To subscribe to our free News Service type 'SUBSCRIBE' into the subject header of your email and send it to news@complianceireland.com 

 

 

15 February 2010: Newsletter 06/2010

 

Contents:

• Bill Prasifka appointed Financial Services Ombudsman
• MiFID Update - The experience of 2009 and the challenges of 2010
• Compliance Ireland Training Dates - February and March 2010

 

We have now moved our newsletter service over to e-mail delivery to improve the speed at which we can provide you with news and regulatory updates. To subscribe to our free News Service type 'SUBSCRIBE' into the subject header of your email and send it to news@complianceireland.com. 

 

Click here to view online.

Click here for a copy of Newsletter 06/2010 in PDF format.

 

 

09 February 2010: Newsletter 05/2010

 

Contents:

• Financial Regulator issues statement on enforcement action coinciding with AIB charging error
• UK Appeal Court decision on HSBC's financial liability following a Suspicious Transaction report
• MiFID Update - The experience of 2009 and the challenges of 2010
• Compliance Ireland Training Dates - February and March 2010

 

Click here to view online.

Click here for a copy of Newsletter 05/2010 in PDF format.

 

 

04 February 2010: Newsletter 04/2010: Financial regulator issues letter of concerns about sales & advice by banks, insurers, mifid & other investment firms

 

Concerns expressed by the Financial Regulator about weak sales processes at credit institutions, life insurance firms and investment and stockbroking firms is the topic of this Newsletter 04/2010.  The regulator’s findings are based upon a selection of sales and sales processes at these firms. The findings follow calls by the former Financial Services Ombudsman Joe Meade in July 2009 for a review of all investment products sold to elderly customers since 2006.

• Compliance Ireland will examine this issue and more in its upcoming Treating Customers Fairly and Complaints Handling course on Tuesday 16th February, 9.00am to 1.00pm

 

Click here to view online.

Click here for a copy of Newsletter 04/2010 in PDF format.

 

 

02 February 2010: Newsletter 03/2010: MiFID Update

 

Contents:

• Seminar: MiFID Update - The experience of 2009 and the challenges for 2010
• Financial Regulator reminds MiFID firms of ICAAP responsibilities
• Financial Regulator issues Solvency II update briefing
• UK Tribunal notes use of financial spread betting to commit market abuse
• Recent UK enforcement decisions
• Compliance Ireland training dates in February and March 2010

 

We have now moved our newsletter service over to e-mail delivery to improve the speed at which we can provide you with news and regulatory updates. To subscribe to our free News Service type 'SUBSCRIBE' into the subject header of your email and send it to news@complianceireland.com. 

 

Click here to view online.

Click here for a copy of Newsletter 03/2010 in PDF format.

 

 

19 January 2009: Newsletter 02/2010: Financial Crime Update

 

We have now moved our newsletter service over to e-mail delivery to improve the speed at which we can provide you with news and regulatory updates. To subscribe to our free News Service type 'SUBSCRIBE' into the subject header of your email and send it to news@complianceireland.com. 

 

Click here to view online.

Click here for a copy of Newsletter 02/2010 in PDF format.

 

Financial Crime update

Timeline of Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009
Compliance Ireland has created a list of the various stages of the Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009 since publication in July 2008 to its passage through, on 14 January 2010, the Select Committee on Justice, Equality, Defence and Women’s Rights.

 

Extensive details on the proposed new law, the Scheme to the Bill, the EU Directives and other commentaries appear at http://www.antimoneylaundering.ie/3MLDir.html.

 

Education: Anti-Money Laundering and Counter-Financing Terrorism Training
Compliance Ireland is holding ANTI-MONEY LAUNDERING & COUNTER-FINANCING TERRORISM training on Tuesday 26th January 2010. The course will cover changes to the Bill arising at Select Committee Stage and will bring attendees up to speed with the new requirements which are rapidly approaching.

Date: 9.00am to 5.00pm, Tuesday 26th January 2010

Location:Central DUBLIN City Venue

Cost: €620 (no VAT)

Click here for more details.

 

Other AML/CTF Resources
Other AML/CTF resources produced by Compliance Ireland are available on our Press page.

You might also be interested in our Financial Crime page and our Financial Crime and MLRO Services brochure.

 

Training Dates

 

Compliance Ireland announces training dates for January-March 2010

We've announced dates for our public training courses in January, February and March 2010. As in previous years, our courses will run in central Dublin locations and will be eligible for CPD hours (dependent on course attended and your professional qualification).

See our Public Training page for futher details. Click here to download details in PDF format.

 

Compliance Ireland announces four new courses for 2010

New courses for January - March 2010:

• Role of the Trustee for Collective Investment Funds (Half-Day - 2 February)
• Introduction to Financial Services Regulation in Ireland (Half-Day - 9 February)
• Capital Requirements Directive for Investment Firms (Full-Day - 11 February)
• Introduction to Solvency II (Half-Day - 2 March)

 

See our Public Training page for futher details. Click here to download details in PDF format.

Click here for a copy of Newsletter 02/2010 in PDF format.

 

 

12 January 2009: (Special Edition) - Newsletter 01/2010: Central Bank announces appointment of Assistant Director-General for Financial Institutions Supervision

 

The Central Bank has announced today (12 January 2010) the appointment of Jonathan McMahon as Assistant Director-General for Financial Institutions Supervision. The creation of an additional role of Assistant Director-General for Consumer Protection was also announced.

 

Read Newsletter 01/2010 in Adobe - click here.

 

23 December 2009: (Special Edition) - Newsletter 14/2009: MBNA Charging error and the Financial Regulator's Investigative Process

Given recent press speculation regarding the MBNA charging error, we take a close look at the facts of the Financial Regulator's behaviour and set out a clear guide to the investigative process that would lead to any enforcement action.

