Domestic News - This month the Central Bank issued a reminder to funds in relation to Brexit preparedness and commenced phase two of its assessment of the implementation of CP86. European News - This month ESMA published guidelines on liquidity stress testing in UCITS and AIFS and the legislative package on cross-border distribution of funds came into force
Asset Management & Investment FundsOn 10 September 2019, the new European Commission President-Designate, Ursula von der Leyen, was widely expected to nominate the new - and 13th - European Commissioner for Competition Policy.
BrexitThe UK Information Commissioner’s Office (ICO) has amended its guidance on the time limit for responding to a subject access request (SAR).
GDPRIn N v Royal Bank of Scotland, the English High Court held that a bank was not in breach of contract for closing a customer's account without notice in circumstances where there was a suspicion of money laundering. The bank had acted in accordance with express contractual provisions which allowed it to terminate the banking relationship without notice "in exceptional circumstances".
FinanceIn Promontoria (Aran) Ltd v Sheehy [2019] IEHC 613, the High Court ordered discovery of documents revealing the price paid by the plaintiff to Ulster Bank for loans allegedly made to the defendant. The court found that in circumstances where the plaintiff had invoked the equitable doctrines of restitution and unjust enrichment, it was not possible to find at an interlocutory stage that the....
DisputesAre Irish Funds required to appoint audit committees?
Asset Management & Investment FundsESMA liquidity stress testing guidance, EU equivalence, cross-border fund distribution, AML/CTF
Asset Management & Investment FundsBrexit update deadline, liquidity management expectations, CP86 review, UCITS and AIFM Regulations, Central Register of Beneficial Ownership GDPR breaches, National AML/CTF Risk Assessment, Market Abuse, Prospectus Regulation
Asset Management & Investment FundsA European Directive and Regulation on the cross-border distribution of funds (CBDF) came into force on 1 August 2019.
Asset Management & Investment FundsIn spring 2019, AWG announced that it had contracted with technology solutions company Fexco to build, support and operate the the Global Aircraft Trading System (GATS) platform.
Aviation & Transport FinanceThe EU Directive on Package Travel and Linked Travel Arrangements (Directive 2015/2302) was transposed into Irish law by the European Union (Package Travel and Linked Travel Arrangements) Regulations 2019 (S.I. 80/2019) (the Irish Package Travel Regulations)
As we communicated in our article last month, the new EU Prospectus Regulation (the Regulation) has applied in full across the EU since 21 July 2019. At a domestic level, the European Union (Prospectus) Regulations 2019 (S.I. No. 380/2019) came into force on 21 July 2019 (the 2019 Regulations).
Corporate & M&A
