Newsletter 06/2014
Job Vacancies
Compliance Ireland is Hiring

We're looking for somebody with an accountancy qualification to come and join us. Could you see yourself working at Compliance Ireland?


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Central Bank News
Consultation on Additional Consumer Protection Requirements for Debt Management Firms

Consultation Paper 82 relates to new and expanded consumer protection requirements for debt management firms. Such firms, now regulated by the Central Bank, are already required to comply with relevant provisions of the Consumer Protection Code 2012. The new requirements will be contained in a new chapter to the Code which debt management firms will have to comply with.


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Financial Crime
4th EU AML Directive - Current Status

The implementation of the updated FATF 40 + 9 recommendations took a step closer with the latest compromise text for the 4th EU AML Directive published by the European presidency on 13th June 2014, some 2 and a half years since FATF had updated their recommendations. This was after a number of reservations by Member States on certain issues.

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Compliance Ireland develops AML online training module for Fund Service Providers

Following a huge amount of interest from Fund Service Providers, Compliance Ireland in conjunction with Quickstep Consulting has developed an on-line AML training module. The big difference between this product and others on the market, is that it is designed and tailored specifically for fund administrators and transfer agents. The objective of the course is to present real life implementation of AML requirements and obligations in a clear, concise and interesting way with particular relevance to the funds industry.

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Enforcement
Firm's failure to monitor changes in legislation

On 21 May 2014, the Central Bank of Ireland fined Bank of Montreal €650,000 for breaches of the European Communities (Capital Adequacy of Credit Institutions) Regulations 2006 (as amended) and the European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992.

Among the points emphasised in this settlement agreement was the failure by Bank of Montreal to have controls in place to enable it to keep up to date with changes in regulatory requirements affecting the firm.


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MiFID News
MiFID II and MiFIR Level 2 and Level 2.5 work gets underway
On 22 May 2014, the European Securities and Markets Authority (ESMA) published two papers soliciting comments and submissions on the detailed underpinnings of the recently-approved MiFID II Directive and MiFIR Regulation.

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Banking
EBA publishes Leverage Ratio ITS
On 5 June 2014, the European Banking Authority (EBA) has published its final draft Implementing Technical Standards (ITS) on disclosure for the leverage ratio.

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Insurance News
Solvency II: EIOPA consultation on guidelines
he European Insurance and Occupational Pensions Authority (EIOPA) has published consultations on its first set of guidelines, and on an impact assessment of such guidelines, for Solvency II.

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Europe
Consultation on Pillar 3 public disclosures

On 13 June 2014, the Eurpean Banking Authority issued a Consultation Paper on the concepts underpinning the Pillar 3 public disclosures.


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You think you're important - does the European Commission agree?

On 6 June 2014, the EU Official Journal published a Regulation on how to identify persons who have a material impact on an institution's risk profile.


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Training
September - December Training Schedule
We are now accepting course bookings for our September - December Term

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24 June 2014
In This Issue
Job Vacancies
Compliance Ireland is Hiring
Central Bank News
Consultation on Additional Consumer Protection Requirements for Debt Management Firms
Financial Crime
4th EU AML Directive - Current Status
Compliance Ireland develops AML online training module for Fund Service Providers
Enforcement
Firm's failure to monitor changes in legislation
MiFID News
MiFID II and MiFIR Level 2 and Level 2.5 work gets underway
Banking
EBA publishes Leverage Ratio ITS
Insurance News
Solvency II: EIOPA consultation on guidelines
Europe
Consultation on Pillar 3 public disclosures
You think you're important - does the European Commission agree?
Training
September - December Training Schedule
Useful Links
Compliance Ireland
Compliance Ireland
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13 Adelaide Road
Dublin 2

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