 

Read Newsletter 14/2009 in Adobe - click here

 

22 December 2009 (Special Edition) - Newsletter 13/2009 (December 2009): Depfa ACS BANK Settlement Agreement

 

The Financial Regulator has reprimanded DePfa ACS Bank and fined it €250,000 in relation to breaches of the Asset Covered Securities Act, 2001.

 

Read Newsletter 13/2009 in Adobe - click here

 

10 December 2009 (Special Edition) - Newsletter 12/2009 (December 2009): comments on announcement of central bank of new senior posts

 

The Governor of the Central Bank, Patrick Honohan and the incoming Head of Financial Supervision, Matthew Elderfield announced today (10 December) the creation of three new senior regulatory roles and the appointment of Con Horan (Head of Prudential Supervision) to Assistant Director-General, Special Adviser to Mr Elderfield. This Newsletter provides an up-to-date organisational chart of the proposed new regulatory body and analyses what this important announcement means for Ireland.

 

Read Newsletter 12/2009 in Adobe - click here

• Read Press Release from Central Bank - click here

 

1 December 2009 (Special Edition) - Newsletter 11/2009 (December 2009): Analysis of speech by new Governor (Patrick Honohan) on the future of financial regulation in Ireland.

 

The new Governor of the Central Bank & Financial Services Authority of Ireland, Patrick Honohan, delivered a speech tonight (Tuesday 1 December 2009) on Financial Regulation in Ireland:Past, Present and Future. Compliance Ireland has reviewed the speech and analysed the comments therein. We have prepared a marked up copy of the speech and inserted comments/opinion in certain key areas.

 

Read Newsletter 11/2009 in Adobe - click here

• Watch Governor Honohan's speech here

 

23 OCTOBER 2009 (special edition) - newsletter 10/2009 (october 2009): merriLl Lynch Ireland fined €2.75m for $461m loss at london office

 

The Financial Regulator fines Merrill Lynch International Bank Limited €2,750,000 for failures by its traders to appropriately value their positions (internal control failures) leading to $461 million loss. 

 

Read Newsletter 10/2009 in Adobe - click here

 

19 October 2009 (SPECIAL EDITION) - NEWSLETTER 9/2009 (OCTOBER 2009): Appointment of new HEAD OF FINANCIAL REGULATOR

 

Matthew Elderfield is annouced today as the Head of Financial Supervision in the new Central Bank of Ireland. Mr. Elderfield is currently the Chief Executive Officer of the Bermuda Monetary Authority. The Head of Financial Supervision is responsible for the regulatory and supervisory functions and objectives of the Central Bank of Ireland.

 

Read Newsletter 9/2009 in Adobe - click here

[See also Press article in Sunday Tribune by Peter Oakes and also Hot Topics]

 

21 September 2009 (Special Edition) - Newsletter 8/2009 (September 2009): Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009

 

As the Dáil returns from summer recess to debate the new Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009, the Irish AML/CFT regime faces a major revision. Compliance Ireland has produced a guide to the new provisions for all businesses under the regime. This special edition of our newsletter provides you with an executive summary and a detailed review of some of the key changes.

 

Read Newsletter 8/2009 in Adobe - click here

 

3 SEPTEMBER 2009 (SPECIAL EDITION) - NEWSLETTER 7/2009 (SEPTEMBER 2009): Appointment of new governor of central bank of ireland

 

The Minister for Finance, Mr. Brian Lenihan T.D., announced today (Thursday 3 September 2009) his decision to appoint Professor Patrick Honohan as the next Governor of the Central Bank. The current Governor, Mr. John Hurley will retire on the 25th September 2009.  Professor Honohan is currently Professor of International Financial Economics and Development at Trinity College Dublin.  Professor Honohan is an outsider by virtue of being the first non-civil service appointment to the role. 

 

Read Newsletter 7/2009 in Adobe - click here

 

21 August 2009 (SPECIAL EDITION) - NEWSLETTER 6/2009 (August 2009): new 10% Regulatory Reserve Ratio for Credit Unions

 

On Friday 21st August 2009, the Registrar of Credit Unions released the Financial Regulator’s Regulatory Reserves Ratio requirements for Credit Unions.  Compliance Ireland has written a Questions and Answers Newsletter to assist credit unions absorb the details of the new requirements.

 

• Download here a copy of our Newsletter 6/2009 containing detail on the Regulatory Reserve Ratio requirements.
• Download here a copy of Regulatory Reserve Ratio requirements.

 

30 july 2009 - NEWSLETTER 5/2009 (JULY 2009)

 

Article on the Role of the Compliance Function and Compliance Officer.

 

This is the first in a series of articles on the Role of the Compliance Function and Compliance Officer.  Other articles on this topic will be published in the future.  

 

Read Newsletter 5/2009 in Adobe - click here

 

28 july 2009 (Special Edition) - NEWSLETTER 4/2009 (JULY 2009)

A brief note on the publication of the Criminal Justice (Money Laundering and Financing Terrorism) Bill 2009. This is the proposed new law which encompasses Ireland's obligation to implement the 3rd EU AML Directive.

 

Read Newsletter 4/2009 in Adobe - click here

 

18 JUNE 2009 (SPECIAL EDITION) - NEWSLETTER 3/2009 (JUNE 2009)

Minister for Finance Brian Lenihan TD announces major reform of the institutional structures for regulation of financial services in Ireland

 

• It is always the case.  As soon as you finish a Newsletter (2/2009) covering many topics including speculation about the new Irish regulatory system, the Minister of Finance pulls a cat out of the bag and announces the creation of a new single financial regulatory structure.  We have released this special edition Newsletter to update readers on the Minister for Finance’s announcement today (18 June, 2009) of a new single financial regulator.

 

Read Newsletter 3/2009 in Adobe - click here

 

Join the debate at http://www.peteroakes.blogspot.com/

 

18 JUNE 2009 - Newsletter 2/2009 (JUNE 2009)

Note: this Newsletter is large.

