The firm has an extensive financial services practice, in corporate and consumer lending, litigation and regulatory compliance and has acted for many of the financial institutions in Ireland for many years.
The firm has extensive experience in advising financial institutions on the structuring of access to financial services and products over the internet. Additionally the firm have advised extensively on Crowdfunding, Mortgage Credit, particularly the new Mortgage Credit Directive, the Payment Accounts Directive, Payment Services including PSD I and the new already EU adopted PSD II, Peer to Peer Lending, the authorisation requirements for Electronic Platforms for Credit Intermediation and for Crowdfunding.
In particular the firm provides advice and drafting on:
- Advertising and promotion of financial services
- The laws, supervisory and other requirements applicable to the outsourcing by Credit Institutions, Insurers, Credit Unions and Investment Firms of particular services
- Establishment, authorisation, regulation and structuring of collective investment schemes (UCITS and Non UCITS)
- Authorisation and supervisory requirements for Retail Credit Providers, Electronic Money Providers and Electronic Money Services, Peer to Peer Lending and Crowdfunding
- Authorisation and ongoing supervisory requirements applicable to Credit Institutions, Investment Firms, Insurers and Reinsurers, including passport rights. The ECB is now responsible for the granting of banking licences, with the exception of credit institutions seeking authorisation under section 9A of the Central Bank Act 1971 (as amended). The Central Bank remains responsible for the supervision of activities defined in the SSMR as non-core. Those institutions defined as Less Significant will continue to be directly supervised by Central Bank supervision teams.
- Authorisation and on-going regulatory requirements for the provision of investment business services and investment advice under the MIFID Regulations as amended and Investment Intermediaries Act 1995 (as amended)
- Advising on the Central Bank Acts, including the Central Bank Reform Act, 2010, the Consumer Credit Act 1995 as amended by the regulations implementing the Consumer Credit Directive, Consumer Protection (Regulation Of Credit Servicing Firms) Act 2015, the Hire Purchase Acts, the Financial Transfers Act, the Factors Act, the Finance Acts the Forgery Act, the Investment Intermediaries Act, the European Communities (Markets in Financial Instruments) Regulations 2007 as amended, the Official Secrets Act, the Netting of Financial Contracts Act, the 2016 “SME Regulations”
- Basel III as implemented in Ireland by the European Communities (Capital Requirements Directive) Regulations 2014 (CRD IV) and the Capital Requirements Regulation No 575/2013 (CRR)
- Consumer Protection Act 2007, and the Consumer Protection Code and all Central Bank Codes including those on Mortgage Arrears
- Data Protection Acts and Data Security compliance for regulated financial services providers
- Derivatives and hedging contracts and their regulation, transaction confirmations, amendments to the schedule to ISDA master agreements and structuring of netting provisions, termination provisions and the structuring of any related collateral agreements in the context of derivative or hedge transactions
- Distance selling of financial products in compliance with the directive on the Distance Marketing of Consumer Financial Services Directive
- Fitness and probity regime; the firm has produced a compliance manual to enable regulated financial service providers comply with the regime
- Legal issues connected with electronic share settlement systems and access thereto
- Market Abuse Regulations (to be reflected in MAR 596/2014 regulation and the Commission Implementation Directive 2015/2392 published in the OJ on the 18.12.2015).
- The Mortgage Credit Directive as implementing in Ireland by the European Union (Consumer Mortgage Credit Agreements) Regulations 2016
- Money Laundering – how to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 and the Money Laundering Guidelines
- The Payment Accounts Directive 2014/92 (PAD) interpretation and compliance
- PSD1 and upcoming PSD II (Directive II (2015/2366) (PSD II) interpretation and compliance
- Regulatory restrictions on mass marketing (privacy and digital communications)
- Requirements in relation to recording and keeping records of communications
- Solvency II Ireland. Solvency II (Directive 2009/138 as amended by the Omnibus II Directive) had effect in Ireland from 1st of January 2016 and has been implemented in Ireland by the European Communities (Insurance and Reinsurance ) Regulations 2015.
- Structuring and drafting outsourcing agreements for financial services and advising on any related laws and regulations which apply to such agreements including the protection of employees on the transfer of undertakings regulations
- Structuring of internet financial services offerings including all corporate approvals required, the structuring of the application forms, the terms and conditions and ensuring compliance with all applicable regulation and codes of practice
- Structuring of offerings for credit and debit cards
In the 2016 Financier Worldwide Financial Services review, author and Partner Paul Foley gives his perspective on the current legal and regulatory Financial Services environment.
Financial Regulation, Financier Worldwide, August 2016.