Financial Regulatory

Ireland has failed in its bid to host the EU's new Anti-Money Laundering Authority (AMLA), which is to be headquartered in Frankfurt. Ireland was one of nine EU member states which had applied to host the authority, which will have over 400 staff members and is set to become operational in mid-2025.

One in four financial services firms are yet to fully grasp the legal implications of the impending Central Bank accountability rules, according to a survey by Mason Hayes & Curran. There are significant gaps in readiness and understanding ahead of the individual accountability framework/senior

New legislation will be introduced to guarantee "reasonable access to cash" in the State. The general scheme of the Access to Cash Bill, which stems from a recommendation made by the Retail Banking Review in 2022, was published yesterday following approval by government ministers.

Complaints against banks and pension providers may be heard in public under legislation due to be published by minsters. The Financial Services and Pensions Ombudsman (Amendment) Bill will amend the legislation underpinning the Financial Services and Pensions Ombudsman (FSPO) in light of the 2021 Su

Landmark reforms to legislation governing the credit union sector have been approved in the Oireachtas. The Credit Union (Amendment) Bill 2022 is the first substantive credit union legislation since 2012, which followed the Commission on Credit Unions. Having passed the final stage in the Seanad yes

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

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

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

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

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

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

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

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

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

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