Between the owners and Directors, Peter Oakes and Kevin O'Doherty, we offer nearly 40 years of financial services experience in such fields as corporate governance, financial control, legal, compliance, MiFID, Director Services, data protection, operations and risk management, covering a broad spectrum of regulatory affairs, both financial and non-financial businesses.
Our professional experience is multi-faceted and covers:
- the regulator side as well as the regulated.
- regulators in Ireland, the UK, the USA, Australia, Canada, Japan & Bermuda.
- the geographic locations of Dublin, London & Sydney.
- the industry sectors of banking, offshore funds, investment management, fund administration, insurance, stockbroking, telecoms and universities.
- Click here for some key Consulting and Training milestones marking the development of Compliance Ireland.
The hyper-links take to you to case studies of matters we have worked on. The areas yet to be hyper-linked represent businesses and matters we have serviced - these case studies are being uploaded.
- See also Industries Serviced
- See also Consulting
- See also Authorisations
| Type of Business | Type of Matter | |
| MiFID Firms (S.I. 60 of 2007) | Authorisations | |
| Capital Requirements Directive | Financial Regulator Inspections | |
| Insurance & Re-Insurance Companies | Client Asset Requirements | |
| Banks | Data Protection Reviews & Data Protection Commissioner Inspections | |
| Fund Administrators | Compliance Reviews | |
| UCITS Management / Funds | Corporate Governance Reviews | |
| Intermediaries | Financial Crime | |
| Investment Business Firms (IIA 1995) | Review of effectiveness of Compliance Department | |
| Credit Unions | Compensation | |
| Money Transmission Business | Non-Executive Director Services | |
| Real Estate Agents | Expert Witness | |
| Casinos | Passporting across EU | |
| Government Utility | Establishing business in Australia | |
| Mobile Telecons | Full Consumer Protection Code & Minimum Competency Reviews | |
| Solicitors and accountants | Interviews of Compliance Staff for Employers | |
| Universities | UAE Funds Services | |
| Representative Bodies | Training | |
| Other Engagements | Testimonials |
Consulting
The Markets in Financial Instruments Directive
These are just a small selection of work for carried out for MiFID firms.
CASE STUDY 1 - PROPRIETARY TRADING FIRM
CASE STUDY 2 - STOCK BROKING FIRM
MiFID, as the Directive is commonly known, came into force on 1 November, expressed as an Act, two Regulations and a Commencement Order. Compliance Ireland has undertaken a number of assignments for clients including:
- numerous MiFID authorisation applications, including spread-betting/CFD firms (see Authorisations)
- project-managing the implementation of MiFID in its entirety for an IFSC bank
- project-managing the implementation of MiFID in its entirety for a firm migrating from the Investment Intermediaries Act to MiFID
- passporting applications and rolling out pan-European business processes for clients
- advising firms on operational issues, procedures, client classification, trade and order processing flows
- risk management and governance
- acting as non-executive director for MiFID and non-MiFID firms
- on going advice of the complex provisions of the Act and regulations.
While most firms have concentrated on client classification and notification, there’s much more to MiFID than this, even for those firms not required to undertake pre- and post-trade reporting. The conduct of business rules contained within MiFID shouldn’t hold any surprises or fears for a well run investment houses. However the real challenge is demonstrating compliance to the standards required by EU regulators. This involves more than 'pretty looking' manuals which some managers merely focus upon when dealing with MiFID. MiFID sets out a written requirement for the establishment of Risk management, Compliance and Internal Audit functions commensurate with the scale and complexity of the business.
As part of the risk management function, firms must monitor the adequacy & effectiveness of their risk management policies and procedures including the level of compliance actually achieved by the firm and the effectiveness of any deficiency rectification measures. A similar obligation exists for regulatory compliance. These monitoring and control programs take a bit of planning and consideration in order to design properly and implement.
At Compliance Ireland we have in-depth experience in the area of MiFID and we are Ireland's leading independent MiFID consulting business. This experience shows in our creation of Ireland's dedicated MiFID website at www.mifid.ie and uploading template contents for MiFID and other manuals.
