Finally, the latest consultation on CP86 has issued. It addresses managerial functions, operational issues and procedural matters. While there is a lot of detail in the consultation, we would highlight the following proposals which are likely to be of particular interest.
Asset Management & Investment FundsThe recent Technology & Construction Court judgment in Grove Developments Ltd –v- Balfour Beatty Regional Construction Ltd has the potential to have far-reaching consequences for the construction industry. Although the judgment is that of an English court, the High Court in Northern Ireland frequently cites judgments of the Technology & Construction Court with approval.
Projects & InfrastructureOn the Domestic Front: Central Bank of Ireland publishes research on consumer perceptions of complaints handling in regulated firms; Minster for Finance publishes two reports prepared by the Credit Union Advisory Committee. On the European Front: EU Commission publish document on crowdfunding as an alternative source of finance
Financial RegulationOn the Domestic Front: Central Bank of Ireland Governor comments on risks facing investment industry. On the EU Front: EU Council confirms delayed application of MiFID II and MiFIR; EU Commission adopts two further delegated acts supplementing MiFID II
Financial RegulationOn the Domestic Front: Central Bank consultation on Fund Management Company Effectiveness; Feedback on Central Bank CP99; Consultation on Amendments to the AIF Rulebook. On the EU Front: MMF Regulation; Benchmark Regulation
FinanceOn the Domestic Front: Central Bank of Ireland publishes list of ‘Frequently Asked Questions’ on Bank and Investment Firm Resolution Fund and Single Resolution Fund; Opposition Bill on Excessive Variable Mortgage rates passed first legislative stage. On the EU Front: European Banking Authority publishes Discussion Paper on uses of consumer data by financial institutions
Financial RegulationOn the Domestic Front: CBI consults on guidance on the role of Head of Actuarial Function Opposition Bill on Excessive Variable Mortgage rates passed first legislative stage; CBI industry-wide publications on FLAOR and reporting.
FinanceLaura Mulleady, Insurance Partner and Michael Buckley, Associate at A&L Goodbody provide insights into the challenges posed by Solvency II and how they can be overcome. This article was first published in Captive Review Dublin 2016 Report by Pageant Media in May 2016.
Insurance & ReinsuranceOn the International Front we look at AIFMD, AIFMD remuneration guidelines, MMF Regulation, Benchmark Regulation, AML/CTF and Cybersecurity.
Asset Management & Investment FundsOn 17 May 2016, the Council of Europe formally adopted the Network and Information Security (NIS) Directive, a Commission proposal in response to increasing concerns about cyber-attacks and privacy breaches.
Privacy & Data SecurityCRH PLC, Irish Cement Limited and Seamus Lynch v Competition and Consumer Protection Commission (Judgment of Mr Justice Max Barrett delivered on 5th April 2016).
EU, Competition & ProcurementThe Revenue Commissioners have made some small but welcome changes to their guidance notes in relation to the operation of salary foregone and contributory (“buy one get one free”) arrangements via their Approved Profit Sharing Scheme.
Pensions & Incentives
