IFSC.ie Legal Features

Is the commercial context relevant when interpreting contracts?

20/09/2017 - 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.

Forced Retirement Deemed a Discriminatory Termination

14/09/2017 - 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.

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

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