Financial Regulation

Our Financial Regulation Group provides practical and clear advice to financial institutions on all aspects of regulation and compliance in the financial services sector.

The team brings together lawyers specialising in different areas of the financial services sector.

Our clients include leading banks, investment firms and intermediaries, (re)insurance undertakings, collective investment schemes, fund service providers, regulatory authorities and investors in financial institutions.

Our services include advising on:

  • authorisation requirements and applications for regulated financial services providers and extension of authorisations
  • winding down of business of regulated financial services providers and surrender of authorisations
  • acquisition and disposal of qualifying holdings in regulated financial services providers
  • regulatory issues arising in mergers and acquisitions in the financial services sector
  • regulatory capital requirements
  • regulation of payment services, payment institutions and electronic money institutions
  • fitness and probity regime
  • corporate governance issues for regulated financial services providers
  • compliance with conduct of business requirements including under MiFID and the CPC
  • insider dealing and market abuse
  • transparency and prospectus requirements
  • anti-money laundering compliance
  • investigation and enforcement of regulatory standards including administrative sanctions.

We also provide regulatory and corporate governance health checks and practical advice on the impact of new regulatory developments.

Our recent tranactional experience includes advising/acting for:

  • State Street Bank on its acquisition of the Irish Goldman Sachs hedge fund administration business.
  • Fairfax Financial Holdings, WL Ross and Kennedy Wilson, on the acquisition of a 34% stake in Bank of Ireland from the Irish Government.
  • J & E Davy on its acquisition of the private client and fund administration business of Bloxham Stockbrokers.
  • Allied Irish Banks, p.l.c. on the sale of its investment management division AIB Asset Management Holdings (Ireland) Limited to Prescient Holdings (PTY) Limited.
  • Allied Irish Banks, p.l.c. on the sale of Goodbody Stockbrokers to Fexco.
  • Goldman Sachs as sponsor on the restructuring of Irish Life & Permanent Holdings into bank and life assurance structures in advance of State recapitalisation.
  • WIPRO Group on its Irish establishment and acquisition of the activities of Lloyds TSB Insurance Services.
  • Bank of America Merrill Lynch on the sale of its US, Irish and Jersey fund administration businesses.
  • SunLife Assurance Company of Canada on the sale of the Irish reinsurer Sun Life Reinsurance Ireland to Berkshire Hathaway, including all Central Bank of Ireland and other regulatory liaison.
  • Merrion Capital and the MBO team on its buy-back from Landesbanki.
  • Fidelity Investments on the establishment of its Irish unit-linked life insurance company.
  • Ahli United Bank plc on the redomicilation of its Cayman range of funds to Ireland representing the continued development of Ireland as the preferred domicile for promoters from the Middle East region.
  • Alterra on the High Court merger of its insurance and reinsurance platforms in advance of proposed implementation of Solvency II.
  • Santander on the launch of its Irish pan-European payment protection insurance platform.
  • AXA on the set-up of its AXA Life Europe variable annuity life company and the AXA Cessions insurance-linked securitisation programmes.

Department

  • "They were very commercial on complex deals, extracted the important parts, were very proactive and made sure that nothing slipped away." Clients also point out that "they have a nice house style: professional, friendly and courteous."Chambers Europe, 2017 
  •  "The lawyers took a personal interest in the work and the overall objective was always in their minds. There was a big team offering a lot of strength throughout." 
    "This firm had the size and skills to handle a particularly complex transaction, and the commitment to throw the necessary resources at the job." 
    Chambers Europe 2016
  • William Fry is an "excellent practice". Legal 500 EMEA 2016
  • "The team provides a good-quality service and gets the project done."  Chambers Europe 2015
  • William Fry provides ‘proactive service’ and ‘sensible advice that gets to the heart of the commercial issues’ through its ‘highly knowledgeable partners’. Legal 500 EMEA, 2015
  •  "The lawyers have real strength in managing and driving the process and can see the wood for the trees and negotiate the key clauses very hard."   "The team does the really complex work with both speed and efficiency." Chambers Europe 2014
  • "The team provides complete asset finance solutions in an effective and timely manner."  Chambers Europe, 2013 