 

Read Newsletter 2/2009 in Adobe - click here (to download the 2 page to a page version - click here)

 

New subject topics added to www.complianceireland.com/HotTopics.html

 

• April 2009: Financial Regulator reminds MiFID firms of deadlines for complying with Pillar 3 disclosures and ICAAP obligations
• 24 April 2009: Convicted Money-Launderer Ted Cunningham sentenced to 10 years in jail
• 8 April 2009: Settlement Agreement with Mr John Gurhy t/a Gurhy Properties & Financial Services, The Debt Doctor
• 3 March 2009: Financial Regulator publishes report into Director's Loans at Credit institutions covered by the Government Guarantee Scheme
• 2 March 2009: New registration and financial crime requirements for gaming community

 

New training presentations on MiFID & Data Protection added to http://www.complianceireland.com/Resources.html

Compliance Ireland has uploaded Adobe pdf versions of the following presentations:

(1) MiFID: MIFID update - The Experience of 2008 and the Challenges for 2009 (Seminar Presentation by Peter Oakes & Kevin O’Doherty on 27 February 2009). This document can be accessed at http://www.mifid.ie/whatnew.html.

(2) Data Protection: Personal Data Retention (Presentation by Peter Oakes to Irish Computer Society Seminar 26 May 2009). This document can be accessed at http://www.privacy.ie/resources.html (scroll down to heading ‘Presentations’).

(3) Data Protection: Courts, Legislative Update and Recent Issues (Presentation by Peter Oakes to Irish Computer Society Data Protection Conference 21 April 2009). This document can be accessed at http://www.privacy.ie/resources.html (scroll down to heading ‘Presentations’).

These are large memory documents and so please do not try to download these documents using anything less than a broadband line.

Updates to our Press Page

The following Press articles and interviews, to which we have contributed since February 2009, have been uploaded at http://www.complianceireland.com/Press.html:

• Journal of Securities Law, Regulation & Compliance, Volume 2, Number 2, April 2009 The changing corporate governance scene in Ireland for offshore financial services (Kevin O’Doherty)
• Radio - Newstalk (Lunchtime with Eamon Keane), 26 March 2009 AIB victim of complex UK investment property fraud (Peter Oakes)
• Finance Magazine, March 2009 Coping with new corporate governance challenges (Kevin O’Doherty)
• eFinancial, 17 March 2009 What happened to the rush of anti-money laundering recruitment? (Peter Oakes)
• IrishEconomy.ie, 10 March 2009  A Canadian Model (of regulation for Ireland) (Peter Oakes)
• Radio - Newstalk (Down to Business with Mark Mortell), 28 February 2009 Raid by Garda on Anglo Irish Bank (Peter Oakes)
• Radio - RTE Morning Ireland, 2 March 2009 Plans to create new financial regulator (Peter Oakes)
• Video - RTE Six One News, 27 February 2009 EU to discuss financial regulation (Peter Oakes)
• Video - RTE Prime Time, 24 February 2009 The state of international regulation in the Irish banking sector (Peter Oakes)

 

INDEX OF TOPICS

FREE REGULATORY PRESENTATIONS                                                                         page 4 click here

• MiFID: MIFID update - The Experience of 2008 and the Challenges for 2009 (Seminar Presentation by Peter Oakes & Kevin O’Doherty on 27 February 2009)
• Data Protection: Personal Data Retention (Presentation by Peter Oakes to Irish Computer Society Seminar 26 May 2009)
• Data Protection: Courts, Legislative Update and Recent Issues (Presentation by Peter Oakes to Irish Computer Society Data Protection Conference 21 April 2009)

 

COMPLIANCE IRELAND TRAINING                                                                     page 5 click here

• New 2009 Quarter  2 training course dates announced

 

FINANCIAL SERVICES - IRELAND                                                                                    page 6 click here

• 17 June 2009: New blueprint for Irish, European Union and United States financial regulation systems
• 17 June 2009: Department of Finance releases responses received to Consumer Credit Consultation
• 15 June 2009: Revised and updated Code of Practice for the Governance of State Bodies
• 12 June 2009: Financial Measures (Miscellaneous Provisions) Bill 2009 introduced
• 9 June 2009: New powers soon for ODCE – Companies (Amendment) Bill 2009
• 9 June 2009:  Compliance Statements – what is the status?
• 6 June 2009: European Communities (Assessment of Acquisitions in the Financial Sector) Regulations 2009 issued
• 13 May 2009: Financial Regulator publishes warning notices
• 7 May 2009: Financial Services Ombudsman issues 2008 Annual Report
• April 2009: Financial Regulator reminds MiFID firms of Pillar 3 and ICAAP obligations
• 23 April 2009: Corporate Governance (Codes of Practice) Bill 2009 (Private Member’s Bill) introduced
• 23 April 2009: Financial Regulator publishes Consultation Paper 36 on Disclosure of Grants of Security over Shares
• 20 April 2009: Financial Regulator updates Operational Guidance on Prudential Requirements applicable to Captive Insurance Undertakings
• 8 April 2009: Settlement Agreement with Mr John Gurhy t/a Gurhy Properties & Financial Services, The Debt Doctor
• 24 March 2009: Financial Regulator issues statement rebutting allegations regarding awareness of foreign exchange overcharging
• 3 March 2009: Financial Regulator publishes report into Director's Loans at Credit institutions covered by the Government Guarantee Scheme

 

DATA PROTECTION - IRELAND                                                                           page 14 click here

• Regulatory Presentations
• Theft of laptops from Bord Gáis
• Theft of laptops from Health Safety Executive

• Previous theft of laptop and other personal data incidents at HSE in 2008

• Data Protection Commissioner issues 2008 Annual Report

 

FINANCIAL CRIME - IRELAND                                                                               page 16 click here

