information Document for PRIIPS; G20: Leader's Communique; ECJ press release; PRA Consultation Paper: The PRA Rulebook; PRIIPs.
- Non-disclosure fatal to injunction application (02/12/2014)
The High Court in McDonagh v Ulster Bank Ireland Limited  IEHC 476, High Court, Keane J, 22 October 2014, has once again made clear that any lack of candour or material non-disclosure of facts in an ex-parte application will result in any order made being set aside and the substantive application being refused.
- Private investigator fined €5,000 for unlawfully obtaining personal data (02/12/2014)
Last week, Dublin District Court convicted a private investigator on two charges of unlawfully obtaining access to personal information, and disclosing it, without authority, to various Credit Unions, in breach of section 22 of the Data Protection Acts (DPAs) 1988 and 2003. He was fined €2,500 for each offence.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (28/11/2014)
Some Approaching Q4 deadlines for 2014 and beyond; Updated Central Bank AIFMD Q&A, UCITS Q&A and Markets update; Central Bank policy on Skilled Persons’ reporting; ETFs.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (28/11/2014)
ESMA Q&A on AIFMD; AIFMD passport and third country AIFMs; UCITS V; EuSEF and EuVECA Regulations; PRIIPs; MMFs; ESMA risk dashboard for Q3 2014; ESMA speech
- Third party funding of litigation (25/11/2014)
This article discusses two cases concerning third party funding of litigation.
- Central Bank of Ireland (Supervision and Enforcement) Act 2013 - Skilled Persons' Reporting – Central Bank’s Statement of Proposed Use (25/11/2014)
As part of the recent reforms of the Central Bank’s powers set out in the Central Bank (Supervision and Enforcement) Act, 2013 (the 2013 Act), Part 2 of that legislation provides the Central Bank with the power to require a regulated financial services provider (RFSP) or a related undertaking of an RFSP (together the Reviewee) to produce a ‘skilled person’s report’.
- Directive on disclosure of non-financial and diversity information: update (18/11/2014)
The Directive on disclosure of non-financial and diversity information by certain large companies and groups in the EU was published in the Official Journal on 15 November 2014.
- EAT awards €15,000 to woman dismissed for printing her manager's emails (18/11/2014)
A recent ruling by the Employment Appeals Tribunal (EAT) highlights, once again, the issue of improper use of e-mail and internet at work.
- Amendment to working time legislation (18/11/2014)
The Minister for Jobs Enterprise and Innovation recently announced that he proposes to amend the Organisation of Working Time Act, 1997 to allow for the accrual of annual leave when a worker is on long-term sick leave.
- European Commission approves Ireland's Credit Union plan under State Aid rules (16/11/2014)
Credit unions are financial cooperatives which provide access to credit and savings facilities to their members. There are 57,000 credit unions worldwide in 103 countries with 208 million members worldwide. Credit unions in Ireland have 3.3 million members which is a higher than average proportion of members per capita.
- VAT on gaming services provided on-line (11/11/2014)
With effect from 1 January 2015, a new VAT regime will apply to the provision of telecommunications, broadcasting and electronically supplied services to consumers located in the EU. The latter includes the provision of "games, including games of chance and gambling games".
- Employment Appeals Tribunal upholds dismissal for drinking coffee, in breach of workplace regulation (11/11/2014)
The Employment Appeals Tribunal has dismissed a claim brought by a former employee following her dismissal for gross misconduct after she had drank a hot beverage (without paying for it) in the course of her employment in breach of a workplace regulation (Valerie Byrne v Marks and Spencer Ireland Limited (UD 826/2013).
- Corporate Governance Update - November 2014 (11/11/2014)
This article highlights the main developments in Corporate Governance for November 2014.
- A&L Goodbody Companies Bill seminar (11/11/2014)
On 5 November, A&L Goodbody hosted a seminar at its offices in the IFSC on some of the key business changes in the Companies Bill.
- Tracker, Financial Services Regulation & Compliance - Banking (05/11/2014)
Central Bank: new macro-prudential measures for mortgage lending; Guide to banking supervision; FAQs on the CSD Regulation; Commission adopts delegated acts on the LCR and the LR; ECB Report on the structural changes in the euro area banking sector; FSB: regulatory framework for haircuts on non-centrally cleared securities financing transactions; Consultation on simple, standard and transparent securitisations; Probe into EU Banker's Allowances; European Commission adopts detailed rules on contributions of banks to resolution funds.
- Tracker, Financial Services Regulation & Compliance - Insurance (05/11/2014)
Central Bank focuses on PII following themed inspections, publishes latest edition of Solvency II newsletter. IMD2: further compromise proposals published; EIOPA:conflicts of interest, work programmes. ABI guidelines regarding private investigators; PRA proposed changes to policyholder protection rules; CMA administrative timetable for implementing remedies in PMI market investigation; Insurance Europe: European legislative proposals; EIOPA Chairman comments on role of the CRO; Solvency II delegated act published; PRA and FCA: focus on with-profits business; PRA update on 'groups' under Solvency II, Solvency II updates: internal models and other approvals; FSB consults on insurers' critical functions and shared services; Lloyd's bulletin on use and function of sanctions clauses in policies; IFB to extend focus beyond motor fraud; EIOPA final report and guidelines on use of the Legal Entity Identifier; IAIS papers, publishes basic capital requirements for GSIIs, findings on review of Insurance Core Principles, group corporate governance and combating bribery/corruption.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (05/11/2014)
SI 443 of 2014 European Union (European Market Infrastructure) Regulations 2014; ESMA issues draft regulatory technical standards on interest rate swaps, consults on draft standards for clearing of foreign-exchange non-deliverables forwards.
- Tracker, Financial Services Regulation & Compliance - Funds (05/11/2014)
FATCA Revenue guidance; ESMA Q&A on AIFMD; Custody of collective investment scheme assets.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (05/11/2014)
FATCA Revenue guidance; Presidency publishes compromise proposal on PSD2; EBF highly concerned over proposed EU model for payment initiation services; EBA consults on implementation of Guidelines on internet payments security.
- Court of Appeal formally established and rules published (04/11/2014)
The Court of Appeal (the Court) was formally established on 28 October 2014.
- New FOI fees regime (04/11/2014)
Following the passing of the Freedom of Information (FOI) Act 2014, Minister Howlin has made Regulations prescribing fees and charges in respect of FOI requests, and applications for review of decisions of FOI bodies. The Regulations came into operation on 16 October 2014.
- Holiday pay – the saga continues (04/11/2014)
Typically most employers have calculated holiday pay on the basis of basic pay only. The question of whether this basis of calculation of holiday pay is correct has been the subject of judicial consideration in a number of recent cases. The 'holiday pay issue' has been described by the CBI as the 'the single biggest employment issue for businesses right now' that could cost businesses billions in back payments.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (30/10/2014)
On the Domestic Front, we look at: Deadlines, EMIR, Finance Bill, FATCA Revenue guidance and IFIA MoU with the Asset Management Association of China.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (30/10/2014)
On the International Front, we consider the ESMA Q&A on AIFMD, the Money Market Fund Regulation, the Benchmark Regulation, Anti-Money Laundering and Counter Terrorist Financing developments, IOSCO on Custody of collective investment scheme assets and FSB framework for haircuts on non-centrally cleared securities financing transactions.
- Performance dismissal procedurally unfair (28/10/2014)
The Employment Appeals Tribunal has directed a retail employer to pay €10,000 to a sales advisor after it found that the claimant's dismissal was procedurally unfair.
- "Without Prejudice" communications admissible where no dispute as to liability exists (28/10/2014)
The English High Court held in Avonwick Holdings Ltd v Webinvest Ltd and Another  EWHC 3322 (Ch) (10 October 2014) that certain correspondence between the parties and their solicitors was admissible in evidence, notwithstanding that most of it was headed "Without prejudice and Subject to Contract".
- Supreme Court gives clear endorsement to case management in the effective conduct of litigation (28/10/2014)
The Supreme Court, at the conclusion of the long running case of Talbot -v- Hermitage Golf Club & ors  IESC 57 (9 October 2014), issued a strong endorsement of case management and gave clear indications that the courts can, and will, take all necessary steps to ensure the efficient and cost effective use of court resources.
- High Court allows action for breach of contract and negligence to proceed in the Irish courts despite prior related Danish proceedings (28/10/2014)
In Celtic Salmon Atlantic (Killary) Limited -v- Aller Acqua (Ireland) Limited & Anor  IEHC 421, Hogan J, 31 July, 2014 the central issue to be decided by the court was - where a defendant in foreign proceedings governed by the Brussels Regulation fails to advance and maintain a counter-claim for damages for in those proceedings, is that party then barred from re-litigating that counterclaim for damages for breach of contract and negligence in existing proceedings in this jurisdiction where it sues as plaintiff?
- Commercial Property NI Bulletin: Northern Ireland Consultation on the Identification of Community Planning Partners (24/10/2014)
The Department of Environment (DOE) in Northern Ireland is continuing to develop a comprehensive programme of local government reform, involving the transfer of responsibility for the majority of planning functions from central government to the eleven new councils scheduled for 1 April 2015. The introduction of community planning is a key aspect of this package.
- Eintragung einer Gesellschaft mit beschränkter Haftung in Ireland (24/10/2014)
Die weitaus meisten irischen Gesellschaften sind in der Rechtsform der Private Limited Company (kurz: Ltd.) organisiert. Eine irische Ltd erlangt mit erfolgter Gründung eigenständige Rechtspersönlichkeit. Die Haftung der Gesellschafter ist auf das eingezahlte (oder noch nicht erbrachte) Aktienkapital (Issued Share Capital) - im günstigsten Fall also 1 EUR - beschränkt.
- Enactment of the Freedom of Information Act 2014 (21/10/2014)
The Freedom of Information Act 2014, which replaces the FOI Acts 1997 and 2003, was signed into law by President Higgins on 14 October 2014.
- Employee did not have a reasonable expectation of privacy in regard to his work emails (21/10/2014)
In Atkinson v Community Gateway Association UKEAT/0457/12, the UK EAT held that accessing an employee's emails, in the course of a disciplinary investigation into the employee's conduct, did not amount to an unjustified interference with the employee's private life.
- Legal status of a floating charge considered - George Maloney and Danske Bank A/S  IEHC 441 (21/10/2014)
This case concerned an application by the official liquidator of RQB Limited (in liquidation) pursuant to S280 of Companies Act 1963 to determine the legal status of a floating charge dated 10 September 2008 which entered into by the Company in favour of Danske Bank (the Bank) and which the liquidator believes to be unenforceable.
- Recent Developments in the Domestic and European Banking Sector for September 2014 (14/10/2014)
This article highlights the main developments for September 2014 in the domestic and European banking sector.
- The High Court will not defer to the Financial Services Ombudsman on matters of contractual interpretation (14/10/2014)
The High Court, in Millar & anor -v- Financial Services Ombudsman  IEHC, Hogan J 30 September 2014, concluded, that where the decision of the Financial Services Ombudsman deals with the construction of a contract, the court will not defer to the decision of the Ombudsman on this issue and is entitled to consider the matter afresh.
- Still a 'safe' Harbor – Implications of Schrems v DPC (14/10/2014)
This article discusses the future of Safe Harbor in light of ongoing scrutiny as Schrems v Data Protection Commissioner unfolds.
- The Freedom of Information Act 2014 (14/10/2014)
The Freedom of Information Act 2014 (the Act), which replaces the FOI Acts 1997 and 2003, was signed into law by President Higgins on 14 October 2014.
- CJEU ruling on VAT could impact on financial services sector (07/10/2014)
The recent judgment of the CJEU in the "Skandia" case could result in significant VAT costs for the financial services sector.
- Update on Freedom of Information Bill 2013 (07/10/2014)
The Freedom of Information Bill 2013 completed all stages in the Oireachtas on Thursday 2 October 2014.
- CASE OF THE MONTH: Leona Flynn v National Asset Loan Management Ltd  IEHC 408 (07/10/2014)
In Flynn V National Asset Loan Management Limited, Judge Cregan examined the events surrounding a demand for repayment of a loan to Leona Flynn.
- Food Labelling – What you need to know (03/10/2014)
As Northern Ireland agri-food businesses prepare for the implementation of the new Food Labelling Regulation in just a matter of weeks, Micaela Diver, Associate at A&L Goodbody (NI) , outlines what this legislation means for local firms.
- Disincentives to the roll out of solar energy (03/10/2014)
The Northern Ireland Executive’s current Programme for Government includes a target to secure 40% of electricity consumption in Northern Ireland from renewable sources by 2020. As the government move to reduce support for solar by reducing incentives, David Flinn, Energy Consultant at A&L Goodbody (NI) considers the wider implications for property owners and commercial factories among others and calls on government to consider changes to Northern Ireland legislation.
- Copyright Infringement: What next for Sport's Rights Holders? (03/10/2014)
The 35.6 million posts on Twitter during the recent FIFA World Cup semi-final between Germany and Brazil set a new record for the most tweets about a single sporting event. It is perhaps understandable, therefore, that FIFA invested so heavily in protecting the exclusivity of its intellectual property rights on social media during the world's most watched and largest single sporting event. Jonny Madill, Solicitor in the IP & Technology team at A&L Goodbody (NI) provides a comprehensive overview of copyright infringement in the sporting world.
- Tracker, Financial Services Regulation & Compliance - Banking (02/10/2014)
Central Bank : Changes to Fitness and Probity Regime; EBA consultations on: guidelines on payment commitments to deposit guarantee schemes, the eligibility of institutions for simplified obligations for recovery and resolution planning, the implementation of resolution tools, guidelines on triggers for use of BRRD early intervention measures. EBA publication of final guidelines on types of tests, reviews or exercises that may lead to public support measures under BRRD; European Commission adopts Delegated Regulation on RTS on own funds requirements for firms based on fixed overheads; ECB: Publication of final lists of significant and less significant credit institutions for purposes of SSM
- Tracker, Financial Services Regulation & Compliance - Insurance (02/10/2014)
Central Bank: Solvency II preparatory reporting , publishes 2013 Insurance Statistics. Intermediary Times – PII focus; IMD 2: further compromise proposal published; IAIS updates: ComFrame and other items, revises Memorandum of Understanding. Common data exchange template for Solvency II; Proposed assessment of Romanian insurance sector; CMA publishes final report on the private motor insurance market; EIOPA: updates risk dashboard, Chairman statement, third annual conference on global insurance supervision, publishes summary of 2013 annual report, article on risk management and Solvency II. PRA update note regarding Solvency II; FCA: focus on life settlements fund sales, publishes report of review on PPI redress in the UK, insurer authorisation process update; UK FOS: latest edition of Ombudsman News, complaints data for first half of 2014, updates on legal expenses insurance. Governor of the Bank of England: speech on insurance regulation
- Tracker, Financial Services Regulation & Compliance - Investment Firms (02/10/2014)
ESMA: Publication of draft RTS on major shareholder disclosures, Consultation on draft guidelines clarifying the definition of derivatives under MiFID, Publication of Guidelines regarding CPSS-IOSCO Principles for Financial Market Infrastructures in respect of Central Counterparties. ESRB responds to ESMA consultation on mandatory clearing for OTC credit derivatives
- Tracker, Financial Services Regulation & Compliance - Funds (02/10/2014)
Central Bank Christmas filing deadlines, Thematic Review of data integrity of regulatory returns by investment firms, fund service providers and stockbrokers. Consultation Paper on Fund Management Company Effectiveness. Updated AIF Rulebook. Loan originating funds. ESMA consultation on UCITS V depositary function
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (02/10/2014)
Central Bank: Publication of the Intermediary Times. ESA: Publication of Joint Committee report on cross-sector risks facing EU financial system. ECB: Publication of opinion on proposed Cyber-Security Directive.
- Companies Bill 2012 completes report and final stages in the Seanad (01/10/2014)
The Report and Final stages of the Companies Bill 2012 were completed yesterday evening, 30 September 2014, when all of the 164 amendments tabled by the Department of Jobs, Enterprise and Innovation were agreed to.
- Central Bank Thematic Review of data integrity of regulatory returns by investment firms, fund service providers and stockbrokers (30/09/2014)
On 12 September 2014, the Central Bank issued a letter to industry regarding the outcome of a Thematic Review of data integrity of regulatory returns submitted to the Central Bank by investment firms, fund service providers and stockbrokers.
- Employer penalised for failing to provide reasonable accommodation to employee (30/09/2014)
The Equality Tribunal has directed a major employer in the retail sector pay €30,000 in compensation to a claimant after it failed to reasonably accommodate her disabilities.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (26/09/2014)
On the Domestic Front, we look at: Deadlines (and CB deadlines for pre-Christmas / Year-End applications), CP86 on fund management company effectiveness –delegate oversight, updated AIF Rulebook, loan originating funds, CB thematic review of data integrity of regulatory returns, market abuse developments and CB markets update.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (26/09/2014)
On the International Front, we consider updated AIFMD IT technical reporting data, risk data, risk mitigation for non-centrally cleared OTC derivatives, own funds requirements for firms based on fixed overheads and market abuse developments.
- Practical steps to reduce risk: Tribunal Discovery (24/09/2014)
The importance of being able to show contemporaneous documentation that either supports your case or undermines the other side's case in a Tribunal cannot be overstated.
- English High Court clarifies scope of fraud exception to litigation privilege (23/09/2014)
In a recent English case, JSC BTA Bank Ablyazov and others  EWHC 2788 (Comm), the High Court held that certain communications between a client and his lawyers, made during the course of legal proceedings, were not protected by privilege, on the grounds that the legal advice was being sought to assist in a strategy of concealment and deceit in relation to the client's assets. Accordingly, the court ordered that the communications should be disclosed.
- Oral hearings and the Financial Services Ombudsman: an update (23/09/2014)
The High Court once again considered the right to an oral hearing before the Financial Services Ombudsman (the FSO) in the case of Carty Doyle -v- The Financial Services Ombudsman & anor  IEHC 352, Herbert J, 15 July 2014.
- Publication of Autumn Government Legislation Programme 2014 (23/09/2014)
The Government has published its Autumn Legislative Programme 2014. We have set out below some of the most significant legislation due to be published in the coming months, and the status of other important Bills which are currently before the Houses of the Oireachtas.
- Central Bank of Ireland issues consultation paper on Fund Management Company Effectiveness – Delegate Oversight (CP86) (22/09/2014)
The Central Bank of Ireland (Central Bank) published a Consultation Paper on Fund Management Company Effectiveness – Delegate Oversight (CP86) on 19 September 2014.
- The Central Bank of Ireland changes rules to permit managers to set up loan originating funds (18/09/2014)
The Central Bank of Ireland has today issued its feedback statement on Consultation Paper 85 dealing with loan originating qualifying investor alternative investment funds (QIAIFs).
- Cross Border Mergers framework under review (16/09/2014)
The European Commission has launched a consultation on cross-border mergers and divisions to establish (i) the appropriateness of introducing amendments to improve the existing Directive 2005/56/EC on cross-border mergers (the Directive) and (ii) a possible initiative to provide a framework for cross-border divisions of companies.
- CASE OF THE MONTH: Levinwick v Hollingsworth  IEHC 333 (16/09/2014)
In Levinwick v Hollingsworth  IEHC 333 the court refused the plaintiff's application (a pharmacist owner) seeking to enforce a term in the defendant's (pharmacist manager) employment contract in which he agreed not to do similar work in another pharmacy within a 2 mile radius of his employer's business for a period of 24 months after the termination of his employment.
- Damages for distress, upset and inconvenience not recoverable in professional negligence claim (09/09/2014)
The High Court, in a recent case – Walter & anor v Crossan  IEHC 377, Hogan J, 24 July 2014 struck out a claim for damages for upset, distress and inconvenience (falling short of nervous shock and psychiatric injury) allegedly caused by professional negligence on the part of a firm of solicitors.
- Recent Developments in Corporate Governance August/September 2014 (09/09/2014)
Corporate Governance Code for Fund Service Providers (fund custodians/depositaries and administrators); An Irish Funds Industry Association (IFIA) Corporate Governance group has been engaging with the Central Bank on a Corporate Governance Code for Fund Service Providers (fund custodians/ depositaries and administrators). This engagement with the Central Bank concluded recently and the final Corporate Governance Code for Fund Service Providers is now available on the IFIA website.
- Consultation paper on reform of the law on consumer contract rights (09/09/2014)
The Department of Jobs, Enterprise and Innovation (DJEI) has published a Consultation Paper on proposed legislation to consolidate and update the law in Ireland on consumer contract rights.
- Tracker, Financial Services Regulation & Compliance - Banking (03/09/2014)
CB - Technical Paper on ECB Monetary Operations and the Interbank Repo Market; Official Journal of the EU; ECB identifies systemically important payments systems and published comprehensive stress test manual; EBA Final templates for 2014 EU-wide stress test, new XBRL taxonomy for remittance of supervisory reporting as of 31 December 2014, Consultation on criteria for intervention on structured deposits under MiFIR and final draft RTS on treatment of equity exposures under the IRB approach.
- Tracker, Financial Services Regulation & Compliance - Insurance (03/09/2014)
Domestic: MGF to increase for (non-captive) reinsurers; CB Q&A document on Guidelines on Preparing for Solvency II and Solvency II preparedness survey; James Grennan: 'Responding to a Crisis: Can we ever get it right?'; Update to Central Bank Submission of Information Guidelines. International: EIOPA updates information on guidelines on submission of information for Solvency II, paper on underlying assumptions in the standard formula for the SCR calculation and new version of Solvency II XBRL Taxonomy; Outsourced insurance sales; European Commission requests EIOPA's advice on PRIIPs; EU/US Insurance Project; IAIS consultation on internal improvements; UK paper; UK FOS publishes online private medical insurance resource; PRA supervisory statement for insurers; Subordinated guarantees & capital quality for insurers; HM Treasury seeks views on outstanding issues for UK Solvency II transposition; PRA consultation on Solvency II transposition and planned activities for Solvency II transposition
- Tracker, Financial Services Regulation & Compliance - Investment Firms (03/09/2014)
ESRB - Response to ESMA consultation on the clearing obligation under EMIR in respect of interest rate derivatives; ESMA guidelines and recommendations relating to EU implementation of principles for financial market infrastructures and Publication of Statement on the Potential Risks Associated with Investing in Contingent Convertible Instruments.
- Tracker, Financial Services Regulation & Compliance - Funds (03/09/2014)
Amendment of UCITS and AIFMD Regulations; AIFMD Reporting and Minimum Capital Report by Irish AIFMs and UCITS management companies; Corporate Governance Code for Fund Service Providers; Updated Revenue Guidelines for Investment Undertakings. ESMA guidelines on ETFs and other UCITS issues and reporting obligations under the AIFMD; European Money Market Funds; UCITS V.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (03/09/2014)
CB: Consultation Paper on Fitness and Probity regime for Credit Unions that are also authorised as Retail Intermediaries; Official Journal of the EU; EC adoption of review reports on the ESFS.
- Impact of the Companies Bill on Share Incentives (02/09/2014)
The long-awaited Companies Bill 2012 is expected to be enacted this year, at which stage it will consolidate and reform – in some cases quite radically – Irish company law.
- Workplace Relations Bill 2014 published (02/09/2014)
On 30 July 2014, the Department of Jobs, Enterprise and Innovation published the Workplace Relations Bill 2014.
- Late repudiation of an insurance policy led to costs orders against the insurer (02/09/2014)
A recent decision of the High Court has illustrated the perils of repudiating an insurance policy late into proceedings.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (28/08/2014)
On the Domestic Front we look at the amendment of the UCITS and AIFMD Regulations, CP 84, AIFMD Reporting, Minimum Capital Reporting, Corporate Governance Code for Fund Service Providers and EMIR.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (28/08/2014)
On the International Front we look at ESMA guidelines on ETFs and other UCITS issues, MMFs, UCITS V, CSDR, complaints handling, central clearing for OTC derivatives and PRIIPs KIID Regulation.
- Responding to a Crisis: Can we ever get it right? (28/08/2014)
James Grennan, Partner, A&L Goodbody explores and analyses the response of regulators to crises, particularly the most recent recession, and looks at its impact on the market. This article was first published in Who’s Who Legal: Insurance & Reinsurance, May, 2014.
- High Court rules records were "under the control of" the Council for FOI purposes (22/08/2014)
In Westwood Club v Information Commissioner and Bray Town Council (notice party)  IEHC 375, the High Court allowed an appeal against a decision of the Information Commissioner (the IC), which upheld a decision of Bray Town Council (the Council) that records were not "held by" the Council for Freedom of Information (FOI) purposes.
- Data Protection Update: DPC publishes new guide to audit process (21/08/2014)
The Data Protection Commissioner (the DPC) has published new guidance on its powers to carry out privacy audits into organisations' data protection compliance.
- Data Centre Consolidation - Outsourcing to the Cloud (19/08/2014)
As both public and private sector organisations grapple with the increasing volume and complexity of data they hold in their data centres, many are turning to outsourced cloud-based hosting solutions. Ivan Waide, Partner, IP & Technology (NI), examines some of the key issues arising.
- Commercialising your IP (19/08/2014)
Intellectual Property is increasingly being recognised as a valuable asset of many businesses. Ivan Waide, Partner, IP & Technology, gives some practical tips on commercialising IP.
- Open Source Software – The Legal Perspective (19/08/2014)
Companies are increasingly realising the potential of being ‘ahead of the curve’ on the use of open source software (OSS). In conjunction with thorough risk-assessment to ensure compliance with the licence requirements, a strategic investment in open source as part of a company’s overall IP management can reap real rewards.
- Tracker, Financial Services Regulation & Compliance - Banking (06/08/2014)
Department of Finance: Consultation on Consumer Protection on the Sale of Loan Books; Strategic Banking Corporation of Ireland Bill 2014 published; Council of ECB: Regulation on oversight requirements for systemically important payment systems published; Council of EU: Payment Accounts Directive adopted at first reading; ESRB: Publication of 2013 annual report; EBA: Publication of revised guidelines on high earners data collection and remuneration benchmarking, Consultation on tests, reviews and exercises that may lead to public support measures, Publication of opinion on CRD IV macro-prudential; European Court of Auditors' report on banking supervision.
- Tracker, Financial Services Regulation & Compliance - Insurance (06/08/2014)
Central Bank makes FLAOR reporting tool available, publishes research on the Irish reinsurance industry in its Quarterly Bulletin for Q3 2014, guidance for life assurance companies on Italian withholding tax regime; Speech on UK annuities sums up PRA's view on investments in infrastructure assets; Governments confirm portfolio transfers can take place between the UK and Gibraltar; Financial Conduct Authority publishes first annual report; Insurance Bill introduced to UK Parliament; Lloyd's agreement with IRS on reporting of tax information under FATCA; FCA final report on market study on GI add-ons; UK Financial Ombudsman Service focus on PPI complaints; ABI proposal to clarify pricing in home and motor insurance renewals; UK FSCS publishes Annual Report and Accounts; FCA publish findings on price comparison website review; PRA update on implementation of Solvency II; Corrigendum published to correct errors in Solvency II text; IAIS publishes second BCR consultation paper; EIOPA adds new Solvency II Q&As on submission of information to NCAs, 2014 stress test updates, speeches - consumer protection and Solvency II; European Commission publish Table of Legislative Measures
- Tracker, Financial Services Regulation & Compliance - Investment Firms (06/08/2014)
Central Bank: Publication of Handbook of Prudential Requirements for Investment Intermediaries; European Commission: Response to ESMA letter setting out its intention to ease EMIR frontloading requirements; ECB: Opinion on proposed Regulation on reporting and transparency of securities financing transactions; ESMA: Consultation on draft RTS defining credit default and interest rates swaps subject to central clearing under EMIR, Publication of final guidelines on enforcement of financial information.
- Tracker, Financial Services Regulation & Compliance - Funds (06/08/2014)
The ICAV Bill; Central Bank AIFMD Q&A: Tenth Edition; Central Bank Consultation on loan originating QIAIFs (CP 85), Consultation on the adoption of ESMA's revised guidelines on ETFs and other UCITS issues (CP84); Feedback Statement on CP 78: Consultation on carrying out depositary duties in accordance with Article 36 of the AIFMD, AIFM Authorisations and Registrations; IFIA Corporate Governance Code for Fund Service Providers; ESMA AIFMD Q&A; UCITS V; ESMA consultation on the calculation of counterparty risk by UCITS for OTC derivatives subject to EMIR clearing.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (06/08/2014)
Central Bank: Publication of Guidelines on Variable Remuneration for Sales Staff; EBA: Publication of opinion on virtual currencies.
- OCS v Dublin Airport Authority: Supreme Court Judgment on Automatic Suspension (01/08/2014)
The Irish Supreme Court has dismissed an appeal taken by Dublin Airport Authority (DAA) against the ruling of Mr Justice Barrett in the High Court on 30 May 2014 refusing to lift the automatic suspension that arose on the initiation of proceedings by an unsuccessful bidder.
- Irish Competition Authority and National Consumer Agency to Merge on 31 October 2014 (31/07/2014)
Ireland's Minister for Jobs, Enterprise and Innovation, Richard Bruton TD, today announced that the Irish Competition Authority and National Consumer Agency will merge on 31 October 2014.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (30/07/2014)
Domestic Front: we look at the ICAV Bill, 10th Central Bank AIFMD Q&A, CP85 on loan originating QIAIFs; CP 84 on 20% UCITS collateral diversification rule ; Central Bank update on AIFM authorisations and registrations, Feedback Statement on CP 78 (Consultation on carrying out depositary duties in accordance with Article 36 of the AIFMD), IFIA Corporate Governance Code for Fund Service Providers, CP 81 on possible exemption from capital buffers for SME investment firms from CRD IV/CRR, Central Bank Markets Update and the Protected Disclosures Act 2014.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (30/07/2014)
International Front: we look at ESMA Q&A on AIFMD, UCITS V, ESMA consultation on the calculation of counterparty risk by UCITS for OTC derivatives subject to EMIR clearing, EMIR, ESMA working paper on the systemic dimension of hedge fund illiquidity and prime brokerage, Market Abuse, EU Council agenda for Q3/Q4 of 2014 and AML/CTF.
- Irish High Court rules on effect of an assignment on agreement to arbitrate (29/07/2014)
In Stewart v McKenna  IEHC 301, the Irish High Court considered whether a purported assignment of the benefit of an insurance policy, and an arbitration clause contained therein, was valid against the insurer.
- Handling data access requests: the blueprint (29/07/2014)
This article looks at the scope of the right of access to personal data, the key statutory exemptions, and case studies from the Annual Reports of the Data Protection Commissioner which demonstrate his approach to enforcement of the statutory right of access.
- No discoverability test in mis-selling claims (29/07/2014)
The High Court has again emphasised that there is no discoverability test in claims for financial loss arising out of alleged mis-selling of financial products.
- Recent Developments in Corporate Governance July 2014 (29/07/2014)
Domestic Developments Government approves new measures to promote gender balance on State Boards
- Practical Steps to Reduce Risk: Making Reasonable Adjustments (29/07/2014)
Obesity is not currently classed as a disability under the legislation in Northern Ireland. However, with a quarter of the UK population estimated to be clinically obese and in light of the recent opinion issued by the Advocate General in respect of the European case Kaltoft v The Municipality of Billund C-354/13 (addressed below), it is possible that in the future a duty may be placed on employers to make reasonable adjustments to accommodate any special requirements arising from an employee's disability.
