IFSC.ie Legal Features

Important Changes to the Persons of Significant Control

13/07/2017 - On 23 June 2017 the Government published the Information about People with Significant Control (Amendment) Regulations 2017. Two important changes have been made to the current PSC regime:

Corporate Compliance Update

03/07/2017 - The Companies (Accounting) Act 2017 has now been signed into law, with a commencement date of 9 June 2017. While the new Act brings about numerous amendments to the Companies Act 2014,

ESMA Issues Opinion on General Principles To Support Supervisory Convergence Post-Brexit

03/07/2017 - On 31 May 2017, the European Securities and Markets Authority (ESMA) published an Opinion to promote and support a consistent supervisory approach in the twenty-seven EU Member States (the EU27) following Brexit.

New Prospectus Regulation: Companies to Get Easier Access to Capital Markets

03/07/2017 - Agreement has been reached at EU level on a new Prospectus Regulation (the "Regulation"), which is designed to repeal and replace the existing body of European prospectus law.

Ireland's Double Tax Treaties to be Amended Under Unprecedented MLI

15/06/2017 - It’s very innovative, it’s new and it’s unprecedented” is how Pascal Saint-Amans, Director of the Centre for Tax Policy and Administration at the OECD,

EU's Top Court Clarifies 'Legitimate Interest Test' for Data Processing

12/06/2017 - In a decision on 4 May 2017, the Court of Justice of the European Union (CJEU) ruled that not all 'legitimate interests' can be used to justify the processing of an individual's personal data, even when a public authority has deemed such processing "necessary". (Case C-13/16 Rigas)

London Investment Banker Loses Job Over WhatsApp Boast

01/06/2017 - A former Jefferies Group LLC investment banker and managing director was fined £37,198 after divulging confidential client information via WhatsApp

Time Limits to Complain to Financial Services and Pensions Ombudsman to be Extended

01/06/2017 - The Financial Services and Pensions Ombudsman Bill 2017 was published on 10 May 2017.

Social Welfare and Pensions Bill 2017

24/05/2017 - On 9 May 2017, the Irish Minister for Social Protection, Leo Varadkar (the "Minister"), announced the publication of The General Scheme of the Social Welfare and Pensions Bill 2017 (the “General Scheme”).

The Central Bank UCITS Regulations

12/05/2017 - The Central Bank of Ireland has published a Feedback Statement on its Consultation Paper CP 105 - Consultation on amendments to the Central Bank UCITS Regulations.

Faithless? Good faith and fair dealing in Irish contract law

02/05/2017 - The Court of Appeal (the "Court") has overturned an earlier decision of the High Court and refused to imply a term of good faith and fair dealing into a shareholders' agreement.

Regardless of Brexit: There are already key differences between UK and Irish employment law

02/05/2017 - Multinationals often tend to group the “UK & ROI” together for HR and employment law purposes, but there are crucial differences, not just in the law itself, but in how it is administered and adjudicated.

Anti-Avoidance and Offshore Structures – Last Call for Penalty Mitigation

18/04/2017 - The Minister for Finance Michael Noonan T.D. announced a comprehensive national programme targeting offshore tax evasion in his budget speech in October 2016 to tackle the perceived abuse of offshore structures.

Court of Appeal confirms there is no general duty of good faith in Irish contract law

04/04/2017 - Significance and application of decision : A recent Court of Appeal decision has restored certainty that, under Irish law, there is no general duty of good faith in the context of commercial contracts.

Long Awaited Mediation Bill Finally Published (13 February 2017)

04/04/2017 - The Mediation Bill 2017 obliges parties to a dispute to give serious consideration to mediation as a route to resolution.

Irish Central Bank rules and guidance for Management Companies passporting into Ireland

30/03/2017 - The Central Bank of Ireland (Central Bank) published its Feedback Statement and final guidance on its third round of consultation on fund management company effectiveness (CP 86) on 19 December 2016.

High Court Clarifies Bank to Have Actual Notice of Winding-up to Avoid Repayment of Transfers Made Subsequent to Winding-up

14/03/2017 - Any disposition of a company's property made after the commencement of its winding up, without the approval of the liquidator, is void. In a 2001 case (Re Industrial Services Company (Dublin) Ltd [2001] 2 I.R.118),

Are Interview Notes of An Investigation Protected by Legal Advice Privilege?

13/03/2017 - A recent decision of the High Court in England has shed light on the issue of legal advice privilege and in particular who can be considered to be the "client".

"Death Bed Marriage" Rule in Pension Scheme Not Discriminatory

02/03/2017 - On 24 November 2016, the Court of Justice of the European Union (CJEU) issued its judgment in the Dr David Parris v Trinity College Dublin case. The final decision diverges from the opinion of Advocate General (AG) Kokott

Brexit - Impact on UK Euro Clearing

02/03/2017 - The European Central Bank (“ECB”) has warned that Brexit will mean that it will be difficult for the UK to retain its dominant role in Euro-denominated derivatives clearing.

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