• 13 June 2009: No date, still, for implementation of new money laundering laws
• 24 April 2009: Convicted Money-Launderer Ted Cunningham sentenced to 10 years in jail
• 17 April 2009: Criminal Justice (Surveillance) Bill 2009 introduced

 

FINANCIAL SERVICES - UNITED KINGDOM                                                       page 18 click here

• 26 May 2009: FSA bans and fines former Morgan Stanley trader £140,000 for unauthorised ‘pre-hedging’
• 13 May 2009: FSA fines Morgan Stanley £1.4m for failing to prevent trader mis-marking and fines and bans Matthew Sebastian Piper
• 29 April 2009 Hedge fund manager banned and fined £35,000 for mis-marking trading positions to hide losses
• 6 April 2009: FSA wins tribunal case to ban former Chief Executive of GenRe Business Unit
• 18 March 2009: FSA publishes Turner Review of global banking regulation

 

FINANCIAL CRIME – UNITED KINGDOM                                                             page 20 click here

• 10 June 2009: FSA bans and fines brokers for mortgage fraud
• 27 May 2009: Six arrested in insider dealing Investigation
• 20 May 2009: FSA brings insider dealing prosecution against City professionals
• 6 May 2009: Seven arrests in FSA operation against Boiler rooms
• 27 April 2009: FSA publishes report on financial services firms’ approach to UK financial sanctions
• 2 April 2009: FSA wins Market Abuse case and fines Winterflood £4 Million

 

FINANCIAL SERVICES - EUROPE                                                                         page 22 click here

• 9 June 2009: Agreed text of the UCITS IV Directive published
• 4 June 2009: CEIOPS publishes list of Solvency II implementing measures
• 28 May 2009: European Commission proposes amendments to liability of depositaries
• 27 May 2009: European Commission proposes new framework for European financial supervision
• 29 April 2009: European Commission proposes Alternative Investment Fund Managers Directive

 

Read Newsletter in Adobe - click here (to download the 2 page to a page version - click here)

 

18 February 2009 - Newsletter 1/2009 (February 2009)

Note: this Newsletter is large.

 

Read Newsletter in Adobe - click here (to download the 2 page to a page version - click here)

 

 

HOT TOPICS

 

New subject topics added to www.complianceireland.com/HotTopics.html

 

• Financial Regulator issues statutory Mortgage Arrears Code and Business Lending Code
• Financial Regulator clashes with Chairman and Board of Irish Life and Permanent (IL&P) and announces investigation into €7billion loan fiasco
• Patrick Neary, former Financial Regulator to receive €630,000 payment
• Chief executive, Financial Regulator steps down unexpectedly / investigation into directors' loans continues / Anglo Irish bank nationalised
• Irish court commences hearing into allegations that father and son laundered some of the proceeds of the £26.5m (€29.4m) Northern Bank robbery
• UK court fines solicitor & MLRO

Updates to our Press Page

 

The following Press articles, to which we have contributed since November 2008, have been uploaded at http://www.complianceireland.com/Press.html

• 15 February 2009 (Sunday Tribune) - Anglo, IL&P face €5m fine over deposits
• 21 December 2008 (Sunday Tribune) - Ireland will become the 'wild west' of European finance?

 

COMPLIANCE IRELAND BREAKFAST BRIEFING                                             page 5

• New Q1 2009 MiFID Breakfast Briefing date announced for 27 February 2009

 

COMPLIANCE IRELAND TRAINING                                                                     page 5

• New 2009 Quarter 1 & 2 training course dates announced

 

FINANCIAL SERVICES - IRELAND                                                                        page 9

• 16 February 2009: New Financial Services law and new Financial Regulator agency on cards / Governance and compliance officers to stand-up for what is right and correct
• 15 February 2009: Financial regulator categorically rejects it knew of ‘sweetheart deal’
• 14 February 2009: Financial Regulator issues statutory Mortgage Arrears Code and Business Lending Code.  Separate Money lenders Consumer Protection Code issued 3 December 2008
• 14 February 2009: Financial Regulator clashes with Chairman and Board of Irish Life and Permanent (IL&P) and announces investigation into €7billion loan fiasco.
• 11 February 2009: Patrick Neary, former Financial Regulator to receive €630,000 payment
• 5 February: Financial Regulator announces new Directors’ Loan Requirements
• 9 January 2009 and on-going: Chief Executive, Financial Regulator steps down unexpectedly / investigation into directors' loans continues / Anglo Irish bank nationalised
• IFSRA – Madoff Collapse
• IFSRA: Thematic Inspection of MiFID firms by Financial Regulator
• IFSRA: Financial Regulator demands special audit of stock-broking firms
• IFSRA - side pockets and fund redemption limits for non-UCITS funds
• IFSRA - MTF Guidance Note
• IFSRA - Review of Intermediary Market
• IFSRA - Financial Regulator Examines Foreign Exchange Charges
• IFSRA - Firms Urged to Improve Sales and Premium Review Processes of Unit Linked Whole of Life policies
• IFSRA - Lincoln Ventures (Canada) - Warning issued
• IFSRA - Mystery Shop and Cost Comparisons show Better Home Insurance Deals

DATA PROTECTION - IRELAND                                                                           page 19

• List of recent events
• Data Protection Commissioner free to proceed with criminal action against telecommunications firm

 

FINANCIAL CRIME - IRELAND                                                                             page 22

• 16 February 2009: No date , still, for implementation of new money laundering laws
• 13 February 2009: Irish court continues hearing into allegations that father and son laundered some of the proceeds of the £26.5m (€29.4m) Northern Bank robbery
• 13 February 2009: Suspended term for €12,000 bank 'phishing' scam

