Newsletter 01/2015
To blow the whistle or not blow the whistle

In Ireland, 2014 was definitely the year where whistleblowing was at the forefront of corporate attention and indeed media focus. Who can forget the adverse publicity that the ‘Garda Whistleblower’ debacle caused not only in the column inches but also right up to Dáil debates.

With regards to regulated entities, your firm not only has to think about media adverse publicity but also the possible requirement to inform the Central Bank of Ireland. As the annual PCF compliance filings fall due, we thought this was a good opportunity to look again at this area.

Compliance Ireland have advised a number of clients in constructing a whistleblowing framework for the protection of their employees, but also ensuring that they are compliant with all Central Bank whistleblowing requirements.

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Financial Crime
Weavering Capital (UK) Limited founder convicted of fraud
Lessons in Corporate Governance

Ulf Magnus Michael Peterson, the founder of Weavering Capital (UK) Limited and former investment manager of the Dublin-administered, ISE-listed Weavering Marco Fund, has been found guilty of eight counts of fraud, forgery, false accounting and fraudulent trading in relation to the collapse of his Cayman-domiciled hedge fund in March 2009.

His trial took place in Southwark Crown Court in London and he was sentenced to 13 years imprisonment on 23 January 2015.


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Banking
David Duffy to step down as CEO of Allied Irish Bank

David Duffy has announced to the Board of AIB that he intends to step down as Chief Executive and Executive Director later this year. Mr Duffy is expected to take up the position of CEO of Clydesdale Bank, part of the National Australia Banking Group.

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Europe
Capital Requirements Regulatory Updates

The European Banking Authority (EBA) has issued guidelines on materiality, proprietary, confidentiality and on disclosure frequency. These are contained in a final draft Regulatory Technical Standards (RTS) on the compliance of institutions with the requirement for a countercyclical capital buffer and data waiver permission.

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Consumer Protection
New Consumer Protection Legislation for Credit Servicing Firms

The Consumer Protection (Regulation of Credit Servicing Firms) Bill 2015 was published on the 14th January 2015 and is entitled an Act to provide for the protection of certain borrowers who are parties to credit agreements in respect of which credit servicing firms undertake certain services.  Its publication follows the Consultation Paper on the Regulation of Loan Portfolio Buyers that was issued by the Department of Finance in July 2014.

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Update to the Consumer Protection Code

Following on from the letter issued by the Head of Consumer Protection in the Central Bank on 21 November 2014, The Consumer Protection Code 2015 has received a further update, Chapter 13, which became applicable from 1 January 2015 on  'Additional requirements for Debt Management Firms'

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Training
Training Schedule Feb-Jun 2015

To kick off the new year we are offering 5 places in our February Implementing Fit & Proper Course at a discounted price of €200 per person!

Contact our Training Manager HERE to reserve your place or to discuss discounts for booking multiple courses.

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Seminar For Credit Unions

Compliance and Risk Seminar for Credit Unions

Compliance Ireland Invite you to the Rochestown Park Hotel, Co Cork
Friday 27th March 2015

The Credit Union Act 1997, as amended requires Credit Unions to prepare and submit an Annual Compliance Statement to the Central Bank within two months of the financial year end. In order to facilitate the preparation of this Compliance Statement, Compliance Ireland has designed and tailored two half day courses for Credit Union Managers, Compliance Officers and Risk Officers which will look at Compliance and Risk for Credit Unions.

For more infomraiton and booking, please click Here.
Closing Date for Bookings - 20th March 2015

30 January 2015
In This Issue
Financial Crime
Weavering Capital (UK) Limited founder convicted of fraud
Banking
David Duffy to step down as CEO of Allied Irish Bank
Europe
Capital Requirements Regulatory Updates
Consumer Protection
New Consumer Protection Legislation for Credit Servicing Firms
Update to the Consumer Protection Code
Training
Training Schedule Feb-Jun 2015
Seminar For Credit Unions
Useful Links
Compliance Ireland
Compliance Ireland
Lower Ground Floor
13 Adelaide Road
Dublin 2

T: +353 1 425 5962
E: email@complianceireland.com
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