Legal Updates & Insights: P666 -A&L Goodbody LLP

Legal Updates & Insights

  • publication

    Fund Structure: The Variable Capital Company (VCC)

    Irish Investment fund products can be constituted in various legal forms. A range of factors can influence the choice of legal vehicle, including tax treatment, risk spreading requirements, local market requirements and market preferences.

    Asset Management & Investment Funds
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    Financial Services Regulation and Compliance - Insurance Aug 2020

    Domestically, the CBI has issued a number of publications: the COVID-19 and Business Interruption Insurance Supervisory Framework; a thematic assessment of diversity and inclusion in insurance firms; and the findings of a thematic review of the Retail Intermediary Annual Return; At European level, EIOPA has launched its first Solvency II Single Rulebook

    Financial Regulation
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    Financial Services Regulation and Compliance - Funds Aug 2020

    Domestically, the CBI has published guidance on reporting obligations for fund management companies of Irish Authorised Money Market Investment Funds; At European level, ESMA has announced that its guidelines on stress test scenarios under the MMFR will be updated in 2020, and has made recommendations to the European Commission for the AIFMD and UCITS Directive

    Financial Regulation
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    Financial Services Regulation and Compliance - General Cross Sectoral Aug 2020

    Domestically, the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has come into effect, and the Cabinet has approved the publication of a Bill to transpose 5AMLD into Irish law; At European level, the EBA has also published its response to the European Commission's public consultation on an EU AML/CFT action plan

    Financial Regulation
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    Financial Services Regulation and Compliance - Investment Firms Aug 2020

    Domestically, the CBI has published issue 8 of its Markets Update for 2020 and has updated its COVID-19 Q&A for regulated financial service providers, with a focus on MiFID investment firms; At European level, ESMA has published a list of thresholds for shareholder identification in each EU Member State

    Financial Regulation
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    Financial Services Regulation and Compliance - Banking Aug 2020

    Domestically, the CBI continues to update its COVID-19 Hub and has published updated customer profiles for the assessment of Section 149 notifications; At European level, the ESCB has published its responses to two European Commission consultations

    Financial Regulation
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    EBA consults on IFD/IFR reporting requirements

    The European Banking Authority (EBA) consultation paper EBA/CP/2020/07 sets out the particulars relating to reporting under the new Investment Firms Directive and Investment Firms Regulations (IFD/IFR). There are two sets of standards considered in this consultation paper, each of which are summarised below. Interested parties have until 4 September 2020 to submit their responses.

    Financial Regulation
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    EBA consults on IFD/IFR implementation: New prudential regime for investment firms

    The European Banking Authority (EBA) consultation paper EBA/CP/2020/06 seeks submissions in respect of nine draft Regulatory Technical Standards (RTS) related to the implementation of a new prudential regime for investment firms under the Investment Firms Directive and Investment Firms Regulation (IFD/IFR).

    Financial Regulation
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    EBA consults on identifying material risk takers in investment firms

    The European Banking Authority is consulting on the criteria for identifying material risk takers in investment firms as part of its implementation workplan on the Investment Firms Directive and Investment Firms Regulation (IFD/IFR). 

    Financial Regulation
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    EBA consults on variable remuneration for employees of investment firms

    The European Banking Authority (EBA) is seeking responses to its consultation paper EBA/CP/2020/08 on variable remuneration for employees of investment firms. Interested parties have until 4 September 2020 to submit their responses. 

    Financial Regulation
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    Business records now presumed admissible in civil litigation

    The old rule for admitting business records was that they had to be proven by a witness at trial. This even applied to routine records such as delivery dockets, purchase orders, invoices, and statements of account.

    Disputes
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    Privacy Rights in Dawn Raids – the Privacy Protocol as the legacy of the CCPC’s bagged cement investigation

    On 28 February 2020, Ireland's Competition and Consumer Protection Commission (CCPC) announced that it had closed its investigation into alleged anti-competitive practices in the "bagged cement sector".

    EU, Competition & Procurement