FINANCIAL SERVICES - UNITED KINGDOM                                                       page 23

• 2 February 2009: Financial Services Authority (FSA) publishes Business Plan for 2009/10.
• 9 February 2009:  Financial Services Authority (FSA) publishes Financial Risk Outlook (FRO)
• 27 November 2009 FSA issues Dear CEO letter to the CEOs of mortgage lenders and administrators
• List of recent FSA Enforcement decisions
• UK: FSA consults on stress and scenario testing
• FSA consults on stress and scenario testing
• Solicitor and MLRO fined £5000
• UK FSA - enforcement actions since last newsletter
• UK FSA - financial crime speech to British Bankers Association

FINANCIAL CRIME – UNITED KINGDOM                                                             page 30

• 16 February 2009: FSA bans broker for mortgage fraud
• 9 February 2009: FSA secures over £1 million for victims of share scam
• 4 February 2009: FSA fines AIM company director for market abuse
• 19 January 2009: FSA bans and fines broker £101,106 for mortgage fraud - also bans second broker
• 14 January 2009: Belgian private investor fined £176,254 for market abuse
• 8 January 2009: FSA fines Aon Limited £5.25m for failings in its anti-bribery and corruption systems and controls
• 7 January 2009: insider dealing & money laundering: FSA prosecutes Mr Neil Rollins
• 19 December 2009: FSA fines two individuals for market abuse
• 8 December 2009: FSA warns shareholders that personal details might be on a database shared by fraudsters
• 4 December 2008: UK court fines solicitor & MLRO
• 13 November 2009: former UK ambassador and Belgian businessman fined for market abuse

FINANCIAL SERVICES - EUROPE                                                                         page 35

• Europe: European Commission proposes amendments to Capital Requirements Directive
• Europe: Commissioner McCreevy announces public consultation on hedge funds

AML – EUROPE                                                                                                        page  36

• Barclays France and Soc Gen found not guilty

Read Newsletter in Adobe - click here (to download the 2 page to a page version - click here)

 

26 November 2008 - Newsletter 6/2008 (November 2008)

Note: this Newsletter is large.

 

Read Newsletter in Adobe - click here (to download the 2 page to a page version - click here)

 

COMPLIANCE IRELAND TRAINING

• 2008 Quarter 4 training course dates: New dates announced for courses being held in Quarter 4 2008.
• Download Training Programme in PDF here

 

UPDATES TO OUR PRESS PAGE

• Press articles, to which we have contributed since October 2008, have been uploaded at http://www.complianceireland.com/Press.html

 

NEW SUBJECT TOPICS ADDED to www.complianceireland.com

• New ‘Interesting FSA Cases’ section is added to our website at http://www.complianceireland.com/Resources.html#FSA_Dir_Cases.
• New ‘Financial Services Ombudsman’ section is added to our website at http://www.complianceireland.com/Resources.html#FSO

 

FINANCIAL SERVICES - IRELAND 

• Details of current and completed inspections being carried out by the Financial Regulator
• Financial Regulator releases Regulatory Connection Issue 15
• Financial Services Ombudsman releases details of 21 significant findings made in the insurance area for period July - November 2008
• Financial Regulator issues amended guidance for securities covered by the Credit institutions (Financial Support) Scheme 2008
• Financial Regulator reviewing recording of telephone conversations and electronic communications involving client orders under MiFID Regulations
• Regulator requests risk reduction plans from six banks
• Trial of Cork financial advisor accused of money laundering set for January 2009
• Irish Funds Market opens to Chinese Investors
• Money Transmission Businesses – results of mystery shopping exercise
• Irish Funds Industry  - Q&A information note on Trustee/Custodian responsibilities
• Financial Regulator updates Guidance Note on UCITS
• Settlement Agreement – Quinn Insurance Limited and Mr Sean Quinn, Senior: 24 October 2008

 

DATA PROTECTION - IRELAND

• Data Protection slides available – presentation with Office of Data Protection Commissioner on 18 November 2008
• Oireachtas laptop stolen after break-in at TD's office
• Financial Regulator’s refusal to release documents rebuffed by European Commission
• Expert group to review protection of personal data
• Bank of Ireland customer data on missing device
• Garda Commissioner requests mobile phone firm to retain web-browsing data

 

FINANCIAL SERVICES – UNITED KINGDOM

• FSA announces ‘death knell’ for commission driven sales
• Enforcement decisions from 9 October to 20 November 2008
• HM Treasury warns of threats to the integrity of the international financial system
• FSA letter to CEOs re remuneration policies
• HM Treasury issues guidance on restrictive measures against Iran

 

FINANCIAL SERVICES – EUROPE

• Commission proposes revision of bank capital requirements rules to reinforce financial stability
• EU Commission takes legal action against Ireland, Spain, Belgium and Sweden to ensure AML/CFT compliance
• European Commission publishes updated MiFID Q&A

• CESR assessment on the impact and functioning of MiFID
• More rogue traders at Caisse d’Epargne and Citic Pacific
• CESR’s advice to European Commission on the UCITS Management Company Passport

 

Read Newsletter in Adobe - click here (to download the 2 page to a page version - click here)

 

 

13 october 2008 - newsletter 5/2008 (october 2008)

• new training dates for Quarter 4 2008 (Dublin and Belfast). Download Training Programme in PDF here
• new Market Abuse Rules;
• MiFID (see our comments about the real possibility of legal actions against MiFID firms);
• Irish Nationwide Building Society €50,000 fine and reprimand;
• changes to the Irish deposit protection scheme;
• the new bank guarantee scheme created by the new Credit Institutions (Financial Support) Act 2008;
• updates to our Resources page to include new Market Abuse, Warning Notices, Investor Protection & Bank Guarantee Scheme and Financial Crime sections; and
• recent press articles

 

Read Newsletter in Adobe - click here

 

 

22 August 2008 - NEWSLETTER 4/2008 (august 2008)

 

Read Newsletter in Adobe click here

 

COMPLIANCE IRELAND TRAINING

• 2008 Quarter 3 & Quarter 4 training course dates Download Training Programme in PDF here

 

