Financial Services Regulation and Compliance - Banking August 2019

Sep 2019

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Domestic News – This month, the Central Bank of Ireland (CBI) published a financial stability note on Brexit and its Regulatory Service Standards Performance Report for the first half of 2019, as well as withdrawing its regulatory notice. 'Valuation Processes in the Banking Crisis - Lessons Learned - Guiding the Future' regulatory notice.

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Financial Services Regulation and Compliance - Funds August 2019

Sep 2019

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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

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Terminating a banking relationship where money laundering is suspected

Sep 2019

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In 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".

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Discovery of loan purchase price ordered on the basis of a plea of unjust enrichment

Sep 2019

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In 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....

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