In English v O'Driscoll [2016] IEHC 584 the plaintiff sued a firm of accountants for professional negligence. Without the issue being raised by either party, the trial judge held that the underlying investment scheme was illegal and accordingly, he could not hold that there was professional negligence in such circumstances. The case raises interesting questions regarding the scope of judicial...
DisputesAs of 9 April 2018, there had been 27 merger deals notified to Ireland's Competition and Consumer Protection Commission ("CCPC") which is up 42% from the 19 notifications as of the same date last year. This increase is following a pattern of sustained increases, for example, there had been 72 notifications across the whole of 2017 which was an increase on 2016's total of 67.
On the domestic front, the Central Bank released an analysis of applications for regulatory approval for senior financial roles and the Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Bill 2018, which contains a new licensing requirement for carrying on the business of a "credit agreement owner", entered the first stage of the legislative process. On the European front,...
Financial RegulationFrom a domestic perspective, the Central Bank published Version 7.0 of its Operational and Technical Arrangements for submitting transaction reports to the CBI under MiFIR. On the european front, ESMA has issued an update to its Q&A on practical questions regarding EMIR. It also published trading volumes and calculations regarding the double volume cap (DVC) under the Markets in Financial...
Financial RegulationOn the domestic front, the Department of Finance published its Feedback Statement on transposing the Insurance Distribution Directive and the Central Bank of Ireland published: "Insurance Quarterly". On the European front, a Directive to delay the application of the Insurance Distribution Directive was adopted; EIOPA published a second paper on systemic risk and the EU Commission delivered a....
Financial RegulationOn the domestic front, the Central Bank updated its authorisation requirements for UCITS ManCos, UCITS SMICs, AIFMs and MiFID Firms. From a European perspective, the Central Bank issued Consultation (CP119) on amendments to (and consolidation of) the Central Bank UCITS Regulations. From a European perspective, the European Commission published proposals intended to boost the cross-border market..
Financial RegulationIt has been a relatively quiet month on the domestic front. The Central Bank issued Issue 5 of its Markets updates in 2018 as well as updating its notes on compilation which set out statistical reporting requirements for credit institutions reporting the Credit/Debit Card Return (CDR). From a European perspective it was much busier with the EBA and ECB releasing multiple publications including...
Financial RegulationEU & International: Proposals on cross-border funds distribution, ESMA Speech on CMU, Brexit and the ESA review, Brexit transitional period, ESMA Q&As, Crowdfunding, FinTech and more
Asset Management & Investment FundsIrish Practice: Deadlines, CBI authorisation changes for UCITS ManCos, UCITS SMICs, AIFMs and MiFID Firms, CP119 on updating UCITS Regulations, Improvements to LOQIAIF rules and CBI Markets Updates
Asset Management & Investment FundsWhat is the Central Bank of Ireland (Central Bank) deadline by which Money Market Funds which are availing of a transitional period must submit all documents requiring review to the Central Bank?
Asset Management & Investment Funds
The last few weeks have seen a number of notable developments in the US regulatory landscape for cryptocurrency and initial coin offerings (ICOs).
Client TechThe Report of the Financial Services Ombudsman (FSO) issued on 29 March 2017. As always, it contains interesting insights on trends and outcomes in FSO complaints.
Disputes