FINANCIAL SERVICES - IRELAND

• Financial Regulator sanctions and fines investment business firm Apex Fund Services (Ireland) Limited (a fund administrator) €5,000 and two directors each €20,000 (22 August 2008)
• Financial Regulator warns consumers to check the excess on home insurance policies (22 August 2008)
• Financial Regulator Publishes Amended Prospectus Rules (18 August 2008).  Effective from 15 September 2008
• Financial Regulator Publishes New Guidance Note for Valuation of Assets of Money Market Funds (18 August 2008)

 

DATA PROTECTION - IRELAND

• Data Protection Commissioner publishes new Data Protection Code of Practice for the Insurance Sector (20 August 2008)
• Loss of Department of Social and Family Affairs information held by the Office of the Comptroller and Auditor General (11 August 2008)
• Institute of Chartered Accountants in Ireland investigating data security concerns
• Launch of www.privacy.ie: Ireland’s new website dedicated to data privacy issues

 

 

30 July 2008 - NEWSLETTER 3/2008 (JULY 2008)

 

Read Newsletter in Adobe click here.

 

IRELAND

 

Financial Regulator Regulations and Codes

• Financial Regulator revises Qualifying Investor Funds requirements

 

Financial Regulator Settlement Actions

• Frank J Murphy Insurance Brokers Ltd and Mr Frank Murphy and Mrs Terri Murphy
• Financial Regulator Publications
• Financial Regulator Highlights Concerns about Sales of Investment Products
• Financial Regulator issues letter on Risk Management and Internal Controls to banks and MiFID firms.
• Financial Regulator files 7 Suspicious Transaction Reports with Garda and Revenue Commissioners in 2007
• Statement of Income and Expenditure over year ended 31 December 2007
• Preliminary report on financial capability in Ireland
• Warning regarding Firm not authorised to conduct business in the State - Bull and Bear Advisory
• Retail Credit Firms and Home Reversion Schemes subject to CPC & MCR

 

Financial Services Ombudsman

• Davy wins court case against Financial Services Ombudsman
• January to June 2008 – Twenty Significant Complaints Decisions and 30% increase in number of complaints received in first 6 months of 2008

 

Office of Director of Corporate Enforcement

• High Court appoints inspector to DCC on successful application by Paul Appleby, ODCE
• Consultation Paper C/2008/2 - New ODCE Statement of Strategy
• National Irish Bank Director Disqualifications – Patrick Byrne and Michael Keane
• ODCE issues Annual Report for 2007

 

UNITED KINGDOM

• FSA arrests eight (8) persons as part of insider dealing investigation
• Financial Services Authority enforcement actions
• FSA Annual Report 2007/08
• Financial Reporting Council – Combined Code
• FSA publishes an update on disclosure for contracts for difference (CfDs)

 

EUROPEAN UNION

• UCITS IV
• Management Company Passport

 

ANTI MONEY LAUNDERING AND TERRORIST FINANCING

• Ireland warned on EU Money-Laundering Laws
• Financial Regulator files 7 Suspicious Transaction Reports with Garda and Revenue Commissioners in 2007
• FSA data on money laundering and financial crime in 2007; £1.6m of fines issued

 

DATA PROTECTION

• Realm Communications Limited –v- Data Protection Commissioner
• Iarnród Éireann prosecuted under the Data Protection Acts

• Investigation into the illegal access of CVs on Jobs.ie website concludes
• FSA fines stockbroking firm for weak data security controls
• AIB completes investigation of customer data found in landfill in Cork
• Friends First issue statements to wrong customers
• Bank of Ireland issue statements to wrong customers
• Ulster Bank joins Bank of Ireland as admitting laptops lost
• Leeds Building Society – Mortgage papers found on street
• Data Protection Commissioner’s office to merge with Equality Authority and Human Rights Commission?

 

21 May 2008 - Newsletter 2/2008 (May 2008)

 

Read Newsletter in Adobe click here.

 

In this newsletter:

 

IRELAND

Financial Regulator Regulations & Code

• Amendments to the UCITS & Non-UCITS Notices and related Guidance Notes
• Application as a Retail Credit Firm or a Home Reversion Firm
• Financial Regulator Reviews of Insurance sector

 

Financial Regulator Settlement Actions

• OHC Insurances Limited
• Fexco Stockbroking Limited
• The Irish Times Limited
• Marsh Ireland Limited

 

Financial Regulator Publications

• Regulatory Connection Issue No. 14
• Statement of Estimated Income and Expenditure for the year ending 31 December 2008: Estimated expenditure up by 8%.
• Presentation on Complaints Handling and the regulator’s approach to Themed Inspections
• Annual Report for 2007
• Statement on Market Abuse
• Warnings regarding Firms not authorised to conduct business in the State
• Address by Patrick Neary at the IFSC 2.0 Conference
• Patrick Neary’s Opening Statement to the Joint Oireachtas Committee on Finance and the Public Service
• Address by Patrick Neary to the Association of Compliance Officers in Ireland

 

Financial Regulator Consultations

• CP33 Consumer Protection Code for Licensed Moneylenders
• CP32 Voluntary Consumer Protection Code for Credit Unions

 

Financial Services Ombudsman

• Financial Services Ombudsman Publishes 2007 Annual Report
• Financial Services Ombudsman Publishes Enfield Credit Union / Davy Stockbrokers Decision

 

Irish Legislation

• Finance Act 2008
• UCITS Regulations Amendment

 

Irish Litigation

• Burns -v- Bank of Ireland & Others [2007] IEHC 318

 

UNITED KINGDOM

• List of Financial Services Authority enforcement actions
• FSA tackles financial crime in the Insurance Industry
• FSA Fines for 2007 are the lowest in 6 years
• The EU Payments Regulations 2007
• The Transfer of Funds Regulations 2007
• Corporate Governance

 

EUROPEAN UNION

• The Assessment of Acquisitions in the Financial Sector Directive 2007
• Payments Services Directive 2007

