Compliance Ireland Newsletter - July 2016
Central Bank News
Central Bank publishes new Market Abuse Rules
Coincides with MAD II and MAR transposition


The new Market Abuse Regime, which consists of the Market Abuse Regulation (EU 596/2014 - ‘MAR’) and the Market Abuse Directive on criminal sanctions for market abuse (Directive 2014/57/EU or ‘MAD II’) became applicable in Ireland and across the European Union on 3 July 2016. The new regime replaces the previous Market Abuse Directive (2003/6/EC) ('MAD') and as a result the Central Bank has produced updated rule and guidance. 


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Financial Crime
Amendments to 4th AML Directive!
Transposition date also brought forward

Many of us have been waiting for the transposition of the 4th AML Directive into Irish law with the expectation that in the ordinary course we will see legislation close to the transposition date of 26th June 2017. However, subsequent to the terrorist attacks in Paris late last year, the European Commission had found itself under pressure to amend the previously adopted text which had been published at the end of May 2015. A lot of the changes called for centred on the use of prepaid cards (a factor identified in the Paris attacks but currently benefitting from Simplified Due Diligence), information share/access to information by authorities and a shortening of the transposition timeframe. 

On the 5th July 2016 the European Commission published a number of measures which appear to focus on the areas of concern that were raised. They are as follows:

MEASURE 1 - Designate virtual currency exchange platforms (and wallet providers) as obliged entities

MEASURE 2 – Tackle the use of anonymous pre-paid instruments

MEASURE 3 – Give new powers to FIUs to request information from any obliged entity

MEASURE 4 – Enable FIUs and competent authorities to identify holders of bank and payment accounts

MEASURE 5 – Harmonise the EU approach towards high-risk third countries

MEASURE 6 – Improve transparency: new rules on access to beneficial ownership information

MEASURE 7 – Interconnection of national central registers

MEASURE 8 – Additional technical clarifications

MEASURE 9 – Earlier transposition 


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MiFID News
Dear CEO Letter on Client Reporting Themed Iinspection
Results very positive!

On the 7th July 2016 the Central Bank of Ireland publsihed the results of its Themed Inspection into Client Reporting by Investment Firms in Ireland. The inspection focused on contract notes and client statements covered by Regulation 96 of European Communities (Markets in Financial Instruments) Regulations 2007, S.I. No. 60 of 2007. Overall the results were very positive and the Bank published a Dear CEO letter calling on all Investment firms to review their existing client reporting procedures and follow the psotivie practices identified. The main conclusions drawn were that:

  • Investment firms inspected met the client reporting requirements
  • Firms provide clients with regular investment reports which are clear and informative
  • Many firms are going beyond the minimum regulatory requirements in order to meet the service expectations of their clients

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Enforcement
Settlement Agreement with The Mortgage Centre
Insurance Undertaking PII case previously referred to Inquiry

On 30th June 2016 the Central Bank of Ireland entered into a settlement agreement with Seamus Sutcliffe t/a The Mortgage Centre. The Central Bank of Ireland has imposed a fine of €2,750 and has reprimanded the firm in respect of a failure to hold professional indemnity insurance (“PII”) in breach of Regulation 17 of the European Communities (Insurance Mediation) Regulations, 2005 (the “IMR”).

The settlement agreement identifies that this Firm was the Insurance Undertaking previously referred to Inquiry on 10 February 2016. There is clearly now no need for that inquiry to proceed but as a result the Firm was not entitled to a discount on the financial penalty which is ordinarily available to firms who accept the breaches and cooperate at an early stage in the enforcement process.


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Settlement Agreement with New Ireland Assurance Company plc

On the 18th July 2016 the Central Bank of Ireland announced that it had entered into a settlement agreement with New Ireland Assurance Company plc in relation to breaches of the Consumer Protection Code 2012. It fined the firm €650,000 and reprimanded it for:

  • The provision of incomplete information to consumers regarding their investment products, including the provision of incomplete information in respect of the performance of such products; and
  • Systems and controls failures associated with the provision of information to consumers.

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Settlement Agreement with AXA Insurance Limited

On 28th July 2016 the Central Bank of Ireland announced that it had entered into a settlement agreement with AXA Insurance Limited. The Central Bank has imposed a financial penalty of €675,000 and reprimanded the Firm primarily for breaches of Minimum Competency rules from 2008 to 2012 and also a breach of the Complaints Handling provisions of the Consumer Protection Code 2012 over a 6 month period.

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Companies
Deadline for Company Conversion Almost Upon Us

The Companies Act 2014 came into force on 1st July 2015 and commenced an 18 month transitional period for existing Private Limited Companies established in Ireland to convert to either a new Limited company (LTD) or a new Designated Activity Company (DAC).

Under the 2014 Companies Act, all existing private companies limited by shares have the option of converting to one of the new company types (LTD or DAC) during a transition period which ends on 30th NOVEMBER 2016. However, companies wishing to be converted to a Designated Activity Company (DAC) must, under the Act, pass an ordinary resolution to convert by 31st AUGUST 2016 and thereafter file Form N2 and an amended Constitution with the CRO as soon as possible.

While there is no earlier date for Companies wishing to convert to a Private Limited by Shares Company (LTD), those that do should adopt a new Constitution and file Form N1 as soon as possible as the CRO cannot guarantee that applications received at the very end of the transition period will be processed before 30 November.


