IFSC.ie Legal Features

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.

London Investment Banker Loses Job Over WhatsApp Boast

04/05/2017 - A former Jefferies Group LLC investment banker and managing director was fined £37,198 after divulging confidential client information via WhatsApp to a "personal acquaintance and a friend" in the UK's Financial Conduct Authority's (the "FCA") first action related to social messaging and employment.

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.

Mediation Bill announced for 2017

02/03/2017 - The Minister for Justice and Equality, Frances Fitzgerald, has announced that she will publish the long awaited Mediation Bill this year.

New Notification Requirements for Section 110 Companies

02/03/2017 - On 24 February 2017, the Irish Revenue Commissioners (“Revenue”) issued new guidance on the notification requirements that apply to Irish companies that qualify under section 110 of the Taxes Consolidation Act 1997 (“Section 110 Companies”).

ESMA issues Opinion on UCITS Share Classes

17/02/2017 - On 30 January 2017, the European Securities and Markets Authority (ESMA) issued an opinion (the Opinion) addressed to national regulators which outlines four high-level principles which a UCITS must follow when setting up different share classes.

The e-Privacy Regulation – What's new?

15/02/2017 - The European Commission has published its draft e-Privacy Regulation which, if adopted, will replace the existing e-Privacy Directive. The Regulation broadens the scope of the Directive, enhances the confidentiality of communications, and simplifies the rules on cookies and unsolicited electronic marketing.

The Gig Economy: update following the CitySprint decision in the UK

15/02/2017 - A cycle courier in the UK has been successful in arguing before a UK Employment Tribunal that she is entitled to 'worker' status for the purposes of the relevant UK legislation, despite the courier's contention that she was an independent contractor.

Brexit White Paper

10/02/2017 - Last week, the UK House of Commons voted by an overwhelming 498 votes to 114 to pass the Government’s Brexit Bill.

Central Bank Finalises Guidance and Rules for Fund Management Companies

01/02/2017 - On 19 December 2016, the Central Bank of Ireland published the final guidance (the Guidance) for fund management companies on managerial functions, operational issues and procedural matters.

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