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

Note: this Newsletter is large.

 

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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

 

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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

 

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

 

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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)

 

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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)

 

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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)

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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)

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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)

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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)

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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)

 

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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)

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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)

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January 2006 - Newsletter 8 (JANUARY 2006)

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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)

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

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June 2005 - Newsletter 5 (JUNE 2005)

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September 2004 - Newsletter 3 (SEPTEMBER 2004)

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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)

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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