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Data Protection & Privacy
Data Protection Commissioner's Report 2015

On the 21st June 2016 The Office of the Data Protection Commissioner published the office's Annual Report for 2015. As in other years, the Report details the work undertaken by the ODPC across its areas of responsibility and highlight a number of developments in a practical sense (such as the rise of body worn cameras) and also from an International legal perspective (with the publication of the GDPR). The report addresses the following:
  • International Developments 
  • Engagement with Multinationals
  • Guidance
  • Complaints
  • Data Breach Notifications
  • Privacy Audits
  • Investigations
  • Case Studies

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Training
Now Taking Bookings for August - December

AUGUST

4th Aug, Thurs - Understanding Funds in Ireland, Half Day 2 PLACES AVAILABLE


SEPTEMBER

13th Sept, Tues - Anti-Money Laundering Refresher Course, Brief
14th Sept, Wed - Minimum Competency Code, Half Day 
15th Sept, Thurs - Governance & Oversight of Outsourced Activities, Brief
20th Sept, Tues - Consumer Protection Code Advertising Requirements, Half Day
21st Sept, Wed - Code of Conduct and Mortage Arrears, Brief
22nd Sept, Thurs - The Role of the Compliance Officer for Bank & Investment Firms, Full Day
27th Sept, Tues - Payment Services Directive, Brief 
28th Sept, Wed - Companies Act 2014, Half Day
29th Sept, Thurs - Anti-Money Laundering / Counter Terrorist Financing, Full Day

OCTOBER

4th Oct, Tues - Director's Duties and Corporate Governance, Full Day
5th Oct, Wed - Corporate Governance, Half Day
6th Oct, Thurs - Ethics, Brief
11th Oct, Tues - Implementing Fit & Proper for your Business, Brief
12th Oct, Wed - Complaints Handling & Treating Customers Fairly, Half Day
13th Oct, Thurs - Understanding MiFID, Full Day
18th Oct, Tues - Director's Training - Anti-Money Laundering/Counter Terrorist Financing, Brief
19th Oct, Wed - Central Bank Inspections & Enforcement, Half Day
20th Oct, Thurs - Capital Requirements Directive IV, Full Day 

NOVEMBER

2nd Nov, Wed - Whistleblowing, Brief
3rd Nov, Thurs - Capital Requirements Directive III - For Investment Firms, Full Day
8th Nov, Tues - Implementing the Directive for Alternative Investment Fund Managers (AIFM), Half Day
9th Nov, Wed - Data Protection and How to Conduct a Data Protection Audit, Full Day
10th Nov, Thurs - The Role of the Compliance Officer for Insurance Firms, Full Day
15th Nov, Tues - Introduction to Financial Services Regulation in Ireland, Half Day
16th Nov, Wed - Credit Servicing Regulation, Half Day 
17th Nov, Thurs - Anti-Money Laundering / Counter Terrorist Financing, Full Day
22nd Nov, Tues - Consumer Protection Code 2012, Half Day
23rd Nov, Wed - Developments in MiFID 2, Brief
24th Nov, Thurs - Risk-Based Compliance Monitoring for Financial Institutions, Full Day
29th Nov, Tues - SME Regulations, Brief
30th Nov, Wed - PRISM, Lunch Brief


DECEMBER 

1st Dec, Thurs - AML in Practice: Implementation of Current Legislation and Guidance, Brief
6th Dec, Tues - Establishing the Internal Audit Function, Half Day
7th Dec, Wed - Implementing UCITS V, Half Day
8th Dec, Thurs - Anti-Money Laundering/Counter Terrorist Financing, Full Day 


How to Make a Booking

Click on the link to the course you want to book and ensure your place today by scrolling down and booking through PayPal.

Alternatively, you can make a booking by sending an email to bookings@complianceireland.com containing the following information:

  • your contact details
  • the name and date of the course that you would like to attend
  • the attendee(s) name(s)
  • the name of the person that the invoice should be addressed to
  • any reference/cost centre/purchase order number that you would like stated on the invoice

We will follow up your booking by sending out an invoice.

Have a Number of People That Need Training?

It may be more cost-effective and time-efficient to have your staff trained at your premises rather than sending them out to external courses. 
As well as our public training courses, Compliance Ireland regularly provides bespoke training to firms around the country.  The benefits of bespoke training include:

  • we can tailor content to your company/industry requirements
  • we can tailor content to focus on specific topics within a subject area
  • we can help you ensure that you comply with mandatory/regulatory staff training requirements
  • reduce costs by running course from your offices or for smaller groups from our offices
  • reduce costs by printing off course content

For more information contact Aisling at: aisling@complianceireland.com

Terms & Conditions:

Our Terms and Conditions and Cancellation Policy (‘Terms’) are located here.  Please read the Terms before making your booking.  A link to the Terms appears on each webpage advertising a course/Event.  Please note that Compliance Ireland reserves the right to alter the content and/or cancel scheduled courses/Events.  Where Compliance Ireland cancels a course/Event a full refund will be made.  All bookings must be paid for in advance unless agreed otherwise. Please also see our Privacy Policy/Statement by clicking here.


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29 July 2016
In This Issue
Central Bank News
Central Bank publishes new Market Abuse Rules
Financial Crime
Amendments to 4th AML Directive!
MiFID News
Dear CEO Letter on Client Reporting Themed Iinspection
Enforcement
Settlement Agreement with The Mortgage Centre
Settlement Agreement with New Ireland Assurance Company plc
Settlement Agreement with AXA Insurance Limited
Companies
Deadline for Company Conversion Almost Upon Us
Data Protection & Privacy
Data Protection Commissioner's Report 2015
Training
Now Taking Bookings for August - December
Useful Links
Compliance Ireland
Compliance Ireland
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Dublin 2

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