Team

  • Bryan Bourke
    • Bryan is highlighted by clients for his "experience, gravitas and judgement." Chambers Global 2017
    • Bryan provides clients with extensive experience of corporate issues, including a notable focus on large-scale M&A transactions. Clients admire his "ability to tackle complex issues, including extremely difficult negotiations with other parties. He is an extremely strong character with a huge reputation." Chambers Global 201
    • "Extremely shrewd and extremely trustworthy," Bryan Bourke always has his clients' interest in mind.  Chambers Global, 2015 
    • Practice head Bryan Bourke is ‘a brilliant lawyer who delivers in full and on time’. Legal 500 EMEA, 2015
    • Clients describe Bryan Bourke as "an excellent quarterback. He can translate stuff from the Irish context and knows all the details without losing the bigger picture. His team was extremely thorough."  Chambers Europe, 2014 
      Bryan Bourke is regarded as 'a great thinker with a fantastic ability to absorb information and use it practically.'   Chambers Global, 2013
  • Garrett Breen
    • The "excellent" Garrett Breen handles a range of disputes, and is noted by sources for his knowledge of the technology and telecommunications sectors. Clients say he provides a "no-nonsense approach and sound insight." Chambers Europe, 2017
    • Garrett Breen is described as a ‘very practical adviser’. Legal 500 EMEA 2017
    • Garrett is well positioned for major litigation cases, as he is "a good organiser of large litigation teams and well equipped for the logistics of the largest, most complex litigation." His broad experience includes prominent cases in the IP, competition, banking and regulatory spheres. Chambers Europe 2016 
    • Garrett Breen "is a determined, smart guy, who is absolutely dedicated to his clients." While Legal 500 EMEA, 2015 describe him as "first-class". Chambers Global, 2015 
    • Garrett Breen is hailed as a "fierce litigator" and clients agree they "trust him to always deliver".  Chambers Global, 2014
    • Garrett is lauded as being ‘a phenomenal strategic mind’.  Legal 500 EMEA, 2014
    • Garrett is "determined and focused" Legal 500 EMEA, 2014
    • Garrett Breen is a "creative lawyer who looks at all the different angles and is able to help us build a superb case".  Chambers Global, 2013
  • Eoin Caulfield
    • Eoin Caulfield enjoys a superb reputation as a pre-eminent practitioner in corporate and transactional insurance mandates. Clients say: "He is a reinsurance expert with a good overview of the Irish market. He is very efficient, affable and always available when needed." Chambers Europe 2017
    • Eoin Caulfield has ‘a fantastic understanding of liability’. Legal 500 EMEA 2106
    • "He demonstrated exceptional expertise and a pragmatic approach. He dealt with sensitive issues skilfully to advance our interests without getting into a row or generating disputes." Chambers Europe, 2016 
    • Clients appreciate Eoin's "ability to cut through complicated issues and arrive at an opinion. He is practical, prompt and thorough, making everything easy".  Chambers Europe, 2015.
    • Eoin "provides practical solutions". Legal 500 EMEA, 2015
    • Eoin Caulfield is praised as "pragmatic, understands everything about the area, and provides practical and solution-oriented advice." Chambers & Partners, 2014
    • Eoin Caulfield is described as "exceptionally knowledgeable about the sector and insurance start-ups as well as any regulatory and commercial issues that may affect insurance companies." Chambers Europe, 2013
  • Myra Garrett
    • Myra Garrett has a particular focus on advising technology companies on fund-raisings, particularly IPOs and open offers. Sources describe her as "hugely competent." She also has experience providing clients with corporate law advice. Chambers Europe 2017
    • Myra Garrett is a market-leading ECM lawyer, whose "experience is highly impressive. She has been through a large number of transactions, and has gathered experience on many fronts."  Chambers Europe 2016
    • Clients describe market leader Myra Garrett as "a very smart lawyer with good commercial focus." She has an extensive presence in the Irish transactional field, with outstanding activity on corporate mandates in the technology sector. Chambers Europe, 2016
    • Myra is described as "commercially savvy". Legal 500 EMEA, 2015
    • Myra is “simply outstanding; she is an exceptionally talented lawyer and a highly skilled deal broker.”  She “has a commercial acumen and pragmatism that is unusual to find in a lawyer” and is “a tough negotiator, someone you definitely want in your corner rather than your opponent’s." Chambers Global, 2015
    • Managing Partner Myra Garrett is ‘simply outstanding; she is an exceptionally talented lawyer and a highly skilled deal broke’.  Chambers Global, 2013
    • Myra Garrett ‘has a commercial acumen and pragmatism that is unusual to find in a lawyer’ and is ‘a tough negotiator, someone you definitely want in your corner rather than your opponent’s’.  Chambers Global, 2012
  •  John Larkin
    • John remains a market-leading practitioner in non-contentious insurance matters. Sources praise his outstanding reputation, with one client opining: "He is probably the standout figure in the industry." Chambers Europe 2017
    • John Larkin is "widely known as a leader in the market," offering "excellent experience, particularly in the context of anticipating regulatory involvement," according to interviewees in Chambers Europe 2016 
    • "There is nothing about insurance that he doesn't know. He is a great guy to go to when you have a problem because he will always give you time and make sure you get support and attention."  Chambers Europe, 2015
    • John "provides practical solutions". Legal 500 EMEA, 2015
    • "He is focused, solution-driven and commercially minded. He has great industry knowledge," enthuse clients. Chambers & Partners 2014
    • John Larkin's 'knowledge of insurance law is second to none. He understands the marketplace and really combines that with his pragmatism. He is easy to deal with and not a time waster.'  Chambers Europe, 2013
  • Tara O'Reilly
    • Tara is praised by one client as being an "ETF expert." Another source agrees that she is "one of the most knowledgeable lawyers in ETFs," and goes on to describe her as "extremely pragmatic" and "solution-focused."  Chambers Global, 2017
    • Tara O'Reilly "can always be relied on". Legal 500 EMEA, 2017
    • Clients say: "She always treats every client like they are her biggest client. When we ask for advice she gives it with a clear, definitive view, articulated simply, so you always know where you are and what you need to do." Chambers Europe, 2016
    • Tara O’Reilly is ‘an outstanding practitioner’. Legal 500 EMEA, 2016 
    • Tara O’Reilly as ‘an expert in ETF-related issues’.  Legal 500 EMEA, 2015
    • Tara O'Reilly is described by as "highly technical and personable – the complete package." Commentators agree she has "cornered" the ETF market. Chambers & Partners, 2014
    • Leading figure Tara O'Reilly remains "highly rated for her broad funds practice, and particularly for her strength in exchange-traded funds".  She is regarded as 'a market-leading specialist in ETFs'. Chambers Europe, 2013
    • Tara has ‘unrivalled expertise’ in exchange traded funds, and brings ‘both a legal and strategic aspect to her advice’.  Legal 500 EMEA, 2013

Key Contacts

Shane Kelleher Partner

Rachel Stanton Partner

View All