Our Financial Regulation Unit 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.
On 6 September 2019, the Central Bank of Ireland published revised 'Anti-Money Laundering and Countering the Financing of Terrorism Guidelines for the Financial Sector'. Read our full briefing here.
The CBI's recent "Dear CEO Letter" outlines supervisory expectations surrounding regulated financial services providers' compliance with the Fitness and Probity Regime. Read the full briefing here.
The European Banking Authority ("EBA") have issued revised Guidelines on Outsourcing Arrangements, following a consultation period on a draft version of the Guidelines which ended 24 September 2018. The Guidelines enter into force on 30 September 2019 and contain some transitional periods, for example, to allow for firms to implement a register of all outsourcing arrangements. Read our full briefing here.
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On 21 January 2019, the Consumer Protection (Regulation of Credit Servicing Firms) (Amendment) Act 2018 ("2018 Act") commenced. The purpose of the 2018 Act is to expand the definition of a 'credit servicing firm' and bring within the existing credit servicing framework, entities that acquire legal title to certain loans (performing and non-performing consumer loans) and associated ownership activities. Entities that fall within the expanded definition of a credit servicing firm must be authorised by the Central Bank of Ireland. Read our full briefing here.
The CBI publishes a report on outsourcing which has significant implications for firms' boards, senior management and outsourcing arrangements. Read our full briefing here.
The Fifth Anti-Money Laundering Directive (MLD5) entered into force on 9 July 2018 and Member States have until 10 January 2020 to transpose the majority of its provisions. Read our full briefing here.
On 14 November 2018, legislation was enacted to fully transpose the Fourth Anti Money Laundering Directive (MLD4) into Irish law. Read our full briefing here.
The Central Bank of Ireland (CBI) has published its Strategic Plan for the next three years. Click here to read more.
The Central Bank of Ireland proposes greater accountability of senior individuals in banks, insurance firms and MiFID investment firms. Read our full briefing here.