IFSC.ie Legal Features

Countdown to GDPR: 6 Months to Go

04/01/2018 - There are just 6 months to go until the EU General Data Protection Regulation (GDPR) takes effect across the European Union on 25 May 2018.

High Court affirms it has no jurisdiction to grant an injunction in circumstances where an employee claims to have been unfairly selected for redundancy.

04/01/2018 - In a development that will be of some relief for employers, in Kearney v Byrne Wallace, the High Court has affirmed that it does not have jurisdiction to grant an injunction in circumstances where an employee claims to have been unfairly selected for redundancy.

Appointment of Directors by Shareholders: The Importance of Compliance with Notice Provisions

06/12/2017 - A recent High Court judgment considered the requirements for the valid appointment of directors by Shareholders.

New Bill Proposes to Modernise and Consolidate Irish Anti-Corruption and Bribery Laws

06/12/2017 - On 2 November 2017, the Government published the long-awaited Criminal Justice (Corruption Offences) Bill 2017 (the "Bill").

New Guidelines On Administrative Fines Under GDPR

01/12/2017 - 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).

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 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.

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