The 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 & IncentivesA recent High Court decision has confirmed that a communication by a financial institution to a credit reference body gives rise to an occasion of qualified privilege, thus defeating a claim in defamation.
DisputesOn 8 May 2015, in Greenclean Waste Management Ltd v Leahy p/a Maurice Leahy & Co. Solicitors [2015] IECA 97, the Court of Appeal considered whether the trial judge was correct to refuse to order security for costs by virtue of the existence of the insolvent plaintiff's 'After the Event' (ATE) insurance policy.
DisputesPeter Walker, Partner and Jack Sheehy, Partner, in the Banking and Financial Services Department discuss the Irish legal guide to securitisation.
Capital Markets - DebtThe Companies Act 2014 (the "2014 Act") comes into force on 1 June 2015, consolidating and reforming Irish company law. In particular, directors' duties, having long been the product of ad hoc decisions by the Irish courts, will now have a legislative basis.
EmploymentToday the County Court of Northern Ireland made its decision that Ashers Baking Company Limited directly discriminated against a customer on the grounds of sexual orientation contrary to the Equality Act (Sexual Orientation) Regulations (Northern Ireland) 2006 (the 2006 Regulations) and political opinion contrary to the Fair Employment and Treatment (Northern Ireland) Order 1998 (the 1998 Order).
BelfastIn Governey v Financial Services Ombudsman [2015] IESC 38 the Supreme Court held that where a statutory provision restricts the constitutional right to appeal a High Court decision, but sets no criteria for the grant of leave, leave will be granted where the applicant makes an arguable or stateable case for the type of appeal allowed.
DisputesIn O'Leary v Volkswagen Group Ireland Limited [2015] IESC 35, the Supreme Court considered the risks involved with the use of keyword searches in the discovery process, and the test for ordering further and better discovery.
Disputes