- The Competition and Consumer Protection Act 2014 (29/07/2014)
Alan McCarthy, Partner in the EU, Competition & Procurement Group provides a summary of the Competition and Consumer Protection Act 2014 (Act) which has been signed into law and which comes into force in full on 31 October 2014.
- Recent Developments in the Domestic and European Banking Sector for June 2014 (22/07/2014)
This article highlights the main developments for June 2014 in the domestic and European banking sector.
- Alternative Investment Fund Managers Directive; end of the transitional period (22/07/2014)
Today, 22 July, is the end of the transitional period provided for in the Alternative Investment Fund Managers Directive (AIFMD).
- State Aid Update: R&D and firms in difficulty (16/07/2014)
The updated State aid rules aimed at extending the circumstances in which Member States can grant aid without requiring prior authorisation from the European Commission, and granting public funding of R&D, came into effect on 1 July 2014. The new rules on firms in difficulty came into force on 9 July 2014.
- Protected Disclosures Act 2014 – a new era for whistleblowing in Ireland (16/07/2014)
The Government recently announced the commencement of the Protected Disclosures Act 2014 (the Act). This long-awaited piece of legislation represents a new standard of international best practice for whistle-blowers in Ireland. Public sector bodies must now put in place whistleblowing policies which meet the requirements of the Act. Where private sector businesses have policies in place, they need to review them to ensure that they are aligned to the requirements of the Act and that there are no gaps leaving them with a potential exposure.
- EU Merger Control: European Commission consults on changes to EU merger control rules (16/07/2014)
The European Commission (Commission) has launched a public consultation on proposals to make changes to EU merger control. Transactions that meet certain thresholds must be notified to the Commission and otherwise they may need to be notified to Member State merger control authorities such as the Irish Competition Authority.
- High Court rules records were not 'held' for FOI purposes (15/07/2014)
In a recent case, The Minister for Health v The Information Commissioner  IEHC 231, the High Court ruled that records of an Inquiry into practices at a hospital, which were in the physical possession of the Department for Health (the Department), were not "held" by the Department for the purposes of a Freedom of Information (FOI) request.
- Stay on section 5 declaration by Council does not prevent enforcement action being taken for unauthorised development (15/07/2014)
In Marine Terminals Limited v Dublin City Council  IEHC 294, the High Court considered the nature and extent of a stay on a decision by Dublin City Council (DCC), made under section 5 of the Planning and Development Act 2000 (the PDA 2000), that a development was unauthorized and not exempted development.
- Whistleblowing Legislation commences (15/07/2014)
The long awaited Protected Disclosures Act 2014 (the Act) comes into effect today.
- Competition and Consumer Protection Bill 2014 – Significant changes coming in the Grocery Goods Sector (15/07/2014)
The Competition and Consumer Protection Bill 2014 may be enacted as early as, this month, July 2014. The Bill gives power to the Minister for Jobs, Enterprise and Innovation to issue Regulations to control certain practices amongst grocery goods undertakings.
- New Food Information Rules to apply from December 2014 (15/07/2014)
Regulation 1169/2011, which modernises the current Food Information/Labelling system, will apply industry wide from 13 December 2014 (with some exceptions, notably the requirements for a mandatory nutrition declaration which will apply from the 13th December 2016).
- Supreme Court Ruling on Registered Employment Agreements (REAs) - The Impact on Retailers and Farm Workers (15/07/2014)
In 2013 the Supreme Court issued an important judgment which struck down as unconstitutional Registered Employment Agreements (REAs).
- Proposed ban on sponsorship of major sports events by alcohol companies kicked to touch (15/07/2014)
The much debated ban on sponsorship of major sporting events by alcohol companies will not form part of the government's upcoming legislation, known as the Public Health (Alcohol) Bill.
- Registration of Lobbying Bill 2014: a summary (08/07/2014)
The Irish Government last month published the long anticipated Registration of Lobbying Bill which is aimed at providing transparency to the general public in relation to lobbying activities.
- European Court rules on rights of deceased worker's estate to their annual leave entitlements (08/07/2014)
A recent decision of the Court of Justice of the European Union (CJEU) has further elaborated upon the parameters of the Working Time Directive (2003/88 EC). The court has ruled that where a worker has accrued but untaken statutory leave entitlement at the time of their death, then their estate will be entitled to a payment in lieu in respect of the untaken leave.
- High Court rules on legality of After the Event (ATE) Legal Costs Insurance (08/07/2014)
A recent judgment in the Irish High Court, Greenclean Waste Management Ltd -v- Leahy p/a Maurice Leahy & Co Solicitors (No. 2), considered the legality of "after the event"/ATE legal costs in Ireland in the context of the tort of champerty and other public policy considerations.
- Tracker, Financial Services Regulation & Compliance - Banking (03/07/2014)
Oireachtas – Enactment of the Central Bank Act 2014, European Commission – Publication of FAQs on Delegated Regulation on criteria to identify material risk takers for CRD IV remuneration purposes, EBA – Publication of final draft technical standards on the minimum monetary amount of the professional indemnity insurance, Publication consultation paper contributions of credit institutions to resolution financing arrangements under BRRD, SRM Regulation,
- Tracker, Financial Services Regulation & Compliance - Insurance (03/07/2014)
Solvency II newsletter, Insurance Ireland welcomes Central Bank Macro Financial Review, EIOPA – updates/progress regarding Solvency II guidelines, IMD 2 second compromise proposal text published, EIOPA update on Solvency II reporting formats, PRA publishes letters to insurers regarding Solvency II, PRA insurance supervision, Insurance Fraud Bureau strategic direction, Competition and Markets Authority, private motor insurance, FCA finalised guidance on annuity comparison websites, EIOPA 2014 stress test updates, PRA consultation paper on subordinated guarantees and capital quality for insurers, PRA consultation paper on subordinated guarantees and capital quality for insurers, PRA consultation on valuation risk for insurers
- Tracker, Financial Services Regulation & Compliance - Investment Firms (03/07/2014)
Central Bank – Second Consultation on Additional Consumer Protection Requirements for Debt Management Firms, Central Bank – Consultation on possible exemption from capital buffers for SME investment firms from CRD IV/CRR
- Tracker, Financial Services Regulation & Compliance - Funds (03/07/2014)
Central Bank – AIFMD Reporting, FATCA, Central Bank list of Authorised and Registered Alternative Investment Fund Managers , European and International Developments, AIFMD,
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (03/07/2014)
Central Bank – Publication of Consumer Notice on Crowdfunding, Central Bank Publication of Macro-Financial Review (No.1 of 2014), European and International Developments, Council of EU – Agreement on general approach on MLD4 and revised Wire Transfer Regulation, Official Journal of the EU – Publication of MAD II
- MBOs – Making a welcome return (03/07/2014)
Management buyouts (MBOs) and management buy-ins have been relatively thin on the ground over the last few years due to the economic recession in 2008 and the resulting lack of available credit.
- Outsourcing: Achieving the right balance in your contract (02/07/2014)
As outsourcing continues to be a popular choice for both the public and private sectors in Northern Ireland as a means of reducing cost and improving service, it is important to ensure the underlying contract strikes the right balance between the often competing demands of the customer and supplier.
- Dragging shareholders to an early exit (02/07/2014)
As Northern Ireland comes out of recession we expect that those company exits which have been placed on hold will now begin to come to market. One of the main issues for any group of shareholders looking to sell their business is how to deliver 100% of the company's shares to a buyer where there are a large number of minority interests.
- Practical Steps to Reduce Risk: Managing Flexible Working Requests (02/07/2014)
In GB the law on eligibility to request flexible arrangements was extended on 30 June 2014 to cover all employees' who have completed 26 weeks' service. Employees will no longer have to have responsibility as a parent for children under the age of 16 and/or as a carer for an adult over the age of 18.
- How will the Scottish Independence Vote affect your business? (01/07/2014)
With the vote to determine whether Scotland should remain as part of the United Kingdom looming, we take a look at what the result could mean for businesses in Northern Ireland.
- Restructuring & Insolvency Bulletin: Circuit Court open for (Examinership) business (01/07/2014)
That part of the Companies (Miscellaneous Provisions) Act 2013 which allows small private companies to apply directly to the Circuit Court to have an examiner appointed shall come into operation on 14 July next and the Circuit Court Rules have been amended to facilitate this process.
- Central Bank discussion paper on risk appetite (01/07/2014)
The Central Bank of Ireland (Central Bank) issued a discussion paper on risk appetite on 20 June 2014.
- High Court grants declaration that Wicklow chalet is 'an unauthorised development' (01/07/2014)
In Wicklow County Council v Fortune (No.4)  IEHC 267 (Hogan J., 6 May 2014), the High Court, in the fourth judgment concerning the lawfulness of certain structures erected on private lands in County Wicklow without planning permission, granted an order of declaratory relief to the effect that the chalet constructed and operating as a private dwelling is "an unauthorised development".
- North Lotts and Grand Canal Dock Planning Scheme Strategic Development Zone (SDZ) (30/06/2014)
On 18 December 2012, the Government designated the North Lotts and Grand Canal Dock areas of Dublin city a Strategic Development Zone (SDZ) pursuant to its powers under the Planning and Development Act 2000 (the 2000 Act). This was the first step in establishing a new framework to facilitate development in these areas. It will replace the regime overseen by the soon to be dissolved Dublin Docklands Development Authority (DDDA).
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (30/06/2014)
Some approaching deadlines, FATCA, Central Bank list of Authorised and Registered Alternative Investment Fund Managers, Central Bank discussion paper on risk appetite
- The Front Page, Asset Management & Investment Funds: EU & International Developments (30/06/2014)
AIFMD, MiFID II, MAD, The Fourth Anti Money Laundering Directive and Wire Transfer Regulation, EMIR, ESMA speechces and the Central Bank of Ireland
- Irish High Court refers Facebook Privacy Case to European Court (24/06/2014)
The High Court, in Schrems v Data Protection Commissioner, 18 June 2014, has referred questions arising to the Court of Justice of the European Union (the CJEU). Judge Hogan has adjourned the High Court proceedings pending the reference to the CJEU.
- Irish High Court refers matter to arbitration despite multiplicity of actions (24/06/2014)
In Franmer Developments Ltd v L&M Keating Ltd and others  IEHC 295, the Irish High Court considered whether it should stay court proceedings pending arbitration where there was an arbitration agreement between the plaintiff and only one of the five defendants.
- Are damages an adequate remedy for breach of contract where the contract contains a clause limiting the amount of damages (24/06/2014)
The English Court of Appeal has held that a claimant seeking an injunction to prevent an alleged wrongful termination of a contract was entitled to argue that damages could not be an adequate remedy for a breach of contract because recoverable damages were limited by a clause in that contract.
- Age discrimination update (24/06/2014)
The Equality Tribunal (the Tribunal) has awarded €12,000 in compensation to a former driver after finding he was discriminatorily dismissed on the grounds of age after he was forced to retire.
- Companies Bill 2012 completes Committee State in the Seanad (18/06/2014)
The Seanad Committee Stage of the Companies Bill commenced yesterday afternoon, 17 June, and was completed yesterday evening.
- Recent Developments in Corporate Governance - June 2014 (17/06/2014)
This is a round up of all corporate governance developments for June 2014.
- Guidance on assessing an account of profits for passing off (17/06/2014)
In McCambridge Ltd v Joseph Brennan Bakeries the High Court considered the correct approach to assessing an account of profits for passing off.
- Court clarifies approach to applicability of the special costs rule in environmental cases (17/06/2014)
In CLM Properties Ltd v Greenstar Holdings Ltd & Ors  IEHC 178, the High Court exercised its jurisdiction under Order 99 of the Rules of the Superior Courts and made an order in favour of the third named defendant for the costs of the preliminary issue relating to use of waste charges for landfill sites.
- Professional negligence – the duty of accountants to advise on specialist tax schemes (17/06/2014)
The Court of Appeal in England has held that the duty of an accountant to a client is limited to the terms of their engagement letter and to the services that they have been retained to supply to the client.
- The changes to UK Immigration Rules that 'just might' assist your business (16/06/2014)
In December 2013 David Cameron announced a new visa route for IT workers in the UK. As of April 2014, the Tier 1 (Exceptional Talent) visa stream would be amended to allow some IT workers of exceptional talent to apply for UK visas.
- Consumer Rights Regulations come into operation (10/06/2014)
The European Union (Consumer Information, Cancellation and other Rights) Regulations 2013 (SI No. 484 of 2013) (the Regulations) which were published in 2013, will come into operation this Friday 13 June 2014 and apply to contracts concluded after that date.
- CJEU Rules no copyright licence required for internet browsing (10/06/2014)
The Court of Justice of the European Union (CJEU) has delivered its long-awaited judgment in Public Relations Consultants Association Ltd (PRCA) v Newspaper Licensing Agency Ltd (NLA) and Others, Case C-360/13. The CJEU confirmed that internet browsing (without downloading or printing) does not require a copyright licence, as it falls within the temporary copying exemption under Article 5(1) of the Copyright Directive (2001/29/EC).
- Developing Mobile Apps: How to be privacy savvy (10/06/2014)
This article discusses the privacy risks associated with mobile apps, and the key issues which app developers should consider during the development cycle in order to comply with data protection law and protect users' privacy.
- CASE OF THE MONTH Doherty v Donohoe and Ors 2014 IEHC 187 (10/06/2014)
Court Refuses Restriction Orders for Directors who Relied on Professional Legal Advice In Doherty v Donohoe & Ors  IEHC 187, the High Court refused to make an order under section 150 of the Companies Act 1990 in respect of three directors who relied on professional legal advice, in regard to a company reorganisation which the liquidator believed was in breach of the relevant legislation.
- Recent Developments in the Domestic and European Banking Sector for May 2014 (03/06/2014)
This article highlights the main developments for May 2014 in the domestic and European banking sector.
- European Commission clears the sale of Telefonica’s O2 Ireland to Hutchison Whampoa (03/06/2014)
Last Wednesday, 28 May, saw the European Commission approve the sale by Spain’s Telefonica of its O2 Ireland mobile phone operation to Hong Kong’s Hutchison Whampoa.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (30/05/2014)
Some Approaching deadlines; Central Bank AIFMD Q&A- ninth edition; Q&A 1054 – unregulated master funds; Q&A 1071 - old derogations fall away; Central Bank UCITS Q&A-second edition; CRD IV and CRR; Central Bank Markets Update; FATCA
- The Front Page, Asset Management & Investment Funds: EU & International Developments (30/05/2014)
EMIR; MiFID II and MiFIR; Directive on freezing and confiscation of proceeds of crime in EU; FATF standards on beneficial ownership of companies and other legal arrangements; The Fourth Money Laundering Directive and Wire Transfer Regulation; European Long-Term Investment Funds; Crowdfunding; ESMA second risk dashboard for 2014; OECD report on best practice principles for regulatory policy on regulatory enforcement and inspections; Proposals for best practices for T2S markets' migration to T+2; ESMA Board of Supervisors; Omnibus II; The Statutory Audit Directive
- Tracker, Financial Services Regulation & Compliance - Banking (30/05/2014)
CB Implementation Notice on Competent Authority National Discretions re Transposition of CRD IV and "Information on Bank Charges Approval Process"; Department of Finance Annual Review 2013; ESMA Consultation Process on MiFID Reforms; FSB Thematic Peer Review Report on Reducing Reliance on Credit Rating Agency; European Parliament Main Elements of the Banking Union; SSM Quarterly Report; Consultation on Draft Regulatory Technical Standards to Specify Treatment of Equity Exposures; EBA Risk Dashboard for the EU Banking Sector, Revised List of Incorrect Validation Rules and 2013 Annual Report; European Systemic Risk Board responds to Call for Advice on Macro Prudential Rules in the CRD/CRR
- Tracker, Financial Services Regulation & Compliance - Insurance (30/05/2014)
CB reserving requirements for non-life insurers; update on PII themed review; Omnibus II comes into force; IMD 2 compromise proposal text published; EIOPA launches 2014 stress test; Timing announced for EIOPA's first set of Solvency II guidelines; Bank of England's governor – insurer-focused comments; EIOPA 'comply or explain' guidelines on complaints-handling for insurance intermediary, financial stability report for the first half of 2014; UK FOS insurance focuses in annual review; FCA findings of review of household and retail travel insurance claims handling; IAIS May 2014 Newsletter; FCA findings regarding conflicts and remuneration for commercial insurance intermediaries; EIOPA discussion paper; ABI updates guidelines to good practice for unit-linked funds; PRA presentation slides on internal models; IAIS launches self-assessment and peer review.
- Tracker, Financial Services Regulation & Compliance - Funds (30/05/2014)
Central Bank AIFMD Q&A- ninth edition; Central Bank UCITS Q&A-second edition; European Long-Term Investment Funds.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (30/05/2014)
CB FAQ on Prospectus Regulation, Prospectus Handbook; ESMA Letter to European Commission on Frontloading Requirement; BIS/Basel Committee FAQs on Basel III Monitoring; ESMA Appoints New CRA based in Poland, SMSG 2014 Work Programme, Discussion Paper on MiFID II/MiFIR, Q&A, Position Paper on Crowdfunding, Report on the Activities of the IFRS Enforcers in Europe in 2013 ; European Commission Report on the Feasibility of a Network of Smaller Credit Rating Agencies; Omnibus II Directive.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (30/05/2014)
CB Markets Update – Issue 3 of 2014 and Intermediary Times; Annual Report from the Data Protection Commissioner 2013; European Commission issues Press Release on Financial Regulation; ISDA/FIA European Cleared Derivatives Execution Agreement Published.
- High Court declines to lift automatic suspension in groundbreaking judgment (30/05/2014)
The Irish High Court today declined to lift the automatic suspension of the award of a contract by the Dublin Airport Authority (DAA) for site services at Dublin Airport. The DAA was precluded from concluding the contract following the initiation by an unsuccessful tenderer, OCS, of High Court proceedings seeking review of the DAA's contract award decision.
- Legislation Watch (28/05/2014)
There are many key legislative changes on the way in the employment law area that will impact on how employers manage their business.
- Bullying - Recent bullying and harassment cases before the High Court (28/05/2014)
The High Court recently issued 2 important judgments on the topic of bullying in the workplace. The first case was successful and the second failed. It is interesting to look at both these cases in more detail to see the reasoning applied to the thorny issue of workplace bullying.
- Performance Management - EAT awards €110K for underperforming employee (28/05/2014)
In a recent Employment Appeals Tribunal (EAT) case, a claimant was awarded €110,000 for unfair dismissal after her employer accelerated the disciplinary process against her, believing she was persistently underperforming.
- Confidential Information - Taking confidential information with you - the legal issues (28/05/2014)
The prolific growth in the use of social media has resulted in an increasing tension between employers and employees over social media account ownership.
- Changes to the Irish merger control regime under the Competition and Consumer Protection Bill 2014 (27/05/2014)
The Competition and Consumer Protection Bill 2014 was published by the Minister for Jobs, Enterprise and Innovation on 31 March 2014.
- Supreme Court remits illegal dumping case to High Court (27/05/2014)
In Laois County Council v Hanrahan IESC 34, the Supreme Court heard an appeal against the High Court decision, to have the appellant held in contempt for failing to adhere to an order directing him to clean up an illegal dump site on his lands.
- Working party publishes Opinion on Data Anonymisation Techniques (27/05/2014)
The EU's Article 29 Working Party has adopted an Opinion on Anonymisation Techniques (Opinion 05/2014).
- Consultation by DJEI on proposed amending Directive on Shareholders' Rights (27/05/2014)
The DJEI has launched a consultation on the European Commission's proposal to amend Directive 2007/36/EC on shareholder rights.
- 'All Sums' Guarantees - under the spotlight again (27/05/2014)
The case concerns Michael and Mary Hoare, a married couple from Galway who were involved in the purchasing and renovating of student accommodation.
- Government announces Reform of Industrial Relations Legislation (20/05/2014)
The Government recently announced plans to reform the Industrial Relations Act 2001. It marks part of the Government's commitment to reform this area as outlined in their Programme for Government so as to ensure compliance by the State with recent judgments of the European Court of Human Rights.
- Is a customer who borrows to invest a consumer? – an update (20/05/2014)
Doubt has been cast on the recent approach of the High Court in Ulster Bank Ireland Limited v Healy  IEHC 96, by a contrary approach taken in the case of ACC Bank v Quinn, High Court, White Michael J, 25 March 2014.
- Annual Report of the Data Protection Commissioner 2013 (20/05/2014)
The Annual Report of the Irish Data Protection Commissioner has been published. It reveals a few interesting trends in both the approach of the Irish regulator and the level of activity in the data protection space in Ireland.
- CASE OF THE MONTH: Irish High Court allows litigation to proceed despite arbitration clause in contract (13/05/2014)
In Creedon Construction Limited v Kenny & Anor  IEHC 188, the Irish High Court considered an application for summary judgment in circumstances where the relevant building contract contained an arbitration clause.
- High Court rules no restriction on use of waste charges (13/05/2014)
In two sets of proceedings, Environmental Protection Agency v Greenstar Holdings Ltd & ors; CLM Properties Limited v Greenstar Holdings Ltd & ors  IEHC 178, the High Court decided the following preliminary issue.
- Corporate Governance Update May 2014 (13/05/2014)
This article contains a round-up of some of the recent developments in corporate governance.
- Key Advice to Public Authorities in many State Aid Matters: Ask “What would the Private Sector Do in this Scenario?” (08/05/2014)
On 7 May 2014, the European Commission approved, under the EU State aid rules, a series of measures by the Dublin local authorities to participate in the “Waste-to-Energy” project in Poolbeg in Dublin.
- Recent Developments in the Domestic and European Banking Sector - April 2014 (06/05/2014)
This article highlights the main developments for April 2014 in the domestic and European banking sector.
- Is there waiver of privilege in voluntary disclosure of privileged documents to a regulatory authority? (06/05/2014)
The differing approaches of the US and Irish courts.
- General Scheme of Climate Action and Low-Carbon Development Bill 2014 (06/05/2014)
The government has published the General Scheme of the Climate Action and Low-Carbon Development Bill 2014. The full Bill is expected to be published before the summer, and become law by the end of the year.
- Tracker, Financial Services Regulation & Compliance - Banking (01/05/2014)
CBI publish FAQ to revised Corporate Governance Code and Quarterly Bulletin Q2 2014; Update on CRD IV Transposition/Implementation; Presentation by Deputy Governor (Financing Regulation) Cyril Roux to the Deloitte Future of Prudential Regulation Briefing; Final draft regulatory technical standards on prudent valuation; EP issues Guide to New Rules on Banking Union; Final Standard for Measuring and Controlling Large Exposures published by the Basel Committee; EBF issues Statement about the Approval of the new Single Resolution Mechanism; Basel Committee Progress Report on Implementation of the Regulatory Framework; Bank BIS Releases FAQ; ECB issues Rules of Procedure; External Audit of Banks
- Tracker, Financial Services Regulation & Compliance - Insurance (01/05/2014)
CBI publish FAQ to revised Corporate Governance Code and makes FLAOR Report upload facility available; PwC launches report on the future of insurance in Ireland; Address by Deputy Governor of the Central Bank; Council approves Omnibus II; EIOPA Solvency II activity and article on infrastructure project debt and equity; European Commission agenda and timetable for 2014; Progress on PRIIPs Regulation; FOS note on approach in motor insurance cases; FCA reports on initial findings of thematic review on claims handling and publishes business plan for 2014/2015; EIOPA chairman speech on the path to a true single market; EIOPA articles on capital requirements and standards; Key provisions of the UK Mesothelioma Act 2014 brought into force; Guidance on new UK FATCA requirements; UK consultation - actuaries in key functions under Solvency II; FCA and PRA statements on mutuality and with-profits funds; issues guidance on pension reforms; PRA publications regarding technical provisions and internals models, views on capital extractions from run-off insurers and approach to insurer schemes of arrangement.
- Tracker, Financial Services Regulation & Compliance - Funds (01/05/2014)
AIFMD reporting date matrix; Feedback on Consultation Paper CP 68; UCITS V Directive; AIFMD; ESMA Q&A on application of EuSEF and EuVECA Regulations; ELTIFs.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (01/05/2014)
Addendum to Minimum Competency Code 2011; ESMA Opinion on Structured Retail Products; European Commission welcomes Parliament vote on updated rules for Markets in Financial Instruments (MiFID II) Directive; Trade Repositories Supervision Work Plan.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (01/05/2014)
CBI Annual Performance Statement 2013-2014, Annual Report and Interim Solution for unavailable PCF Returns; Speech by the Director of Consumer Protection; Joint Consultation on draft Regulatory Technical Standards on Over-the-Counter Derivatives Published; Capital Adequacy Requirements for Financial Conglomerates; European Supervisory Authorities publish Bi-Annual Report; ICMA publishes draft GMRA FATCA language; Joint Committee of ESAs consult on draft RTS on Risk Mitigation Techniques for OTC derivative contracts not cleared by CCP under EMIR; European Commission consults on FX financial instruments; UK Government welcomes measures from the European Parliament which seek to improve the transparency of companies' non-financial reporting; EU Commission Working Document on Free Movement of Capital; Final Standard on the Treatment of Derivatives-related Transactions in Adequacy Framework Published; EU Commission Memorandum on EU response to the Financial Crisis; European Parliament and Council back Commission's proposal on a Key Information Document covering Retail Investments; Progress on PRIIPs Regulation.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (30/04/2014)
On the Domestic Front we look at deadlines, AIFMD reporting date matrix, Feedback on Consultation Paper CP 68 and FATCA.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (30/04/2014)
On the International Front we look at AIFMD, UCITS V, structured retail product governance, European Social Entrepreneurship Funds, European Venture Capital Funds, PRIPs KID Regulation, CSD Regulation, MiFID II and MiFIR, MAD II, Omnibus II and European Long-Term Investment Funds.
- The EU’s Proposed Antitrust/Competition Damages Directive draws nearer with European Parliament approval in the bag (29/04/2014)
Businesses and consumers who suffer loss because of the anti-competitive conduct of others are entitled, under EU law, to recover damages to compensate them for their loss. Unfortunately, the reality is that businesses and consumers often find it difficult to recover damages because of diverse and undeveloped national laws across the 28 Member States.
- CJEU rules that the Data Retention Directive is invalid (29/04/2014)
The Court of Justice of the European Union (CJEU) has ruled that the Data Retention Directive 2006/24/EC (Directive) is invalid.
- Employment Permits (Amendment) Bill 2014 published (29/04/2014)
The Government recently published the long awaited Employment Permits (Amendment) Bill. The Bill is designed to consolidate the existing legislation (The Employment Permits Act 2003 and 2006).
- High Court finds Bookmaker's Pitch Rules legally enforceable and not anti-competitive (28/04/2014)
The High Court in Hyland v Dundalk Racing (1999) Limited t/a Dundalk Stadium  IEHC 60 recently gave an interesting and detailed decision which dealt with issues such as the enforceability of Bookmaker's Pitch Rules (the "Rules"), whether such Rules were anti-competitive, whether a re-developed Racecourse was a new Racecourse within the meaning of those Rules, whether protests outside the Racecourse were legal and whether a trade boycott of bookmakers existed which restricted competition.
- High Court finds Turf Club amenable to Judicial Review (28/04/2014)
A recent judgment of the High Court has considered the status of the Turf Club in Irish law.
- Procurement Bulletin: Replacement of Circular 10/10 (24/04/2014)
The Department of Public Expenditure and Reform has published Circular 10/14 which contains initiatives aimed at facilitating SME access to public contracts. Circular 10/14 replaces the existing Circular 10/10 and is intended to strengthen and update the measures contained in Circular 10/10.
- Aircraft Finance Bulletin: Ireland set to optimise implementation of the Cape Town Convention by adopting Alternative A (17/04/2014)
The Irish Minister for Transport, Tourism and Sport and the Minister for Jobs, Enterprise and Innovation have jointly announced approval and publication of the State Airports (Shannon Group) Bill 2014.
- High Court decision demonstrates the rigorous proofs required in banks enforcement claims (15/04/2014)
A recent High Court decision, Ulster Bank v Dermody illustrates the strict proofs which Courts require banks to satisfy in enforcement actions.
- Age discrimination and compulsory retirement update (15/04/2014)
The issue of compulsory retirement continues to remain firmly in the spotlight.
- Ireland welcomes EU VAT changes (11/04/2014)
A new VAT regime is due to operate with effect from 1 January 2015 in relation to the provision of telecommunications, broadcasting and electronically supplied services to non-business consumers located in the EU.
- Irish High Court clarifies duration of litigation privilege (08/04/2014)
The Irish High Court has held that the concept of "once privilege always privileged" only applies to claims of privilege based on legal advice privilege, and not to litigation privilege.
- Irish High Court refuses jurisdiction in an application for recognition and enforcement of an ICC arbitral award (08/04/2014)
In Yukos Capital SARL v OAO Tomskneft VNK  IEHC 115, the Irish High Court refused jurisdiction in an application for recognition and enforcement of an ICC arbitral award.
- Is Big Brother watching you? – CCTV surveillance at work (08/04/2014)
This article examines some of the issues which employers should consider before installing a CCTV system, in order to ensure compliance with the Data Protections Acts 1988 and 2003.
- Corporate Governance Update - April 2014 (08/04/2014)
This article contains a round-up of some of the recent developments in corporate governance.
- Irish Tax Bulletin – Spring 2014 (08/04/2014)
This briefing outlines some of the Irish tax developments that have occurred in the first quarter of 2014.
- Companies Bill 2012 completes report and final stages in the Dáil - next stop, the Seanad (03/04/2014)
The Report Stage of the Companies Bill, which commenced in the Dáil on 25 March and which adjourned shortly afterwards, was completed yesterday, 2 April 2014, when all of the remaining amendments tabled by the Department of Jobs, Enterprise and Innovation were agreed to.
- Proposed revisions to Wind Energy Development Guidelines 2006 (03/04/2014)
In June 2006, the then Department of Environment, Heritage and Local Government Published Wind Energy Development Guidelines for Planning Authorities (the Guidelines) under Section 28 of the Planning and Development Act, 2000. The Department of Environment, Community and Local Government is currently conducting a targeted review of the Guidelines in relation solely to three potential impacts: noise, setback distances and shadow flicker.
- Recent Developments in the Domestic and European Banking Sector for March 2014 (01/04/2014)
This article highlights the main developments for March 2014 in the domestic and European banking sector.
- European Parliament approve draft EU Data Protection Regulation (01/04/2014)
On 12 March 2014, the European Parliament voted in favour of the revised draft EU Data Protection Regulation. To become law the proposed Regulation must be adopted by the EU Council using the "ordinary legislative procedure". The EU Council is due to meet in June 2014.
- Procurement Reform: Publication of the new Procurement Directives (01/04/2014)
On 28th March 2014, the following new procurement directives were published in the Official Journal of the European Union.
- CASE OF THE MONTH: Leopardstown Club Ltd v Templeville Developments Ltd and Philip Smyth  IEHC 526 (01/04/2014)
When is a Breach of Contract Serious Enough to Warrant Repudiation? In the recent case of Leopardstown Club Ltd v Templeville Developments Ltd and Philip Smyth  IEHC 526, Charleton J. at the High Court dealt with a key practical issue in relation to termination of a contract, namely, how serious must a breach of contract be to warrant repudiation?
- The Front Page: Asset Management & Investment Fund: EU and International Developments March Bulletin (31/03/2014)
On the International Front we look at ESMA Q&A on AIFMD, types of AIFMs, UCITS V, UCITS diversification of collateral, UCITS using financial indices, EMIR, T2S, data protection and the ESMA risk dashboard.
