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Briefing Note: Risk Management and Internal Controls (July 2008)
Our Papers
Third Money Laundering Directive: Overcoming Remaining Implementation Challenges - (presentation to ACAMS AML/CTF Conference on 8 June 2010, Amesterdam by Peter Oakes, Compliance Ireland). This is a large file (2MB)
Electronic Data Electronic Marketing - Examples and Practicalities - (presentation to Irish Computer Society 2nd Annual Data Protection Conference, 25 March 2010 by Peter Oakes, Compliance Ireland). This is a large file (3MB).
Crash Course in Corporate Governance (presentation by James Maher (Executive General Manager, Nexgen Reinsurance Limited) and Peter Oakes (Managing Director, Compliance Ireland) to the Society of Actuaries in Ireland on Tuesday 8th September 2009. This is a large file (5MB plus).
Personal Data Retention (Presentation to Irish Computer Society Seminar, 26 May 2009). This is a large file (5MB plus).
Courts, Legislative Update and Recent Issues (Presentation to Irish Computer Society Data Protection Conference, 21 April 2009). This is a large file (5MB plus).
The Basics – What Every Data Controller Needs to Know (Conference Presentation 27 January 2009)
Dealing with Access Requests: ICS Privacy Forum (November 2008)
The Basics – What Every Data Controller Needs to Know (Conference Presentation 26 June 2008 - see updated version given January 2009 above)
Data Protection Presentation (8 May 2008)
Presentation to Bank of Kuwait AML Conference (November 2006)
Part 1 Complete Governance - Irish Financial Markets presentation (Compliance Ireland) (October 2006)
Part 2 Complete Governance - Irish Financial Markets presentation (Hi Tec) (October 2006)
Paper on Phishing (September 2006)
What Every Data controller needs to know presentation (March 2007)
2010 AML/CFT Law
This section includes documents relating to the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, the Bill as issued in July 2009, the Scheme (i.e. the precursor to the Bill published 12 February 2008) and the EU AML/CFT Directives.
The Act, Countries of Equivalence and Commencement Order
As at 21 July 2010:
- Click here for copy of the 2010 Act
- Click here for Minister's press release announcing that Act has been signed into law (10 May 2010)
- Click here for SI 343 of 2010 (Countries of Equivalence / places designated under section 31 imposing requirements equivalent to Ireland.
- Click here for SI 342 of 2010 (Commencement Order)
- Download Financial Crime and MLRO Services brochure here
Guidance Notes
- Draft Core Guidance Notes
- Draft Sectoral Guidance Notes - Investment Funds - NEW
- Draft Sectoral Guidance Notes - Banking - NEW
- Draft Sectoral Guidance Notes - Insurance - NEW
- Draft Sectoral Guidance Notes - Credit Unions - NEW
- Draft Sectoral Guidance Notes - Stockbrokers - NEW
- See more at http://www.antimoneylaundering.ie/GNDownload.html
Versions of the Bill
As at Wednesday 28 April 2010 (updated 13 May 2010):
- Click here for a copy of the final Bill as passed by the Oireachtas (but not signed into law) on 28 April (released 13 May 2010)
- Click here for a copy of the Bill (produced in good faith) by Compliance Ireland while we await publication of the official version. This document is created by manuscript entries of Seanad amendments accepted by the Dail on 28 April 2010. As soon as the official version is uploaded onto the Oireachtas website, it will appear above.
- Click here for an extract of Oireachtas proceedings on the day the Bill was passed.
