Under the Companies Act 2014 (the 2014 Act), Irish private limited companies may be incorporated as either a company limited by shares (CLS) or a designated activity company (DAC). The Companies (Accounting) Act 2017 (the Accounting Act) which came into force on 2 June 2017 included welcome amendments to the 2014 Act which impact the aircraft leasing community and the use of Designated Activity Companies for aircraft finance and leasing transactions. Prior to the Accounting Act, a company entering into the business of finance leasing needed to be a DAC entity rather than a CLS.
Aviation & Transport FinanceIn Allied Irish Banks Plc v McKeown & anor [2017] IEHC 363, the High Court (Costello J) granted orders for summary judgment, on the basis that the loans and guarantees were valid, and even if the defendants were to succeed in a counterclaim for overcharged interest, this would not be enough to set off the judgments awarded against them.
FinanceKey provisions of the Credit Reporting Act 2013 (the CRA) have taken effect from 30 June 2017. Most lenders will then begin submitting information to the new Central Credit Register (the Register) operated by the Central Bank of Ireland (the Central Bank). The information collection will be implemented on a phased basis between 2017 and 2018, with an initial focus on collecting information relatin
Financial RegulationThe Court of Appeal in Millar & anor -v- Financial Services Ombudsman [2015] IECA, has held that a clause in Danske Bank's terms and conditions allowing them to alter rates in accordance with market conditions was clear and unambiguous and on the facts the Financial Services Ombudsman did not have to have regard to extrinsic evidence in reaching his conclusion.
DisputesOn the International Front we look at cross-border distribution and supervision of UCITS and AIFs, FinTech, ESMA product governance guidelines under MiFID II, ESMA Q&As on MiFID II and MiFIR investor protection, EuVECAs and EuSEFs, and Anti- Money Laundering/ Combating the Financing of Terror/ Corruption.
Asset Management & Investment FundsIn Irish practice developments: we look at some approaching deadlines; Revised Central Bank Guidance on Share Classes & updated Central Bank UCITS Q&A; Central Bank Markets Update; GoAML, Companies (Accounting) Act 2017, Speech by Derville Rowland, Central Bank Director of Enforcement, PEPPs, and FinTech.
Asset Management & Investment FundsWhat is the current position in Ireland in respect of the transposition of the Fourth Anti Money-Laundering Directive (4AMLD)?
Asset Management & Investment FundsBefore the UK General Election, the country was experiencing a real momentum towards Brexit. Leaving the world's largest trading bloc was seen by most people as inevitable. Remainers chose silence or, at least, they did not articulate loudly the message of "Remain".
BrexitThe Fourth Anti-Money Laundering Directive (4 AMLD) (EU 2015/ 849) is due to be transposed by EU member states by 26 June 2017. Meanwhile proposals for a Fifth Anti-Money Laundering Directive (5 AMLD) which will amend 4 AMLD are at an advanced stage and are currently scheduled to be discussed by the EU Parliament on 23-26 October 2017.
Corporate Governance & ComplianceMatthew Cole and Sheena Doggett provide an overview of the IPO process in Ireland, addresses the regulatory and exchange requirements and presents key offering considerations.
Capital Markets - DebtBaker J in the High Court has given three recent judgments in matters concerning Section 115A(9) of the Personal Insolvency Acts 2012 – 2015 (the Acts). This Section gives a Court power to review and approve a Personal Insolvency Application (PIA) rejected at a meeting of creditors.
Restructuring & InsolvencyThe Government recently announced its commitment to priority drafting of legislation to enhance protection for those on precarious working arrangements. In particular, it is designed to address those on low hours and insecure contracts.
Employment