- New Irish Competition and Consumer Law proposed (31/03/2014)
On 31 March 2014, Ireland published a bill to amend Irish competition and consumer laws. The Competition and Consumer Protection Bill 2014 is a highly technical 96-page measure. The Bill is likely to enter into force later this year.
- The Front Page: Asset Management & Investment Fund: Irish Practice Developments March Bulletin (31/03/2014)
On the Domestic Front we look at deadlines, updated Central Bank AIFMD Q&A, Guidance on AIFM Reporting Dates, Consultation on Depositary Lite Functions, transactions with connected parties, MMIF return, and Central Bank requirements in relation to transactions with connected parties.
- Tracker, Financial Services Regulation & Compliance - Banking (28/03/2014)
Central Bank – Consultation Paper on Calculation of Liquidity Coverage Ratio for Interim Observation Period and announcement of Appointment of Director of Credit Institutions, EC– Communication to European Parliament on Proposed Directive Recasting the Deposit Guarantee Schemes Directive, ECB – Publication of Decision Identifying The Credit Institutions Subject to Comprehensive Assessment, EBA – Publication of Fifth Report of Basel III Monitoring Exercise on the European Banking System and Report on impact of differences in leverage ratio definitions, BIS – Recent Speeches on the Changing Role of Central Banks and the Rise of Global Protectionism, EBF – Recent Responses to Consultations and Discussion Papers, ECB – Publication of Manual on AQR, EC – Publication of Delegated Regulations
- Tracker, Financial Services Regulation & Compliance - Funds (28/03/2014)
Central Bank - Updated AIFMD Q&A, Guidance on AIFM Reporting Dates, Consultation on Depositary Lite Functions and Guidance related to AIFs and their service providers (Investment managers and Investment advisers); Resident MMIF return; Central Bank Requirements in Relation to Transactions with Connected Parties; AIFMD; UCITS V and UCITS Collateral and Financial Indices.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (28/03/2014)
Central Bank – Acquiring Transaction Notification Form; ESMA - Publications – "Improved Securities Market Conditions, Although Risks Remain Elevated"; IOSCO Consultation Report – A Comparison and Analysis of Prudential Standards in the Securities Sector; ESMA – Updates List of CCPs in Non-EEA Countries, Updates Q&A on Implementation of EMIR, Discussion Paper on Draft Technical Standards for the Regulation on Improving Securities Settlement in the European Union and on CSD, Consultation Paper on Draft Regulatory Standards on Major Shareholdings and Opinion on Good Practices for Structured Retail Products.
- Tracker, Financial Services Regulation & Compliance - Insurance (28/03/2014)
Insurance focuses in FSO bi-annual review; Central Bank reports on PPI review; Insurance Ireland comments on proposed non-life insurance levy and signs MOU; Parliament vote on Omnibus II; EIOPA updates Q&As on Solvency II guidelines; Treatment of people with convictions and related offences – ABI good practice guide; UK FOS complaints data for second half of 2013 – insurance focuses; GI add-ons in the spotlight in the UK; ABI commits to investment in tackling insurance fraud; and Solvency II focus by PRA - consultation on GI technical provisions and internal models.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (28/03/2014)
Central Bank Publishes Consultation Paper on Handling of Protected Disclosures; The Whistleblower Desk; Handling of Complaints and Business as Usual Disclosures; Feedback to the Whistleblower; Disclosures by Persons Holding Pre-Approval Controlled Function Roles; Central Bank – The Markets Update – Issue 2; Department of Finance – Consultation Paper on the Stabilisation of Credit Unions; ESA's – Public Consultation on Draft Guidelines on Convergence of Practices for Financial Conglomerates; EC – New Standards Adopted to Increase Transparency over Bankers' Pay and Risk Profiles and European Parliament – Plans to Further Tighten Anti-Money Laundering Rules.
- Companies Bill 2012 Report Stage - Update (26/03/2014)
The Report Stage of the Companies Bill commenced in the Dail yesterday, 25 March at 6.25 pm and adjourned just over an hour later.
- Continuing misrepresentations can be acted upon by the ultimate contracting party (25/03/2014)
In Cramaso LLP v Ogilvie-Grant  UKSC 9, the UK Supreme Court held that a negligent misrepresentation is capable of having a continuing effect up until the time when the contract is concluded, where the person to whom the representation is addressed becomes the agent of the person by whom the contract is concluded.
- UK Court of Appeal rules on scope of Registered Community Design Rights (25/03/2014)
The UK Court of Appeal has issued a significant judgment on the scope of protection afforded by Registered Community Designs in Magmatic Ltd v PMS International Ltd.
- Companies Bill set for Report Stage (25/03/2014)
The Companies Bill is currently set to reach the report Stage in the Dail this evening (25 March) and to finish this stage tomorrow, 26 March.
- Central Bank publishes Consultation Paper on Handling of Protected Disclosures (25/03/2014)
The Central Bank has published a Consultation Paper on the Handling of Protected Disclosures.
- Asset Management & Investment Funds Bulletin: UCITS Collateral and Financial Indices (24/03/2014)
Some good news for fund managers, ESMA has decided to revise its rules and allow all UCITS to receive all collateral in the form of transferable securities or money market instrument issued or guaranteed by a Member State, one or more of its local authorities, third countries or certain public international bodies.
- Supreme Court throws doubt on full recourse for co-borrowers (18/03/2014)
Lenders seeking to rely on full recourse loan agreements may face difficulties in relation to co-borrowers following the decision of the Supreme Court in Whelan v AIB.
- Is a bank customer who borrows to invest in property a consumer? (18/03/2014)
Many financial institutions have traditionally treated the smaller, yet sophisticated, borrower/investor as a commercial customer rather than a consumer which meant that the provisions of the Consumer Credit Act 1995 did not apply to that customer.
- The European Central Bank has identified the credit institutions subject to comprehensive assessment (18/03/2014)
The ECB has published its decision on the credit institutions that will be subject to comprehensive assessment by the ECB. The relevant credit institutions are listed in the Annex to the decision.
- EU Funding Opportunities for R&D on the Horizon (14/03/2014)
Horizon 2020 is the new EU Framework Programme offering more than €70bn funding for Research and Innovation initiatives over the period 2014 to 2020 and covering every stage of the innovation process from research to market uptake. Ivan Waide and Kate Keith, IP & Technology lawyers at A&L Goodbody, take a closer look at the programme, including opportunities available to Northern Ireland businesses and research organisations.
- Imminent changes to the consumer credit licencing regime (14/03/2014)
The transfer of consumer credit regulation from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) is nearly upon us. There are significant advantages to existing OFT licence holders in applying to the FCA for "interim permission".
- Dysfunctional Boards: Shareholder Activism (14/03/2014)
As the green shoots of the Northern Irish economy continue to grow and are reinforced by positive economic data, shareholders are subjecting decisions taken by boards of directors to greater scrutiny and are becoming increasingly active in seeking to address any issues at board level which could restrict a business from taking full advantage of the improving economic environment.
- Arbitration award remitted due to arbitrator's failure to consider evidence (11/03/2014)
In Fayleigh Ltd v Plazaway Ltd Trading as Hotel Partners and Francis Murphy  IEHC 52, the High Court considered whether an award should be remitted back to the arbitrator.
- Corporate Governance Update - March 2014 (11/03/2014)
This article contains a round-up of some of the recent developments in corporate governance.
- Asset Management & Investment Funds Bulletin: Central Bank Market Update (10/03/2014)
Central Bank Market Update with Updated AIFMD Q&A, Guidance on AIFM Reporting Dates, Consultation on Depositary Lite Functions and MMIF returns.
- Competition in the Irish Ports Sector (09/03/2014)
The Irish Competition Authority has a legislative power to conduct studies on competition issues. It may conduct such studies either at its own initiative or at the request of a relevant Government Minister.
- New Accounting Directive: Consultation opens on Ireland's Implementation Options (04/03/2014)
The Department of Jobs, Enterprise and Innovation (the DJEI) has launched a consultation in which it seeks feedback on various implementation options open to Member States under the new accounting Directive, Directive 2013/34/EU (the Directive) on annual financial statements, consolidated financial statements and related reports.
- CASE OF THE MONTH: Smith & Anor v Financial Services Ombudsman & Anor  IEHC 40 (04/03/2014)
The High Court, in a decision handed down on 4 February last – Smith & anor v Financial Services Ombudsman & anor  IEHC 40, considered the circumstances where the Financial Services Ombudsman (the FSO) should hold an oral hearing into a complaint before it.
- Recent Developments in the Domestic and European Banking Sector for February 2014 (04/03/2014)
This article highlights the main developments for February 2014 in the domestic and European banking sector.
- European Commission publishes Recommendation on Common Provisions for Collective Redress (03/03/2014)
This article, written by Vincent Power, was published in Issue 3 of the ICCLR. It dicusses the European Commission's Recommendation on Common Provisions for Collective Redress.
- Does every cloud have a silver lining? - Weather and Construction Contracts (28/02/2014)
2014 has already seen its fair share of exceptional weather conditions. The newspapers have been awash with stories of floods, strong winds and heavy rain in the United Kingdom and Ireland; while a blast of Arctic air brought record-breaking low temperatures to North America.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (28/02/2014)
On the Domestic Front we look at deadlines, Central Bank Q&A on AIFMD, Central Bank Q&A on UCITS, Central Bank Enforcement Priorities, Programme of Central Bank Themed reviews and inspections, EMIR, Central Bank Regulatory Transaction Review (dealing with ONR and F&P) and Revised draft FATCA guidance.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (28/02/2014)
On the International Front we look at the proposed UCITS V, ESMA Q&A on AIFMD, the proposed Fourth Money Laundering Directive, FATF, the proposed Directive on criminal sanctions for insider dealing and market manipulation (CSMAD), an IOSCO report on client assets, MiFID II, ESMA registers, European Venture Capital Funds (EuVECAs), European Social Entrepreneurship (EuSEFs), IOSCO work on Crowd-funding, the proposed Regulation on improving securities settlement and central securities depositaries (CSDs) (CSD Regulation) and the Wire Transfer Regulation.
- Tracker, Financial Services Regulation & Compliance - Banking (28/02/2014)
Central Bank of Ireland Research Technical Paper on Dis-entangling the Mortgage Arrears Crisis; Frequently Asked Questions on Basel III; Banking Structural Reform; Proposal for a Regulation on Resilience of Credit Institutions; The Role of Central Banks in Macro-Economic and Financial Stability; International Monetary Fund Publishes Paper on Shadow Banking; New Appointment to the ECB Supervisory Board; EBA publishes Final Draft Technical Standards on Classes of Instruments used for Variable Remuneration and launches discussion on the impact on the volatility of own funds in the treatment of defined benefit pension plans.
- Tracker, Financial Services Regulation & Compliance - Insurance (28/02/2014)
Central Bank: new IIA change in control form, letter regarding additional information in SAOs, insurance focuses in 2014 themed reviews/inspections programme, insurance enforcement priorities for 2014 and feedback on themed inspection of pension sales; Solvency II newsletter; Insurance Ireland estimates claims cost following floods and storms; Text of IMD2 report published; EIOPA corrections to Solvency II Guidelines, updates Q&As on Solvency II guidelines, report on good practice for insurance comparison websites, Chairman comments on EIOPA's role and key focuses and reports on Member States' implementation of Test-Achats; IAIS publishes responses to BCR consultation; Insurance Europe calls for consistency in IFRS rules and releases 2012 statistics; PRA consults on recognition of deferred tax under Solvency II and feedback on data collection exercises; FCA issues its largest ever retail fine; Progress on Insurance Contracts Bill in the UK and consults on guidance for annuity comparison websites; UK Financial Ombudsman Service comments on internet insurance sales.
- Tracker, Financial Services Regulation & Compliance - Funds (28/02/2014)
Seventh Edition of the Central Bank AIFMD Q&A; First Edition of the Central Bank UCITS Q&A; ESMA Q&A on application of AIFMD.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (28/02/2014)
Central Bank have published a new edition of "Intermediary Times"; European Securities and Markets Authority publishes MiFID Guidelines Compliance Tables; European Council Confirms Compromise Agreement with the European Parliament on Markets in Financial Instruments; ESMA Guidelines on Alternative Performance Measures; EBA publishes Final Draft Technical Standards on own Funds Requirements for Investment Firms; ESMA tells Firms to improve their Selling Practices for Complex Financial Products and provides further Details on Trade Reporting in Updated EMIR Q&A
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (28/02/2014)
Central Bank publishes Programme of Themed Reviews and Inspections for 2014, Enforcement Priorities for 2014, Markets Update and new Regulatory Transaction Review; New authorisation process for TCSPs which are subsidiaries of credit or financial institutions; Short-Selling Infringements published by European Securities and Markets Authority; ESMA Consultation on New CRA Transparency Requirements; European Market Infrastructure Regulation (No. 648/2012); IOSCO Publishes Consultation on Code of Conduct Fundamentals for Credit Rating Agencies and focuses on deeper markets and stronger regulatory capacity to enhance emerging market resilience; Anti-Money Laundering; Euribor makes significant progress with reforms.
- Companies Bill Report Stage scheduled for March 2014 (27/02/2014)
We have just been informed that the next legislative stage of the Companies Bill, known as the Report Stage, is scheduled for March 25, 26 and 27.
- Restructuring & Insolvency Bulletin: Game Changer – The Court of Appeal overturns the Goldacre and Luminar decisions (26/02/2014)
The Court of Appeal delivered judgment on Monday morning in the much anticipated appeal in Jervis & Others v Pillar Denton & Others on the treatment of rent payable under a lease held by a corporate tenant that enters administration. The case involved the Game Administration.
- Tobacco Retailers Bill: a new obligation to register with Local Councils (20/02/2014)
On 18 February 2014 the Northern Ireland Assembly passed the Tobacco Retailers Bill. The Bill will come into force as soon as it receives Royal Assent. The aim of the Bill is to discourage the sale of tobacco to children.
- Unsolicited marketing rules - how to comply (18/02/2014)
This article explains how not to fall short of compliance requirements for carrying out direct marketing.
- UK Court gives guidance on fines for Environmental and Health and Safety offences (18/02/2014)
In the joined cases of R v Sellafield Ltd and R v Network Rail Infrastructure Ltd  EWCA Crim 49, the UK Court of Appeal considered the factors to be taken into account in relation to the level of fines which should be imposed on companies for environmental and health and safety offences.
- Litigation Privilege – A reminder of its scope (18/02/2014)
A recent UK High Court case serves as a reminder of the risks of instructing non-legal advisers in matters that subsequently turn contentious.
- Planning Bulletin NI: Planning reform - 12 week public consultation commences (17/02/2014)
The Department of Environment (DOE) in Northern Ireland is currently undertaking an extensive reform programme of Local Government.
- Restructuring & Insolvency Bulletin: Game changer - The Court of Appeal revisits the Goldacre Decision (17/02/2014)
Last week the Court of Appeal finished hearing the long awaited and much anticipated appeal in Jervis and another v Pillar Denton Limited (Game Station) on the hotly contested issue of whether rent is payable as an administration expense. Depending on the decision of the appeal judges this case may trigger a dramatic shift in the way that rent arising during administration is currently treated.
- Corporate Governance Update - February 2014 (11/02/2014)
This article contains a round-up of some of the recent developments in corporate governance.
- Joint Labour Committee Orders signed (11/02/2014)
The Minister for Jobs, Enterprise and Innovation, Richard Bruton recently signed establishment orders for new Joint Labour Committees.
- CASE OF THE MONTH: In the matter of Fuerta Limited, High Court, 22 January 2014 (11/02/2014)
A recent decision of the High Court has highlighted the interesting area of law that applies when an application is made to wind up a company on the grounds that it is "just and equitable" to do so.
- Financial Services Bulletin: Reporting requirement for derivatives under EMIR to come into force on 12 February (11/02/2014)
From 12 February 2014, all UK companies will be required to report certain information relating to their derivative contracts, whether traded over-the-counter (OTC) or on an exchange, to a registered or recognised trade repository (TR).
- Asset Management & Investment Funds Bulletin: Central Bank of Ireland issues guidance on EMIR (04/02/2014)
Although it has yet to be formally designated as competent authority in respect of Regulation 648/2012 On OTC Derivatives, Central Counterparties and Trade Repositories (EMIR), the Central Bank of Ireland has, in anticipation of its appointment, published an EMIR Q&A setting out its position regarding a number of queries regarding the practical implementation of EMIR.
- Reporting requirement for derivatives under EMIR to come into force on 12 February (04/02/2014)
From 12 February 2014, all Irish companies will be required to report certain information relating to their derivative contracts, whether traded over-the-counter (OTC) or on an exchange, to a registered or recognised trade repository (TR).
- Recent Developments in the Domestic and European Banking Sector for January 2014 (04/02/2014)
This article highlights the main developments for January 2014 in the domestic and European banking sector.
- Tracker, Financial Services Regulation & Compliance - Banking (03/02/2014)
CBI Quarterly Bulletin 1 2014 and Feedback to consultation on CP74 on Competent Authority Discretions and Options in CRDIV and CRR; EBA: Consultation on Significant Credit Risk Transfer for Securitisation Transactions, Publication of Final Draft Technical Standards on Information Exchange between Home and Host Competent Authorities, Final Draft Technical Standards on Metrics for Monitoring Additional Liquidity and Final Draft Technical Standards on Supervisory Disclosure, Report on the Risks and Vulnerabilities of the EU Banking Sector; Basel Committee: Guidelines to Banks on Management of Risks related to Money Laundering and Financing of Terrorism and Oversight Body Endorses Basel III Proposals; Council of EU: Publication of Revised Text of Mortgage Credit Directive; European Commission publishes memo outlining EU response to the financial crisis; ECB Opinion on postponement of SEPA migration date.
- Tracker, Financial Services Regulation & Compliance - Insurance (03/02/2014)
CBI publishes revised Corporate Governance Code, New CB guidance on compliance statements and CB publishes revised retail intermediary/broker application form; Health insurance law changes, and independent health insurance costs report;Insurance Ireland publishes Factfile 2012; Omnibus II to be considered in March 2014; Progress on IMD2; EIOPA report on capital requirements for long term investments, EIOPA publishes replies to Solvency II Guidelines and webpage on 2014 stress test; IAIS guidance on risk management plans; UK focus on claims management companies; ABI good practice guide for mobile phone insurance; Joint Forum publishes report on longevity risk transfer markets; EFRAG publishes feedback statement on IASB exposure draft; ABI and UK Government agree on long-term care insurance; EIOPA updates its risk dashboard; BIBA launches 2014 Manifesto.
- Tracker, Financial Services Regulation & Compliance - Funds (03/02/2014)
ICAV; UCITS money market funds; diversification of collateral; ESMA’s guidelines on ETF’s and other UCITS issues; UCITS: Scope of transactions caught by the requirement to disclose revenues arising from EPM techniques, Central Bank letter on classification of indices for UCITS and on Irish Management Company managing non-Irish Funds, consultation paper (CP77) concerning the publication of a UCITS Rulebook; Investment Funds Sectoral Guidelines December 2013; Updated ESMA Q&A; AIFMD; Revision of the provisions on diversification of collateral in ESMA’s Guidelines on ETFs and other UCITS.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (03/02/2014)
CB: New Authorisation Process for Investment Firms; IOSCO Final Report: Regulation of Retail Structured Products; ESMA Q&A, Final Report and Q&A Updated for Prospectuses; European Parliament: Press Release; Response to ESMA's Discussion Paper on possible Implementing Measures under the Market Abuse Regulation.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (03/02/2014)
Department of Finance: SME Credit & Funding Newsletter; CB Publishes Consultation paper on the Introduction of a Tiered Regulatory Approach for Credit Unions; FSB: Guidance on Supervisory Interaction with Financial Institutions on Risk Culture; European Commission: Publication of Draft Implementing Technical Standards; FSB & IOSCO: Consultative Document; European Commission: SEPA; ECB opinion on proposed Benchmark Regulation; Commission issues general report on the activities of the EU.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (30/01/2014)
Domestic Front: Deadlines, ICAV, UCITS MMFs and collateral diversification, UCITS obligation to disclose revenues from EPM techniques, classification of indices for UCITS, Irish UCITS Management Companies managing non-Irish Funds, CP77 on a UCITS Rulebook, AML/CTF; Investment Funds (Anti Money Laundering) Sectoral Guidelines, third country risk assessment, FATCA, market abuse, the Companies (Miscellaneous Provisions) Act 2013 and MiFID authorisation.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (30/01/2014)
International Front: UCITS counterparty risk for exchange-traded derivatives and OTC transactions that are centrally cleared under EMIR, AIFMD RTS to distinguish open and closed ended AIFs, UCITS diversification of collateral, the regulation of Retail Structured Products, Client Assets, CSD Regulation, Fourth Money Laundering Directive, MAD II, Benchmark Regulation, MiFID II and the Prospectus Directive.
- Financial Services Bulletin NI: Imminent changes to the Consumer Credit Licencing Regime (29/01/2014)
This bulletin will be of particular interest to (i) Firms that currently hold Consumer Credit Licences issued by The Office of Fair Trading (OFT) under The Consumer Credit Act (CCA) and (ii) Firms that are considering starting to carry on consumer credit activities.
- Central Bank publishes Market Abuse Suspicious Transaction Reporting Review 2013 (28/01/2014)
The Central Bank has published a review of Market Abuse Suspicious Transaction reporting during 2013 following themed reviews of the systems, policies and procedures established by certain investment firms during the year.
- High Court decision on Section 27 penalisation case (28/01/2014)
The High Court recently issued a determination in the case of Stobart (Ireland) Driver Services Limited v Keith Carroll which looks at the scope of penalisation claims under section 27 of the Safety, Health and Welfare at Work Act 2005.
- Practical steps to manage risk: Absence (22/01/2014)
For most employers, a weekly or monthly occurrence will be issues arising out of the absence of employees. This will range from the one off, occasional absence to repeated or long term sickness absence.
- Central Bank of Ireland publishes revised Corporate Governance Code for Credit Institutions and Insurance Undertakings (21/01/2014)
On 23 December 2013, the Central Bank of Ireland (Central Bank) published a revised Corporate Governance Code for Credit Institutions and Insurance Undertakings 2013 (the 2013 Code). The 2013 Code contains the minimum requirements that a relevant institution must meet in order to promote strong and effective governance.
- Corporate Governance Update January 2014 (21/01/2014)
Corporate Governance Update January 2014 - Domestic, UK and EU Developments.
- Publication of Spring/Summer Government Legislation Programme 2015 (20/01/2014)
The government has published its Legislation Programme for Spring/Summer 2015.
- EU Court Grants Access to Information Relating to Emissions into the Environment (14/01/2014)
In the recent case of Stichting Greenpeace Nederland and Pesticide Action Network Europe v European Commission (Case T-545/11) the General Court ruled that the European Commission was required to disclose environmental pesticide-testing information to NGOs, even where there was a risk of an adverse effect on the commercial interests of the companies involved.
- Recent Developments in the Domestic and European Banking Sector for December 2013 (14/01/2014)
This article highlights the main developments for December 2013 in the domestic and European banking sector.
- CASE OF THE MONTH: El Makdessi v Cavendish Square Holdings BV and another  EWCA Civ 1539. Is it a penalty? (07/01/2014)
The decision in El Makdessi v Cavendish Square Holdings BV and another  EWCA Civ 1539
- Companies (Miscellaneous Provisions) Act 2013 update (07/01/2014)
On 24 December 2013, the Companies (Miscellaneous Provisions) Act 2013 was signed into law by the President. This has the effect of changing the Companies Acts citation to "the Companies Acts 1963-2013".
- Central Bank issue revised Corporate Governance Code (07/01/2014)
The Central Bank has published a revised and updated version of its Corporate Governance Code for credit institutions and insurance undertakings.
- New monetary jurisdiction limits due to commence shortly (07/01/2014)
The new monetary jurisdiction limits for the District and Circuit Courts are due to commence on 3 February 2014.
- Irish Tax Bulletin – Winter 2013/2014 (07/01/2014)
This briefing outlines some of the Irish tax developments that have occurred in the fourth quarter of 2013.
- Central Bank issues revised Corporate Governance Code for Credit Institutions and Insurance Undertakings (23/12/2013)
On 23 December 2013 the Central Bank of Ireland published a revised and updated version of the Corporate Governance Code for Credit Institutions and Insurance Undertakings.
- UCITS counterparty risk and ICAV (20/12/2013)
How UCITS should calculate their counterparty risk for exchange-traded derivatives and OTC transactions that are centrally cleared under EMIR: update ESMA Q&A and Irish Collective Asset-management Vehicle (ICAV) Bill.
- Tracker, Financial Services Regulation & Compliance - Banking (20/12/2013)
Locational Banking Statistics Q3 2013; Consultation on Remuneration Discretions in the Capital Requirements Regulation and Directive; AIB Chief Executive, David Duffy, Appointed President of the Irish Banking Federation; Macro-Financial Review; Speech on Supervision and Financial Regulation at the Central Bank of Ireland; EBA publishes outcome of 2013 EU Wide Transparency Exercise, Final Draft Technical Standards on own Funds, Results of 2013 EU Wide Transparency Exercise and Final Draft RTS on Securitisation Retention Rules; ECB Opinion on the Financial Supervisory Authorities governance; MEPs Adapt Negotiating Position on Single Resolution System; Commissioner Barnier Welcomes the European Parliament's Adoption of New Rules and Mortgages; EU Council Ready to Conclude Negotiations with the European Parliament on Banking Sector Rules; Bank for International Settlement Publishes December 2013 Quarterly Review; ECB Opinion on Measures to Strengthen Bank Stability; Basel Committee – Second Consultation on Revisions to the Basel Securitisation Framework
- Tracker, Financial Services Regulation & Compliance - Insurance (20/12/2013)
Central Bank publishes 'Insurance Statistics' for 2012; CBI Letter to Appointed Actuaries; Insurance Ireland reports that rates for public hospital beds are to remain unchanged; Council of the European Union adopts second Solvency II 'Quick Fix' Directive; EIOPA issues guidelines on complaints handling by insurance intermediaries, report on preparedness of national supervisors for crises, report on knowledge and ability requirements for insurance distributors, opinion on beneficiary protection and revised annexes to the Luxembourg Protocol; Capital requirements for global systemically important insurers – IAIS consultation; Solvency II publications by the PRA; Competition Commission findings on UK private motor insurance; FSCP calls change in the UK annuities market.
- Tracker, Financial Services Regulation & Compliance - Funds (20/12/2013)
AIFMD - Update of Central Bank's AIFMD Q&A, Issue of Central Bank guidance and forms related to marketing of AIFs and ESMA revised AIFMD Reporting Templates; Revised QIAIF application forms; treatment of unsatisfied redemption requests on a dealing day; Anti-Money Laundering/Counter Terrorist Financing; Central Bank Christmas filing deadlines; ISE Updated Listing Requirements for Investment Funds; Address by Martin Moloney, Head of Markets Policy Division, to ERA; UCITS V; Volcker Rule Developments; ESMA Q&A on its Guidelines on ETFs and other UCITS issues; AIFMD MoUs, MMFs, ELTIFs.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (20/12/2013)
Statistics on Securities Issues of Irish Resident Entities; ESMA Announces New Securities Markets Stakeholders Group Members; Markets in Financial Instruments Directive Nearing Final Stage; European Commission - Update of EMIR FAQ's.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (20/12/2013)
Resignation of the Director, Credit Institutions and Insurance Supervision; Central Bank – Markets Update; ESMA publishes Q&A on the implementation of the Credit Rating Agencies Regulation; Lithuania Hands over the Responsibility for Critical EU Decisions to Greece; Solvency II Updated; ESMA Report on Sovereign Credit Ratings; EBA, EIOPA and ESMA publish Joint Position on Product Oversight and Governance Processes.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (19/12/2013)
Some Approaching deadlines for 2013 (and beyond), Central Bank Christmas filing deadlines, Central Bank – Markets Update, AIFMD; Update of Central Bank's AIFMD Q&A, guidance and forms related to marketing of AIFs, Issue of Central Bank guidance and forms related to marketing of AIFs, Revised QIAIF application forms; treatment of unsatisfied redemption requests on a dealing day, Anti Money Laundering/ Counter Terrorist Financing, Irish Stock Exchange Updated Listing Requirements for Investment Funds, Companies Bill 2012, Fitness and Probity - Annual PCF Confirmation, Address by Deputy Governor Cyril Roux to the Financial Services Ireland Annual Dinner, Dublin, 4 December 2013, Address by Martin Moloney, Head of Markets Policy Division, to ERA - Academy of European Law conference on 'Investment Funds and Asset Management: EU Regulatory Challenges'
- The Front Page, Asset Management & Investment Funds: EU & International Developments (19/12/2013)
On the International Front, we consider UCITS V, Volcker Rule, ESMA Q&A on ESMA's Guidelines on ETFs and other UCITS issues, AIFMD MoUs, AIFMD Reporting, MMFs, European long-term investment funds (ELTIFs), Market Abuse, CSD and Target 2.
- High Court - guidance for employers on fair procedures in disciplinary investigations (18/12/2013)
The High Court delivered two important judgments from an employer's perspective in relation to disciplinary investigations and fair procedures.
- EAT - Dismissing an employee on long term illness absence (18/12/2013)
The issue of dismissing an employee who is absent on long term illness has always been a thorny one for employers provides some guidance for employers in navigating this tricky terrain.
- Labour Court Update – a new departure in interpreting the Employment Equality Acts? (18/12/2013)
On appeal from the Equality Tribunal, the Labour Court held that differences in the level of redundancy payments paid to the complainants, as compared with their younger comparators, fell within the exception to age discrimination permitted by section 34(3)(d) of the Employment Equality Acts 1998 – 2011 (the EEAs*).
- European case law – importance of governing law clause in employment contracts (18/12/2013)
A recent decision of the Court of Justice of the European Union (CJEU) looks at the application of Article 6 of the Rome Convention to an employment contract, in the absence of a governing law clause.
- Court re-affirms test applying to appeals from decisions of the Financial Services Ombudsman (17/12/2013)
In two recent decisions of Hedigan J, the High Court has re-affirmed the approach that the court will in take in adjudicating on appeals from decisions of the Financial Services Ombudsman.
- European Commission calls for restoration of trust in EU-U.S. data flows (17/12/2013)
The European Commission has published Communications on Rebuilding Trust in EU-US Data Flows and on the Functioning of Safe Harbor.
- Corporate Governance Update December 2013 (17/12/2013)
This article contains an update on Corporate Governance for December 2013.
- Consumer Rights Regulations published (17/12/2013)
The European Union (Consumer Information, Cancellation and other Rights) Regulations 2013 have been published by the Minister for Jobs, Enterprise and Innovation.
- Volcker Rule Developments – UCITS to fall outside key prohibition on "covered funds" (11/12/2013)
The five US financial regulators yesterday approved the Volcker rule which is a key element of the US 2010 wide-ranging banking reform legislation known as Dodd-Frank.
- CASE OF THE MONTH: Lisavaird Sales Ltd and Lisavaird Marketing Ltd. v Muingnaminnane Windfarms Ltd, High Court, 14 November 2013 (10/12/2013)
High Court considers Section 45, unlawful distributions and 'entire agreement' clauses
- Government to publish legislation on collective bargaining (10/12/2013)
The Tanaiste, Eamon Gilmore, announced at the Labour party's recent national conference that it will honour a commitment made in its Programme for Government to bring forward legislation on employee's rights to engage in collective bargaining.
