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.

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We are consistently ranked as one of the leading Banking & Financial Services law firms in Ireland.

Department

  • A client states "The team that I primarily deal with are excellent. The team is partner driven, and I can always get access when needed. Their attention to detail is first class but they explain it in layman terms. They are very well regarded within the legal community, and this can be of huge assistance when negotiating and closing complicated deals." Another clients states: "William Fry (partners David Maughan and Mary Ward) provide unparalleled service on Irish law matters. Their advice is always on the spot, and they are always available. I only go to other firms if William Fry is conflicted from advising my client.". With another saying: "Very professional firm with a good team in place. Their strength is their people and breadth of experience on various projects." IFLR 1000 2019
  • "They are very easy to deal with, you can pick up the phone to any of them and they are quick to come back and respond, even on small queries. They are very thorough, client friendly and they put time into developing the relationship". An interviewee appreciated that "the client service was very strong, they had an excellent understanding of the transaction and they showed good responsiveness to requests". Chambers Europe 2019
  • One happy client says: "Their legal expertise, service levels and business-friendly approach sets them apart. I have recommended the team to other parties and continue to do so." Another source notes: "The firm is committed to its clients and develops strong relationships with them." Chambers Europe 2018
  • "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
  • The banking team at William Fry continues to occupy a prominent place in the Irish market.' Chambers Europe 2012 
  • William Fry’s ten-partner group constitutes ‘a very experienced team’ of ‘good negotiators’ that ‘goes well beyond normal client service expectations’. Legal 500 EMEA, 2012 

Team

  • Elaine Hanly
    • Elaine has a "very strong technical understanding, is solution-driven and will seek to be very commercial in assessing transactions." Chambers Europe 2019
    • Sources say she is "pragmatic, diligent and goal-oriented," adding: "She tries to work with clients to find solutions rather than throwing up problems for the client and is comfortable driving an aggressive timetable." Chambers Global 2018 
    • William Fry excels in real estate finance, where practice head Elaine Hanly is‘an excellent and thorough banking lawyer’. Legal 500 EMEA 2017
    • Elaine Hanly receives praise for her pragmatic approach: "She manages to distill the advice from a technical legal point of view into a business suggestion." Chambers Global 2015 
    • Elaine Hanly’s team at William Fry provides ‘proactive service’. Legal 500 EMEA, 2015 
    • Elaine Hanly is a "a top lawyer, a great operator, with a fast turnaround. She works all day and night to get the job done". Chambers Europe 2014
  • Rachel Stanton
    • Rachel is "experienced, can take a commercial view and doesn't overcomplicate her documentation," according to interviewees. Chambers Europe 2019
    • A market insider reports: "Rachel is excellent to work with; she couples strong commercial acumen with a common-sense approach." Chambers Global 2018
    • According to clients, Rachel Stanton is "very detail-oriented, has a commercial outlook and is excellent to deal with."  Chambers Global 2017
    • Rachel Stanton is‘great at dealing with difficult situations’ in acquisition finance. Legal 500 EMEA 2017
    • Rachel Stanton is an increasingly well-known partner in the firm's banking team, thanks to her "great work ethic" and "very commercial and solution-oriented"style of practice. Chambers Global 2016
    • Rachel Stanton draws praise for her business understanding, with one interviewee saying: "She gives a quick turnaround but with practical and commercial solutions." Chambers Global, 2015
    • Rachel Stanton provides ‘reliable and highly professional counsel’. Legal 500 EMEA, 2015
    • Rachel Stanton is "very pleasant to deal with and someone who, from the very outset, had a strong plan for the process. She understood our initial position and fallback position and is very strategic." Chambers & Partners, 2014
  • David Maughan 
    • David is a widely respected figure in the market, particularly in relation to asset finance mandates including securitisations and structured finance deals. Interviewees attest that he "knows his stuff and is very approachable." Chambers Global 2019
    • David Maughan's practice revolves around the financing of aircraft and other assets. He also handles leases, joint ventures, refinancing and securitisations.  Sources see him as "a technically good lawyer." Chambers Global 2018
    • Clients say that David Maughan is "very approachable, responsive, easy to worth with, commercial and pragmatic." Chambers Global 2017
    • David takes an “excellent commercial approach”. IFLR 1000 2017
    • David is renowned for his experience of mandates in the aviation sector, as part of a wider structured finance practice. Sources say: "His advice is top-notch, and his communication is strong." Chambers Europe 2016 
    • David Maughan heads the aviation and asset finance division of the team. Sources comment that "he looks at the transaction as a whole and is therefore able to offer advice on a more general as well as Irish-specific level." Chambers Global, 2015 
    • David Maughan is ‘excellent on all counts’Legal 500 EMEA, 2015
    • David Maughan heads the aviation and asset finance group at the firm. He is widely recognised as an expert in aviation law. Chambers & Partners, 2014

 

Key Contacts

Shane Kelleher Partner

Rachel Stanton Partner

Elaine Hanly Partner