Timeline -
(1) European Commission State of Play of Directives showing Ireland as the only country as 4 May 2010 as not having confirmed compliance with the 3rd EU Directive. Click here
(2) Compliance Ireland's timeline on the Bill is available here (out of date)
European Directives
- Main Directive - 2005/60/EC issued 26 October 2005
- Implementing Directive - 2006/70/EC issued 1 August 2006
Early versions of the Bill, amendments and Scheme
11 March 2010:
read in conjunction with:
- Proposed Amendments to Bill in Report Stage in Seanad Éireann on 21 April 2010
- Amendments to Bill in Select Committee Stage in Seanad Éireann on 11 March 2010 (published 19 March 2010)
19 March 2010 (Seanad Éireann) - Amendments to Bill in Select Committee Stage
11 March 2010 (Seanad Éireann) - Record of Select Committee's debate
11 March 2010 (Seanad Éireann) - Proposed amendments to the Bill in the Select Committee Stage
2 March 2010 (Seanad Éireann) - Record of Second Stage debate
17 February 2010 (Dáil Éireann) - Criminal Justice (Money Laundering & Terrorist Financing) Bill 2009 (as passed by Dáil Éireann) 17 February 2010
17 February 2010 (Dáil Éireann) - Record of Report Stage discussion of 17 February 2010 on Compliance Ireland's submission
- we have highlighted in yellow where our submissions were referenced by Dáil Éireann . We are very happy that our submissions were considered. See also our comments at the Select Committee stage.
- 17 February 2010 (Dail Éireann) - Proposed amendments to the Bill at the Report Stage
14 February 2010 (Dáil Éireann) - Criminal Justice (Money Laundering & Terrorist Financing) Bill 2009 with amendments engrossed as at 14 January 2010 See above for the latest version of the Bill .
- First additional list of amendments containing substitute amendments to Bill at 12 January 2010 Select Committee Stage (January 2010)
- Record of Select Committee's discussion of January 2010 on Compliance Ireland's submission (January 2010)
- we have highlighted in yellow where our submissions were debated by the Select Committee in the above document. We are very happy that our submissions were considered throughout the 57 pages of debate.
- Proposed Amendments to Bill at 2 December 2009 Select Committee Stage (December 2009)
- Explanatory Memorandum (to Bill published 28/07/200)
- Criminal Justice (Money Laundering & Terrorist Financing) Bill 2009 (Bill as published on 28/07/200). NB: this version is replaced with the version issued January 2010 (see above).
- Detailed Note accompanying Minister's Press Release of 28 July 2009
- Copy of Minister's Press Release of 28 July 2009
The Scheme
(NB - these documents are kept for historical purposes. The Bill (above) is what you should read)
- Ministerial Press Release on AML/CFT Scheme (12 February 2008)
- AML/CFT Scheme - Criminal Justice (Money Laundering) Bill 2008 (12 February 2008)
- AML/CFT Scheme Regulatory Impact Assessment (12 February 2008)
Financial Regulator Resources
CONSULTATIONS
CP56 - Protocol between the Central Bank and the Auditors of Regulated Financial Services Providers - August 2011
CP55 - Code of Conduct for Business lending to Small and Medium Businesses - August 2011
CP54 - Consumer Protection Code (Second Consultation) - June 2011
CP53 - Corporate Governance Code for captive Insurance and captive Reinsurance Undertakings - May 2011
CP52 - Proposed Changes to the Regulatory Reporting Requirments for Irish investment firms - March 2011
CP51 - The Fit and Proper Regime in Part 3 of the Central Bank Reform Act 2010 - March 2011
CP50 - Amendments to UCITS Notices, NU Notices and Guidance Notes to reflect UCITS IV and other changes - February 2011
CP49 - Impact Metrics - December 2010
CP48 - Minimum Activities for Funds - October 2010
CP47 - Consumer Protection Code - October 2010
CP46 - Mortgage Arrears - August 2010
CP45 - Minimum Competency - June 2010
CP44 - Credit Union Stabilisation - June 2010
CP43 - Related Party Lending - May 2010
CP42 - Investment Guarantees - May 2010
CP41 - Corporate Governance Requirements for Credit Institutions and Insurance Undertakings - April 2010