- Recent developments in the Domestic and European banking sector for November 2013 (10/12/2013)
This article highlights the main developments that have taken place over the last month in the domestic and European banking sector.
- A&L Goodbody launches 'Legal CPD Tracker App' (10/12/2013)
A&L Goodbody is pleased to announce that they have recently launched a Legal CPD Tracker app.
- UCITS V (04/12/2013)
The EU Council issued a press release announcing that its Permanent Representatives Committee (Coreper) has agreed its position on the draft UCITS V directive (which is still liable to change).
- New Takeover Rules published (03/12/2013)
New Takeover Rules have just been published by the Irish Takeover Panel, and will take effect from 6 January 2014.
- The costly consequences of late filing (03/12/2013)
The recent Court of Appeal decision in Andrew Mitchell MP v News Group Newspapers Limited  EWCA Civ 1526 has sent shivers down the spines of lawyers across the UK.
- Cybercrime – how to avoid it happening to you (03/12/2013)
This article examines the data security obligations that are imposed on organisations which process customer or employee data, how to deal with a data security breach when it occurs, and the penalties for a data security breach.
- Tracker, Financial Services Regulation & Compliance - Banking (29/11/2013)
Central Bank of Ireland Alerts Businesses to Get Ready for SEPA, CB Report on Licensed Moneylending Industry in Ireland; Consultation on Member State Discretions in the CRD IV; Memorandum of Understanding between the CEU and the ECB on the Co-operation Procedures related to the SSM; ECB publishes Opinion on the SRM, Working Paper in relation to Central Bank Collateral, Asset Fire Sales Regulation and Liquidity and Peer Review on the Implementation of the stress testing guidelines; ESAs - Consultation on Mechanistic References to Credit Ratings in the ESAs' Guidelines and Recommendations; FSB - Global Shadow Banking Monitoring Reports.
- Tracker, Financial Services Regulation & Compliance - Insurance (29/11/2013)
CBI issues Solvency II Guidelines; Feedback from the Central Bank on insurers' sales incentive schemes; Focus on intermediaries' PII; Insurance Ireland calls on Minister for Health to amend new Bill; Changes proposed to risk equalisation credits and connected stamp duty; European Parliament adopts Solvency II Second Quick Fix Directive; Omnibus II: progress made; Regulation of motor liability insurance compensation levels - compatible with EU law?; CJEU ruling: insured's entitlement to select a lawyer under legal expenses insurance policy; EIOPA speech - effects of sound risk management on the consumer agenda, annual conference: speeches on EIOPA's role and insurance developments; FCA publishes speech on trust and confidence in the insurance sector, thematic review of price comparison websites; Responses to IASB's revised Exposure Draft 'Insurance Contracts'; UK: upcoming measures to combat insurance fraud; EIOPA responds to FSB Consultation, "Consumer Lounge" launch on EIOPA website.
- Tracker, Financial Services Regulation & Compliance - Funds (29/11/2013)
Central Bank Christmas Filing Deadlines, Co-operation Agreement with FINMA on the Distribution of Irish Funds in Switzerland; AIFMD - Update of Central Bank's AIFMD Q&A; AIFMD - ESMA Revised AIFMD Reporting Templates; UCITS V; UCITS VI.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (29/11/2013)
CB publishes Consultation Paper on Draft Additional Consumer Protection Requirements for Debt Management Sector, Guidelines on Remuneration Policies and Practices (MiFID) – Notification of Intention to Comply and Markets Update. European Parliamentary Financial Services Forum: Briefing Paper on Crisis Management;FinCoNet established; EC: Conclusions on the Data Protection Framework Published; ESMA and EBA Joint Consultation on Complaints handling Guidelines for the Investment and Banking Sectors
- Tracker, Financial Services Regulation & Compliance - Investment Firms (29/11/2013)
ESMA: Publication of Draft Technical Standards under EMIR, Statement on Practice Governed by the Takeover Bid Directive, Approves Registration of the First Four Trade Repositories under EMIR, Preparatory Work for the New Market Abuse Regime Begins, Q&A on the Implementation of the Regulation on OTC Derivatives and Finalises Clearing and Risk Mitigation Obligations for Non-EU-OTC Derivatives; European Parliament - Draft Report on Proposed Regulation on Money Market Funds.
- ESMA updated Questions and Answers document in respect of "ESMA's Guidelines on ETFs and other UCITS issues" (28/11/2013)
On the 27 November 2013, ESMA published an updated Questions and Answers document in respect of the "ESMA's Guidelines on ETFs and other UCITS issues".
- CJEU rules on applicable law in employment contracts (26/11/2013)
A recent decision of the Court of Justice of the European Union (CJEU) looks at the application of Article 6 of the Rome Convention to an employment contract, in the absence of a governing law clause.
- European Directive on gender balance for non executive directors moves a step closer (26/11/2013)
On 20 November, the European Parliament approved the European Commission’s proposed directive to improve gender balance in European company boardrooms.
- Report stage amendment to Whistleblowing Bill 2013 (26/11/2013)
A report stage amendment was recently introduced to the Protected Disclosures Bill making provision for the granting of interim relief on foot of an application to the Circuit Court.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (25/11/2013)
Some Approaching Q4 deadlines for 2013 (and beyond); Central Bank Christmas filing deadlines; AIFMD; Update of Central Bank's AIFMD Q&A; Fitness and Probity - Annual PCF Confirmation Return; Investment fund tax; Central Bank cooperation agreement with FINMA on the distribution of Irish funds in Switzerland.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (25/11/2013)
AIFMD: ESMA revised AIFMD Reporting Templates; UCITS V and VI; PRIPs Regulation; EMIR; trade reporting date, updated Q&A, ESMA final draft RTS on non-EU counterparties; ESMA also updated its Q&As on EMIR; Financial benchmarks; Anti-money laundering and counter-terrorist financing; ESMA risk dashboard; Short Selling Regulation: ESMA intervention powers; Directive on improving the gender balance among non-executive directors of listed companies; Market Abuse Regulation; Transparency Directive
- Corporate Governance Update November 2013 (19/11/2013)
This article contains a round-up of some of the recent developments in corporate governance.
- Public entitled to view any documents read in open court (19/11/2013)
Earlier this year, in the case of Allied Irish Bank PLC v Tracey (No. 2)  IEHC 242, Hogan J. clarified that the principle of open administration of justice entitles the public to have access to documents which were opened without restriction in open court.
- Banking Bulletin: Central Bank issues update on AIFMD Q&A (15/11/2013)
On 8 November 2013 the Central Bank of Ireland published an updated AIFMD Questions and Answers publication which sets out answers to queries likely to arise in relation to the implementation of the AIFMD in Ireland.
- Betting & Gaming Bulletin: Report on hearings in relation to the General Scheme of the Gambling Control Bill (14/11/2013)
On 8 November 2013, the Joint Committee on Justice, Defence and Equality (the "Joint Committee") published the Report on hearings in relation to the General Scheme of the Gambling Control Bill (the "Report"), which summarises the issues relating to the General Scheme of the Gambling Control Bill, (the "General Scheme") brought to the attention of the Joint Committee through written stakeholder submissions and presentations at public hearings.
- Companies Bill 2012 completes Committee Stage (13/11/2013)
The Companies Bill 2012 reached the Committee Stage of the legislative process in Dáil Éireann on 5 November 2013 and this stage was completed on 6 November 2013, which indicates the level of political support for the eventual enactment of the Bill.
- CASE OF THE MONTH: Proton Energy Group SA v Orlen Lietuva (12/11/2013)
A recent UK High Court decision, Proton Energy Group SA v Orlen Lietuva  EWHC 2782 (24 September 2013) demonstrates the importance of choosing expert witnesses carefully.
- Companies (Miscellaneous Provisions) Bill 2013 (12/11/2013)
The Government has published the Companies (Miscellaneous Provisions) Bill 2013 which, among other matters, will permit SMEs to apply for examinership in the Circuit Court instead of the High Court as a cost-saving measure.
- Successful dismissal on grounds of long term illness (12/11/2013)
A recent determination of the Employment Appeals Tribunal provides some comfort for employers navigating the difficult terrain of dismissing employees absent on long term sick leave.
- Tracker, Financial Services Regulation & Compliance - Banking (06/11/2013)
CB Updated Guidance on Fitness & Probity for Credit Unions; EBA Publishes Revised Deadlines for the delivery of EBA Technical Standards, Consultations on Draft Technical Standards and Use of the Capital's LEI; BIS Press Release, Working Papers No. 432, Joint Committee of the ESAs Publishes List of Financial Conglomerates, Progress Report on Implementation of the Basel Regulatory Framework; EBF Recommendations on Macro-Prudential Oversight; Basel Committee consultation paper; European Savings Bank Group Publishes Position Papers; Banking Union Conclusions and Statements
- Tracker, Financial Services Regulation & Compliance - Funds (06/11/2013)
CB submission deadline for AIFM applications, Christmas filing deadlines, Update of AIFMD Q&A; UCITS; Investment fund tax rates to increase; IFIA Guidance Paper 3; ESMA Guidelines on reporting obligations for AIFMs; AIFMD; MoUs signed by EU regulators; MMF Regulation; ELTIF Regulation; IOSCO hedge fund survey.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (06/11/2013)
EC Revises Delivery Date for ESMA Standards on Cross-Border Application of EMIR; IOSCO & CPSS – Consultative Document, Securities Markets Risk Outlook; EU amending Regulation on OTC Derivatives, CCP's and Trade Repositories; Financial Conduct Authority – EMIR Web Portal; ESMA Q&A, position paper on CRA3; IOSCO Urges Implementation of Principles for Financial Benchmarks.
- Tracker, Financial Services Regulation & Compliance - Insurance (06/11/2013)
CB update on PPI review, findings following themed inspection into household property claims, briefing on EIOPA guidelines on preparing for Solvency II; IIB warns insurers not to raise rates due to increase in awards; Insurance focuses in Central Bank INED briefing; The 'Irish Broker' interviews EIOPA Chairman; Postponement of transposition and application dates of Solvency II; IMD 2 to be considered at January 2014 plenary session; IAIS paper; New EIOPA stakeholder groups; IAIS consults on draft ComFrame, adopts Coordinated Implementation Framework, paper on policyholder protection schemes, publishes findings of Self-Assessments and Peer Reviews and paper on Supervision of Cross-Border Operations Through Branches; EIOPA Chairman addresses ECON Committee; EIOPA Publishes 2014 Work Programme and Action Plan; FCA Review and Factsheet; PRA speech.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (06/11/2013)
CB: publishes Quarterly Bulletin and Compendium of Irish Economics statistics, Authorisation as a Debt Management Firm; Markets Update October 2013, Industry Funding Levies, Guidance on the Advertising Requirements of the Consumer Protection Code 2012, AIFMD Authorisation: Deadline for Submission of Applications; European Parliament: Final Report on Organised Crime, Corruption and Money Laundering; European Council sets out its position relating to Central Securities Depositories; ECB Establishes Standing Swap Arrangements with Other Central Banks.
- Insurance & Reinsurance Bulletin: Central Bank of Ireland publishes Guidelines on Preparing for Solvency II (06/11/2013)
On 4 November 2013, the Central Bank of Ireland (the Central Bank) published Guidelines on Preparing for Solvency II (Directive 2009/138/EC) (the Guidelines). The Guidelines (which reflect the Guidelines on Preparing for Solvency II issued by the European Insurance and Occupational Pensions Authority (EIOPA) on 27 September 2013) consist of a general introductory paper (the Introduction Paper) and four Guideline papers.
- Recent Developments in the Domestic and European Banking Sector for October 2013 (05/11/2013)
Central Bank – Updated Guidance on Fitness & Probity for Credit Unions The Central Bank has updated its Guidance on Fitness & Probity for Credit Unions to reflect the Credit Union Act 1997 as at 1 October 2013 and the Credit Union and Co-operation with Overseas Regulators Act 2012 (Commencement of Certain Provisions) (No.2) Order 2013.
- Companies Bill 2012 reaches Committee Stage (05/11/2013)
The Companies Bill 2012 reached the Committee Stage of the legislative process in Dáil Éireann this morning, 5 November 2013.
- UK Report provides insight into effective approaches to audit committee reporting (29/10/2013)
A Report into effective approaches to audit committee reporting has been published by the Financial Reporting Lab, which is a forum was set up by the Financial Reporting Council to encourage better communication between listed companies and investors in the UK.
- Derivative transaction reporting and Legal Entity Identifier Codes (LEIs) (29/10/2013)
Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, (commonly referred to as the European Markets Infrastructure Regulation (EMIR)) is the EU response to the G20 commitment agreed in Pittsburgh in 2009 in respect of the OTC derivatives market. The primary aim of EMIR is to improve transparency and reduce the perceived risks associated with the OTC derivative market.
- The Front Page, Asset Management & Investment Funds: Irish Practice Developments (24/10/2013)
On the Domestic Front, we look at: Deadlines, new AIFMD deadlines, OTCs, Investment fund tax, AIFMD MoUs, Mr Cyril Roux, Mr Gareth Murphy, Central Bank's AIFMD Q&A, Depositary duties and CRD IV.
- The Front Page, Asset Management & Investment Funds: EU & International Developments (24/10/2013)
On the International Front, we consider ESMA Guidelines on reporting obligations for AIFMs, IFIA UK Symposium 2013, MMFs, ELTIFs, Benchmarks, PRIPs, EMIR, IOSCO hedge fund survey, AML/CTF, ESMA 2014 work programme, MiFID II, Transparency Directive, IOSCO Securities Markets Risk Outlook Report and CSD Regulation.
- Website found liable for online commentary (22/10/2013)
The European Court of Human Rights, in Delfi AS v Estonia, has upheld unanimously a finding of liability against an Internet news portal regarding offensive comments that were posted online by one of its readers.
- High Court clarifies procedure for seeking protective costs orders in environmental cases (22/10/2013)
The recent case of Hunter v Nurendale Ltd T/A Panda Waste  IEHC 430, involved the first application for a protective costs order before the Irish Courts, seeking a declaration that section 3 of the Environmental (Miscellaneous Provisions) Act 2011 (the 2011 Act) applied.
- Practical steps to reduce risk: Recruitment (21/10/2013)
Consider the following: fair and objective recruitment procedure, equal opportunities policy, job description, personnel specification, advertise, affirmative or positive action, genuine occupational requirement, application forms, reasonable adjustments and short-listing.
- New Circuit Court examinership legislation (15/10/2013)
On 11 October, the Minister for Jobs, Enterprise and Innovation, Richard Bruton, announced the fast-tracking of legislation to allow companies to apply to the Circuit Court for examinership.
- Crowdfunding – A new EU consultation (15/10/2013)
Crowdfunding - the practice of financing a project or venture by seeking many small amounts of money from a large number of people, typically using an online platform - is a concept which is fast gaining popularity in many parts of the world.
- Government publishes report on Joint Labour Committees (15/10/2013)
The Government recently published a report following a review of the Joint Labour Committee system by the Labour Court. The report represents the most comprehensive review of the JLC system since its establishment over 60 years ago.
- New rules on Breach Notification by Telcos and ISPs – Clarity at last? (15/10/2013)
This article examines the new rules on breach notification for ISPs and telcos, and addresses how to comply with the new rules.
- Tax Bulletin - Irish Budget 2014 (15/10/2013)
The Irish Minister for Finance, Michael Noonan, made his Budget speech to the Irish Parliament on Tuesday, 15 October 2013. The timing represents a departure from the traditional December date for the Budget to be presented to the Irish Parliament.
- An overview of the M&A market in Northern Ireland (10/10/2013)
The last few years have seen a radically changed landscape for M&A activity in Northern Ireland but, with an increased level of deals having been reported in 2012, a notable sense of confidence has returned to the market in recent months.
- Recent Developments in Corporate Governance October 2013 (08/10/2013)
This article contains a round-up of some recent developments in corporate governance.
- Recent Developments in the Domestic and European Banking Sector for September 2013 (08/10/2013)
This article contains a round-up of some recent developments in the Banking sector.
- CJEU clarifies criteria for misleading commercial practices (08/10/2013)
The CJEU recently clarified in CHS Tour Services GmbH v Team4 Travel GmbH (Case 435/11), that there is automatically an infringement of the obligation of professional diligence in the case of a misleading practice or an aggressive practice, as referred to in Articles 6 and 7, and in Articles 8 and 9, respectively, of the Unfair Commercial Practices Directive (2005/29/EC) (the Directive).
- REITs – They have arrived (04/10/2013)
The Minister for Finance flagged in the budget in December 2012 that legislation enabling the formation of Irish real estate investment trusts (REITs) would be included in the Finance Act 2013. Provision for REITS was included in the Finance Act 2013.
- Energy Bulletin: The Future of Energy in Northern Ireland (03/10/2013)
Within the next three decades coal fired power stations will have ceased to exist, the development of on-shore wind farms will slow down and every home will have a solar panel. These are some of the conclusions of a major report published by DETI over the summer.
- Irish Tax Bulletin – Autumn 2013 (02/10/2013)
This briefing outlines some of the Irish tax developments that have occurred in the third quarter of 2013: Budget 2014, Base erosion and profit shifting – Action Plan published, FTT – current state of play, Transfer pricing consultation, Funds reporting obligations finalised, FATCA – IRS online portal is operational, REIT regime up and running, Treaty update.
- Publication of Autumn Government Legislation Programme 2013 (01/10/2013)
The Government has published its Autumn Legislation Programme 2013.
- Tracker, Financial Services Regulation & Compliance - Banking (01/10/2013)
Central Bank: Publication of Credit Union Handbook, Consultation Paper on Competent Authority, Internal Guidelines on Sustainable Mortgage Arrears. ECB: Welcomes European Parliament Vote to Create Single Supervisory Mechanism, Opinion on Measures to Strengthen Bank Stability and Modification of Loan-Level Reporting. FSB: Progress Report on Oversight and Governance Framework for Financial Benchmark Reform, Policy Recommendations to Strengthen Oversight and Regulation of Shadow Banking, Progress Report on Credit Rating Agencies, Completes Peer Review of the United Kingdom and Monitoring the effects of agreed regulatory reforms on EMDEs. FCA: Second Quarterly Consultation. EC: Communication on Shadow Banking and Addressing New Sources of Risk in the Financial Sector, Financial Markets Infrastructure Webpage. G20 Publication: Roadmap towards Strengthened Oversight and Regulation of Shadow Banking. EBA: Basel III Monitoring Exercise, Publication of Responses to Draft Regulatory Technical Standards and Consultation on assessment of Recovery Plans. ESRB: Occasional Papers Published
- Tracker, Financial Services Regulation & Compliance - Funds (01/10/2013)
Central Bank: Christmas filing deadlines and AIFMD – Questions & Answers, 4th Edition. Requirements for Offsetting Financial Assets and Liabilities. Shadow Banking and Money Market Funds
- Award for discrimination and victimisation (01/10/2013)
The Equality Tribunal recently directed an award of €80,000 to a prison officer for the effects of discrimination and victimisation. The case concerns age and disability discrimination and contains some useful points for employers in relation to dealing with promotion interviews and panels.
- Tracker, Financial Regulation & Compliance Bulletin - Investment Firms (01/10/2013)
Central Bank: AIFMD - Questions & Answers, 4th Edition. ESMA: Responses to the Discussion Paper on Clearing Obligation under EMIR, Technical Advice on Third Country Regulatory Equivalence under EMIR, Update on EMIR Implementation Timeline, European Commission Letter regarding Draft Technical Standard on the Cross-Border Application of EMIR . EBA Publication : European Supervisory Authorities Highlight Cross-Sectoral Risks. ISDA: Portfolio Reconciliation EMIR Operations Guidance Note, ISDA/AFME response to the European Banking Authority's second consultation on draft RTS for CVA risk. EC: Proposal for a Regulation of the European Parliament and of the Council on indices used as benchmarks in financial instruments and financial contracts.
- Tracker, Financial Regulation & Compliance Bulletin - Insurance (01/10/2013)
CBI Consultation on reserving and pricing for reinsurers and non-life insurers, latest edition of "Solvency II Matters". PRA consultation paper on solvent schemes of arrangement by UK non-life insurers. European Parliament delays Solvency II plenary session. FCA review finds evidence of potential bias in consumer financial advice. UK Supreme Court rejects move away from the general rule on prioritisation of insurance claims. EIOPA chairman seeks MiFID II amendments and raises potential of insurers funding SMEs, Risk Dashboard – September 2013, "Final" EIOPA Guideline on Solvency II.
- Tracker, Financial Regulation & Compliance Bulletin - Cross Sectoral (01/10/2013)
Central Bank: Publication - Securities Issues by Irish Resident Firms, Intermediary Times. European Parliament: Endorsement of the political agreement on Market Abuse Regulation.
- The Front Page, Investment Funds: Irish Practice Developments (26/09/2013)
On the domestic front we look at Deadlines, EMIR and Requirements for Offsetting Financial Assets and Liabilities.
- The Front Page, Investment Funds: EU & International Developments (26/09/2013)
On the International Front, we consider Shadow Banking and Money Market Funds, Benchmarks, margin requirements for non-centrally cleared derivatives, Market Abuse, ESMA report on trends, risks and vulnerabilities of securities markets, ESA report on risks and vulnerabilities in the EU financial system, PRIPs and AML/CTF.
- CASE OF THE MONTH: John Spencer Harvey v Dunbar Assets Plc  EWCA Civ 952 (24/09/2013)
When does a guarantee become binding on guarantors? The issue of when a guarantee actually becomes binding on a guarantor was considered recently in the UK in John Spencer Harvey -v-Dunbar Assets Plc  EWCA Civ 952.
- Consultation on EU proposals for companies to report on non financial information and diversity policy (24/09/2013)
The Department of Jobs, Enterprise and Innovation (DJEI) have commenced a consultation process on EU proposals for companies to report certain non financial information.
- Annual rise in merger notifications made to the Competition Authority so far in 2013 (24/09/2013)
Statistics on merger notifications made to the Competition Authority in 2013 until 23 September 2013.
- Data Protection Commissioner carries out privacy sweep (17/09/2013)
The Office of the Data Protection Commissioner recently volunteered to participate in the Global Privacy Enforcement Network's internet privacy sweep along with other privacy enforcement authorities in Australia, Canada, Estonia, Finland, France, Germany, Hong Kong, Macao, New Zealand, Norway, UK, & USA.
- Friday 13th: Lucky day for mergers and the Competition Authority? (17/09/2013)
On Friday 13th September 2013, the Irish Competition Authority initiated a consultation on a draft of its proposed Merger Guidelines.
- Labour Court issues determination on 'pay' under the Protection of Employees (Temporary Agency Work) Act 2012 (17/09/2013)
The Labour Court recently issued one of its first decisions under the Protection of Employees (Temporary Agency Work Act) 2012 in respect of a complaint on behalf of a midwife who claimed she was entitled to have a specialist qualification allowance treated as part of her basic pay.
- Share Buybacks: What the new legislation means for your business (13/09/2013)
Following recent consultation, the UK Government has passed legislation implementing changes to the Companies Act 2006, simplifying the requirements for buying back shares.
- Alternative financing – EIS fundraisings and non-transferrable corporate bonds (13/09/2013)
Four years after the start of the financial crisis and small businesses are still having problems accessing finance with traditional sources such as overdrafts and bank term loans more difficult to secure.
- Practical steps to reduce risk: Social media in the workplace (13/09/2013)
Have a clear vision of how your business is going to use social media and understand what you want to achieve with it.
- Notification of data breaches by Telcos and ISPs (10/09/2013)
On 25 August 2013, new rules setting out the circumstances in which Telcos and ISPs need to report personal data breaches, and the information they must share in those reports, came into effect.
- Recent Developments in Corporate Governance - August/September 2013 (10/09/2013)
This article contains a round-up of some of the recent developments in corporate governance.
- Shadow banking & money market funds (05/09/2013)
The EU Commission issued its long awaited roadmap for Shadow Banking and Money Market Funds. This follows recommendations from IOSCO, ESRB, FSB, consideration by the G20 leaders summit and considerable debate in both the US and EU on this topic. The Regulation on Money Market Funds is of particular interest. It does not differ significantly from an earlier leaked draft Regulation.
- Recent Developments in the Domestic and European Banking Sector for July and August 2013 (03/09/2013)
The following article is an update on all developments in the banking sector for July and August 2013.
- High Court permits private prosecution against bank officials (03/09/2013)
The recent case of Kelly & Anor v. District Court Judge Ryan  IEHC 321 confirms the right of individuals to bring private prosecutions.
- Central Bank proposes changes to Corporate Governance Code for credit institutions and insurance undertakings (03/09/2013)
The Central Bank has published a consultation paper in which it proposes the introduction of a number of changes to the Corporate Governance Code for Credit Institutions and Insurance Undertakings.
- The Front Page, Investment Funds: Irish Practice Developments (30/08/2013)
This update reviews upcoming Q3 deadlines, the new Deputy Governor at the Central Bank, Fitness & Probity and the new Client Asset Regime.
- The Front Page, Investment Funds: EU & International Developments (30/08/2013)
This update considers the draft RTS on types of AIFMs, ESMA suggestions regarding passporting where member states have not implemented AIFMD, final ESMA guidelines on key concepts of the AIFMD as well as EMIR and FATCA.
- Tracker, Financial Services Regulation & Compliance - Banking (30/08/2013)
Domestic Developments - Central Bank: Policy on the Management of Country Risk by Credit Institutions and publications for Credit Unions. European and International Developments - European Banking Federation Response to the European Banking Authority's Consultation on Securitisation Retention; LMA Updates Documents; EBF Response to the Basel Committee's Consultative Documents; European Banking Authority Publishes Consultation Paper and New Answers to Questions on Single Rulebook
- Tracker, Financial Services Regulation & Compliance - Insurance (30/08/2013)
Domestic Developments - Central Bank themed inspection; FSO Bi-Annual Review (January to June) 2013; Insurance Ireland supports power of FSO to name financial service providers and comments on its role in the insurance industry. European and International Developments - Joint Forum publishes consultation on longevity risk transfer markets and final paper on mortgage insurance; HMRC consults on revisions to tax treatment for life business transfers
- Tracker, Financial Services Regulation & Compliance - Funds (30/08/2013)
Domestic Developments: New annual return requirement for certain funds. EU and International Developments: AIFMD, Draft Regulatory Technical Standards on types of AIFMs, ESMA opinion where member states have not yet implemented AIFMD and Final ESMA guidelines on key concepts of the AIFMD.
- Tracker, Financial Services Regulation & Compliance - Investment Firms (30/08/2013)
European and International Developments: ESMA Publishes Updated Q&A on EMIR; IOSCO and BIS publications; ISDA Publication.
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (30/08/2013)
Central Bank Consultation Papers; Minister for Finance has signed a commencement order for Section 72 of the Central Bank (Supervision and Enforcement) Act 2013; Consultative document on the application of the "key attributes of effective resolution regimes for financial institutions" to non-bank financial institutions.
- The UK patent box - Making the UK a hub for IP commercialisation activity (20/08/2013)
At a time when the economy remains top of the political agenda, many have welcomed the UK government’s moves to introduce a preferential tax regime for profits arising from patents. Coming into force on 1 April 2013, the ‘Patent Box’ regime means there will be a reduced corporation tax rate of 10% on such profits.
- Practical steps to protect your business from competitors (16/08/2013)
Review all senior and/or key employee contracts; Ensure that any existing restrictive covenants are reasonable in duration and scope; Consider placing an employee that has resigned on garden leave; Review the Company's IT policy; Consider prohibiting: sending of emails from "work" email accounts to "personal" email accounts and the use of USB sticks, portable hard drives, Ensure that emails are backed-up; Consider whether it is appropriate to have an exiting employee's computer forensically analysed.
- Gambling Control Bill update – Invitation for submissions on the Heads of the Bill (16/08/2013)
Following the publication last month of the Scheme of the Gambling Control Bill, the Joint Committee on Justice, Defence and Equality has been appointed to review and consider the Scheme, and report back to the Government.
- Disciplinary checklist - misconduct (15/08/2013)
Most employers reading this checklist will already have a Disciplinary Policy in place, to a greater or lesser extent. Employers should ensure that the following matters are addressed within that policy.
- AIFMD and investment funds listed on the Irish Stock Exchange (07/08/2013)
The Alternative Investment Fund Managers Directive (AIFMD) introduces new disclosure and reporting requirements for alternative investment fund managers (AIFM).
- The Front Page, Investment Funds: Irish Practice Developments (31/07/2013)
We look at Deadlines, AIFMD, Central Bank discussion paper on loan origination by investment funds, Central Bank Supervision and Enforcement Act, 2013, Central Bank Consultation (CP67) on the authorisation of regulated firms, funds and intermediaries: process improvements and service standards, Consultation Paper (CP68) on types of AIF under AIFMD including Unit Trusts, Exempt Unit Trusts, REITs, SPVs, Response to Central Bank Consultation on Impact Based Levies and Other Levy Related Matters (CP61), Issue 3 of the Central Bank of Ireland's Markets Update and the revised timeline for the implementation of FATCA.
- The Front Page, Investment Funds: EU & International Developments (31/07/2013)
We consider draft regulatory standards on Types of AIFM, AIFMD co-operation agreements, ESMA Q&A on ESMA Guidelines on ETFs and other UCITS issues, ESMA Guidelines on sound remuneration policies under the AIFMD, UCITS V, ESMA consultation on guidelines on reporting obligations under Articles 3 and 24 of the AIFMD, Long-Term Investment Fund (ELTIF) framework, European Association of Long-Term Investors (ELTI), IOSCO Principles for Financial Benchmarks, The European Commission and US CFTC common approach on Derivatives.
- Tracker, Financial Services Regulation & Compliance - Banking (31/07/2013)
Central Bank Publishes Notice on New Regulatory Regime for Debt Management Firms; ECB to directly regulate AIB and Bank of Ireland; Basel Committee - Updated Assessment Methodology for G-SIBs, Discussion on Balancing Risk-Sensitivity, Simplicity and Comparability, Report on the Regulatory Consistency of Risk-Weighted Assets in the Banking Book and Consultation on Liquidity Coverage Ratio Disclosure Standards; EBA - Consultations and Draft Technical Standards and Launch of new rulebook Q&A tool; European Banks' Mixed Reaction to US Implementation of Basel III...
- Tracker, Financial Services Regulation & Compliance - Funds (31/07/2013)
AIFMD, Loan Origination by Investment Funds, CP 68 on types of AIF under AIFMD, ESMA redrafting draft regulatory standards on Types of AIFM and revises Q&A on ESMA Guidelines on ETFs and other UCITS issues, AIFMD co-operation agreements; Guidelines on sound remuneration policies under the AIFMD; UCITs V, ELTIF framework...
- Tracker, Financial Services Regulation & Compliance - Investment Firms (31/07/2013)
ISE Issue New REIT Rules; ESMA Publishes Consultation Paper on Draft Technical Standards, Begins Detailing Central Clearing of OTC Derivatives and Consultation on Accounting Enforcement Guidelines; Delegated Regulations Adopted under EMIR; European Commission – CRD IV/CRR – FAQs; ISDA - Publication of ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol and Reporting Guidance Note...