 

ANTI MONEY LAUNDERING AND TERRORIST FINANCING

• Directors’ Obligations under the proposed New Anti-Money Laundering and Counter-Financing of Terrorism Law
• ‘Financial Adviser’ Charged with Money Laundering in Cork
• AML responsibilities of Auditors – UK
• Gangsters Face EU-Wide Seizure of Crime Proceeds
• Latest releases by the Financial Action Task Force

 

DATA PROTECTION

• Data Protection Commissioner releases 2007 Annual Report
• Slides from presentation by Compliance Ireland and Data Protection Commissioner (sponsored by Robert Walters) on 8 May 2008 available for download
• Illegal Access to CVs on Jobs.ie Website
• Investigation into Theft of Personal Data on BOI Laptops
• And when the same happened across the water…….
• FSA Warns Firms to Protect Customers Personal Data

 

 

20 November 2007 - Newsletter 6/2007 (November 2007)

Read Newsletter in Adobe click here

 

In this newsletter:

• Remaining 2007 training course dates – Dublin and Belfast

 

Ireland

• Financial Regulator announces Panel of Assessors
• MiFID 1 -– Markets in Financial Instruments and Miscellaneous Provisions Act 2007 and commencement of Regulations (S.I. 60 of 2007)
• MiFID 2 -– Communications
• MiFID 3 – Register of Authorised Firms
• Consumer Protection Code: (1) Complaints Handling; and (2) Financial Regulator surveys the sales processes of regulated mortgage providers
• Settlement Agreement – Phoenix Magazine
• Financial Services Ombudsman not to appeal High Court judgment in the Quinn Direct Insurance case
• Decision: Westraven Finance Limited t/a Brinkspeed v. Irish Financial Services Regulatory Authority
• Guidance Note on Credit and Credit Control for Credit Unions
• The Financial Regulator comments on credit union lending practices
• Financial Regulator changes policy to permit UCITS to physically short-sell

 

Europe

• UCITS 3 Regime revisions

 

 

20 AUGUST 2007 - Newsletter 5/2007 (AUGUST 2007)

Read Newsletter in Adobe click here

 

In this edition:

In this Newsletter:

• New dates for training courses announced
• Financial Regulator releases 2006 Annual Report
• Financial Regulator releases further documentation explaining and clarifying the Consumer Protection Code
• Financial Regulator publishes settlement agreement with Marlboro Trust
• MiFID implementation documents published
• Ireland makes Article 4 'Gold-Plating' submission for MiFID
• New Guidance Notes issued
• Revised Notices and Guidance Notes issued
• Consultation re UCITS management companies
• 3rd AML Directive Transposition update
• Central Bank of Ireland releases 2006 Annual Report

 

United Kingdom

• Money Laundering Regulations 2007 issued
• Updated AML Guidance circulated for comment

 

Europe

• CESR issues Guidelines on Hedge Fund Indices

 

Litigation

• Legal complaint filing: Archeus Capital and other Vs Globeop

 

 

3 JUly 2007 - Newsletter 4/2007 (July 2007)

Read Newsletter in Adobe click here

 

In this edition:

In this Newsletter:

• announcement of dates for upcoming training courses
• MiFID update
• www.mifid.ie updated
• Speech by Financial Regulator
• Anti-Money Laundering
• China becomes a member of FATF
• other FATF news
• (Irish) Financial Regulator updates and commentary on:
• Settlement Agreement - William Bradley t/a Bradley Financial Services
• C-Day arrives: Final provisions of Consumer Protection Code go live from 1 July 2007
• Guidance on 2007 Funding Levy
• Registrar of Credit Union News (Issue 4) released
• Regulatory Connection (Issue 11) released
• Compliance Statements
• Credit Unions and their Boards in the firing line (commentary)
• Financial Services Ombudsman releases first six months 2007 report and 2006 Annual Report
• LK Shields publish useful guides ON mutual funds in Ireland and data protection
• Updates to www.fundsjobs.ie
• Updates to www.compliancejobs.ie

 

 

29 May 2007 - Newsletter 3/2007 (May 2007)

Read Newsletter in Adobe click here

 

In this edition:

• announcement of dates for upcoming training courses (click here for more information)
• small increase in number of suspicious transaction reports filed with Revenue Commissioners in 2006
•  we publish an article on suspicious money laundering transactions in the insurance industry written by one our international contributors, Mark Camilleri, Middlesea Valletta Life Assurance Co:  Suspicious transactions in life insurance - science, art or just plain common sense?
•  we publish our March 2007 Data Protection presentation on The Basics - What Every Data Controller Needs to Know to attendees of IIR Data Protection seminar (click here for the presentation)

 

7 May 2007 Newsletter 2/2007 (May 2007)

 

Read Newsletter in Adobe click here

 

In this edition:

MiFID Developments
Publication of the Markets in Financial Instruments and Miscellaneous Provisions Bill 2007

 

Financial Regulator issues MiFID permissions mapping letters to regulated firms.  You can also visit www.mifid.ie

Credit Unions
The Department of Finance publishes a Statutory Instrument permitting credit unions to increase long-term lending limits

Consumer Protection Code
The Financial Regulator reacts publicly to industry body comment regarding full implementation of the Code on and from 1st July 2007.  You can read an interactive html version of the Code here.

Data Protection
The Data Protection Commissioner released, on 16 May 2007, his 18th Annual Report which includes 15 case studies covering direct marketing, access requests, disclosure of customer data between mortgage brokers and real estate agents and very interesting and important decision about the collection of excessive personal data by Ulster Bank in respect of anti-money laundering requirements.

