Financial Services Regulation and Compliance Bulletin - Funds April 2019

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Domestic News - the CBI set out its workplan and highlighted areas of strategic focus in relation to funds supervision. European News - The European Securities and Markets Authority (ESMA) has published updates on UCITS, AIFMD and the Market Abuse Regulation (MAR). ESMA has also published its first annual report on supervisory sanctions...

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Financial Services Regulation and Compliance Bulletin - Banking April 2019

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Domestic News - There is little to report in terms of notable developments. The Central Bank of Ireland (CBI) has published a financial stability note in relation to the real-estate concentration in the Irish banking sector, noting that the concentration of the banking system in real-estate lending renders the banking sector vulnerable to potential price corrections. European News - There have...

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High Court confirms enforceability of jurisdiction clause agreed electronically by “click-wrapping”

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In Ryanair dac v SC Vola.ro srl [2019] IEHC 239 the Irish High Court confirmed the enforceability of a jurisdiction clause contained within a website's Terms of Use, finding the user had agreed to it via a "click-wrap" agreement. Following previous Ryanair screen-scraping cases, the court held the click-wrap agreement met the requirements of Article 25(1) (c) of the Brussels I Recast Regulation...

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Firms must manage corruption risks

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Prior to joining A&L Goodbody, I spent a number of years working for the UK Serious Fraud Office, investigating and prosecuting corruption cases which have made headlines worldwide. This gave me an insight into the internal workings of various companies who found themselves on the wrong end of corruption investigations. In all cases, there were a number of corruption indicators which should ha...

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The new EU Regulation on the screening of Foreign Direct Investments

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On March 19, 2019, the European Union (EU) formally adopted Regulation (EU) 2019/452 of the European Parliament and of the Council establishing a framework for the screening of foreign direct investments (FDI) into the EU (the Regulation). The Regulation, which covers a broad category of foreign investments affecting “security or public order” will came into force on April 10, 2019 and will apply

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