- Tracker, Financial Services Regulation & Compliance - Insurance (31/07/2013)
Central Bank publishes updated checklist for SPRVs and Insurance Statistics for 2011; New Court monetary limits; Further delay in European Parliament consideration of IMD2; Results of EIOPA's peer reviews; Initial list of GSIIs identified; FCA to examine insurance "add-ons"; OECD project outline for annuity products; private motor insurance market investigation; Insurance Europe responds to EIOPA Report on LTGA package; Insurance premium pricing – focus in the UK...
- Tracker, Financial Services Regulation & Compliance - Cross Sectoral (31/07/2013)
Central Bank (Supervision and Enforcement) Act 2013, Consultation on Authorisation of Regulated Firms, Funds and Intermediaries, Feedback Statement on CP61, Fitness and Probity Standards and Guidance in relation to Annual PCF Confirmation Return; Credit Union and Co-operation with Overseas Regulators Act 2012 Implementation Plan; Protected Disclosure Bill 2013; EBA: Consultation on Draft Implementing Technical Standards; EU proposals and European Commission FAQs...
- Employment Law Review Northern Ireland (30/07/2013)
29 July 2013 saw the introduction of some further changes to employment law in Great Britain. These changes will not be mirrored in Northern Ireland now and, in fact, whether or not these changes will be introduced in Northern Ireland at all remains anyone's guess at the moment.
- CASE OF THE MONTH: Mount Juliet Properties Ltd v Melcarne Developments (30/07/2013)
In a decision delivered on 19 June 2013, the Irish High Court held that an arbitration clause was incorporated into a contract between the parties in circumstances where reference had been made to a standard form agreement which contained an arbitration clause.
- Friendly Societies and Industrial Provident Societies Bill 2013 published (30/07/2013)
The Friendly Societies and Industrial and Provident Societies Bill 2013, which is aimed at relieving the regulatory burden on co-operative societies, has been published.
- Legislation Update (30/07/2013)
This legislation update covers the Freedom of Information Bill, the Courts and Civil Law (Miscellaneous Provisions) Act and the Houses of the Oireachtas (Inquiries, Privileges and Procedures) Act 2013.
- Central Bank (Supervision and Enforcement) Act 2013 (30/07/2013)
The Central Bank (Supervision and Enforcement) Act 2013 was signed by the President on 11 July 2013 and the commencement order for the Act is expected to be signed within the next few days.
- European Long-term Investment Funds (29/07/2013)
On 26 June 2013, the European Commission issued draft regulations that proposed a new type of collective investment framework allowing investors to put money into companies and projects that require long-term capital.
- Central Bank publishes discussion paper on Loan Origination by Investment Funds in Ireland (25/07/2013)
The Central Bank of Ireland has published a discussion paper in relation to loan origination by Irish investment funds.
- AIFMD update (23/07/2013)
From 22 July 2013, the Alternative Investment Fund Managers Directive (AIFMD) is "live" in the EU, the AIFMD passport regime is effective and Ireland has fully implemented the AIFMD.
- New monetary jurisdiction limits due to come into effect (23/07/2013)
The Courts and Civil Law (Miscellaneous Provisions) Act 2013 (the Act) passed all stages of the Oireachtas on 18 July 2013, and has been sent to the President for signature.
- New Freedom of Information Bill 2013 to be published (23/07/2013)
A new Freedom of Information Bill (FOI Bill) is due to be published this week. It is expected to be enacted in the autumn along with a new Code of Practice for FOI.
- AIFMD Regulations (23/07/2013)
From 22 July 2013, the Alternative Investment Fund Managers Directive (AIFMD) is "live" in the EU and the AIFMD passport regime is effective.
- Update in legislative developments – legislation recently passed by Houses of Oireachtas (23/07/2013)
The Central Bank (Supervision and Enforcement) Act 2013 was enacted on 11 July 2013 however a commencement order has yet to issue in respect of this legislation.
- National Lottery Act 2013 and the Licence Competition (18/07/2013)
The National Lottery Act 2013 was signed into law on 14 May 2013. The new Act repeals the original National Lottery Act 1986, provides a legislative basis for the operation of the National Lottery, and facilitates the Licence Competition for a new operator of the National Lottery.
- Employment Appeals Tribunal decision on extending time limits for submitting a claim (16/07/2013)
A recent Employment Appeals Tribunal decision has considered the meaning of exceptional circumstances in relation to extending the deadline for submitting a claim.
- Recent Developments in Corporate Governance – July 2013 (16/07/2013)
This article contains a round-up of some of the recent developments in corporate governance.
- Charities Regulatory Authority to be introduced (16/07/2013)
The Government has announced the establishment of an independent Charities Regulatory Authority (the Authority) which will operate under the Charities Act 2009.
- Draft scheme of long awaited Gambling Control Bill published (16/07/2013)
The Irish government yesterday published the General Scheme of the Gambling Control Bill 2013 (the "Scheme"). This 90 page document, which represents the Irish government's current position on the regulation of the gambling sector, provides for the introduction of a comprehensive new unified licensing and regulatory framework for gambling in Ireland.
- Update on Betting (Amendment) Bill (12/07/2013)
Last July 2012, the Government published the Betting (Amendment) Bill 2012. Since then, the Government has been working on a number of amendments to the Bill to strengthen enforcement measures.
- Government to publish scheme for Draft Gambling Control Bill 2013 (12/07/2013)
Early next week, the Government is scheduled to publish the draft heads of the Gambling Control Bill 2013. The Bill is intended to provide for the regulation of casinos, online gambling, lotteries, bingo, amusement arcades and gaming machines in Ireland.
- Data Protection Law update (09/07/2013)
The Supreme Court, in EMI Records (Ireland) Ltd & Ors v Data Protection Commissioner and Eircom Ltd  IESC 34, 3 July 2013, has confirmed that an Enforcement Notice issued by the Data Protection Commissioner will be invalid if reasons are not given for same.
- Whistleblowing Bill published (09/07/2013)
The Government published the long awaited Protected Disclosures Bill 2013 on 3 July last.
- Recent Developments in the Domestic Banking Sector for June 2013 (02/07/2013)
Central Bank Publishes Revised Code of Conduct on Mortgage Arrears; Residential Mortgage Arrears and Repossessions Statistics; Money and Banking Statistics; Domestic Irish Banks' Consolidated Foreign Claims.
- European Commission introduces new rules on breach notification by Telcos and ISPs (02/07/2013)
On 26 June 2013, a new Commission Regulation on what telecommunications operators and Internet Service Providers should do if their customers' personal data is lost, stolen or otherwise compromised, was published in the Official Journal of the European Union.
- European Commission proposes legislation to facilitate claims for damages by victims of EU antitrust infringements (02/07/2013)
On 11 June 2013, the European Commission published a proposal for a Directive facilitating claims for damages in national courts by victims of infringements of EU competition law including anti-competitive agreements between competitors, such as a price-fixing cartel, and abuses by individual companies of their dominance in a market.
- Competition Law in Ireland (26/06/2013)
Dr Vincent J G Power, Head of A&L Goodbody's EU, Competition & Procurement Group reviews Competition Law in Ireland. This article was first published in Competition Policy International.
- CASE OF THE MONTH: Friends First Finance Ltd v Lavelle  IEHC 201 (25/06/2013)
This judgment was given in relation to two related cases and the defendants were also related by way of marriage.
- European Commission consultation on potential changes to EU Merger Control in area of minority shareholdings (25/06/2013)
The European Commission has launched a consultation on various potential changes to the EU Merger Regulation.
- Private Antitrust Litigation in Ireland (19/06/2013)
Dr Vincent Power, Head of the Firm's EU, Competition & Procurement Group reviews Private Antitrust Litigation in Ireland. This article was first published in Private Antitrust Litigation - Jurisdictional comparisons by The European Lawyer (Thomson Reuters).
- Retirement Ages in the Spotlight (18/06/2013)
The issue of retirement ages and age discrimination remains ever topical with an increasing number of cases coming before the Equality Tribunal. With the state pension age increasing in 2014 to 66 it is likely that this topic will remain firmly in the spotlight.
- EBA Publishes Good Practice Opinions on Responsible Mortgage Lending and the Treatment of Borrowers in Payment Difficulties (18/06/2013)
The European Banking Authority (EBA) has published two good practice Opinions on (a) responsible mortgage lending and (b) the treatment of borrowers in mortgage payment difficulties.
- Criminal Justice Bill, 2013 Signed into Law (18/06/2013)
The Criminal Justice Bill, 2013 was signed into law on 12 June last. This Bill first appeared in February last as the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill, 2013.
- Practical steps to reduce risk: Performance management (13/06/2013)
Use probationary periods effectively; Have your line managers received training on managing performance; Identify the problem; Check what policy applies; Read the Labour Relations Agency Code of Practice; Try to resolve matters as soon as they emerge; Be careful about any emails; Keep records; Agree some 'SMART' objectives; Encourage your line managers to have honest conversations about performance with their employees.
- Recent Developments in Corporate Governance - June 2013 (11/06/2013)
This article contains a round-up of some of the recent developments in corporate governance.
- Draft Irish Regulations and Revenue Guidance on FATCA Published (11/06/2013)
The Irish tax authorities (the Revenue Commissioners) circulated draft guidance notes on the implementation of FATCA in Ireland and a draft of the Financial Accounts Reporting Regulations 2013 (the Regulations) in early May. These draft publications follow on from the FATCA enabling legislation contained in the Finance Act 2013.
- Is there a right to an appeal in an individual redundancy decision? (11/06/2013)
The economic downturn has seen a marked increase in the number of cases before the Employment Appeals Tribunal. In 2011 there were some 8,500 claims before the EAT. Pre-recession the average number of claims was 3,500. Most of these relate to unfair dismissal claims.
- Recent Developments in the Domestic and European Banking Sector for May 2013 (04/06/2013)
This is a round up of all the recent developments in the domestic and European banking sector for May 2013
- BYOD Policies - What's All the Fuss About? (04/06/2013)
The latest hot topic in terms of IT usage in the workplace is the increasingly popular "Bring your own Device" policy.
- Data Protection Commissioner Publishes Annual Report for 2012 (28/05/2013)
The Data Protection Commissioner (the DPC) has published his Annual Report for 2012. On launching his report the DPC highlighted, in particular, his concerns over the issue of sharing personal data in the public sector.
- Exceptional Collective Redundancies Legislation Extended (28/05/2013)
The Exceptional Collective Redundancies legislation ⃰ has been extended for a further three years to 7 May 2016. The Act is designed to prevent a number of existing workers being made redundant and being replaced by cheaper workers.
- Unfair Terms in Consumer Contracts Regulations Extended (28/05/2013)
The legislative framework governing unfair terms in Consumer Contracts in Ireland has been extended by the publication of the European Communities (Unfair Terms in Consumer Contracts) (Amendment) Regulations 2013 (the 2013 Regulations).
- The International Comparative Legal Guide to Securitisation 2013 Edition (27/05/2013)
Peter Walker, Partner in the Banking and Financial Services Department and Jack Sheehy, Associate discuss the Irish legal guide to securitisation. "This article appeared in the 2013 edition of The International Comparative Legal Guide to: Securitisation; published by Global Legal Group Ltd, London.” (www.iclg.co.uk )
- Consultation on the Implementation of Consumer Rights Directive (21/05/2013)
The Department of Jobs, Enterprise and Innovation have published a Consultation paper on the implementation of the Consumer Rights Directive (2011/83/EU) (the Directive).
- Information Commissioner Publishes Annual Report for 2012 (21/05/2013)
The Information Commissioner, Emily O'Reilly, has published her Annual Report for 2012.
- AIFMD - Central Bank is Ready to Accept Applications for Authorisation under AIFMD (21/05/2013)
The Central Bank of Ireland has published the long awaited draft AIF Rulebook together with draft application forms and a Questions and Answers document.
- Constitutional Challenge to Legislation Regulating Registered Employment Agreements (14/05/2013)
The Supreme Court has handed down its judgment in this challenge to the constitutionality of those provisions of the Industrial Relations Act 1946 (the 1946 Act) which regulate the registration and enforcement of Registered Employment Agreements, thus bringing finality to a long-running and protracted sequence of legal challenges in this area.
- Recent Developments in Corporate Governance - May 2013 (14/05/2013)
This article contains a round-up of some of the recent developments in corporate governance.
- US Department of Commerce Clarifies how the US Safe Harbor Framework Applies to Cloud Computing (14/05/2013)
The U.S. Department of Commerce's International Trade Administration (ITA) has provided guidance clarifying that the Safe Harbor Framework offers U.S. organisations an officially recognised means of complying with the 'adequacy' requirement in the EU Data Protection Directive (95/46/EC), "regardless of whether or not they are operating in the cloud environment".
- Recent Developments in the Domestic and European Banking Sector for April 2013 (07/05/2013)
This article highlights the main developments that have taken place over the last month in the domestic and European banking sector.
- European Commission Publishes Revised Guidance on Dawn Raids (07/05/2013)
The European Commission has published revised guidance on the conduct of dawn raid inspections at business premises of companies suspected of anti-competitive behaviour.
- Companies Bill 2012 Update (07/05/2013)
The Companies Bill 2012 has now completed Second Stage of the legislative process in the Dáil.
- CASE OF THE MONTH: Aziz v Catalunyacaixa C-415/11 (30/04/2013)
The Court of Justice of the EU (CJEU) has provided helpful guidance concerning the assessment of whether a term is unfair and contrary to the Unfair Contract Terms Directive 93/13/EEC (the Directive). The Directive (implemented in Ireland by the EC (Unfair Terms in Consumer Contracts) Regulations, S.I. No. 27/1995), applies to any term in a contract between a trader and a consumer, which has not been individually negotiated.
- UK Supreme Court Seeks Clarification From CJEU on Article 5.1 of the Copyright Directive (30/04/2013)
The UK Supreme Court has delivered its judgment in the copyright protection case NLA v Meltwater.
- Council of European Union – New Alternative Dispute Mechanism for Consumers (30/04/2013)
The Council of the European Union has adopted a directive on Alternative Dispute Resolution (ADR) and a Regulation on Online Dispute Resolution (ODR).
- Proposed European Directive on the Disclosure of Non-Financial and Diversity Information (23/04/2013)
The European Commission (the Commission) has announced a proposed new directive which would amend the Accounting Directives (Fourth and Seventh Accounting Directives on Annual and Consolidated Accounts, 78/660/EEC and 83/349/EEC respectively), concerning the disclosure of non-financial and diversity information by certain large companies.
- Publication of Government Summer Legislation Programme (23/04/2013)
The Government has published its Summer Legislation Programme 2013.
- Equality Tribunal Publishes Latest Decision on Age Discrimination and Compulsory Retirement (23/04/2013)
The Equality Tribunal recently published its latest decision on the topical issue of age discrimination and compulsory retirement.
- Update to US Commodity Futures Trading Commission registration and reporting requirements (23/04/2013)
In February 2012, the US Commodity Futures Trading Commission (CFTC) , which regulates commodity futures and option markets in the United States, rescinded certain exemptions from registration and amended some compliance and reporting requirements. The Irish Funds Industry Association (IFIA) Technical Committee has prepared a paper to assist industry in understanding these changes.
- Companies Bill 2012 (19/04/2013)
The Companies Bill 2012 was published in December 2012 and is currently scheduled to have its second stage reading in the Dáil towards the end of April 2013.
- Dublin docklands strategic development zone (18/04/2013)
On 18 December 2012, the Government designated the North Lotts and Grand Canal Dock areas of Dublin city a Strategic Development Zone (SDZ) pursuant to its powers under the Planning and Development Act 2000 (the 2000 Act).
- Audit Exemption Thresholds – Consultation on Eligibility Criteria (16/04/2013)
The Department of Jobs, Enterprise and Innovation has announced a consultation on the issue of whether to allow companies in Ireland to avail of an audit exemption when they meet two of the three relevant criteria in the legislation.
- Recent Developments in Corporate Governance April 2013 (16/04/2013)
This article contains a round-up of some of the recent developments in corporate governance.
- High Court Sets Aside Compensation Award (16/04/2013)
The High Court has set aside an award of compensation made by the Circuit Court to an individual for breach of his data protection rights.
- Irish Tax Update - Spring 2013 (10/04/2013)
This briefing outlines some Irish tax developments that have occurred in late 2012 and early 2013.
- Recent Developments in the Domestic and European Banking Sector for March 2013 (09/04/2013)
This article highlights the main developments that have taken place over the last month in the domestic and European banking sector.
- The Start Mortgages issue - now resolved? (09/04/2013)
The Minister for Justice, Equality and Defence published the long anticipated "Land and Conveyancing Law Reform Bill 2013" on Thursday, 28 March 2013.
- Irish High Court sanctions transfer of insurance business to Non-EEA insurer (09/04/2013)
On 15 March 2013, the Irish High Court approved a transfer of insurance business from an Irish insurer to an insurer outside the European Economic Area.
- The use of bonds and guarantees in construction projects (01/04/2013)
The use of bonds and guarantees is perhaps the most common method of protecting an employer against the consequences of non-performance by a contractor.
- Supreme Court Clarifies Important Issue of Statutory Construction (27/03/2013)
The Supreme Court recently clarified that an amendment to an Act did not require a new commencement order, even though the earlier Act contained a commencement provision.
- Courts Bill 2013 Increases Jurisdiction of Circuit Court and District Courts (27/03/2013)
The government has published the Courts Bill 2013.
- Late Payments in Commercial Transactions Regulations Commence (19/03/2013)
As previously advised in our article of 19 February last, the European Communities (Late Payment in Commercial Transactions) Regulations 2012 have been published and became operative on 16 March.
- Further Update on the Parental Leave Regulations (19/03/2013)
By way of further update to last week’s article on the Parental Leave Regulations, the Regulations have now been published and will be formally known as the European Union (Parental Leave) Regulations 2013 (SI 81 of 2013).
- High Court Rules NAMA is a Public Authority under the AIE Regulations (19/03/2013)
The High Court recently dismissed an appeal by NAMA against a ruling by the Commissioner for Environmental Information that it is a "public authority", and subject to public access requests for environmental information, under the EC (Access to Information on the Environment) Regulations 2007 (S.I. No. 133 of 2007) (AIE Regulations).
- Recent Developments in Corporate Governance March 2013 (12/03/2013)
This article contains a round-up of some of recent developments in corporate governance.
- Parental Leave Directive Transposed (12/03/2013)
New parental leave Regulations were signed by the Minister for Justice and Equality on 8 March last.
- Personal Insolvency Act - Commencement Update (05/03/2013)
The Minister for Justice and Equality has brought more provisions of the Insolvency Act 2012 into force and has designated 1 March 2013 as the establishment day of the Insolvency Service of Ireland.
- Recent Developments in the Domestic and European Banking Sector for February 2013 (05/03/2013)
This article highlights the main developments that have taken place over the last month in the domestic and European banking sector
- Common European Sales Law - Update (05/03/2013)
The European Commission published its proposal for a Regulation establishing an optional Common European Sales Law on 11 October 2011. It aims to facilitate trade by offering a single set of rules for cross-border contracts in all 27 EU countries.
- Proposal for a Fourth Money Laundering Directive Overview (26/02/2013)
The Commission has recently published a proposal for a Fourth Anti-Money Laundering Directive.
- UK Supreme Court Upholds Court of Appeal's Findings on Piercing the Corporate Veil (26/02/2013)
The UK Supreme Court has upheld the decision of the Court of Appeal in the case of VTB Capital v Nutritek International.
- Draft Data Protection Regulation – Update (26/02/2013)
Update European Council publishes Comparative Table of Proposed EU Data Protection Regulation and 1995 Data Protection Directive and UK Information Commissioner Publishes Article-by-Article Analysis Paper on Proposed EU Data Protection Regulation.
- The Cartels and Leniency Review - Ireland (20/02/2013)
Dr Vincent Power, Head of the Firm's EU, Competition & Procurement Group investigates Ireland's position in relation to cartels and leniency. This article was first published in 'The Cartels and Leniency Review' by Law Business Research Ltd.
- No Appeal Where Data Protection Commissioner Finds Complaint is Frivolous or Vexatious (19/02/2013)
In the recent case of Fox v The Office of the Data Protection Commissioner  IEHC 49, the High Court confirmed that the Circuit Court has no jurisdiction to hear an appeal in relation to an opinion by the Data Protection Commissioner (DPC) that a complaint is frivolous or vexatious.
- Late Payments in Commercial Transactions – New Regulations Published (19/02/2013)
Regulations implementing Directive 2011/7/EU on late payments in commercial transactions into law in Ireland have been published.
- Equality Tribunal Awards €10,000 for Failing to Reasonably Accommodate Job Applicant With a Disability (19/02/2013)
The Equality Tribunal (the Tribunal) recently awarded €10,000 in compensation to a claimant who was discriminated against on the grounds of disability in relation to access to employment.
- Recent Developments in Corporate Governance February 2013 (13/02/2013)
This article contains a round-up of some recent developments in corporate governance.
- High Court Finds Bank Withheld Consent in a Commercially Reasonable Manner (12/02/2013)
The phrases "consent not to be unreasonably withheld" or "consent to be determined in a commercially reasonable manner" often appear in financial, commercial and property agreements.
- CASE OF THE MONTH: Thema International Fund Plc v HSBC Institutional Trust Services (Ireland) Ltd & Ors  (05/02/2013)
The Supreme Court in the case of Thema International Fund Plc v HSBC Institutional Trust Services (Ireland) Ltd & Ors  IESC 5, has clarified the scope of discovery.
- Recent Developments in the Domestic and European Banking Sector for January 2013 (05/02/2013)
- Equality Tribunal Awards €52,000 for Gender Discrimination and Victimisation (05/02/2013)
The Equality Tribunal (the Tribunal) has directed that an employer pay €52,000.00 in compensation to a former employee after it held that she had been discriminated against on the grounds of gender and victimised.
- Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2013 Published (05/02/2013)
The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill, 2013 (the Bill) was published on 1 February.
- Review of Irish Competition Authority Merger Notifications in 2012 (04/02/2013)
A&L Goodbody's EU, Competition & Procurement group provide a Review of Irish Competition Authority Merger Notifications in 2012 and an analysis of the emerging notification trends by comparison with previous years.
- Tax Client Bulletin: VAT and property transactions (04/02/2013)
This alert is intended to highlight certain VAT issues relating to the purchase and management of property which is subject to a lease(s).
- Investment Funds Update - Improvements to the non-UCITS funds regime in preparation for the implementation of AIFMD (04/02/2013)
Following its consultation, CP60, the Central Bank of Ireland (Central Bank) has issued the second draft of its AIF handbook.
- UCITS IV compliant business plans for SMICs (01/02/2013)
The Central Bank of Ireland (Central Bank) has issued updated application forms for UCITS management companies and UCITS self-managed investment companies (SMICs).
- UCITS annual KIID deadline (01/02/2013)
UCITS must file Key Investor Information Documents (KIIDs) with duly revised presentation of past performance on an annual basis.
- ESMA opinion on UCITS “trash bucket” (01/02/2013)
The Central Bank has written to industry in relation to the ESMA opinion regarding the UCITS “trash bucket".
- ESMA Guidelines on ETFs and other UCITS issues (01/02/2013)
ESMA issued guidelines on ETFs and other UCITS issues (Guidelines).
- FATCA - Ireland signs IGA - final regulations (01/02/2013)
Early last year the US Department of Treasury and the Inland Revenue Service (IRS) along with certain other countries set out a framework for the potential establishment of intergovernmental agreements (IGAs) to better facilitate the implementation of FATCA.
- ESMA consultation on key concepts of the AIFMD (01/02/2013)
To further supplement the AIFMD by level 3 provisions, ESMA launched a consultation on Guidelines on key concepts of the Alternative Investment Fund Managers Directive.
- ESMA consultation on draft regulatory technical standards on types of AIFMs (01/02/2013)
ESMA has also issued a consultation on Draft regulatory technical standards on types of AIFMs, which are aimed at ensuring the uniform application of the AIFMD across the EU.
- Companies Bill (01/02/2013)
The new Companies Bill will be issued on 21 December 2012. At over 1,400 sections and 17 schedules and totalling over 1,100 pages of text, it will be the lengthiest piece of legislation ever enacted in the State.
- Central Bank ONR (01/02/2013)
The Central Bank is moving from the current practice of the filing of physical copies of certain returns to the electronic submission of such returns, with the aim of reducing administrative costs for both the Central Bank and collective investment schemes (CIS).
- Central Bank Consultation – CP61- Impact based levies and related issues (01/02/2013)
The Central Bank is holding a consultation CP61 Consultation on Impact Based Levies and Other Levy Related Matters setting out proposed reforms to the levy calculation process which are designed to make the process more equitable and transparent.
- PRIPs KID Regulation (01/02/2013)
The European Parliament's Committee on Economic and Monetary Affairs (ECON) published a draft report (dated 20 December 2012) on the proposal for a regulation on key information documents (KIDs) for packaged retail investment products (PRIPs).
- IOSCO suitability requirements for the distribution of complex financial products (01/02/2013)
On 21 January 2013, the International Organization of Securities Commissions (IOSCO) published a final report on suitability requirements in respect of the distribution by intermediaries of complex financial products to retail and non-retail customers.
- EMIR (01/02/2013)
On 21 December 2012, the texts of the European Market Infrastructure Regulation (EMIR) Implementing Regulations were published in the Official Journal of the European Union (OJ): EMIR is the Regulation on OTC derivatives, central counterparties and trade repositories (Regulation 648/2012).
- Shadow banking (01/02/2013)
ECON published its report (dated 25 October 2012) on shadow banking.
- EBA Guidelines on the Assessment of the Suitability of Members of the Management Body and Key Function Holders (01/02/2013)
The European Banking Authority (EBA) issued Guidelines which outline the process, criteria and minimum requirements for assessing the suitability of members of the management body and key function holders of a credit institution.
- CASE OF THE MONTH: Mitchell v Mulvey Developments Ltd & Ors  (29/01/2013)
In the recent case of Mitchell v Mulvey Developments Ltd & Ors  IEHC 561, 20 December 2013, the Irish High Court considered the circumstances in which a party to an arbitration clause may be estopped or otherwise precluded, by his or her own conduct, from invoking the terms of that clause.
- Supreme Court Refuses to Extend Legal Advice Privilege to Non-Lawyers (29/01/2013)
The English Supreme Court has refused to extend the scope of Legal Advice Privilege (LAP) to accountants. The Court confirmed the current common law position that LAP only applies to legal advice given by qualified lawyers, in the course of a legal relationship only.
- Interest Rate - SWAP Mis-selling - Round One to the Banks (29/01/2013)
The recent FSA Review into the mis-selling of Swaps has significantly impacted upon the NI market. Not only is there an ongoing review process which may lead to redress for some disgruntled borrowers, but the process itself is inevitably affecting both pre-enforcement and post-enforcement strategies as regards impaired borrowers.
- Consultation on Cross-Border Transfers of Registered Offices by EU Companies (22/01/2013)
The Internal Market Directorate General of the European Commission has issued a consultation paper on the cross-border transfer of registered offices of companies.
- European Commission Publishes Code of Online Rights (22/01/2013)
The European Commission has published a Code of EU Online Rights which is a compilation of the basic set of rights that consumers have when using online services or when buying goods and services online within the EU.
- Publication of the Government Spring Legislation Programme (22/01/2013)
The Government has published its Spring Legislation Programme 2013.
- Publication of the Companies Bill 2012 - Update (15/01/2013)
As previously advised in our alert of 21 December, the long–heralded new regime of company law in Ireland has edged closer, following the publication by Minister Richard Bruton of the long-awaited Companies Bill.
- Recent Developments in Corporate Governance January 2013 (15/01/2013)
This article contains a round-up of some of recent developments in corporate governance.
- Proposed EU Data Protection Regulation: Update (15/01/2013)
A draft report on the proposed Data Protection Regulation has been published by Jan-Philipp Albrecht, rapporteur for the European Parliament’s Civil Liberties, Justice and Home Affairs Committee.
- Recent Developments in the Domestic and European Banking Sector - December 2012 (08/01/2013)
- Data Protection Commissioner Takes Action on Revised Cookie Rules (08/01/2013)
The Office of the Data Protection Commissioner (DPC) has written to 80 websites, which are popularly used by the general public, seeking information on the steps that they have taken to meet the new "cookie" rules, which came into effect on 1 July 2011, pursuant to the new E-Privacy Regulations (S.I. 336/2011).
- Family Leave Bill 2013 (08/01/2013)
The Government has announced its approval of the drafting of the Family Leave Bill 2013.
- Personal Insolvency Act 2012 Signed Into Law (08/01/2013)
On 26 December last, the Personal Insolvency Act 2012 was signed into law by the President.
- Taxation of Funds (01/01/2013)
The central principle of the Irish taxation of funds is simple; generally, authorised Irish funds are tax exempt, except to the extent that they have Irish resident investors. Ireland would not be an attractive location for funds without tax neutrality which is achieved by way of this exemption from direct tax for a fund vehicle and by way of exemptions from indirect taxes.
- Investment Funds Update - AIFMD Level 2 Regulation and related ESMA consultations (19/12/2012)
The long awaited Alternative Investment Fund Managers Directive (AIFMD) Level 2 Regulation (AIFMD Regulation) issued today.
- European Company Law and Corporate Governance Action Announced (18/12/2012)
The European Commission has announced and published details of its Action Plan and related FAQ on European Company law and Corporate Governance.
- Corporate Manslaughter - Update (18/12/2012)
Another UK company has been charged with corporate manslaughter.
- Brussels I Regulation Reform - Update (18/12/2012)
On 6 December 2012, the EU Council of Ministers adopted the proposed reform of Council Regulation (EC) No 44/2001 on jurisdiction and the recognition and enforcement of judgments in civil and commercial matters (known as the "Brussels I Regulation").
- Equal Status (Amendment) Bill 2012 published (18/12/2012)
The Equal Status (Amendment) Bill 2012 was published on 12 December last.
- Corporate Expatriate Tax Management (18/12/2012)
The following is a brief summary of tax reimbursement policies. It explains the basic principles behind the most common form of policies - something that is useful for those involved in human resource management to have an understanding of, as the trend of employees being seconded to another country grows in importance.
- Recent Developments in Corporate Governance - December 2012 (11/12/2012)
This article contains a round-up of some of recent developments in corporate governance.
- Recent Developments in the Domestic and European Banking Sector - November 2012 (04/12/2012)
- Circuit Court Cannot Hear Appeal Where Data Protection Commissioner Declines to Investigate Complaint (04/12/2012)
In the case of Nowak v Data Protection Commissioner, the High Court upheld the Circuit Court’s ruling that in circumstances where the Data Protection Commissioner declines to investigate a complaint, the Circuit Court has no jurisdiction to hear an appeal.
- Latest European Ruling on Compulsory Retirement and Age Discrimination (04/12/2012)
The Court of Justice of the European Union (CJEU) has issued its latest decision on the topic of compulsory retirement and age discrimination.
- Brussels I Regulation Reform - Update (27/11/2012)
The European Parliament has approved amendments to the European Commission's proposal for reform of the Brussels I Regulation (EC/44/2001) (the Regulation).
- EBA Publication - Guidelines on the Assessment of the Suitability of Members of the Management Body and Key Function Holders (27/11/2012)
The European Banking Authority has issued Guidelines that outline the process, criteria and minimum requirements for assessing the suitability of members of the management body and key function holders of a credit institution.
- Central Bank - Publication of Strategic Plan for 2013-2015 (27/11/2012)
The Strategic Plan explains how the Central Bank intends to deliver on its mission of safeguarding stability and protecting consumers over the coming three years.
