Lars Frisell, advisor to the Governor of the Central Bank of Ireland, gave an address entitled 'Resolution of the Irish banking crisis: Hard-earned lessons for Europe' to the Financial Safety Net Conference in Sweden.
FinanceIn its report, the CBI discusses the improvements that the Irish economy and banking sector were displaying throughout 2014 and continue to display.
FinanceA new process for submitting the net asset values (NAV) for listed investment funds will be implemented by the Irish Stock Exchange (ISE) in September 2015. Currently NAVs are submitted by email to nav@ise.ie or autonav@ise.ie.
FinanceThe CBI and ISE have published their responses to the European Commission's green paper on building a Capital Markets Union (CMU).
FinanceOn 14 May 2015, CBI advised that it is open to receive formal submissions of Solvency II preparatory phase reporting. I
FinanceAn overview of the nature and extent of securities litigation in Ireland.
DisputesIn El Majdoub Jaouad El Majdoub v CarsOnTheWeb.Deutschland GmbH [2015] (C-322/14) (21 May 2015) the Court of Justice of the European Union (the CJEU) ruled that the method of accepting general terms and conditions of a contract for sale (which includes a jurisdiction clause) by 'click-wrapping', complied with the formalities set out in Article 23 of the Brussels I Regulation.
DisputesThe Minister for Justice has published the General Scheme of the Civil Liability (Amendment) Bill 2015 to empower the courts to award Periodic Payment Orders (PPOs), instead of the current lump sum award, to catastrophically injured persons. The proposals are aimed at providing financial security to those who have been catastrophically injured and require long term care.
DisputesOn the International Front, we look at the AIFMD Q&A, UCITS and EMIR, Money Market Funds, ELTIFs, Capital Markets Union, Investment-based crowdfunding, the Fourth Anti-Money Laundering Directive and Wire Transfer Regulation, Risks and Vulnerabilities in the EU Financial System, Draft technical standards under CSDR, UCITS V, MAR, MiFID II Directive, MIFIR and Transparency Directive.
Asset Management & Investment FundsOn the Domestic Front, we look at the Companies Act 2014, the Central Bank Annual Report 2014 and Annual Performance Statement, EuSEFs, EuVECAs, Client Assets and Investor Money, Consultation on Corporate Governance Requirements for Investment Firms and Fitness & Probity Guidance.
Asset Management & Investment FundsIn 2005 the Office of Fair Trading (OFT) commenced an investigation into banking services in Northern Ireland in respect of Personal Current Accounts (PCA). Following this investigation the Competition Commission brought into force the PCA Market Investigation Order 2008 which regulates competition between the banking institutions in respect of information and switching requirements.
EU, Competition & ProcurementIn our January 2015 briefing ("Calculating Holiday Pay – Lock down what you should be paying"), we considered the potential impact for employers in Ireland of the European Court of Justice ("CJEU")'s decision in ZJR Lock v British Gas Trading Limited (May 2014) (where it was held that holiday pay must include any sales commission payments) and the UK decision in Bear Scotland v Fulton
Pensions & Incentives
