Financial Regulatory

The Central Bank of Ireland has fined an investment fund for the first time, ordering GlobalReach Multi-Strategy ICAV to pay €192,500 after breaching its reporting obligations under EU rules. Article 9(1) of the European Markets Infrastructure Regulation (EMIR) requires details of any derivativ

Eversheds Sutherland and University College Dublin this month welcomed financial services industry leaders, academics, lawyers and representatives of the Central Bank to a conference exploring the implications of the new individual accountability framework. Ciaran Walker, consultant in financial ser

The Central Bank has issued regulations and guidance to firms on the new individual accountability framework (IAF). The guidance follows a three-month consultation on the implementation of the Central Bank (Individual Accountability Framework) Act 2022.

Revenue has launched a public consultation on the modernisation of Ireland's administration of value-added tax (VAT). The consultation focuses initially on the modernisation of business-to-business (B2B) and business-to-government (B2G) VAT reporting, supporting by e-invoicing.

The UK's Financial Conduct Authority (FCA) has fined Equifax Ltd more than £11 million for failing to manage and monitor the security of UK consumer data it had outsourced to its parent company based in the US. The breach allowed hackers to access the personal data of millions of people and ex

KPMG has been slapped with a record £21 million fine by the UK's Financial Reporting Council (FRC) over its mishandling of the audits for Carillion, the government contractor that collapsed in 2018. The failure of Carillion, which provided construction and facilities management services within

International law firm Addleshaw Goddard LLP has recruited partner Jeanne-Marie Moriarty to lead a new financial services and regulation practice in Dublin. The new team will advise clients on all aspects of financial regulation such as retail/consumer financial services, payments and financial mark

Pension professionals are optimistic about the potential for AI in their industry — but would not be comfortable taking financial advice from an AI system, according to a survey by Mason Hayes & Curran. The business law firm surveyed 227 professionals at its recent 'Pensions & AI &mdas

An Garda Síochána has been challenged to explain the legal basis for the deployment of gardaí at Bank of Ireland ATMs while the bank was experiencing technical problems on Tuesday night. Liam Herrick, executive director of the Irish Council for Civil Liberties (ICCL), told Morni

Retired Supreme Court judge Mr Justice John MacMenamin has been appointed as chairperson of the Irish Financial Services Appeals Tribunal (IFSAT). IFSAT is an independent tribunal which hears and determines appeals brought against certain decisions of the Central Bank. Its decisions can be appealed

The Central Bank of Ireland is seeking views on a new macroprudential policy framework for investment funds. A new discussion paper published yesterday aims to advance ongoing international and European discussions on how a macroprudential perspective in the regulation of the funds sector could be a

The Court of Appeal has held that a fund was entitled to argue in the course of well-charging proceedings that the debtor created an equitable charge over the property. The High Court had determined that the plaintiff could not raise this argument because the plaintiff was not able to rely on a lien

The UK Supreme Court has held that a high street bank did not have a duty not to carry out a customer’s instructions if it had reasonable grounds for believing that customer was defrauded after an appeal against a decision of the Court of Appeal of England & Wales finding that such a duty

The number of Irish sustainability-focused funds has grown by more than 40 per cent since the Sustainable Finance Disclosure Regulation (SFDR) was introduced in 2021, according to new analysis by the Maples Group. The inaugural edition of SFDR Impact Analysis contains a detailed assessment of the cu

McCann FitzGerald LLP has been named as winner in the 'Financial Services Regulatory – Regional Firm' category at the IFLR Europe Awards 2023. The IFLR Awards celebrate legal innovation and showcase transactions that break new legal ground, set precedents and develop the legal environment for