- Proposed European Directive on Gender Balance for Non-Executive Directors (20/11/2012)
As anticipated, the European Commission has announced its intention to introduce legislation aimed at reaching a 40% objective of women in non-executive board-member positions in publicly listed companies in Europe.
- UK Government Publishes its Response to Proposal for a Common European Sales Law (20/11/2012)
The UK Government has published its response to the EU's proposal for an optional Common European Sales Law (CESL). The CESL proposal was published on 11 October 2011 (see our Client Bulletin of 23 October 2012 for more information).
- Government publishes General Scheme of the Equal Status (Amendment) Bill (20/11/2012)
The Government has approved the Minister for Justice and Equality’s plans for the drafting of the Equal Status (Amendment) Bill.
- Recent Developments in Corporate Governance November 2012 (13/11/2012)
We have set out here a round-up of some of recent developments in corporate governance.
- CJEU Clarifies Aspects of Unfair Commercial Practices Directive (13/11/2012)
The CJEU recently clarified that the practice of informing a customer he has won a prize, and obliging him to incur costs to receive that prize, is prohibited.
- Equality Tribunal Awards €95,000 to Claimant for Gender Discrimination (13/11/2012)
A recent Equality Tribunal ruling has reiterated the strict approach the Tribunal takes to pregnancy discrimination claims.
- CASE OF THE MONTH: P.Elliot & Company Ltd (in receivership and in liquidation) v FCC Elliott Construction Limited (06/11/2012)
The High Court recently refused an application to stay proceedings pending arbitration, under Article 8 of the UNICTRAL Model Law, and under the inherent jurisdiction of the Court, on the grounds that the applicant could not establish that it was a party to the arbitration agreement.
- Central Bank Issues New Transparency Rules as Delegation Arrangement With ISE Ends (06/11/2012)
The Central Bank of Ireland (the Central Bank) has issued updated Transparency Rules to reflect the ending of the delegation arrangement with the Irish Stock Exchange (ISE) relating to the performance of certain tasks under the Transparency (Directive 2004/109/EC) Regulations 2007.
- Recent Developments in the Domestic and European Banking Sector for October 2012 (06/11/2012)
- Improvements to the non-UCITS funds regime in preparation for the implementation of AIFMD (31/10/2012)
The Central Bank of Ireland (Central Bank) opened a public consultation (CP60) proposing significant enhancements to its non-UCITS regime in preparation for the implementation of the Alternative Investment Fund Managers Directive (AIFMD).
- Central Bank Christmas filing deadlines (31/10/2012)
The Central Bank set out its deadlines for receipt of applications with pre-Christmas or pre-year end approval.
- FATCA (31/10/2012)
As highlighted in our October news alert the Inland Revenue Service (IRS) have indicated that certain FATCA implementation timelines are to be postponed by six months.
- Anti-money laundering and counter-terrorism financing (31/10/2012)
The Central Bank issued a letter (12 October 2012) to all Irish-regulated credit and financial institutions regarding compliance with anti-money laundering and counter-terrorism financing (AML-CFT) legislation.
- ESMA FAQs on UCITS Key Investor Information Document (31/10/2012)
The European Securities and Markets Authority (ESMA) published a Q&A (25 September 2012) on the Key Investor Information Document (KIID) for UCITS.
- Money Market Funds (MMFs) Report (31/10/2012)
The International Organization of Securities Commission (IOSCO) published a final report on Policy Recommendations for Money Market Funds, which sets out 15 recommendations as the basis for common standards for the regulation and management of MMFs across jurisdictions, supplementing existing frameworks.
- Short Selling Regulation (31/10/2012)
The Regulation of the European Parliament and of the Council on short selling and certain aspects of credit default swaps (EU) No 236/2012 (Regulation) (supplemented by a European delegated regulation as well as regulatory and implementing standards) will apply from 1 November 2012.
- EMIR (31/10/2012)
On 27 September 2012, ESMA published its final report (ESMA/2012/600) on draft technical standards under EMIR (the Regulation on OTC derivatives, central counterparties and trade repositories (Regulation 648/2012)).
- Certified credit rating agencies (CRA's) (31/10/2012)
ESMA has issued a list of credit rating agencies which have been registered or certified in accordance with Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.
- Improvements to the non-UCITS funds regime in preparation for the implementation of AIFMD (31/10/2012)
The Central Bank of Ireland (Central Bank) has opened a public consultation proposing significant enhancements to its non-UCITS regime in preparation for the implementation of the Alternative Investment Fund Managers Directive (AIFMD).
- Update on Age Discrimination Case Law From the Equality Tribunal (30/10/2012)
The economic impact of the recession has seen employees having to work for longer and being unable to afford to retire until later.
- CJEU Clarifies Information Requirements in Distance Selling Directive (30/10/2012)
The CJEU recently ruled that providing information to consumers about their rights under the Distance Selling Directive 97/7/EC via a hyperlink to a website is not sufficient to comply with the Distance Selling Directive (97/7/EC).
- EU Data Protection Regulation Proposal – Update (30/10/2012)
In its Opinion 01/2012 of 23 March 2012, the Article 29 Working Party highlighted areas of the draft Data Protection Regulation which need clarification and improvement (see our Client Bulletin of 17 April 2012 for more information).
- European Commission Moves to Adopt Financial Transactions Tax for Ten Member States (23/10/2012)
The European Commission has today adopted a Council Decision enabling ten Member States who have applied to participate in an EU financial transaction tax (FTT) through enhanced cooperation, to do so.
- Common European Sales Law – Update (23/10/2012)
The European Commission published its proposal for a Regulation establishing an Optional Common European Sales Law (CESL) on 11 October 2011.
- Health (Pricing and Supply of Medicinal Goods) Bill 2012 (18/10/2012)
The Health (Pricing and Supply of Medicinal Goods) Bill 2012 will have significant consequences for all stakeholders in the pharmaceutical supply chain when enacted.
- Recent UK Guidance on What Constitutes "Bribery" in Business (16/10/2012)
In the UK, on 9 October 2012, the Serious Fraud Office issued revised statements of policy in relation to, among other matters, how facilitation payments, business hospitality and similar are to be treated for the purposes of the UK Bribery Act 2010.
- Cuts in Fees Imposed on Co-ops to Promote Equality with Companies (16/10/2012)
In a move intended to reduce costs to businesses and to ensure a more level playing field between co-operatives and companies, the Minister for Jobs, Enterprise and Innovation has reduced certain fees imposed on co-operative societies by the Registrar of Friendly Societies.
- New Guidance on Temporary Agency Workers Act (16/10/2012)
The Department of Jobs, Enterprise and Innovation published a guidance document on the agency workers legislation on the 31 August 2012.
- Recent Developments in Corporate Governance - October 2012 (09/10/2012)
We have set out here a round-up of some of recent developments in corporate governance:
- Legislation in the pipeline – The Government’s Autumn legislation programme (09/10/2012)
The government has published its Autumn legislation programme. We have set out below some of the most significant legislation coming down the tracks.
- Non-Renewal of Fixed Term Contract Amounted to Penalisation (09/10/2012)
This was an appeal by an employer and a cross appeal by an employee against a Rights Commissioner’s decision that the employer had breached Section 13 of the Fixed Term Work Act (the Act) by dismissing the employee for the purpose of avoiding her fixed term contract becoming a contract of indefinite duration.
- Ten practical steps for streamlining e-discovery from a lawyer’s perspective (03/10/2012)
In Ireland, as in other common law jurisdictions, parties to civil legal disputes are required to formally disclose documents (including electronic data) relevant to the dispute so that they can be inspected by the other side.
- Doing Business in Ireland survey (02/10/2012)
Ireland is in the front line of the global economic crisis, but it is gradually getting back on its feet. This Doing Business in Ireland survey of international attitudes towards the jurisdiction’s business environment, suggests the country is on the long road to recovery. The report was compiled by Global Legal Post in association with A&L Goodbody.
- CASE OF THE MONTH: Connolly v Seskin Properties Limited (02/10/2012)
A recent case from the Irish Commercial Court has considered the rule set down in Foss v Harbottle1, namely that if a company suffers a wrong, it is the company and not its shareholders that must institute proceedings.
- Recent Developments in the Domestic and European Banking Sector for September 2012 (02/10/2012)
- Credit Union Bill 2012 Published (02/10/2012)
Following consultation and input from various quarters over a number of months, the Credit Union Bill 2012 was published on 28 September 2012.
- Credit Reporting Bill 2012 published (02/10/2012)
On Friday 28 September, the Minister for Finance published the Credit Reporting Bill 2012 (the Bill). This follows a consultation process by the Dept of Finance and publication of a draft Bill earlier this year.
- Changes to UK Corporate Governance Code, Guidance on Audit Committees and Stewardship Code (02/10/2012)
As reported in our June corporate governance update, the Financial Reporting Council in the UK is to make a number of amendments to the UK Corporate Governance Code, to its related Guidance on Audit Committees, and also to the UK Stewardship Code. The changes are to apply from 1 October 2012.
- Central Bank policy on UCITS SMIC business plans (29/09/2012)
The Central Bank is currently considering the fine detail of its requirements for SMIC business plans so as to ensure pragmatic and proportional compliance by SMICs with the organisational rules in Level 2 of the UCITS IV Directive.
- Connected Party disclosures (29/09/2012)
The Central Bank is providing a temporary waiver in respect of the disclosure requirements for connected party transactions, as required under UCITS Notice 14 and Non-UCITS Notice 2, for current reporting periods.
- Markets in Financial Instruments framework (Update of September 2012) (29/09/2012)
Compromise proposals, MiFIR, MiFID.
- Market Abuse framework (Update of September 2012) (29/09/2012)
On 5 September 2012, the Presidency of the Council of the EU published a compromise proposal (dated 3 September 2012) on the proposed Regulation on insider dealing and market manipulation (MAR).
- Regulation of benchmarks and market indices (Update of September 2012) (29/09/2012)
On 5 September 2012, the EU Commission published a consultation document exploring a possible framework for the regulation of the production and use of indices serving as benchmarks in financial and other contracts
- Disclosure requirements for Islamic capital market products (Update of September 2012) (29/09/2012)
The International Organization of Securities Commissions (IOSCO), the Islamic Financial Services Board (IFSB) and the Securities Commission Malaysia issued a press release, on the increasing need to enhance and harmonise disclosure requirements in the Islamic capital market.
- Equality Tribunal Ruling on Age Discrimination (25/09/2012)
A recent ruling from the Equality Tribunal confirms that an employer must be able to objectively justify setting a retirement age to avoid a claim of age discrimination.
- Money Laundering and Terrorist Financing: Prescribed Countries List Updated (25/09/2012)
The list of "Prescribed Countries" designated as "places imposing requirements equivalent to the Third Money Laundering Directive" for the purposes of Section 31 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, has been amended by the Minister for Justice, Alan Shatter.
- Personal Insolvency Bill Update (25/09/2012)
The Personal Insolvency Bill 2012 has passed Committee Stage in the Dáil. The Select Committee on Justice, Defence and Equality made a number of changes to the Bill, many of these being technical changes to clarify provisions or to correct inconsistencies.
- Irish examinership: post-eircom. A look at Ireland’s fastest and largest restructuring through examinership and the implications for the process (25/09/2012)
This article was first published in Insolvency and Restructuring International, Vol 6 No 2, September 2012, and is reproduced by kind permission of the International Bar Association, London, UK. © International Bar Association.
- FATCA recent developments - Model Intergovernmental Agreements (update of September 2012) (24/09/2012)
The US Treasury and the Inland Revenue Service (IRS) issued a joint statement together with France, Germany, Italy, Spain and the UK setting out a framework for the establishment of intergovernmental agreements to better facilitate the implementation of FATCA.
- Revised Prescribed Countries list - Criminal Justice (Money Laundering and Terrorist Financing) (Section 31) Order 2012 (24/09/2012)
On 12 September 2012 the Minister for Justice signed SI 347 of 2012 which sets out a revised list of places designated as places imposing requirements equivalent to the Third Money Laundering Directive (Prescribed Countries list).
- Funds Industry Corporate Governance code- adoption deadline of 31 Dec 2012 (24/09/2012)
The deadline of 31 December 2012 to adopt the Corporate Governance Code for Collective Investment Schemes and Management Companies (the Code) is fast approaching.
- Possible New Mandatory Quota for Women on Corporate Boards in the EU (18/09/2012)
It has been reported that new legislative proposals are to be introduced shortly at EU level which would require Europe’s listed companies to ensure that by 2020 at least 40% of non-executive board positions are filled by women.
- High Court Decision on Upward-Only Rent Review Ban (18/09/2012)
In the recent Irish High Court case of Reox Holdings plc v David Cullen and Simon Davidson (High Court, July 2012), it was held that a guarantor who takes over responsibility for a lease entered into before February 2010 can avail of the statutory ban on “upwards only” rent review provisions which came into force in respect of leases entered into after that date.
- Government Publishes Draft Freedom of Information Bill 2012 (18/09/2012)
The Government has published the draft general scheme of the Freedom of Information Bill 2012, which will repeal and replace the Freedom of Information Acts 1997 and 2003.
- High Court Decision: Without a work permit, an employee cannot avail of Employment Law Protection (18/09/2012)
In the recent case of Hussein v the Labour Court & Anor (High Court, 31 August 2012), the High Court has held that where an employee is required to have a work permit and for whatever reason fails to obtain one but takes up employment, the employment contract is void and the employee cannot avail of the protection afforded by employment legislation.
- Matthew Elderfield Highlights Central Bank's Initiatives and Priorities in an Address to the Funds Industry (18/09/2012)
The Deputy Governor of the Central Bank of Ireland, Matthew Elderfield, addressed the Irish Funds Industry Association (IFIA) on the 12 September 2012 and highlighted a variety of interesting Central Bank initiatives and priorities.
- Investment Funds Update - CB of Ireland is looking at a new Irish (AIF) fund structure, revising QIF regime and revising non UCIT promoter regime (12/09/2012)
Central Bank of Ireland deputy governor, Matthew Elderfield, addressed the Irish Funds Industry Association today. The address was given in the context of a growing Irish funds industry with total assets under administration in Ireland having passed the €2 trillion mark, assets under management of €1.2 trillion and over 1.3 m investors in Irish regulated funds or funds supported by Irish fund administrators.
- CASE OF THE MONTH: Furey & Anor v Lurganville Construction Company Ltd & Ors (11/09/2012)
In a decision issued on 21 June 2012, the Irish Supreme Court considered the issue of what constitutes taking a "step" in proceedings, such as to prevent a party from relying on an arbitration clause.
- Consumer Rights Directive – Consultation on Administration Fees and Hidden Charges (11/09/2012)
The European Directive on Consumer Rights (Directive 2011/83/EU) (the Directive) is due for implementation into national law in Member States by 13 December 2013.
- Recent Developments in Corporate Governance - August/September 2012 (11/09/2012)
A round-up of some of the notable developments in corporate governance in recent months: EU Developments on Market Abuse, Publication of the Final Kay Report, Restructuring of the UK Financial Reporting Council, ESMA Publishes Another Revision of its Q&A on Prospectuses, Commission Report on the Takeover Directive, Various Corporate Governance Developments in Banking, Various New ESMA Guidelines, New UK Enquiry into Women in the Workplace, OECD Consultation on Collective Action on Bribery
- Recent Developments in the Domestic and European Banking Sector for July and August 2012 (04/09/2012)
This article highlights the main developments that have taken place over the last two months in the domestic and European banking sector.
- Consultation on the Criminal Justice (Corruption) Bill (04/09/2012)
A public consultation has been launched seeking submissions on the proposed heads of the new Criminal Justice (Corruption) Bill.
- Publication of the Final Kay Report (04/09/2012)
The long-awaited Kay Report into economic short-termism in the markets has been published in the UK.
- ESMA Guidelines on ETFs and other UCITS Issues (01/09/2012)
Michael Barr looks at: At the end of July ESMA issued its Guidelines on ETFs and other UCITS issues following a detailed consultation process which started over a year ago.
- Leverage disclosure requirements for UCITS which utilise VaR (30/08/2012)
The Central Bank issued guidance on its disclosure requirements for UCITS using a Value-at-Risk (VaR) methodology to calculate global exposure
- Amending UCITS regulations (30/08/2012)
SI 300 of 2012 EU (UNDERTAKINGS FOR COLLECTIVE INVESTMENT IN TRANSFERABLE SECURITIES) (AMENDMENT) REGULATIONS 2012 were signed on 24 July.
- Fitness & Probity (30/08/2012)
The Irish Funds Industry Association (IFIA) has prepared an updated Industry Information Note on Fitness and Probity and an updated Company Secretary Industry Information Note.
- Changes to Market Abuse, MiFID, Prospectus and Transparency regimes (30/08/2012)
New Regulations have issued to implement Directive 2010/73/EU in Ireland and Directive 2010/78/EU.
- UCITS VI proposals (30/08/2012)
The European Commission published its UCITS VI Consultation (closing on 18 October 2012)
- EMIR (30/08/2012)
On 27 July 2012, the text of the Regulation on OTC derivatives, central counterparties and trade repositories (Regulation 648/2012) (EMIR) was published in the Official Journal of the European Union (OJ).
- Market Abuse regime (30/08/2012)
The EU Parliament has indicated that the proposed Regulation on insider dealing and market manipulation (MAR) (extending the existing market abuse regime to include instruments trading on MTFs and OTFs, OTC derivative trading and HFT) and the proposed Directive on criminal sanctions for insider dealing and market manipulation (CSMAD) will be considered in its plenary session 19 to 22 November 2012.
- UCITS V - Draft UCITS V Directive (30/08/2012)
On 3 July 2012, the EU Commission published its long awaited draft UCITS V Directive.
- Shadow Banking (30/08/2012)
In late July, ESMA published its response to the European Commission's Green Paper on Shadow Banking.
- Central Bank letter concerning counterparty credit rating downgrades (30/08/2012)
The Central Bank has written to industry following the downgrading of credit ratings on a number of financial institutions in June.
- Companies (Amendment) Act 2012 (30/08/2012)
The Companies (Amendment) Act 2012 has been signed into law by the President. The Act provides for the extension of the exemption for the use of US GAAP by US entities migrating to Ireland.
- Criminal Justice (Corruption) Bill (30/08/2012)
The Minister for Justice has unveiled a draft Scheme of Criminal Justice (Corruption) Bill, which includes proposals in relation to corporate criminal liability for bribery and corrupt acts by company directors, managers, officers, employees, subsidiaries or agents.
- UCITS - Risk Measurement and Calculation of Global Exposure and Counterparty Risk (30/08/2012)
The European Securities and Markets Authority (ESMA) issued a Questions and Answers document on Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS.
- Notification of UCITS and exchange of information between competent authorities (30/08/2012)
ESMA issued a Questions and Answers document concerning the notification of UCITS and exchange of information between competent authorities.
- UCITS ETF Guidelines and REPO consultation (30/08/2012)
ESMA issued guidelines on Exchange-Traded Funds (ETFs) and other UCITS issues. The guidelines will apply to national securities markets regulators and UCITS management companies (this will include self-managed investment companies or SMICs also).
- Packaged retail investment products (PRIPs) (30/08/2012)
Following consultations, the EU Commission has issued a draft regulation on Packaged Retail Investment Products (PRIPs).
- Remuneration of AIFMs (30/08/2012)
ESMA has opened a consultation (closing Sept 30) on proposed guidelines on remuneration of alternative investment fund managers (AIFMs). ESMA will hold a hearing on the guidelines on sound remuneration policies under the AIFMD at ESMA offices on 25 September.
- Margin requirements for non-centrally-cleared derivatives (30/08/2012)
During 2011, G20 Leaders agreed to include margin requirements on non-centrally-cleared derivatives within the reform programme for OTC derivatives markets in order to help mitigate systemic risk, to encourage standardisation and to promote central clearing.
- PD; ESMA Q&A (versions 15 and 16) (30/08/2012)
On 2 July 2012, ESMA published the 15th version of its Prospectuses: Questions and Answers (Q&As).
- MiFID II (30/08/2012)
The EU Parliament has indicated that the proposed MiFID II Directive and MiFID II Regulation (MiFIR) will be considered in its plenary session 19 to 22 November 2012.
- ‘A Resource Opportunity’ - waste management policy in Ireland - July 2012 (26/07/2012)
On 25 July 2012, the Minister for the Environment, Community and Local Government launched the Government’s new waste management policy, entitled ‘A Resource Opportunity’.
- Recent Developments in Corporate Governance July 2012 (24/07/2012)
A round-up of some of the recent developments in corporate governance over the last month.
- Proposed Amendments to the UK Takeover Code (24/07/2012)
On 5 July 2012, the Code Committee of the UK Takeover Panel (the Panel) launched three separate consultations regarding proposed amendments to various aspects of the Takeover Code in the UK (the Code).
- Public Consultation on Credit Union Bill (24/07/2012)
The Minister for Finance has launched a public consultation on the General Scheme of the new Credit Union Bill 2012 (the Bill). The General Scheme, which sets out in draft the proposed framework and content for the Bill, was published on the 28 June 2012.
- Start Mortgages decision revisited (24/07/2012)
Two recent judgments, in EBS Limited v. Gillespie and McEnery v. Sheehan, will provide good news to many lenders concerned about the potential loss of statutory rights in the wake of the Start Mortgages decision and welcome clarity to potential acquirers of loan portfolios.
- Third UK Company Convicted of Corporate Manslaughter (24/07/2012)
A third UK company, Lion Steel Ltd, has been convicted of corporate manslaughter under the UK Corporate Manslaughter and Corporate Homicide Act 2007, for the death of an employee who fell more than 40ft from the factory’s roof, onto which he had gone to repair a leak.
- Betting (Amendment) Bill 2012 Published (24/07/2012)
On 19 July 2012, the Irish Government published in draft the long-awaited Betting (Amendment) Bill 2012. The new legislation is set to introduce a licensing regime for remote bookmakers and betting exchanges.
- ESMA Publishes Updated Q&As on Prospectus Law (17/07/2012)
On 2 July 2012, the European Securities and Markets Authority (ESMA) published an updated version of its Prospectuses: Questions and Answers document.
- New revenue guidance on VAT treatment of services connected with immovable property (17/07/2012)
The Irish Revenue Commissioners have issued guidance regarding the VAT treatment of services "connected with immovable property".
- Recent Case involving Judicial Review of Decision by Minister for Education to Remove an Employee from Office (17/07/2012)
The recent case of Catherine McSorley v The Minister for Education and Skills and Kilkenny Vocational Education Committee (28 April 2012) involved an interesting judicial review of a decision by the Minister for Education to remove the applicant from her position as principal of a vocational school following an investigation conducted under the Vocational Education Acts 1930 – 2001.
- DPC Publishes Guidance on Cloud Computing (17/07/2012)
The Irish Data Protection Commissioner (DPC) has published welcome guidance on “Data Protection in the Cloud” to assist businesses using cloud computing service providers to hold or manage personal data for which they are responsible.
- Various Annual Reports Published at European and International Level (17/07/2012)
A number of European and other international bodies have published their annual reports in recent weeks - in a number of cases, their first since coming into existence.
- European Commission Launch Public Consultation on Gender Imbalance in Corporate Boards (13/07/2012)
The European Commission has launched a public consultation on gender imbalance in corporate boards within the EU. This consultation follows the publication of a progress report entitled "Women in economic decision-making in the EU" by Vice-President of the Commission, Viviane Reding, on 5 March 2012.
- Companies (Amendment) Act 2012 becomes law (10/07/2012)
The Companies (Amendment) Act 2012 has been signed into law by the President. The Act provides for the extension of the exemption for the use of US GAAP by US entities migrating to Ireland.
- Employment law update: new code of practice on harassment and use of private investigators in misconduct case (10/07/2012)
The Equality Authority has prepared a new code of practice on harassment at work –the Employment Equality Act 1998 (Code of Practice) (Harassment) Order 2012 SI 208 of 2012
- Draft Scheme of Criminal Justice (Corruption) Bill (10/07/2012)
Minister for Justice unveils draft Scheme of Criminal Justice (Corruption) Bill, which includes proposals in relation to corporate criminal liability for corrupt acts by company directors, managers, officers, employees, subsidiaries or agents.
- Changes to Prospectus and Transparency regimes following amending Regulations (10/07/2012)
Changes have been made to the Prospectus and Transparency regimes in Ireland by the implementation into law of Directive 2010/73/EU which amends both the Prospectus Directive (Directive 2003/71/EC) and the Transparency Directive (Directive 2004/109/EC).
- Recent Developments in the Domestic and European Banking Sector for June 2012 (03/07/2012)
- Competition (Amendment) Act 2012 Enacted and Enters into Force (03/07/2012)
Ireland has enacted the Competition (Amendment) Act 2012. It is part of Ireland's agreement with the Troika of the European Central Bank, European Commission and International Monetary Fund.
- Personal Insolvency Bill 2012 (02/07/2012)
The much anticipated Personal Insolvency Bill has been published and introduces wide-ranging measures to seek to deal with the issue of personal debt affecting many people in the country today.
- Labour Court Ruling on Fixed Term Contract Case - The Dublin Institute of Technology v Stephen Nealon (26/06/2012)
The Dublin Institute of Technology v Stephen Nealon, Determination of the Labour Court No FTD 126.
- Central Bank and the Consumer Protection Code (26/06/2012)
The Central Bank has published a statement to provide feedback on its review of the implementation of the Consumer Protection Code 2012 (CPC) by a selection of regulated firms but with a particular emphasis on credit institutions and insurance undertakings.
- Executive Pay Reform in UK - Update (26/06/2012)
Further to last week’s article covering recent developments in corporate governance, on 19 June last, the UK Business Secretary Vince Cable announced a comprehensive set of reforms of the framework for directors’ remuneration.
- Industrial Emissions Directive (21/06/2012)
The Industrial Emissions Directive (IED) consolidates seven existing EU Directives, including the Integrated Pollution Prevention and Control (IPPC) Directive, the Solvents Directive, the Large Combustion Plants Directive, and the Waste Incineration Directive into a single legislative instrument.
- Recent Developments in Corporate Governance June 2012 (19/06/2012)
We have set out here a round-up of some of the recent developments in corporate governance over the last month.
- New UK Recommendations Regarding Going Concern (19/06/2012)
A panel of inquiry led by Lord Sharman, appointed last year by the UK’s Financial Reporting Council (FRC) to report on the lessons to be learned from recent experience regarding the assessment and management of going concern by companies and auditors, issued its final report on 13 June 2012.
- The Irish Law on Access to Information on the Environment (19/06/2012)
The EC (Access to Information on the Environment) Regulations 2007, which implement EU Directive 2003/4/EC, set out a number of significant provisions on the public’s right of access to information on the environment.
- New Government Website to Coordinate Information on Regulation (19/06/2012)
The Irish Government launched on 18 June 2012 a new website, www.businessregulation.ie, to act as a “one-stop-shop” for information on the regulatory requirements of over 30 Government bodies in Ireland.
- First Northern Ireland Corporate Manslaughter Conviction (14/06/2012)
On 8 May 2012, a Northern Ireland court imposed a fine of £187,500 and a costs order of £13,000 against JMW Farm Limited in relation to safety failings leading to the death of an employee in November 2010.
- Proposed Changes to Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010 Published (12/06/2012)
The Government has published proposed amendments to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (the Act) in the form of heads of a bill entitled The General Scheme of Criminal Justice (Money Laundering and Financing) (Amendment) Bill, 2012.
- European Commission Publishes Details of a Framework for Bank Recovery and Resolution (12/06/2012)
On 6 June 2012, the European Commission announced new crisis management measures to deal effectively on a cross border basis and in a harmonised manner with any future bank crisis.
- Labour Court Ruling on Fixed Term Contract Case - Carlow County Council v Mary McSweeney, Determination of the Labour Court No: FTD 127 (12/06/2012)
Carlow County Council v Mary McSweeney, Determination of the Labour Court No: FTD 127.
- Information Commissioner publishes Annual Report (05/06/2012)
The Information Commissioner and Commissioner for Environmental Information has published her Annual Report for 2011.
- Office of the Director of Corporate Enforcement publishes Annual Report for 2011 (05/06/2012)
The Office of the Director of Corporate Enforcement (ODCE) has published its Annual Report for 2011.
- Recent Developments in the Domestic and European Banking Sector for May 2012 (05/06/2012)
- Shah -v- HSBC Private Bank (UK) Limited  EWHC 1283 (30/05/2012)
The English High Court has delivered judgment in the long-running dispute between HSBC Private Bank and a former customer of HSBC, Mr. Jayesh Shah. Mr. Shah had claimed that money laundering reports filed by HSBC about some of his accounts led to damage to Mr. Shah’s business interests causing him financial loss in excess of US$300m and Mr. Shah sought to recover these monies from HSBC.
- New UK Legislation regarding Shareholders’ Say on Pay (29/05/2012)
The UK government has published a new bill providing for the removal of the UK statutory provision prohibiting the making of remuneration of directors of listed companies conditional on shareholders’ approval.
- ODCE Issue Guidance on Reports by Auditors (29/05/2012)
In keeping with its on-going focus on the role of auditors and their mandatory reporting requirements, the Office of the Director of Corporate Enforcement (ODCE) has issued a guidance note entitled “Auditor Reporting – what happens next”.
- Update on the New Personal Insolvency Bill (29/05/2012)
The government has indicated that it will publish the new Personal Insolvency Bill before the end of June, with enactment likely to follow after the summer. The proposed new law, the key heads of which were published on 25 January 2012, is to provide for a number of new approaches to personal insolvency in Ireland.
- Proposed changes by FRC to UK Corporate Governance Code, FRC Guidance on Audit Committees and Stewardship Code (22/05/2012)
The Financial Reporting Council (FRC) in the UK is proposing changes to the UK Corporate Governance Code (the Code) and also to its related guidance on Audit Committees. It has launched a Consultation Document seeking comments on the proposals. This development will be of interest to certain Irish companies as the Corporate Governance Code is followed in Ireland on a “comply or explain” basis by companies listed on the Main Securities Market of the Irish Stock Exchange.
- New Governance Code for Community, Voluntary and Charity Organisations in Ireland (22/05/2012)
A new voluntary corporate governance code for community, voluntary and charity (CVC) organisations in Ireland has been introduced. The new code was developed on a voluntary basis over the course of the last year by a working group established by various CVC groups and was published in February 2012.
- Irish Competition Policy under the EU/IMF Spotlight (22/05/2012)
The EU/IMF Programme of Financial Support for Ireland addresses some of the fundamental issues in the Irish economy. The EU/IMF Agreement identifies competition policy as an essential tool to assist in Ireland’s economic recovery and it contains a number of commitments to reform the Irish competition law regime. This article examines certain of those commitments up to January 2012.
- IAASA Reminder to Comply with Directors’ Report Content Requirements under the Irish Takeover Regulations (22/05/2012)
The Irish Auditing and Accounting Supervisory Authority (IAASA) has issued a reminder to directors of listed companies in relation to the content requirements set out under Irish takeover law in respect of their annual directors’ report.
- Commercial Court Dismisses Challenge to Set Aside an Arbitral Award (15/05/2012)
In the recent case, Dunnes Stores v Holtglen Ltd  IEHC 93, the Irish Commercial Court dismissed a challenge by Dunnes to set aside an arbitral award. The judgment usefully considers the principles surrounding the construction of a contract, and the jurisdiction and criteria applicable for the remittal or setting aside of an arbitral award.
