Sometimes a wrongful act will not only damage a company, but also its creditors, employees, and shareholders. A doctrine known as the "reflective loss principle" limited the circumstances in which claims could be pursued by such parties for losses "reflecting" those suffered by the company (which could presumably pursue such a claim in its own right).
DisputesOn 7 August 2020, the Financial Services and Pension Ombudsman (FSPO) published volume 4 of its Digest of Legally Binding Decisions; this included 22 decisions which were issued between January 2020 and May 2020.
DisputesSometimes a wrongful act will not only damage a company, but also its creditors, employees, and shareholders. A doctrine known as the "reflective loss principle" limited the circumstances in which claims could be pursued by such parties for losses "reflecting" those suffered by the company (which could presumably pursue such a claim in its own right).
DisputesThe Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the Act) was commenced on 21 August 2020. The new measures derive, in part, from recommendations of the Company Law Review Group put forward in response to difficulties faced by Irish companies during the COVID-19 pandemic.
Corporate & M&AA unit trust is a contractual fund structure constituted by trust deed. A unit trust is not a separate legal entity and does not have legal personality.
Asset Management & Investment FundsIrish 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 FundsDomestically, 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 RegulationDomestically, 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 RegulationDomestically, 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 RegulationDomestically, 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 RegulationDomestically, 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 RegulationThe 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