Capital Requirements Directive
The Regulations implementing the Capital Requirements Directive [“CRD”] for investment firms came into force on 1 January 2007, although the majority of the industry availed of limited transitional provisions deferring full implementation of the new regime until 1 January 2008.
Compliance Ireland has advised a number of firms on the adoption of the CRD, which has several material implications not widely appreciated to date.
While the reporting regime will not appear significantly different to those familiar with the predecessor capital adequacy regime, there are significant additional requirements to be considered.
The CRD introduces a fundamentally different approach to capital adequacy – rather than fixating on a minimum number or an expenses-based figure to enable a firm to gradually wind-down in the event it ran into difficulties, it focuses on the nature and riskiness of the business undertaken by the firm as being the core drivers behind the capital requirement.
The firm, even if a non-complex firm without a trading book, is required to undertake an Internal Capital Adequacy Assessment Process. This is a process whereby the firm itself will assess the risks and their mitigation for its business, determining as a result and appropriate level of capital that it should carry for those risks.
The ICAAPs are required to be submitted to the Financial Regulator and are required to be in place by the time of authorisation for start-up firms.
Lastly, the CRD imposes significant public disclosure requirements on firms relating to their exposures to various forms of risks and the structures & procedures they have implemented to manage & control the risks. These Pillar 3 disclosures provide public and competition alike with significant information about the nature of your business and the financial health of your firm. Compliance Ireland can help you to compose you ICAAP document and draft your Pillar 3 disclosures in a manner best suited to your firm's operations and commercial sensitivities.
Other Engagements
Examples of recent engagements undertaken include:
- Commercial Terms Advice: We provided general business advice to a financial intermediary on suitable commercial terms for its European cross-border brokerage agreements.
- Financial Derivative Instruments Review: We reviewed the manner in which an IFSC Trustee monitored the use of derivatives by client fund vehicles. We assessed client fund portfolios for risk, advised management on best practice and provided detailed procedures and training for Trustee staff.
- Strategic Review of Compliance Function: We performed a strategic review for a leading Dublin financial intermediary of its approach to compliance. We advised the firm on objectives, how best to address these, and set out the deliverables of the Compliance Function on the basis of ‘best of breed’ benchmarking.
- Data Protection Strategic Advice: We gave advice to a major state-owned utility on marketing operational strategy. We advised senior management on how to efficiently achieve desired outcomes rather than narrow concentration on avoiding data protection restrictions.
- AML Risk Assessment – two assignments:
- An insurance client was looking to purchase a book of business from another company. We were asked to assess on a ‘risk-based’ approach the AML risk of the book. Our work enabled the client to make an informed assessment of the purchase transaction, weighing the additional revenue from the transaction against likely rectification costs and other client servicing issues.
- The board of a mutual fund decided to change fund administrators and through the incoming administrator contacted us to assess the AML risk of the fund. This involved (1) a preliminary review of documentation to opine on the state of compliance and (2) working with, and ‘skilling-up’ the incoming administrator’s staff to effectively and efficiently identify shareholders where documentation was not readily available. Our work allowed the incoming administrator to commence servicing the fund (and receiving administration fees) more quickly than management had initially envisaged.
- Implementing new legislation: We designed, drafted and implemented the investment business procedures and controls for an IFSC bank and a number of investment firms conducting MiFID activities.
- Governance & Regulatory Risk Review: We advised insurance companies on how to identify material gaps in their existing operational procedures and how to secure compliance with their regulatory obligations in the most efficient man ner.
- Authorisations: We assisted firms in a wide variety of sectors in their applications for authorisation with the Financial Regulator, ranging from MiFID investment businesses to Money Transmission Businesses.
- Assistance during Regulatory Inspections: We helped clients prepare for regulatory inspections before, during and after the Financial Regulator’s visit.
- Compliance Officer Support: We analysed businesses and drafted risk-based compliance monitoring programmes. For firms without a full-time compliance function, we carried out the compliance programme and reported to the board as an outsourced service. We provided ongoing advice and act as a sounding board for businesses when dealing with new and novel issues.
- Compliance Reviews: We assessed business operations to provide risk-maps and identify gaps in procedures. We introduced best market practice to close off operational risks and obligations in the most efficient manner, providing peace of mind for local management, the Board of Directors and group management.