- Revised Rules of the Irish Stock Exchange Published (15/05/2012)
The Rules of the Irish Stock Exchange have been revised with effect from 1 May 2012. These Rules govern the activities and operations of all member firms and registered traders on the markets of the Irish Stock Exchange (the ISE). They deal with membership, notifications, trading, clearing and settlement and related matters, and were last updated in October 2009.
- Central Bank Issues Clarification of Guidance to be Followed when Contacting Consumers (15/05/2012)
The Central Bank of Ireland has issued a letter to all lenders to clarify provisions in the Consumer Protection Code 2012 (the 2012 Code) and the Code of Conduct on Mortgage Arrears (the CCMA) in relation to contacting consumers.
- Draft AIFMD Regulation (11/05/2012)
In late March 2012, the European Commission (the Commission) released its draft level 2 Regulation on the Alternative Investment Fund Managers Directive (AIFMD) to a restricted circle.
- AIFMD- ESMA co-operation with non-EU supervisors (11/05/2012)
The European Securities and Markets Authority (ESMA) is to begin discussions with non-EU supervisors of entities subject to the requirements of the AIFMD about supervisory co-operation issues.
- EU High-Level Expert Group Formed to Review Banking Sector (08/05/2012)
The EU Commissioner, Michel Barnier, has established a High-Level Expert Group to review possible reforms to the EU banking sector. The Review is aimed at identifying structural reforms of individual banks, and banking systems as a whole, with a view to reducing the probability and impact of failure to a banking system.
- Recent Developments in Corporate Governance May 2012 (08/05/2012)
We have set out here some of the developments which have occurred in the area of corporate governance in recent weeks.
- Data Protection Commissioner publishes Annual Report for 2011 (08/05/2012)
The Data Protection Commissioner (DPC) has published his Annual Report for 2011. The Report notes a clear shift from traditional complaints relating to inappropriate or unfair use of personal data, to complaints increasingly related to the security of personal data and the use or misuse of technology in ways that present real risks to personal data.
- Legislation in the Pipeline – Government's Summer Legislative Programme Reviewed (01/05/2012)
The Government recently published its planned programme of legislation for the up-coming summer months. It has also released a list of Bills which are currently being drafted and are expected to appear in late 2012.
- UK Court of Appeal Confirms That a Parent Company may owe a Duty of care to an Employee of its Subsidiary (01/05/2012)
In the recent case of Chandler v Cape Plc  EWCA Civ 525, the UK Court of Appeal confirmed the High Court's ruling that a parent company owed a duty of care to an employee of a subsidiary company, who developed asbestosis after being exposed to asbestos dust, in circumstances where the subsidiary company was no longer in existence.
- Recent Developments in the Domestic and European Banking Sector for April 2012 (01/05/2012)
- Companies (Amendment) Bill 2012 published (24/04/2012)
As previously signalled by the Government, new legislation is now being introduced to provide for the extension of the exemption for the use of US GAAP by US entities migrating to Ireland.
- UK Court Stays Proceedings Where Wrong Party Sued in Italian Proceedings (24/04/2012)
In a recent case, UBS Limited and UBS AG v Regione Calabria  EWHC 699, the UK Commercial Court stayed two English claims, pursuant to Articles 27 and 28 of the Brussels Regulation (44/2001).
- April Blueprint for New Employment Redress Regime (24/04/2012)
The Department of Jobs, Enterprise and Innovation has published its blueprint for the new employment redress regime. The blueprint is being circulated for the purpose of consultation and observation by interested parties. Comments are invited by 30 April 2012.
- Update on Tax Treaties (24/04/2012)
Ireland's double taxation agreements with Albania, Hong Kong and Montenegro are effective from 1 January 2012.
- Climate Change Policy and Legislation Review (18/04/2012)
The Programme for Government 2011 – 2016 states that a Climate Change Bill will be published, which will provide certainty surrounding government policy and provide a clear pathway for emissions reductions, in line with negotiated EU 2020 targets.
- New EU Consultation on Insolvency Law (17/04/2012)
On 30 March 2012, the European Commission published a consultation on the future of European insolvency law.
- Recent Developments in Corporate Governance April 2012 (17/04/2012)
We have set out here a round-up of some of the recent developments in the ever-evolving area of corporate governance.
- Determining the Jurisdiction of an Expert Appointed Pursuant to an Expert Determination Clause (17/04/2012)
In the recent case of Barclays Bank Plc v Nylon Capital LLP  EWCA Civ 826, the UK Court of Appeal considered the jurisdiction of an expert appointed pursuant to an expert determination clause in an agreement between the parties.
- New Property Services Regulatory Authority established (17/04/2012)
A new body, the Property Services Regulatory Authority, has been established with effect from 3 April 2012.
- Update on EU Data Protection Reform Proposals (17/04/2012)
The Article 29 Working Party has issued its Opinion on the draft EU Data Protection Regulation.
- Access to information on the environment (12/04/2012)
Directive 2003/4/EC on public access to environmental information (“the Directive”) aims to ensure that information on environmental matters is made widely available to the public.
- Recent Developments in the Domestic and European Banking Sector for March 2012 (03/04/2012)
This Article highlights the main developments that have taken place over the last month in the domestic and European banking sector.
- Mahon Report Recommendations and their Relevance for Business (03/04/2012)
The final report of the Mahon Tribunal, published on 22 March 2012, proposes a number of changes in the law on bribery, corruption and whistle-blowing, among other areas.
- Need to Comply with European Commission Requests on Dawn Raids - €2.5 Million Fine for Diverting Email Traffic! (03/04/2012)
As is well known, the European Commission has various powers to conduct dawn raids or, as they are properly called, "inspections" on premises so as to facilitate the Commission's investigation of possible breaches of competition law. These powers are contained in Regulation 1/2003 which is the primary legislative instrument relating to EU competition procedure.
- New guidance to help businesses to carry out corrective actions for product safety (28/03/2012)
The European Commission has published a new guide which provides general advice to producers and distributors dealing with unsafe products placed on the market. The Guide covers all types of corrective actions taken by companies, (not just product recalls), for consumer products other than food, pharmaceuticals and medical devices.
- Central Bank - Review of the Regulatory Regime for the Safeguarding of Client Assets (27/03/2012)
The Central Bank has published a Review of the Regulatory Regime for the Safeguarding of Client Assets (the Review) which outlines its plan to strengthen the protection of client funds through "tougher supervision, better rules, stronger audits, assumption of new powers and more accountability for firms' directors". (Matthew Elderfield)
- Irish and US Data Security & Cloud Computing (22/03/2012)
A&L Goodbody has produced a comprehensive article which discusses the issues around data security and cloud computing in the context of the USA Patriot Act 2001, and equivalent Irish laws, relating to the ability of law enforcement authorities to co-operate across borders entitled "No Cloud Over the Patriot Act".
- UK Court of Appeal confirms that e-mail chain of correspondence can give rise to a binding contract of guarantee (20/03/2012)
In the case of Golden Ocean Group Ltd -v- Salgaocar Mining Industries PVT Ltd and another  (9 March 2012), the UK Court of Appeal has confirmed a High Court ruling that an e-mail chain of correspondence can give rise to a binding contract of guarantee.
- Developments in Irish Competition Law (20/03/2012)
The Competition Authority's latest annual report provides a comprehensive account of the work carried out by the Authority in 2011, which proved to be an important year in many respects for the Authority.
- New QCA Remuneration Committee Guide for Smaller Quoted Companies (20/03/2012)
The QCA has published a new Remuneration Committee Guide for Smaller Quoted Companies on the 5 March 2012. As the name suggests, the purpose of this guide is to assist the remuneration committees of such companies in formulating their own individual remuneration policy and practice.
- Government Publishes Criminal Justice (Spent Convictions) Bill 2012 (15/03/2012)
The Government has published the Criminal Justice (Spent Convictions) Bill 2012. Once enacted, a person, subject to certain exceptions, will not be obliged to disclose spent convictions when asked about their criminal background.
- Reform of Employment and Industrial Relations Structures - New Workplace Relations (Law Reform) Bill (14/03/2012)
On 8 March 2012, it was announced that a new bill is to be introduced in the latter half of the year which will reform and consolidate the employment rights and industrial relations structures currently in place in Ireland.
- In-house Lawyers Cannot Represent their Company before the European Court (13/03/2012)
In a recent case, Prezes Urzedu Komunikacji Elektronicznej v European Commission, Case T-226/10, the European General Court (EGC) held that the application before it was inadmissible on the grounds that it was made by in-house lawyers of the applicant. The decision has been appealed to the European Court of Justice (CJEU).
- Fitness and Probity PCF Due Diligence Confirmation due to Central Bank by 31 March 2012 (13/03/2012)
All regulated entities subject to the new fitness and probity regime operated by the Central Bank of Ireland are required to confirm to the Central Bank, by 31 March 2012, that they have undertaken due diligence in relation to all Pre-Approval Controlled Functions (PCFs) who were in-situ as at the 1 December 2011.
- Copyright Law Update (06/03/2012)
On 29 February 2012, the Minister for Research and Innovation, Mr Sean Sherlock, T.D., announced the signing into law of the European Union (Copyright and Related Rights) Regulations 2012, S.I. No. 59 of 2012.
- PIRC Issues 2012 Shareholder Voting Guide (06/03/2012)
The UK's Pensions Investment Research Consultants (PIRC) has issued an updated version of its Shareholder Voting Guidelines. This is the 16th edition of these non-binding guidelines, which aim to set out a statement of best practice regarding shareholder voting. They replace the version published in March 2011.
- Minister Publishes Draft Mediation Bill (06/03/2012)
The Minister for Justice, Equality and Defence, Mr Alan Shatter, T.D. has published the general scheme of a Mediation Bill. It builds on the recommendations of the Law Reform Commission (LRC) in their Report on Alternative Dispute Resolution: Mediation and Conciliation, and the draft Mediation and Conciliation Bill appended to it, published in 2010.
- Director liability for environmental clean up (28/02/2012)
2011 saw significant developments in the courts in relation to the issue of directors' liability for the costs of remediation of waste sites, an issue which is particularly crucial where the company which disposed of the waste is not in a position to pay.
- New Land Registry requirements for security interests over registered land from 1 March 2012 (28/02/2012)
New provisions in the Land Registration Rules 2011 that provide for the registration of security interests over registered land will take effect on 1 March 2012.
- European Company Law Review and Consultation (28/02/2012)
The European Commission has launched a public consultation on the future of European Company Law.
- Exchange traded funds and other UCITS products - more european regulatory change coming to a regulator near you (23/02/2012)
At the end of January, the European Securities and Markets Authorities ESMA issued a formal Consultation Paper on further requirements that they propose for UCITS ETFs. The Consultation Paper covers a variety of issues that will be relevant not only for ETFs but potentially all UCITS funds.
- Termination of Fixed Term Contracts and Unfair Dismissal (21/02/2012)
The Claimant in this case* was employed on a temporary basis as a clerical officer within a Garda Station.
- Recent Developments in Corporate Governance February 2012 (21/02/2012)
In recent years, hardly a month goes by without news of a new development in the corporate governance framework which overhangs the law of companies, both domestically and internationally.
- Bribery and Corruption law in Ireland (21/02/2012)
The law on bribery and corruption is an evolving area, with the passing of the Bribery Act 2010 in the UK and the Prevention of Corruption (Amendment) Act 2010 here in Ireland, and with the promise of further Irish legislation in the form of the Criminal Justice Corruption (Consolidation) Bill.
- Irish Takeover Panel consultation on proposed changes to the Irish Takeover Rules (14/02/2012)
As mentioned in last week's Bulletin, the Irish Takeover Panel has published a consultation paper proposing a number of changes to the Irish Takeover Rules.
- Updated guidelines on the Criminal Justice (Anti-Money Laundering and Terrorist Financing) Act 2010 (14/02/2012)
On 10 February, the Department of Finance published updated guidelines on the Criminal Justice (Anti-Money Laundering and Terrorist Financing) Act 2010.
- Finance Bill 2012 highlights (14/02/2012)
The recently published Finance Bill includes various measures intended to stimulate economic growth in Ireland.
- Central Bank publishes its enforcement priorities for 2012 (14/02/2012)
The Central Bank of Ireland yesterday published its enforcement priorities for 2012.
- Nearly new is not new - The European Commission requests Ireland to change its taxation of motor vehicles less than 3 months old (10/02/2012)
On 26 January 2012, the European Commission asked Ireland to alter the taxation on motor vehicles less than three months old.
- New Central Bank Market Abuse Rules follow ending of delegation arrangement (07/02/2012)
The Central Bank has announced that the Market Abuse delegation arrangement between it and the Irish Stock Exchange (ISE), which has been in place since 2005, has ended.
- Changes proposed to Irish Takeover Rules (07/02/2012)
The Irish Takeover Panel has launched a consultation process on proposals to amend the Takeover Rules 2007 to 2008.
- What does consent not to be unreasonably withheld in a commercial agreement mean? (07/02/2012)
The UK High Court in Porton Capital Technology Funds v 3M UK Holdings Ltd & 3M Company  EWHC 2895 (Comm) recently considered the meaning of the phrase "which shall not be unreasonably withheld" in the context of a requirement to obtain a party's consent in a Share Purchase Agreement (SPA).
- Alternative Investment Fund Managers Directive and types of AIFM (01/02/2012)
ESMA have issued a discussion paper on key concepts of the Alternative Investment Fund Managers Directive and types of AIFM.
- European Commission publishes its legislative proposals for reform of the Data Protection Directive (31/01/2012)
The European Commission has published its proposals to reform the EU's Data Protection Directive (95/46/EC). The proposed Regulation, unlike the 1995 Data Protection Directive, which gives Member States a wide discretion in respect of its implementation, will be directly applicable once implemented.
- Minister Publishes Draft Copyright Legislation (31/01/2012)
The Minister for Research and Innovation, Sean Sherlock has published the draft European Union (Copyright and Related Rights) Regulations 2012, which are expected to be signed imminently.
- The Cream Holdings Case on Expert Determination of Fair Value (24/01/2012)
The long-running saga of Cream Holdings & Ors v Stuart Davenport1, culminating in a second UK Court of Appeal decision recently, tells a cautionary tale which should be of interest to anyone involved in drafting and negotiating provisions on the expert determination of the exit price of shares in shareholder agreements and articles of association.
- A&L Goodbody's 2012 Review of Irish Competition Authority Merger Notifications (24/01/2012)
2011 was another interesting year for merger notifications in Ireland. Please read our full Review of Irish Competition Authority Merger Notifications in 2011.
- European Commission guidelines on gender discrimination in insurance premiums (24/01/2012)
On 22 December 2011, the European Commission adopted guidelines to assist the insurance industry in implementing unisex pricing, following the ban on the use of gender as a factor in insurance as a result of the ruling in the Test-Achats case in March 2011.
- Industrial Relations (Amendment) (No. 3) Bill 2011 (24/01/2012)
The Industrial Relations (Amendment) (No. 3) Bill 2011, currently before the Irish parliament, aims to reform the existing system for the making of Employment Regulation Orders and Registered Employment Agreements following a High Court decision in July 2011 declaring sections of the 1946 and 1990 Industrial Relations Acts to be invalid.
- Position Paper on the reform of the water sector in Ireland (19/01/2012)
The Department of the Environment, Community and Local Government this week published a position paper on reform of the water sector in Ireland dated January 2012 (the “Position Paper”), in relation to the establishment of a public water utility, to be called Irish Water.
- Update on changes to employment regime (18/01/2012)
In 2011 the Minister for Jobs, Enterprise and Innovation, commenced a programme of reform of the State's employment rights and industrial relations procedures. The aim is to streamline the existing structures, procedures and mechanisms and establish a simpler structure while building upon the recognised strengths of the existing systems.
- Disclosure of inside information related to dividend policy under Market Abuse Directive (18/01/2012)
The European Securities and Markets Authority, ESMA (formerly "CESR") has, in the context of an additional Q&A on the common operation of the Market Abuse Directive, taken the opportunity to remind issuers that they should consider any relevant information related to dividends payments and policies as inside information, if that information is likely to have a significant effect on the prices of either the issuer's shares or related derivatives.
- Law Reform Commission launches consultation on insurance contracts (17/01/2012)
The Law Reform Commission has launched a consultation paper on insurance contracts. The consultation paper assesses current insurance contract law and makes a number of detailed recommendations on potential reform of the law in this area.
- Irish consultation on EU Commission Proposal to repeal, replace and amend the two Accounting Directives with a single Directive (11/01/2012)
The EU Commission is proposing to repeal, replace and amend the two current Accounting Directives - 78/660/EEC (on individual financial statements) and 83/349/EEC (on consolidated financial statements) of limited liability companies – by a single Directive (COM (2011) 684 final), updated with a view to better accommodating the present and future needs of preparers and users of financial statements.
- Successfully defending health and safety prosecutions – Court of Criminal Appeal overturns Circuit Court conviction of construction company (11/01/2012)
A recent judgment in the case of DPP v PJ Carey (Contractors) Limited (Court of Criminal Appeal, 17 October 2011) establishes principles which may assist in the defence of health and safety claims, where the prosecution does not bring sufficient evidence to establish that there has been a breach of health and safety law.
- Audit Committee Changes for Public Interest Entities (10/01/2012)
The Department of Jobs, Enterprise and Innovation has recently released Regulations, the European Communities (Statutory Audits) (Directive 2006/43/EC) (Amendment) Regulations 2011, SI No. 685 of 2011.
- The Carbon Tax (04/01/2012)
The Commission on Taxation Report, 2009 recommended the introduction of a carbon tax as a means of generating revenue for the Irish State, while helping to change behavioural patterns around fossil fuel consumption and carbon emissions.
- Irish implementation of the Environmental Liability Directive (2004/35/EC) (04/01/2012)
The European Communities (Environmental Liability) Regulations, 2008 (S.I. No. 547/2008) (“the Regulations”) as amended by the European Communities (Environmental Liability) (Amendment) Regulations 2011 (S.I. No. 307/2011) came into force on 1 April 2009 and transpose the Environmental Liability Directive (2004/35/EC) (“the Directive”) into Irish law.
- Irish Taxation of Foreign Domiciliaries (01/01/2012)
This following covers the main Irish tax issues of relevance to individuals who may be looking for an alternative base for a period of time.
- Ireland - a hub for aircraft leasing (01/01/2012)
Ireland is one of the most popular jurisdictions for aircraft leasing due largely to the fact that Ireland’s fiscal regime offers substantial advantages to the aircraft leasing industry.
- The Irish Holding Company (01/01/2012)
Investors into European Union (EU) countries and countries with which Ireland has signed a double tax treaty, should make themselves aware of the potential tax efficiencies that can be achieved by using an Irish holding company for their investments.
- Update on Temporary Agency Work Directive (2008/104/EC) (14/12/2011)
As previously indicated Ireland was required to transpose this Directive into Irish law no later than 5 December 2011. While this did not occur, the Department of Jobs, Enterprise and Innovation published a notice on the Temporary Agency Work Directive in the national newspapers (5 December) addressed to hirers and employment agencies.
- Budget 2012 – Key changes which may impact on employers (13/12/2011)
Statutory sick pay: The procedure whereby employees on sick leave could receive more take home pay than an employee who is working has been abolished by the removal of the existing tax exemption for the first 36 days of illness benefit / occupational injury benefit.
- Reform of the EU's Data Protection Directive expected in early 2012 (13/12/2011)
The Vice President of the European Commission and EU Justice Commissioner, Viviane Reding, recently issued a statement regarding the proposed reform of the Data Protection Directive (95/46/EC), indicating the proposal will be published in early 2012.
- Update on Central Bank Requirement of Fitness & Probity (13/12/2011)
In September the Central Bank published: (1) its fitness and probity code in accordance with section 50 of the Central Bank Reform Act 2010; (2) draft guidance for the industry on the fitness and probity standards and; (3) SI No. 437 of 2011 prescribing functions that are to be 'controlled functions' and 'pre-approval controlled functions' within the meaning of section 20 and 22 of the 2010 Act.
- Audit reforms announced by European Commission (06/12/2011)
The European Commission has announced proposals aimed at strengthening and reforming the general auditing system across Europe.
- Supreme Court Refuses Discovery of Items Required for Potential Criminal Prosecution (06/12/2011)
The Supreme Court recently considered the entitlement of the Gardaí to withhold from disclosure in civil proceedings, items/documents which were bona fide required for the purposes of an ongoing investigation which may result in a criminal prosecution.
- Ireland toughens its Competition Law after IMF/EU Bail-Out Agreement (01/12/2011)
Ireland has a tough competition law regime. It imposes civil and criminal liability for breaches of both Irish and European Union competition law.
- Deadline Looming for the Transposition into Irish Law of the Temporary Agency Workers Directive (2008/104/EC) (30/11/2011)
The purpose of this Directive is to ensure equality between temporary agency workers and direct employees in relation to basic working and employment conditions. The deadline for transposing this Directive into Irish law is the 5 December 2011.
- Update on new European Directive on Consumer Rights (29/11/2011)
As we reported recently, a new European Directive on Consumer Rights has been drafted and approved. On 22 November 2011, the Directive on Consumer Rights (Directive 2011/83/EU) was published in the Official Journal and will come into force on 13 December 2011. Member States must implement the Directive into national law by 13 December 2013.
- Referring an Employee for Pyschiatric Assessment (23/11/2011)
The right to fair procedures applies to the information that is provided to the company doctor/psychiatrist and what occurs at any subsequent interview/meeting between the doctor/psychiatrist and the company.
- Commercial Court confirms jurisdiction to award Costs against Third Party Funder (22/11/2011)
A recent Commercial Court case, Thema International Fund PLC v. HSBC Institutional Trust Services (Ireland) Limited and others  IEHC 357, confirms that maintenance and champerty still subsist in Irish law.
- Technical advice to the European Commission regarding possible implementing measures for the AIFMD (18/11/2011)
The European Securities and Markets Authority (ESMA) has issued its final report which constitutes its technical advice to the European Commission regarding possible implementing measures for the Alternative Investment Fund Managers Directive (AIFMD).
- Another Battle of the Forms - Lessons from Noreside Construction Limited v Irish Asphalt Limited (15/11/2011)
In a decision of the High Court (Ms. Justice Finlay Geoghegan) delivered on 4 October 2011, the Court was asked to decide what were the terms of the contract between Noreside and Irish Asphalt for the purchase and sale of aggregate by Irish Asphalt to Noreside.
- New market abuse regime proposed (15/11/2011)
The European Commission has published its plans to introduce a new Regulation on Market Abuse and a Directive on Criminal Sanctions for Market Abuse, to replace the existing EU Market Abuse regime.
- ISE retains status quo in listing regime (15/11/2011)
As we reported earlier this year, the Irish Stock Exchange (ISE) has carried out a consultation on a possible new structure to its listing regime for companies trading on the Main Securities Market (MSM) in Ireland.
- European Commission publishes proposal for an optional Common European Sales Law (08/11/2011)
The European Commission has published a proposal for a Regulation on an optional Common European Sales Law. It is envisaged that the Common European Sales Law will exist alongside each Member State's national contract law as a second, alternative, contract law regime available to consumers in cross-border situations.
- Code of Conduct for Business Lending to SMEs revised by Central Bank (08/11/2011)
The Central Bank has revised and re-issued the Code of Conduct for Business Lending to Small and Medium Enterprises (SMEs) which will take effect from 1 January 2012.
- New Water Services (Amendment) Bill 2011 published (03/11/2011)
The Minister for the Environment, Phil Hogan, published the Water Services (Amendment) Bill 2011 on 3 November 2011. The Bill was precipitated by a European Court of Justice Decision ruling against Ireland in respect of treatment of waste waters from septic tanks.
- New Central Bank Individual Questionnaire for Directors and Senior Managers (01/11/2011)
In line with the Central Bank's new fitness and probity regime, which comes into effect on 1 December 2011, the Central Bank has issued a revised form of Individual Questionnaire (IQ) which will apply from the same date.
- European Commission Publishes Legislation to Revise MiFID (01/11/2011)
On 20 October 2011, the European Commission published a proposed Directive and Regulation to revise the Markets in Financial Instruments Directive (MiFID).
- Employment Law Aspects of Social Media (01/11/2011)
The use of social media tools such as Twitter, Facebook and LinkedIn has increased exponentially since their launch several years ago.
- Irish Competition Law: A Practitioner’s Review of the First 20 Years of Modern Irish Competition Law (01/11/2011)
Vincent Power, Head of A&L Goodbody’s EU & Competition Group, wrote an article published in the November 2011 edition of the Commercial Law Practitioner.
- Changes to the CRO's Voluntary Strike-Off Regime (25/10/2011)
Earlier this year, the Irish Companies Registration Office (CRO) introduced a new condition for companies seeking to avail of its voluntary strike-off procedure.
- Central Bank and Credit Institutions (Resolution) (No.2) Act 2011 (25/10/2011)
The Central Bank and Credit Institutions (Resolution) (No.2) Act 2011 was passed on 20 October, which Act provides the Central Bank with powers to manage and resolve distressed finanical institutions.
- Revised Consumer Protection Code to Come into Force on 1 January 2012 (25/10/2011)
On 19 October 2011, the Central Bank of Ireland published a revised Consumer Protection Code to come into effect from 1 January 2012. The code, first introduced in August 2006, sets out various protections for the customers of financial institutions in Ireland.
- Central Bank publishes amended FAQ on Corporate Governance Code for Credit Institutions and Insurance Undertakings (25/10/2011)
The Central Bank has published on its website an amended version of the detailed FAQ document to accompany the Corporate Governance Code for Credit Institutions and Insurance Undertakings (the Code). The amended FAQ updates the Central Bank's initial version, which was published at the end of May 2011.
- Circuit Court upholds Data Protection Commissioner's Decision (25/10/2011)
In a recent Circuit Court case involving an appeal by Dublin Bus against a decision of the Data Protection Commissioner (DPC), the Court upheld the DPC's decision that a data subject was entitled to CCTV footage of her accident.
- Overhaul of Consumer Law at Irish and European Level (18/10/2011)
Recent developments at domestic and European level in the area of consumer law aim to overhaul the current framework, to strengthen consumer rights and to provide a more user-friendly system for consumers.
- Changes to UK Corporate Governance Code on Gender Diversity at Board Level (18/10/2011)
On 11 October 2011, the Financial Reporting Council in the UK (the FRC), following feedback from its consultation paper, Gender Diversity on Boards, announced changes to the UK Corporate Governance Code aimed at promoting greater gender diversity at board level.
- New European Banking Authority Guidelines on Internal Governance (11/10/2011)
The European Banking Authority (EBA) has published, on 27 September 2011, new guidelines regarding the internal governance of credit institutions. The EBA states that the guidelines are aimed at "enhancing and consolidating supervisory expectations and ...ultimately improving the sound implementation of internal governance arrangements" within the banking sector.
- The Health and Safety Authority Publishes an Information Sheet on Workplace Drug and Intoxicant Testing (11/10/2011)
The Health and Safety Authority (the HSA) has published an Information Sheet on the issue of intoxicants at work. It had widely been anticipated that the information would take the form of regulations or even a code of practice, however, for the moment, the detail has come in the form of an Information Sheet.
- Bankruptcy Provisions Commenced (11/10/2011)
The new bankruptcy provisions contained in the Civil Law (Miscellaneous Provisions) Act 2011 were commenced yesterday. The Act has been in force since 2 August.
- Legislation published to amend and clarify scope of Irish Insurance Compensation Fund (04/10/2011)
The Insurance (Amendment) Bill 2011 was passed into law on 30 September 2011. It amends the Insurance Act 1964, the legislation which established the Irish Insurance Compensation Fund (the Fund).
- Latest Equality Tribunal ruling on age discrimination (04/10/2011)
The Equality Tribunal has issued its latest determination on the topical question of age discrimination and compulsory retirement.
- Publication of Competition (Amendment) Bill 2011 to Strengthen Competition Law (04/10/2011)
The recent publication of the Competition (Amendment) Bill 2011 helps Ireland to meet its commitment under the EU/IMF agreement to produce legislation in this area by the third quarter of 2011.
- Central Bank new fitness and probity regime (01/10/2011)
The Central Bank of Ireland (Central Bank) on 1 October 2010 under Part 3 of the Central Bank Reform Act 2010 (the Act), harmonised the statutory system for regulation of persons performing controlled functions and pre-approval controlled functions in regulated financial service providers.
- DPP v South East Recycling Ltd, Court of Criminal Appeal  IECCA 126 (30/09/2011)
South East Recycling Ltd (SERL) appealed against the severity of a €350,000 fine imposed on it by the Circuit Court for a breach of its waste licence for the year 2007. SERL had also been fined in the District Court the previous year for the same breach of its 2006 licence.
- Changes to the UK Takeover Code, and Consultations on Irish Takeover Rules (27/09/2011)
A number of changes have been made to the UK Takeover Code (the Code) with effect from 19 September 2011. The amendments have been made in response to a review of the Code undertaken following the takeover of Cadbury plc by Kraft Foods Inc in 2010.
- Insurance (Amendment) Bill 2011 expected to be passed this week (27/09/2011)
The Insurance (Amendment) Bill 2011 which amends the Insurance Act 1964 is expected to be passed by the Oireachtas this week.
- Liability at Common Law of a Parent company to an Employee of its Subsidiary (21/09/2011)
In a recent UK High Court case a parent company was held to owe a duty of care to an employee of a subsidiary company, where the employee had been exposed to asbestos and subsequently suffered asbestosis, in circumstances where the subsidiary company was no longer in existence.
- Central Bank New Fitness and Probity Regime (13/09/2011)
In October 2010, the Central Bank Reform Act 2010 (the Act) set out for the first time, a new harmonised and statutory approach to the regulation of persons performing controlled functions in entities regulated by the Central Bank.
- Start Mortgages decision - a follow up (13/09/2011)
In what amounts to a follow up to the Start Mortgages decision, Justice Laffoy has recently ruled that where a mortgage granted prior to 1 December 2009 expressly states that the mortgagee has certain rights under the Conveyancing Act, 1881 then that mortgage grants the mortgagee a contractual entitlement to exercise those rights which is not affected by the subsequent repeal of that legislation.
- Audit Committee Guidance Published (13/09/2011)
The European Confederation of Directors' Associations (ecoDA) has recently published new guidance on audit committees for European companies.
- RWC 2011: Trying to side-step the threat of ambush marketing (09/09/2011)
Rugby World Cup 2011 (RWC 2011) is the show piece of rugby union and will be one of the top sporting events in the world this year. With over one million spectators due to attend and billions around the world due to watch events unfold, the stage is set for a memorable tournament.
- Increase in the landfill levy from September 2011 (06/09/2011)
As of 1 September 2011, the landfill levy has been substantially increased under the Waste Management (Landfill Levy) Regulations 2011 by the Minister for the Environment, Community and Local Government in accordance with provision made under the Environment Miscellaneous Act 2011.
- New Corporate Governance Code for funds industry to become effective from January 2012 (06/09/2011)
The anticipated date for the coming into force of the new voluntary corporate governance code for the Irish funds industry, outlined in our client bulletin of 21 June 2011, is now January 2012.
- Amendment of Regulations on Mergers and Divisions (06/09/2011)
The EC (Mergers and Divisions of Companies) (Amendment) Regulations 2011 were adopted on 30 June 2011.
