IFSC.ie Legal Features

Stamp Duty – Purchasers Mid Transaction Breathe a Sigh of Relief

15/11/2017 - The Minister for Finance has included transitional measures in the Finance Bill 2017 providing mid transaction stamp duty relief for certain purchasers.

New Guidelines On Administrative Fines Under GDPR

03/11/2017 - The Article 29 Working Party has published draft guidelines that a supervisory authority (SA) should take into account prior to issuing administrative fines under the General Data Protection Regulation (GDPR).

New Legislation to Tackle Cybercrime

02/11/2017 - The growing awareness in recent years of the dangers posed by cybercrime and high-profile incidents such as the WannaCry ransomware attack have brought the issue of cyber attacks into sharp focus

Acquisitions in Financial Services: Irish Regulatory Requirements

26/10/2017 - As it becomes harder for investors to achieve investment growth in the markets, it is expected that more private equity firms will seek returns through investment in companies in the Financial Services Sector.

Schrems Goes to Europe (again) - Will the Standard Contractual Clauses Survive?

05/10/2017 - Almost two years to the day following the decision of the Court of Justice of the European Union ("CJEU") in Schrems v Data Protection Commissioner ("Schrems I"), the issue of transatlantic data transfers is heading back to the CJEU.

Ireland Awarded Highest Tax Transparency Rating

04/10/2017 - On 21 August 2017, the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes (the "Global Forum")

Is the commercial context relevant when interpreting contracts?

04/10/2017 - When asked to interpret a contract, a Court’s first step will be to consider the natural and ordinary meaning of words (textualism), but if the natural meaning remains unclear, a Court may consider the commercial context (contextualism) in order to determine the meaning.

Minimum Competency Code 2017

04/10/2017 - The Minimum Competency Code 2017 and the Minimum Competency Regulations 2017 (together the “Code”) replace Minimum Competency Code 2011.

Forced Retirement Deemed a Discriminatory Termination

03/10/2017 - In a recent case before the Workplace Relations Commission, A Bookkeeper v A Retail Business (ADJ-5391), the Adjudication Officer held that the imposition of a mandatory retirement age without a contractual basis constituted an unlawful discriminatory termination.

Key steps in Dealing with "Dawn-Raids" by Irish and EU Competition Regulators and/or Central Bank

05/09/2017 - On 4 July 2017, a number of companies acting in the Irish motor insurance sector were subject to "dawn raids" by the European Commission (“EC”), accompanied by agents from the Competition and Consumer Protection Commission (the “CCPC”).

Central Bank Publishes Guidance on the Establishment of an EEA Branch of an Insurance Undertaking

31/08/2017 - The Central Bank of Ireland (the "Central Bank") has now published updated guidance for Irish authorised insurers proposing to establish a branch operation in another EEA Member State (the "Guidance").

Establishing a Third Country Insurance Branch in Ireland – A Potential Post-Brexit Solution for UK Insurers

31/08/2017 - The Solvency II regime facilitates a non-EEA insurer establishing a branch operation in an EEA Member State subject to meeting specific regulatory requirements (a "Third Country Branch").

The Digitalisation of Financial Services – Should the Consumer Protection Code Be Updated?

30/08/2017 - On 29 June 2017, the Central Bank of Ireland (the "Central Bank") published a discussion paper seeking views on whether the current rules contained in the Consumer Protection Code 2012 (the "CPC") remain appropriate and effective in protecting consumers in relation to the digital provision of regulated financial services,

UK House of Lords Highlight the Need for Adequacy Decision Post-Brexit

30/08/2017 - The House of Lords European Union Committee in its recent report Brexit: the EU data protection package recommended an adequacy decision as the most comprehensive mechanism for the UK to continue to share data with the EU post-Brexit.

ESMA Issues Investment Management Opinion on Brexit Relocations

22/08/2017 - Faced with the prospect of losing their EU passporting rights, many UK financial firms are relocating within the EU27.

Limitation period for complaints to the Financial Services Ombudsman extended

22/08/2017 - Two recent Acts, signed into law by President Higgins last month, will have a significant impact upon the operation of the Financial Services Ombudsman (FSO) complaints procedure.

Timeline for New Prospectus Regulation Confirmed

22/08/2017 - The new Prospectus Regulation (Regulation (EU) 2017/1129) (the "Regulation") has been published in the Official Journal of the EU. It is designed to repeal and replace the existing body of European prospectus law.

EIOPA Chairman Comments on Brexit Relocations in Insurance Sector

01/08/2017 - On 30 May 2017, the European Insurance and Occupational Pensions Authority (EIOPA) published an interview given by its Chairperson Gabriel Bernardino to Insurance Asset Management Europe.

General Data Protection Regulation – Likely Impact for Employers and How to Prepare

01/08/2017 - The General Data Protection Regulation ("GDPR"), due to take effect on 25 May 2018, aims to harmonise data protection rules across the European Union ("EU") and marks a milestone in data protection laws in the EU.

Significant Changes to Double Tax Treaties as Ireland signs up to the OECD MLI

01/08/2017 - On 7 June 2017, Ireland was one of 68 countries to sign the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Sharing (the "MLI") at a ceremony hosted by the Organisation for Economic Co-Operation and Development ("OECD") in Paris.

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