 

Capital Requirements Directive
With most regulatory compliance efforts concentrated on MiFID, we give a little publicity to the other Directive that will change your world this year

UCITS Developments
A new UCITS Implementing Directive issues clarifying eligible assets
The UCITS3 Amendment Initiative kicks off with three requests for information from CESR on the future shape of the Simplified Prospectus/Key Investor Information document

 

Compliance Ireland Updates
Updates to websites

 

New Training dates
Upcoming dates for all courses, including new MiFID and Regulatory Inspection courses (click here for more information)

 

 

19 January 2007 Newsletter 1/2007 Summary of recent corporate governance, money laundering, compliance and data protection news (January 2007)

Read Newsletter in Adobe click here

Training dates – upcoming dates for all courses, including new MiFID and Regulatory Inspection courses (click here for more information)

 

News on Compliance (click here)

• MiFID Release from Financial Regulator
• Strategic Plan 2007-2010
• Recent Settlement Agreement – M.I.S. Financial Services Limited
  
  

News on Data Protection (click here)

• Guidance issued to mortgage intermediaries and impact on real estate agents who may need authorisation as intermediaries
  
  

News on Corporate Governance (click here)

• ODCE releases interim enforcement figures for 2006

 

5 September 2006 – Phishing

To download Compliance Ireland’s summary of how a Phishing scam works click this hyperlink.  This will open our Phishing Press Release.  Please also visit our Press webpage to read Charlie Weston’s (Irish Independent) front page article of 5 September 2006 on Phishing.  

 

 

May 2006 - Newsletter 9 (MAY 2006)

Read Newsletter in Adobe click here

 

 

January 2006 - Newsletter 8 (JANUARY 2006)

Read Newsletter in Adobe click here

 

 

26 October 2005

Peter Oakes presented papers to delegates of Second Annual European Money Laundering Conference, Barcelona Spain (28-30 September 2005). These papers will be of interest to:

(1) those struggling with the concept of when to (and not to) file a STR and the use of technology to assist identifying STRs; and

(2) Best AML Practices for Non-Gatekeepers (i.e. non-banks & financial institutions) – this paper also explains background to the 1st and 2nd EU AML Directives.

 

Read STRs: When To File Them (And Not To) and How To Use Technology To Identify
Suspicious Patterns in Adobe click here

Read Best Practices and AML Programmes for Non-Banking Institutions and Gatekeepers in Adobe click here

 

 

September 2005 - Newsletter 7 (SEPTEMBER 2005)

Read Newsletter in Adobe click here

 

 

July/August 2005 - Newsletter 6 (JULY/AUGUST 2005)

Read Newsletter in Adobe click here

 

 

June 2005 - Newsletter 5 (JUNE 2005)

Read Newsletter in Adobe click here

 

 

September 2004 - Newsletter 3 (SEPTEMBER 2004)

Read Newsletter in Adobe click here

 

 

2 September 2004
Bank of Ireland fined £375,000 (£551,000) by the UK FSA for AML breaches

The Financial Services Authority (FSA) announced yesterday (Thursday 2 September) that Bank of Ireland (BoI) has breached the FSA’s anti-money laundering rules in respect of transactions amounting to approximately £2,000,000 (€2,941,000).  BoI accepted a fine of £375,000 (€551,000) imposed by the FSA. 

 

BoI’s press release (available at the BoI’s website) states that BoI has devoted significant resources to investigate the matter, but it will not comment further due to 'reasons of customer and staff confidentiality'.

 

BoI joins rank with five other institutions which have recently been disciplined by the FSA for failing to meet the regulator’s anti-money laundering requirements. 

 

For more information and to obtain a copy of the FSA’s Final Notice decision click here.

 

Click here for Compliance Ireland's briefing on this decision.

 

25 August 2004
Irish firms implicated in U S money-laundering investigation

FinCEN, the US Treasury's Anti-Money Laundering arm, announced on Wednesday 25th August that it proposes to ban a number of foreign financial institutions, including two Irish entities, from accessing the US financial system.  The Irish institutions concerned are First Merchant Finance Limited and First Merchant Trust Limited, yet according to records of the Companies Registration Office both companies have been dissolved.  However the Irish parent company, Standard Finance Limited, remains in operation with its registered office at 20 Clanwilliam Terrace, Dublin 2. Standard Finance is not subject to FinCEN's findings. 

 

A copy of FinCEN's two announcements, one relating to First Merchant Bank and the second to Infobank, established in Belarus (and one of that country’s ten largest banks) can be accessed at http://www.complianceireland.com/FinCEN.html.

 

For further information on the above or anti-money laundering laws affecting Irish and UK firms generally, please contact Peter Oakes.

 

 

August 2004 - Newsletter 2 (AUGUST 2004)

Read Newsletter in Adobe click here

 

 

27 July 2004
Statutory Instruments currently in force in respect of EU Regulations imposing financial sanctions

On 27 July, the Department of Finance placed on its website details of the various Statutory Instruments which implement the EU Regulations imposing financial sanctions.  

 

Go to the relevant DoF webpage by clicking here.

 

 

26 July 2004
Charlie McCreevy signs IFSRA’s new enforcement powers into existence with effect from 1 August

The Minister for Finance, Charlie McCreevy T.D. last Friday 23 July 2004 signed the Commencement Order setting out the key dates brining into effect the operation of the Central Bank and Financial Services Authority of Ireland Act 2004.  Together with the 2003 Act, the new Act completes (at this stage) the evolution of IFSRA and its statutory powers.  

The key dates are as follows:

• most of the provisions (including IFSRA’s enforcement powers) are commenced with effect from 1 August 2004. 
• the provisions establishing the Financial Services Ombudsman are commenced with effect from 1 October 2004, with the provisions enabling the Ombudsman to deal with complaints commencing on 1 April 2005.
• the provisions establishing Consumer and Industry Panels to advise the Irish Financial Services Regulatory Authority are also commenced with effect from 1 October 2004. 
• the provisions introducing new regulatory requirements for money transmission businesses and mortgage "introducers" are commenced with effect from 1 January 2005, as are new requirements regarding credit union loan agreements