- Data Protection – The Article 29 Working Party Issues Opinion on the Definition of "consent" (06/09/2011)
The EU's Article 29 Working Party has issued an Opinion on the definition of "consent" in which it examines the individual elements and requirements for consent to be valid under the Data Protection Directive (95/46/EC) and the e-Privacy Directive (2002/58/EC).
- Civil Law (Miscellaneous Provisions) Act 2011 introduces a number of important reforms (04/08/2011)
The Civil Law (Miscellaneous Provisions) Act 2011 was signed into law by the President on 2 August 2011. The Act provides for certain provisions, concerning private security services, bankruptcy and family mediation services, to come into operation on such days as the Minister for Justice and Equality, by order, appoints.
- Minister announces reform of Joint Labour Committees (JLCs) and Registered Employment Agreements (REAs) (04/08/2011)
The Minister for Jobs, Enterprise and Innovation, Richard Bruton, recently announced the framework which will govern the long awaited reforms to the JLC/REA systems of wage setting.
- New Draft Companies Bill the Subject of First Irish Corporate Law Forum Conference (26/07/2011)
The new draft Companies Bill was the subject of detailed discussion and analysis at a conference in Dublin Castle on Thursday last, 21 July. The draft Bill, which was published in part on 30 May this year, aims to dramatically overhaul the fundamentals of existing Irish company law and is set to have a significant impact in the area of company law, governance and administration in Ireland.
- High Court Ruling on Restraint of Trade Clauses (19/07/2011)
The High Court has delivered its most recent ruling on restrictive covenants/restraint of trade clauses in employment contracts.* The Court granted an injunction restraining a former employee from breaching the duty of confidentiality as set out in her contract of employment.
- Competition body will have key role in recovery (17/07/2011)
Dr. Vincent Power, Head of A&L Goodbody's EU, Competition & Procurement Group, was invited to give a speech to mark the 20th anniversary of the Competition Authority, which was published by the The Sunday Business Post on 17th July 2011.
- Is this the end of automatic crystallisation charges? (12/07/2011)
On 25 March 2011, the High Court delivered a judgment concluding that a notice of crystallisation served by a bank (who held fixed and floating charges) on three borrowers shortly before they were placed into liquidation did not alter the statutory order of priorities attached to certain preferential debts over the claims of holders of floating charges.
- High Court Rules on the Constitutionality of Joint Labour Committees (JLCs) (12/07/2011)
The High Court ruled last week that laws under which minimum pay and conditions are set, under Employment Regulation Orders (EROs) proposed by JLC's for approval by the Labour Courts, are unconstitutional.
- DPC Publishes Guidance on New e-Privacy Regulations Requiring Mandatory Data Breach Notification by Public Communications Providers (12/07/2011)
The Data Protection Commissioner (the DPC) has published guidance to assist organisations to comply with the new data protection requirements contained in the European Communities (Electronic Communications Networks and Services) (Privacy and Electronic Communications) Regulations 2011, S.I. 336 of 2011 (the Regulations). The Regulations, which transpose E-Privacy Directive 2009/136/EC, came into operation on 1 July 2011.
- Health and Safety prosecutions: duty of care extends to developers, contractors and designers (07/07/2011)
There have been a number of recent prosecutions against employers and individuals who have been found to have breached health and safety regulations in the workplace resulting in the deaths of employees.
- Transposition of the Renewable Energy Directive 2009 (Directive 2009/28/EC) (07/07/2011)
The global focus on reducing greenhouse gases and promoting renewable energy cannot be ignored in today’s business environment. Whether your business deals directly in energy or not, EU green policy-making is likely to affect your costs: transport, shipping, heating, electricity - all are ultimately affected by EU legislation on energy and climate change.
- EC (Greenhouse Gas Emissions Trading) (Aviation) Regulations 2010 [S.I. No. 261 of 2010] (07/07/2011)
These Regulations transpose the EU Directive 2008/101/EC ("the Aviation Directive") which extends the EU Emissions Trading Scheme ("ETS") to aviation activities. The previous 2009 Regulations [S.I. No. 274 of 2009], which partially transposed the Aviation Directive, are revoked.
- European Parliament Approves New Consumer Rights Directive (05/07/2011)
The European Parliament has adopted a new Consumer Rights Directive. The Directive aims to strengthen consumers' rights when shopping online. A press release published by the European Parliament highlights the 10 most important changes for consumers in the Directive.
- European Commission is Considering Further Reform of EU Public Procurement Law (28/06/2011)
Public procurement accounts for roughly 17% of the EU's GDP and is therefore hugely important for businesses in terms of a source of contracts.
- A warning to disciplinary panels of regulatory bodies: The impact of “Bloodgate” goes beyond sport (28/06/2011)
Many people will remember the infamous fake blood incident that tarnished the sport of rugby union which became known as “Bloodgate”. It is interesting to note that while Harlequins Rugby Club recently won the Amlin Challenge Cup and Tom Williams has been playing for the team, the consequences for one off the field participant have been much more severe.
- Legislation Planned for Co-Operative Societies (21/06/2011)
The Minister for Jobs, Enterprise and Innovation has announced that draft legislation is planned, aimed at reforming the regulatory regime for co-operative societies in Ireland.
- OECD Guidelines for Multinational Enterprises (21/06/2011)
The OECD has, on 25 May 2011, published a revised version of its Guidelines for Multinational Enterprises (the Guidelines).
- New Draft Corporate Governance Code for Irish Funds Industry (21/06/2011)
A new voluntary corporate governance code for the Irish funds industry has been finalised, in draft, this month by the IFIA (the Irish Funds Industry Association). The draft code was prepared in response to an invitation to the IFIA by the Central Bank in April 2010 to formulate such a code, given the increased focus on corporate governance both nationally and internationally in recent times.
- Review of the Environmental Protection Agency (16/06/2011)
On 30 May 2011 the Environmental Protection Agency Review Group published their paper reviewing the EPA and recommending changes to be made to the organisation and its running.
- New Double Tax Treaties (14/06/2011)
Ireland has entered into a revised double tax treaty with Germany and new double tax treaties with each of Singapore and Hong Kong. The treaty with Germany was signed on 30 March 2011 with no date for coming into force yet set out.
- Central Bank publishes guidance on FAQs on the Corporate Governance Code for Credit Institutions and Insurance Undertakings (14/06/2011)
The Central Bank has published a detailed FAQ on the Corporate Governance Code for Credit Institutions and Insurance Undertakings (the Code).
- UK Bribery Act comes into force on 1 July (14/06/2011)
The UK Bribery Act will come into force on 1 July 2011. The Act has potential implications for Irish companies and partnerships carrying on business in the UK.
- ODCE submission on White Collar Crime detailed in Annual Report 2010 (07/06/2011)
The ODCE has given details of a substantial submission made by it to the Department of Justice and Law Reform in 2010 in response to a Departmental Discussion Document on white collar crime.
- Data Protection Commissioner's Annual Report for 2010 launched (07/06/2011)
The Data Protection Commissioner, Billy Hawkes launched his report for 2010 (the Report) last week.
- The European Communities (Waste Directive) Regulations 2011 (S.I. No 126 of 2011) (03/06/2011)
These Regulations were signed into law on 31 March 2011 and are divided into three main parts.
- The European Communities (Environmental Assessment of certain plans and programmes) (Amendment) Regulations 2011 (S.I. 200/2011) (03/06/2011)
These regulations came into force on 3 May 2011. They amend the European Communities (Environmental Assessment of certain plans and programmes) Regulations 2004 and further transpose Directive 2001/42/EC into Irish law.
- Company directors sentenced to prison for workplace death (03/06/2011)
Technical Engineering and Tooling Services, a company which provides technical, design and related services to the pharmaceutical, aeronautical and medical device industries, was fined €50,000 by Judge Anthony Kennedy in Mullingar Circuit Court on 12 May 2011.
- Guidance for the prospective Director carrying out due diligence before joining a board (31/05/2011)
The Institute of Chartered Secretaries and Administrators in the UK (ICSA) has this month published an updated version of its guidance paper "Joining the Right Board - Due Diligence for Prospective Directors".
- Concern over new ‘cookie’ legislation (27/05/2011)
Mark Rasdale, a Partner in A&L Goodbody’s IP & Technology Group comments in an article published by The Irish Times on 27th May 2011.
- Thousands march to protest at a Competition Authority dawn raid! (25/05/2011)
In a possible world-first, thousands of people marched to protest at a competition agency dawn raid. Thousands marched in Dublin following an Irish Competition Authority dawn raid.
- UK High Court considers whether to disqualify expert on grounds of an alleged lack of independence and receipt of privileged information (24/05/2011)
In a recent UK High Court case*, the claimant applied to the Court seeking a direction that permission for the defendants to call an expert witness be refused on the basis that the expert was in possession of confidential and privileged information concerning the claimant, and that she lacked the independence necessary of an expert.
- The UK's Financial Reporting Council opens consultation on gender diversity on boards (24/05/2011)
The Financial Reporting Council in the UK (the FRC) has opened a consultation on whether the UK Corporate Governance Code (the Code) should be amended to include a requirement on listed companies to publish their policy on the issue of gender diversity on boards and to report on the progress made in achieving the objectives set out in this policy on an annual basis.
- Central Bank and Credit Institutions (Resolution) (No.2) Bill 2011 (24/05/2011)
The Minister for Finance has today published the Central Bank and Credit Institutions (Resolution) (No.2) Bill 2011 (the No.2 Bill) which provides for the Central Bank with the necessary powers to deal swiftly with distressed credit institutions.
- Implementation of EU Mediation Directive (17/05/2011)
The Minister for Justice and Equality has signed the European Communities (Mediation) Regulations 2011, which transpose the EU Mediation Directive 2008/52/EC into national law.
- European Communities (Electronic Money) Regulations 2011 (16/05/2011)
Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions (the Second EMD) has been implemented into Ireland by way of the European Communities (Electronic Money) Regulations 2011 (E-Money Regulations).
- The Tools for Change (11/05/2011)
James Grennan, Partner, A&L Goodbody contributed to The International Who’s Who of Insurance & Reinsurance Lawyers, 2011.
- Expert Group publish feasibility study on European contract law proposal (10/05/2011)
The Expert Group on European contract law established by the European Commission (the Commission) in 2010 has published a feasibility study on the future of European contract law.
- UK Supreme Court Abolishes Immunity From Suit for Expert Witnesses (03/05/2011)
In the recent UK Supreme Court case of Jones v Kaney, the Court held that expert witnesses' immunity from suit for breach of duty should be abolished.
- Cautious optimism for M&A (30/04/2011)
Mark Ward, Partner in A&L Goodbody’s Corporate Department, wrote an article published by Business & Finance on 30th April 2011. The article discussed mergers and acquisition activity in Ireland.
- Transgender Ruling from the Equality Tribunal (27/04/2011)
In a recently published determination, the Equality Tribunal has recognised the inclusion of transgender people under the gender heading of the Employment Equality legislation.
- New EU law on late payments in commercial transactions (19/04/2011)
A new EU directive on late payments in commercial transactions (Directive 2011/7/EU) came into force this March.
- Labour Court overturns victimisation award (19/04/2011)
The Labour Court recently overturned an Equality Tribunal award of €20,000 for victimisation. This ruling continues the recent trend in which the Labour Court has overturned a number of Equality Tribunal decisions on victimisation.
- Entire Agreement Clauses Dont Always Do What (You Think) They Say On The Tin (12/04/2011)
The UK Court of Appeal recently considered in Axa Sun Life Services Plc v Campbell Martin Ltd (1) whether an "entire agreement" clause prevented claims for misrepresentation, breach of collateral warranties and/or implied terms.
- The Rule in Re Hastings-Bass (05/04/2011)
The Court of Appeal in the UK has determined that the rule in Hastings-Bass has been misinterpreted and is much narrower than subsequent cases suggested.
- Competitive Streak (05/04/2011)
Vincent Power, Head of A&L Goodbody’s EU & Competition Group, wrote an article published by the Law Society Gazette on 5th April 2011.
- Central Bank Consultation on the Fit and Proper Requirements (29/03/2011)
On 22 March 2011 the Central Bank of Ireland (Central Bank) published a consultation, which is proposing to implement a new statutory fitness and probity regime. The new requirements will apply to all entities which are regulated by the Central Bank, with the exception of credit unions.
- Crystallisation of Floating Charges: Where do you rank? (25/03/2011)
On 25 March 2011 the High Court delivered a judgment concluding that a notice of crystallisation served by a bank (who held fixed and floating charges) on three corporate borrowers shortly before they were placed into liquidation did not alter the order of priorities.
- UK High Court Rules Damages Claimed Were Direct Losses and Not Excluded by a Clause Excluding Indirect Loss (22/03/2011)
In a recent UK High Court case, McCain Foods Ltd v Eco-Tec (Europe) Ltd1, the UK High Court ruled that damages claimed were direct losses, and therefore not excluded by a clause excluding indirect and consequential loss.
- A party's intention not to perform its obligations is relevant in assessing damages recoverable by that party for repudiatory breach by the other part (15/03/2011)
In a recent English Court of Appeal case, Acre 1127 Ltd (In Liquidation) formerly known as Castle Galleries Limited (In Liquidation) v De Montfort Fine Art Ltd (1), the Court found that proof of a settled intention not to perform an agreement is material in the assessment of damages recoverable for repudiatory breach.
- EU-wide access to company information proposed (09/03/2011)
The European Commission (the Commission) has adopted a proposal for a Directive to link business registers within Europe.
- Director liability for environmental clean up (09/03/2011)
On 3 March 2011, Mr Justice Edwards in the High Court held that the courts do not have jurisdiction to pierce the corporate veil and impose so called "fall back" liability on directors personally for environmental cleanup. In doing so he disagreed with three previous High Court judgments going back to 2002.
- The EU Industrial Emissions Directive (01/03/2011)
On 6 January 2011 Directive 2010/75/EU, known as the EU Industrial Emissions Directive (the IED), entered into force.
- The Irish Tax System - A General Guide (01/03/2011)
Ireland has for many years used tax incentives to attract inward investment and has traditionally directed its tax incentives towards active business income – notably, the standard 12.5% rate of corporation tax applicable to most trading income.
- Taking gender into account as a risk factor in insurance contracts constitutes discrimination (01/03/2011)
The Court of Justice of the EU (the CJEU) ruled today that taking the gender of an insured individual into account as a risk factor in insurance contracts constitutes discrimination.
- Former HR Manager awarded €148,000 (23/02/2011)
The Employment Appeals Tribunal (the EAT) has directed a technology company to pay €148,000 in compensation to its former HR Manager*.
- Unlawful Distributions Of A Company's Capital To Shareholders (22/02/2011)
A regular feature of corporate reorganisations is the transfer of assets (including shares) by one company in a group to another group company as part of a change in corporate ownership. These transfers are often part of a bigger corporate picture carried out for bona fide commercial reasons, such as tax planning.
- First conviction of company in UK for corporate manslaughter (22/02/2011)
On 15 February 2011, a jury at Winchester Crown Court found Cotswold Geotechnical (Holdings) Ltd guilty of corporate manslaughter.
- Multi-Unit Developments Act, 2011 (22/02/2011)
The Multi-Unit Developments Act (the Act) was signed into law by President McAleese on 24 January 2011.
- Proposed New European Contract Law (15/02/2011)
The European Commission is currently considering how to make progress towards a more coherent law of contract across the EU. The Commission published a Green Paper in 2010 setting out a number of possible options towards achieving this goal and launching a consultation period on the issue which closed on 31 January 2011. It hopes to make progress on implementing the reform by 2012.
- New Round of Consultation on Review of EU Working Time Directive (08/02/2011)
A review of the controversial Working Time Directive has been in the pipeline for a number of years.
- Can an E-Mail Chain of Correspondence Give Rise to a Binding Contract of Guarantee? (08/02/2011)
A recent judgment of the English High Court recognises that a chain of e-mail correspondence can, in certain circumstances, give rise to a binding guarantee in accordance with the provisions of the Statute of Frauds.
- CESR's guidelines on a common definition of european money market funds (03/02/2011)
CESR published guidelines on a common definition for money market funds which have been broadly welcomed as a significant advance in achieving a harmonised definition of the term money market fund (MMF) and thus ensuring greater investor protection.
- Standard Trade Terms, Incoterms, updated with effect from 1 January (01/02/2011)
The International Chamber of Commerce (the ICC) has released a revised set of Incoterms with effect from 1 January 2011.
- Moving towards the light (01/02/2011)
Peter Walker, a Partner in A&L Goodbody’s Banking and Financial Services Department and Resident Partner in the London office wrote an article published by The European Lawyer in February 2011.
- New Government should back Competition Authority (30/01/2011)
Vincent Power, a Partner at A&L Goodbody EU and Competition Law Group wrote an article published by The Sunday Business Post on Sunday 30th January 2011.
- Migration of foreign investment funds into Ireland (28/01/2011)
Migration of Foreign Investment Funds into Ireland and registration as Irish Regulated Funds without any change in the legal entity.
- UCITS IV - What needs to be done & new opportunities (26/01/2011)
The UCITS IV Directive (2009/65/EC) will be implemented in Ireland by 1 July 2011. It has now been followed by many implementing measures which give detail of the new requirements.
- UCITS IV - What is it? (26/01/2011)
The final version of the UCITS IV Directive (2009/65/EC) was published on 17 November 2009. The UCITS IV Directive seeks to consolidate and modernise the regulatory framework applicable to UCITS and to make UCITS more market efficient.
- Decision of the Irish High Court under Article 8 of the UNCITRAL Model Law (24/01/2011)
In one of its first decisions under the Irish Arbitration Act 2010 (2010 Act), the Irish High Court has refused to grant an application which sought to stay High Court proceedings on the basis that a dispute was subject to an arbitration agreement.
- New and increased environmental levies (21/01/2011)
NOTE: It now seems that the Bill will not be advanced due to the impending General Election. The Environment (Miscellaneous Provisions) 2011 Bill was published on 11 January 2011.
- Supreme Court issues guidance on the remedy of rectification (19/01/2011)
The Supreme Court recently ruled that 80 former miners with a disability are to be excluded from substantial pension benefits available to existing employees.
- European Commission proposes reform of the Brussels I Regulation (18/01/2011)
On 14 December 2010, the European Commission published its proposal for the reform of the Council Regulation (EC) No. 44/2001 on jurisdiction and enforcement of judgments in civil and commercial matters (known as "the Brussels I Regulation").
- LRC publishes Report on Personal Debt Management and Debt Enforcement (11/01/2011)
The Law Reform Commission (LRC) launched its Report on Personal Debt Management and Debt Enforcement, on 16 December 2010, at its Annual Conference.
- Significant Irish bank stabilisation law passed (22/12/2010)
The Irish President has signed the Credit Institutions (Stabilisation) Act 2010 (the Act) into lrish law. The Act grants far reaching and unprecedented powers to the Irish Minister for Finance to facilitate the restructuring and stabilisation of the troubled Irish banking sector.
- President signs Prevention of Corruption (Amendment) Act 2010 into law (21/12/2010)
The Prevention of Corruption (Amendment) Act 2010 (the Act) was signed into law by the President on 15 December 2010.
- When is a rescission not a breach? The Court of Appeal clarifies the test for repudiatory breach in Eminence Property Developments Ltd v Heaney (21/12/2010)
A repudiatory breach occurs where one party makes clear his intention no longer to perform his side of the bargain.
- New code of conduct on mortgage arrears (CCMA) (16/12/2010)
The new revised CCMA was issued by the Central Bank on 6 December 2010. The CCMA has been amended and updated in light of the report and recommendations of the Expert Group on Mortgage Arrears and Personal Debt (the Group).
- New Corporate Governance regime to apply to listed Irish public companies (07/12/2010)
The Listing Rules of the Irish Stock Exchange (ISE) have for many years required companies on its Main Securities Market (MSM) to "comply or explain" against the UK Combined Code on Corporate Governance.
- Personal Guarantees (30/11/2010)
A personal guarantee is usually given to a lender by a director who is also a shareholder of a company as additional security for a company's borrowings.
- UK's Information Commissioner issues first monetary penalties for serious data protection breaches (30/11/2010)
On 24 November 2010, the UK's Information Commissioner issued two organisations with substantial fines for serious breaches of the UK Data Protection Act 1998.
- UK Supreme Court Allows Evidence of 'Without Prejudice' Negotiations to Aid Interpretation of a Settlement Agreement (09/11/2010)
In the recent case of Oceanbulk Shipping and Trading SA v TMT Asia Ltd, October 27, 2010, (Oceanbulk) the UK Supreme Court held there should be an exception to the 'without prejudice' rule for facts communicated between the parties in the course of 'without prejudice' negotiations where such facts would assist the court to construe an agreement that resulted from the negotiations.
- Central Bank publishes Corporate Governance Code for Credit Institutions and Insurance Undertakings (09/11/2010)
As expected, the Central Bank published the planned Corporate Governance Code for Credit Institutions and Insurance Undertakings (the Code) yesterday. This follows the publication earlier this year of a consultation paper (CP41) to which the Central Bank received what it described as an "unprecedented volume of responses".
- Decision of Judge Peter Kelly, the newly appointed 'Arbitration Judge' (02/11/2010)
In an unreported decision Healy and Anor v Whitepark Developments Limited and Anor*, Judge Peter Kelly held that an arbitration clause was invalid where the arbitrator was appointed by a body (the Construction Industry Federation), of which the Defendant was a member.
- Commercial Court Ruling in McKillen/NAMA Challenge (02/11/2010)
The Commercial Court has rejected the legal challenge taken by Mr. Paddy McKillen and 15 of his companies in which he sought to prevent some of his loans being transferred to the National Asset Management Agency (NAMA).
- Qualifying Investor Fund (QIF) improvements (26/10/2010)
The Central Bank has operated a Qualifying Investor Fund regime for some time and it has proved extremely popular with fund promoters.
- Assessing Compensation for Termination of a Commercial Agent's Agreement: The Law After McQuillan v McCormick (19/10/2010)
The application of the "compensation" principle in the European Communities Regulations 1994 and 1997 has the potential to cause an injustice in the case of a principal who gives proper notice of termination of the agency, in that there is no guidance given in the Regulations on the calculation of the "compensation" due to the agent in such circumstances.
- Commercial Court Delivers Landmark Intellectual Property Judgment (12/10/2010)
On Friday last, 08 October, Mr Justice Feeney delivered a landmark judgment in favour of the defendants in the case of Koger Inc and Koger (Dublin) Limited v HWM Financial Solutions Limited and Others.
- The “Galway Bypass Case” and the Habitats Directive (04/10/2010)
This year for the first time the Irish Supreme Court decided to refer a question as to the correct application of EU environmental law to the Court of Justice of the European Union (Sweetman v An Bord Pleanála – the “Galway bypass case”).
- Planning and Development (Amendment) Act, 2010 - commencement of certain sections (28/09/2010)
The Planning and Development (Amendment) Act 2010 (the 2010 Act), which was approximately 2 years in development, was signed into law on 19 July 2010.
- Employer Related Investments – 23 September 2010 Deadline (21/09/2010)
Trustees and sponsoring employers of occupational pension schemes should be aware that restrictions on investments in the employer, or persons connected with the employer, may be implemented from 23 September 2010.
- Justice Denied for In-House Lawyers! (14/09/2010)
Despite a battle stretching back 28 years, the EU's Court of Justice has today refused to recognise that in-house counsel may give privileged or confidential legal advice in competition matters to their corporate colleagues.
- Irish provisions enable fund companies to migrate into Ireland and be registered as Irish Regulated Funds without any change in the legal entity (14/09/2010)
The provisions of the Companies (Miscellaneous Provisions) Act 2009 (the Act) which facilitate the migration of fund companies into Ireland from prescribed jurisdictions came into effect last week.
- New naming options for Irish authorised investment funds and charging fees and expenses to capital in funds (01/09/2010)
The Financial Regulator has relaxed its rules on the labelling of Irish authorised investment funds, with effect from 1 September 2010, and will now permit the sole name of an investment manager in the title of a sub-fund within an umbrella structure.
- New Competition Authority legislation enables the Irish Competition Authority to have temporary members (25/08/2010)
With the enactment of the Competition (Amendment) Act 2010, the Irish Competition Authority may now have temporary members. This technical statute amends Section 35 of the Competition Act 2002 (which is the principal statute in Irish competition law) to permit the appointment of temporary members of the Competition Authority.
- Data Protection Commissioner approves Data Security Breach Code of Practice (27/07/2010)
The Data Protection Commissioner (DPC) has approved a personal Data Security Breach Code of Practice to help organisations when they become aware of data security breach incidents involving customers or employees.
- Health and Safety Authority refused jurisdiction to investigate a road accident in Co. Donegal (21/07/2010)
Donegal County Council v Health and Safety Authority. The Applicant for judicial review (“the Council”) sought an Order prohibiting the Respondent (“the HSA”) from further investigating or prosecuting it or its staff in respect of a road accident that occurred in 2001.
- European Union General Court rules on Ryanair's bid for Aer Lingus (06/07/2010)
The European Union's General Court (the old Court of First Instance) to day ruled on two appeals relating to the European Commission's prohibition of Ryanair's bid for Aer Lingus.
- Data Protection Commissioner publishes Draft Data Security Breach Code of Practice (15/06/2010)
The Data Protection Commissioner (DPC) has published a draft Code of Practice which sets out the circumstances when data security breach incidents must be reported to his Office.
- High Court Dismisses Claim Against EAT (15/06/2010)
The High Court has dismissed a claim taken by two former security industry employees against the EAT following its decision not to hear their unfair dismissal claims.
- Bribery law has serious ramifications (13/06/2010)
Joe Kelly and Michael Neill, both Partners at A&L Goodbody, discuss the 2010 British Act in an article published by The Sunday Business Post on Sunday 13 June 2010.
- CESR guidance on money market funds (11/06/2010)
On 19 May, 2010, CESR published its guidelines on a common definition of European money market funds whether UCITS or non UCITS.
- Green Public Procurement (09/06/2010)
Each year, about 16% of the GDP for the entire EU is spent by public authorities in the procurement of goods and services. In Ireland, total public sector purchasing power is over €16 billion. Clearly then, public authorities are big spenders. What does this mean for businesses?
- Climate Change Bill (09/06/2010)
Work presently continues on the Heads of the Climate Change Bill, which are expected to be published by the end of summer 2010.
- Arbitration Act 2010 (08/06/2010)
The Arbitration Act 2010 applies to all arbitrations which commence from today, 8 June 2010.
- Safe custody - What happens if your custodian goes bust? (01/06/2010)
David Main and Niamh Ryan both Partners at A&L Goodbody discuss in an article published by Pensions Ireland in June 2010. The article focused on the role of the custodian in relation to Irish pension schemes.
- Audit Committee Requirements for Listed Companies under Statutory Audit Regulations (25/05/2010)
On 20 May 2010, the European Communities (Statutory Audits) (Directive 2006/43/EC) Regulations 2010, SI No. 220 of 2010 ("the Regulations") were published, giving effect in Ireland to Directive 2006/43/EC on statutory audits.
- Dublin local authorities' waste management regime quashed (19/05/2010)
Private waste contractors, led by Panda Waste Services and represented by A&L Goodbody, succeeded in their High Court challenge to a decision by the four Dublin local authorities to vary the authorities' waste management regime.
- Good news for airlines on compensation claims (16/05/2010)
Vincent Power, Partner, was quoted in an article published by The Sunday Business Post on Sunday 9 May 2010.
- In-house lawyers face disclosure of legal advice (16/05/2010)
Vincent Power, Partner, comments in an article published by The Sunday Business Post on Sunday 16 May 2010.
- New EC Model Clauses for Transfers of Personal Data Outside the EEA (11/05/2010)
The European Commission recently approved* new model clauses for the transfer of personal data from a data controller established in the EU to a data processor established in a third country outside the EEA.
- New Trustee Training Requirements for Employers and Trustees (04/05/2010)
On 1 February 2010 the Pensions Act requirements in relation to trustee training came into effect.
- Address to Financial Services Ireland by Head of Financial Regulation (27/04/2010)
Addressing the Financial Services Ireland conference on 21 April, 2010 the Head of Financial Regulation, Matthew Elderfield, outlined the recent work in the Central Bank and the Financial Regulator has conducted in conjunction with the government and NAMA to put the Irish banking sector on a standard footing and to help draw a line under the financial crisis in Ireland.
- European Commission issues new Insurance Block Exemption Regulation (20/04/2010)
On 24 March 2010, the European Commission (the Commission) issued a new Insurance Block Exemption Regulation (IBER) to replace existing Regulation 358/2003/EC, which expired on 31 March 2010.
- EAT Emphasises Fair Procedures in Redundancy Dismissal Cases (13/04/2010)
In two recent cases, the Employment Appeal Tribunal (EAT) has handed down further substantial awards in redundancy dismissal situations.
- UK Bribery Act 2010 has Implications for Irish Companies doing Business in UK (13/04/2010)
The UK Bribery Act 2010 has recently received Royal Assent and is expected to come into force later this year. The Act updates and simplifies the law in the UK on bribery and is seen as representing a modern approach to anti-corruption law.
- Financial Centres vie for slice of hedge fund pie (12/04/2010)
Michael Barr, Partner Investment Funds, was quoted in an article published by the Financial Times on 28 March 2010.
- Record award from EAT in redundancy dismissal case (23/03/2010)
The Employment Appeals Tribunal (EAT) has awarded €175,000 to a former manager of a software company who was unfairly dismissed*. The award is understood to be one of the largest awards to date from the EAT.
- Directors Face Greater Scrutiny (02/03/2010)
The increased scrutiny on company directors means there is an onus on them to be aware of their roles and responsibilities.
- Age Discrimination and Setting Age Limits (16/02/2010)
The topic of age discrimination and justification of discrimination on the grounds of age has come into the spotlight again with the release of two recent European Court of Justice decisions.
- New provisions for the use of derivatives at share class level for UCITS and non UCITS (10/02/2010)
Article detailing where the Financial Regulator now permits the use of Financial Derivative Instruments (FDIs) at share class level, when dealing with capital gains/losses and income arising from a sub-fund's pool of assets.
- Measures to make funds sector more competitive (05/02/2010)
Brian McDermott, Partner and Head of Investment Funds, was quoted in an article published by the Irish Times on Friday 5 February 2010.
- European Commission passes new e-privacy directive requiring mandatory data breach notification by public communications providers (02/02/2010)
The European Commission has passed a new e-Privacy Directive 2009/136/EC (the Directive) which makes it mandatory for public communications providers (ISPs and telcos) to inform national regulatory authorities of any data security breach.
- Time Frame for Procurement Challenges (02/02/2010)
Case C‑456/08 - Commission v. Ireland, Judgment of 28 January 2010. The Court of Justice of the European Union (CJEU) has held that Order 84A of the Rules of the Superior Courts which sets out the procedure and timeframe for initiating a challenge to a procurement procedure is contrary to EU law.
- Trade Associations Get Guidance from the Competition Authority on How to Comply with Competition Law (29/01/2010)
Trade and professional associations have to be careful to ensure that they comply with competition law. Sometimes, members can use the associations as a forum or vehicle for price-fixing, boycotts or other inappropriate anti-competitive behaviour.
- Update on NERA (12/01/2010)
The National Employment Rights Authority (NERA) continues to operate on an interim basis, pending the enactment of the Employment Law Compliance Bill 2008.
- New Bill to aid exporters in resolving disputes with overseas partners (11/01/2010)
Joe Kelly, Partner, Litigation and Dispute Resolution, was quoted in an article published by the Irish Times on Monday 11 January 2010.