On the domestic front, the Central Bank of Ireland published updates to its Q&As on Investment Firms. On the European front, ESMA has published two relevant documents relating to MiFID II and MiFIR, including updates to its Q&As relating to commodity derivative topics...
Asset Management & Investment FundsOn the domestic front, the Central Bank (CBI) published updates to its AIFMD and Brexit Questions and Answers documents. The Central Bank has also announced that it will permit investment in Chinese banks via Bond Connect by Irish UCITS and AIFS. On the European front ESMA proposed amendments to the PRIIPS KID requirements in respect of MOPS. ESMA has also published updated Q&As on UCITS and AI...
Asset Management & Investment FundsOn the domestic front, the Central Bank (CBI) has published its Approach to Resolution for Banks and Investment Firms, which provides insight on to how the CBI might exercise its powers in the event of a resolution scenario as well as how institutions should approach resolution planning. There have been some notable developments on the EU front, including the publication of some ann...
Financial RegulationMark Ward, Head of M&A, provides an overview of private mergers and acquisitions in Ireland. First published in the 'Practical Law -Global Guide 2018' by Thomson Reuters.
Corporate & M&ABrexit will increase costs for businesses and, ultimately, prices for consumers. The question is by how much. “Prices will go up for three reasons: import customs duties, the cost of compliance and the risk of delays,” says Carol Lynch, partner BDO Customs and International Trade Services. The general feeling is that, combined, they will increase the cost of doing business by an average of 10...
BrexitBusiness leaders have emerged as clear voices in contrast to the bickering in Westminster Demonstrators supporting a British departure from the European Union, in London in June, 2016. Photograph: Adam Ferguson/The New York Times The backdrop to Brexit is an era of declining global trust, with disillusioned and disenfranchised voters causing shock election results, as well as angry protests b...
BrexitIn the recent case of Bates v Post Office [2019] EWHC 606 (QB) (Bates) the English High Court found that an implied duty to act in good faith exists in 'relational contracts'. Traditionally, English and Irish contract law has not recognised an implied duty of good faith (with the exception of specific contractual relationships such as insurance or partnership agreements). This contrasts with...
TechnologyThe European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 came into force on 22 March 2019, with the exception of Part 3. Part 3, which deals with the Central Register of Beneficial Ownership, will come into force on 22 June 2019...
Asset Management & Investment FundsOn 2 April 2019, the European Commission adopted an interesting decision in regard to the UK's "Controlled Foreign Company" ("CFC") rules. The Commission decided that the rules were partly compatible and partially incompatible with EU State aid law. The case is interesting because it demonstrates that the EU State aid rules continue to apply in the UK notwithstanding its "intention" to leave the
BrexitThe EDPB has published its first review of the implementation of the GDPR, in particular the functioning of the cooperation and consistency mechanism. The GDPR requires EU Data Protection Supervisory Authorities (SAs) to cooperate in order to provide a consistent application of the GDPR. The EDPB concludes that nine months after the entry into force of the GDPR, the cooperation and consistency...
TechnologyIn Cavanaghs of Charleville Ltd. v. Fitzpatrick [2019] IEHC 161 a refusal to direct arbitration was quashed and remitted to the Circuit Court by the High Court in judicial review proceedings. It was held that the Circuit Court must examine the applicability of an arbitration clause in light of the circumstances surrounding the case. Background The dispute arose from the purchase of a motor v...
DisputesThe Government Chief Whip, Seán Kyne TD, has published the Government’s legislation programme for Summer 2019. The updated programme follows on from the special programme launched in January 2019 which focused on Brexit. We have set out below the key data protection and technology-related legislation coming down the tracks. Priority Legislation Communications (Retention of Data) Bill – This...
Technology