- Consulting on new legislation and regulations: We helped numerous businesses implement the Consumer Protection Code, the MiFID Regulations and the Capital Requirements Regulations among others. Our input ranged from simple advice on regulations, through to full-scope design and implementation project management.
- Service provider reviews: Working for boards of directors and group management, we reviewed the performance of out-sourced service providers. We provided appropriate metrics against which quality of service was properly assessed, including valuations procedures for complex financial instruments as well as transfer agency, AML and compliance procedures.
Besides our public training courses, we provide a wide variety of tailored in-house courses to firms. Examples of the types of engagements undertaken to date include:
- Tailored staff training for CPD purposes: We provided training on a wide variety of industry-specific topics to a client for CPD purposes.
- Board presentations & workshops: We ‘skilled-up’ new members of the board of directors. Our assignment covered workshops on best corporate governance practice as well as instructing on forthcoming regulatory developments and the associated impact upon the board and the business.
- General Anti Money Laundering / Compliance Training: Induction and refresher AML & Compliance training to staff of IFSC banks, credit unions and a major building society.
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Training
Compliance Ireland has trained and delivered compliance presentations to more than 2,000 professionals from Ireland, the UK, other European Member States, U.S., Australia, the Middle-East and Africa (including company directors, Compliance Officers, MLROs, accountants, lawyers & HR professionals) across more than 450 Irish and UK financial services firms, law firms, universities and telecom businesses, plus in excess of 250 businesses based in other European Members States, the U.S., Australia, Middle-East and Africa.With collective first-hand financial, legal, accounting and regulatory experience of nearly 40 years from bases in Dublin, London and Sydney, Compliance Ireland is a first class international training and consulting business covering large and small financial institutions, intermediaries and corporate businesses on authorisations, compliance, corporate governance, data protection, anti-money laundering and management of Financial Regulator & other regulators' inspection visits.
Through our own unique public training programmes, we have delivered training to:
- 700 staff of 450 financial institutions, corporations and legal practices through public training courses & seminars in Dublin, Cork and Belfast on Compliance, Anti-Money Laundering and Data Protection;
- 370 staff, through specifically tailored in-house training*, at banks, financial institutions (e.g. fund administrators, investment managers, insurance companies & custodians/trustees), legal practices, universities and mobile telecommunication providers;
- 80 staff from law firms, including Partners, Assistants and clerks on Anti-Money Laundering; and
- 200 plus directors, MLROs and staff of credit unions on behalf of the Irish League of Credit Unions, as part of the Irish League of Credit Union's national anti-money laundering awareness and data protection campaigns for credit unions.
*NB: Each in-house training assignment is specifically tailored to the business operations and processes of each client.
We also present papers at regulatory conferences in Ireland, Spain and Kuwait, including presenting papers at:
- IIR's conferences 'Anti-Money Laundering in Ireland', 'Data Protection in Ireland' and chairing the Corporate Governance in Ireland seminars (various dates in 2004-2008)
- Central Bank of Kuwait - International Seminar on Anti-Money Laundering and Combating Terrorist Financing, Kuwait (November 2006)
- Financial Services Ireland - Anti-Money laundering - 3rd Directive (November 2006)
- Institute of Bankers - Compliance - Corporate and Personal Responsibilities (March 2006)
- Infoline's Consumer Protection and Minimum Competency Requirements seminar (September 2006)
- Century Law Training's conference 'Managing Your Legal Practice in the 21st Century' and 'Cost Effective Anti-Money Laundering Training' at an industry-wide anti-money laundering conference (2004 -2006).
- 2nd Annual European Anti-Money Laundering Conference in Barcelona, Spain (2005).
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Compliance Ireland Regulatory Services Limited
Lower Ground Floor, 13 Adelaide Road,
Dublin 2, Ireland
tel: +353 1 425 5962 - Line 1
tel: +353 1 425 5972 - Line 2
fax: +353 1 633 5005
Download Republic of Ireland Training Programme:
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Compliance Documents: Do you need a template manual or procedure? Then click here to see our ComplianceDocs webpage for details of our template manuals and bespoke drafting service.
Tells us want you think or want you want to see on this website by email@complianceireland.com