IFSC.ie Legal Features

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".

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

13/03/2017 - 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)

13/03/2017 - The Mediation Bill 2017 obliges parties to a dispute to give serious consideration to mediation as a route to resolution.

"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.

Central Bank Publishes CP 86 Feedback – Positive Changes to New Location Rule

01/02/2017 - The Central Bank of Ireland ("Central Bank") published its Feedback Statement ("Feedback") and final guidance ("Guidance") on its third round of consultation on fund management company effectiveness ("CP 86") on 19 December 2016.

Proposal to Extend the Limitation Period for Complaints to the Financial Services Ombudsman

01/02/2017 - The General Scheme of the Financial Services and Pensions Ombudsman Bill 2016 was published on 5 October 2016 and its primary objective is to amalgamate the offices of the Financial Services Ombudsman and the Pensions Ombudsman.

Penalties for Non-Compliance with Lobbying Legislation Come into Force on 1 January 2017

27/01/2017 - As of 1 January 2017 the enforcement provisions provided for in Part 4 of the Regulation of Lobbying Act 2015 (the "Act") will come into effect, meaning anyone engaged in lobbying activities who fails to comply with their obligations under the Act may face monetary fines and/or imprisonment from that date.

Contending with Brexit Uncertainties – Governing Law Clauses

26/01/2017 - There has been plenty of discussion about the impact of Brexit on contracts but not so much on its specific drafting implications.

European Commission Proposes new ePrivacy Regulation

25/01/2017 - The European Commission has proposed a draft ePrivacy Regulation that will repeal and replace the current ePrivacy Directive. The draft Regulation forms part of the Digital Single Market strategy and seeks to ensure stronger privacy rules for all electronic communications.

Introduction of Key Information Documents for PRIIPs delayed until January 2018

25/01/2017 - Regulation (EU) No 1286/2014 (the Regulation) will introduce a requirement that Key Information Documents (KID) be developed and maintained in connection with Packaged Retail and Insurance-based Investment Products (PRIIPs).

EU Commission proposes new ePrivacy Regulation

17/01/2017 - On 10 January 2017 the EU Commission proposed a new regulation (the “ePrivacy Regulation”) to replace Directive 2002/58/EC (the “ePrivacy Directive”).