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Legal Updates & Insights

  • article

    Financial Service Regulation and Compliance - Investment Firms March 2019

    On the domestic front, the Central Bank of Ireland published updates to its Q&As on Investment Firms. On the European front, ESMA has published two relevant documents relating to MiFID II and MiFIR, including updates to its Q&As relating to commodity derivative topics...

    Asset Management & Investment Funds
  • article

    Financial Service Regulation and Compliance - Funds March 2019

    On the domestic front, the Central Bank (CBI) published updates to its AIFMD and Brexit Questions and Answers documents. The Central Bank has also announced that it will permit investment in Chinese banks via Bond Connect by Irish UCITS and AIFS. On the European front ESMA proposed amendments to the PRIIPS KID requirements in respect of MOPS. ESMA has also published updated Q&As on UCITS and AI...

    Asset Management & Investment Funds
  • article

    Financial Service Regulation and Compliance Bulletin - Banking March 2019

    On the domestic front, the Central Bank (CBI) has published its Approach to Resolution for Banks and Investment Firms, which provides insight on to how the CBI might exercise its powers in the event of a resolution scenario as well as how institutions should approach resolution planning. There have been some notable developments on the EU front, including the publication of some ann...

    Financial Regulation
  • article

    Private Mergers & Acquisitions in Ireland 2018

    Mark Ward, Head of M&A, provides an overview of private mergers and acquisitions in Ireland. First published in the 'Practical Law -Global Guide 2018' by Thomson Reuters.

    Corporate & M&A
  • article

    Hard Brexit could cost Irish households up to €1,360 each annually

    Brexit will increase costs for businesses and, ultimately, prices for consumers. The question is by how much. “Prices will go up for three reasons: import customs duties, the cost of compliance and the risk of delays,” says Carol Lynch, partner BDO Customs and International Trade Services. The general feeling is that, combined, they will increase the cost of doing business by an average of 10...

    Brexit
  • article

    Brexit raises question of who can voters trust

    Business leaders have emerged as clear voices in contrast to the bickering in Westminster Demonstrators supporting a British departure from the European Union, in London in June, 2016. Photograph: Adam Ferguson/The New York Times The backdrop to Brexit is an era of declining global trust, with disillusioned and disenfranchised voters causing shock election results, as well as angry protests b...

    Brexit
  • article

    ‘Relational contracts’ and the implied duty of good faith

    In the recent case of Bates v Post Office [2019] EWHC 606 (QB) (Bates) the English High Court found that an implied duty to act in good faith exists in 'relational contracts'.  Traditionally, English and Irish contract law has not recognised an implied duty of good faith (with the exception of specific contractual relationships such as insurance or partnership agreements). This contrasts with...

    Commercial & Technology
  • article

    New Beneficial Ownership Regulations affecting corporate entities: What you need to know

    The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 came into force on 22 March 2019, with the exception of Part 3. Part 3, which deals with the Central Register of Beneficial Ownership, will come into force on 22 June 2019...

    Asset Management & Investment Funds
  • article

    EU State Aid, Tax & Brexit

    On 2 April 2019, the European Commission adopted an interesting decision in regard to the UK's "Controlled Foreign Company" ("CFC") rules. The Commission decided that the rules were partly compatible and partially incompatible with EU State aid law. The case is interesting because it demonstrates that the EU State aid rules continue to apply in the UK notwithstanding its "intention" to leave the

    Brexit
  • article

    EDPB publishes review of GDPR cooperation and consistency mechanism

    The EDPB has published its first review of the implementation of the GDPR, in particular the functioning of the cooperation and consistency mechanism. The GDPR requires EU Data Protection Supervisory Authorities (SAs) to cooperate in order to provide a consistent application of the GDPR. The EDPB concludes that nine months after the entry into force of the GDPR, the cooperation and consistency...

    Commercial & Technology
  • article

    Circuit Court refusal to direct arbitration quashed in motor vehicle dispute

    In Cavanaghs of Charleville Ltd. v. Fitzpatrick [2019] IEHC 161  a refusal to direct arbitration was quashed and remitted to the Circuit Court by the High Court in judicial review proceedings. It was held that the Circuit Court must examine the applicability of an arbitration clause in light of the circumstances surrounding the case. Background The dispute arose from the purchase of a motor v...

    Disputes
  • article

    Government publishes legislation programme for Summer 2019

    The Government Chief Whip, Seán Kyne TD, has published the Government’s legislation programme for Summer 2019.  The updated programme follows on from the special programme launched in January 2019 which focused on Brexit. We have set out below the key data protection and technology-related legislation coming down the tracks. Priority Legislation Communications (Retention of Data) Bill –  This...

    Commercial & Technology