Newsletter 04/2014
The Ugly Truth of Anglo & the Regulator

Never in the history of the State has there been such public anger and vitriol at a criminal court decision. Judge Martin Nolan announced on 29 April 2014 in Court 19 that he has decided not to subject the Anglo 2 to a custodial sentence. Although this has not been set in stone, the request for a probation report points to the fact that they will not be spending any time behind bars. However, the most damning indictment emanating from this case is Justice Nolan laying the blame squarely at the door of the Financial Regulator at the time, Mr. Patrick Neary. In one remark, Justice Nolan summed up the entire case when he stated: “It would be most unjust to jail these two men when I feel that a State agency had led the two men into error and illegality”.  The question that now needs to be asked is ‘could this happen today?’


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Central Bank News
Addendum to the Minimum Competency Code 2011

The Addendum to the Minimum Competency Code 2011 was published on 31 March 2014. The Addendum establishes minimum competency standards for persons providing debt management services and is effective from 1 June 2014.


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Financial Crime
First national risk assessment of money laundering and terrorist financing risks undertaken in UK
HM Treasury and the Home Office launched the UK’s first national risk assessment (NRA) of money laundering and terrorist financing risks. The NRA was intended to provide an evidence base to help the Government assess the effectiveness and proportionality of current requirements and the application of the risk-based approach by supervisors and firms. The NRA also formed part of the implementation by the UK of the Financial Action Task Force Standards.

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European Parliament adopts position on 4th AML Directive

One of the changes anticipated in the 4th European Anti-Money Laundering Directive is a new requirement for all body corporates and trusts to hold, and make available on request, information on their beneficial ownership. We were brought a step closer to this on 11 March 2014 when the European Parliament endorsed the creation of public registers to contain information on who really owns companies, trusts and other legal structures.


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Enforcement
Settlement Agreement with LGT Capital Partners (Ireland) Limited

On 28 March 2014, the Central Bank entered into a settlement agreement with LGT Capital Partners (Ireland) Limited, a MiFID firm. The settlement agreement represents the first imposed in respect of breaches of the Capital Adequacy Regulations. The €95,000 fine imposed also concerned breaches of the MiFID Regulations.


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MiFID News
European Parliament approves its version of MiFID 2, MiFIR

In what was a busy day for financial services legislative proposals, the European Parliament adopted its position on the second Markets in Financial Instruments Directive (MiFID 2) and the accompanying Regulation (MiFIR) at first reading on 15 April. If the EU Commission intends to amend the proposals substantially or replace them with another text, they will be referred back to the Parliament, but otherwise are being referred to the Council and Commission for finalisation and publication in the Official Journal.

Click here to download the parliament-approved texts of MiFID 2 and MiFIR.
Banking
ECB to gain sanctioning powers over Irish banks, but not Irish bankers
In a sign of how complicated the world of financial regulation has become in Ireland, the European Central Bank (ECB) has issued a recommendation to the EU Council seeking an amendment in its powers to issue administrative sanctions in preparation for its expanded role as the supervisor of Ireland’s banks. This means that, from November 2014, both the ECB and the Central Bank of Ireland may sanction firms.

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Funds News
European Parliament approves UCITS V Directive
At a plenary sitting on 15 April, the European Parliament approved the draft of the UCITS V Directive. The text now requires approval by the Council of Ministers and publication in the Official Journal, after which it must be transposed into national legislation within 18 months.

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Europe
European Long-Term Investment Funds: Compromise Proposal published

On 24 April 2014, the EU Council of Ministers published a compromise proposal for the draft European Long-Term Investment Funds ("ELTIF") Regulation. ELTIFs are closed-ended funds to provide finance to various infrastructure projects or unlisted companies of lasting duration that issue equity or debt instruments for which there is no readily identifiable buyer. ELTIFs are thought to be attractive to pension administrators, insurance companies and other entities that face regular and recurrent liabilities. ELTIFs are also touted by politicians as means to finance social infrastructure, sustainable energy initiatives and SME growth.

Click here to download draft compromise proposal of Regulation


ECB issues Regulation on the SSM Framework

The European Central Bank (ECB) has published the Single Supervisory Mechanism (SSM) Framework Regulation. This Framework Regulation builds on the delegation in the 2013 SSM Regulation (Council Regulation (EU) No 1024/2013 of 15 October 2013) which appoints the ECB  to take over as supervisor of euro area banks in November 2014.

The 2013 SSM Regulation requires that significant banks will be subject to direct supervision by the ECB as opposed to the national regulators. The procedure for determining what banks are 'significant' is set out in Part IV of this new Framework Regulation. The determination of which banks are to be treated as significant is due to be announced in September 2014.

Click here to download SSM Framework Regulation
Training
May - June 2014


MAY
1st May, ThursThe Role of the Compliance Officer - for Insurance Firms, Full Day
7th May, WedAML in Practice: Implementation of Current Legislation & Guidance, Brief
13th May, TuesCorporate Governance, Half Day
14th May, Wed Consumer Protection Code - Advertising Requirements, Half Day
15th May, Thurs Implementing USITS IV, Half Day
20th May, TuesImplementing the Directive for Alterhative Investment Fund Managers (AIFM), Half Day
21st May, WedPayment Services Directive, Brief
27th May, TuesCompliants Handling & Treating Customers Fairly, Half Day
28th May, WedAnti-Money Laundering Refresher Course, Brief
29th May, ThursDirectors Training - Anti-Money Laundering/Counter Terrorist Financing, Brief
JUNE
4th June, WedEthics, Brief
5th June, ThursIntroduction to Financial Services Regulation in Ireland, Half Day
10th June, TuesImplementing Fit & Proper in your Business, Brief
10th June, TuesPRISM, Lunch Brief
11th June, WedUnderstanding Funds in Ireland, Half Day
12th June, ThursDirectors Duties and Corporate Governance, Full Day
17th June, TuesDevelopments in MiFID 2, Brief
18th June, WedConsumer Protection Code 2012, Half Day
19th June, ThursData Protection & How to Conduct a Data Protection Audit, Full Day
24th June, TuesCentral Bank Inspections & Enforcement, Half Day
25th June, WedRisk-Based Compliance Monitoring for Financial Institutions, Full Day
26th June, ThursAnti-Money Laundering/Counter Terrorist Financing, Full Day

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Bespoke 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
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For more information, see our website - http://www.complianceireland.com/ or contact us: email@complianceireland.com

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Invitation to Workshop Seminar

Credit Union Manager & MLRO Half Day Workshop
LIMITED AVAILABILITY

Course Outline:

Anti-money Laundering is an enforcement priority for the Central Bank of Ireland in 2014. We have already had three Settlement Agreements for failures in Anti-money Laundering controls, including one for a Credit Union. This practical half-day workshop will provide you and your Credit Union with the tools required to ensure that you are compliant with the required areas of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 as amended. The workshop will cover the following areas:

Click Here to book and further information on this Workshop Seminar

01 May 2014
In This Issue
Central Bank News
Addendum to the Minimum Competency Code 2011
Financial Crime
First national risk assessment of money laundering and terrorist financing risks undertaken in UK
European Parliament adopts position on 4th AML Directive
Enforcement
Settlement Agreement with LGT Capital Partners (Ireland) Limited
MiFID News
European Parliament approves its version of MiFID 2, MiFIR
Banking
ECB to gain sanctioning powers over Irish banks, but not Irish bankers
Funds News
European Parliament approves UCITS V Directive
Europe
European Long-Term Investment Funds: Compromise Proposal published
ECB issues Regulation on the SSM Framework
Training
May - June 2014
Invitation to Workshop Seminar
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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