CP40 - Guidance Note 1/09 Revocation of Collective Investment Schemes
CP39 - Revision to UCITS and Non-UCITS Notices - July 2009
CP38 - Telephone Records and Electronic Communications under the MiFID Regulations - July 2009
CP36 Disclosure of grants of securities over shares - April 2009
CP34 on a Review of the Life Assurance Provision of Information Regulations 2001 - Sept 2008
CP33 - Consumer Protection Code for Licensed Moneylenders - March 2008
CP32 - Voluntary Consumer Protection Code for Credit Unions - March 2008
CP31 - Amendments to the UCITS Notices and related Guidance Notes - December 2007
Regulatory Connection
Issue 15 - November 2008
Issue 14 - May 2008
Issue 13 - January 2008
Issue 12 - October 2007
Issue 11 - June 2007
Issue 10 - March 2007
Special MiFID Issue - January 2007
Issue 9 - November 2006
Issue 8 - September 2006
Issue 7 - May 2006
Issue 6 - February 2006
Issue 5 - November 2005
Issue 4 - August 2005
Special Name Change Issue - June 2005
Issue 3 - April 2005
Issue 2 - January 2005
Registrar Of Credit Unions News
Issue 7 - December 2008
Issue 6 - July 2008
Issue 5 - December 2007
Issue 4 - June 2007
Issue 3 - December 2006
Issue 2 - October 2005
Issue 1 - May 2005
Regulation of Credit Unions
Registrar of Credit Unions appointed - 23 April 2010
Review of Credit Unions - 22 December 2009
Recruitment of New Registrar of Credit Unions - 18 December 2009
Letter to Auditors of Credit Unions - September 2009
Regulatory Reserve Ratio - August 2009
Speech by Registrar of Credit Unions at Credit Union Development Association AGM - January 2009
Guidance Note on Credit and Credit Control - November 2007
Regulation of Investment Firms (MiFID FIRMS)
CRD II
CRD III Directive
Central Bank Guide to Implementation of CRD II and CRD III
Other Documents
Financial Regulator assessment of MiFID compliance - October 2008
Fit & Proper requirements - December 2008
New Individual Questionnaire - December 2008
Fit & Proper Declaration (Funds Only) - December 2008
Guidance Note on Authorisation of Multilateral Trading Facilities - December 2008
Client Asset Requirements - October 2008
REGULATION OF CREDIT INSTITUTIONS
Central Bank and Credit Institutions (Resolution) Bill 2011
Regulation of Funds
Policy Updates
Assistance Paper - Directed Brokerage Programmes and Similar Arrangements (Dated 21 November 2002; Re-issued 11 February 2010)
Policy Update 02/2010 - Collateral passed by UCITS to OTC derivative counterparties (12 February 2010)
Policy Update 01/2010 - Information note on share classes in funds (9 February 2010)
UCITS IV
Finalised Directive 2009/65/EC published in Official Journal on 17 November 2009
Compliance Ireland Briefing Note - issued July 2008
European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 - issued June 2011
Regulation of Reinsurance Firms
Corporate Governance for Reinsurance Undertakings - December 2007 revised January 2010
Additional Requirements for Life Finite Reinsurance - January 2010
Additional Requirements for Non-Life Finite Reinsurance - January 2010
Additional Requirements for Financial Reinsuance - January 2010
Requirements for Composite Reinsurance Undertakings - December 2009
Requirements for Life Reinsurance Undertakings - December 2009
Requirements for Non-Life Reinsurance Undertakings - December 2009
Discussion Paper on Capital Requirements for Variable Annuities - August 2009
Guidelines for Insurance Undertakings on Asset Management - April 2008
Financial Reinsurance - April 2008
Guidelines on the Reinsurance Cover of Primary Insurers and the Security of their Reinsurers - April 2008
Special Purpose Reinsurance Vehicles - June 2007
CODES OF CONDUCT
CODES: CORPORATE GOVERNANCE NEW!
Corporate Governance Code for Captive Insurance and Captive Reinsurance Undertakings - August 2011
Corporate Governance Code for Credit Institutions and Insurance Undertakings - October 2010
Codes: Consumer Protection Code
Information Release on thematic inspection of Minimum Competency record-keeping - December 2009
Consumer Protection Code Addendum - May 2008
Minimum Competency Requirements Addendum - May 2008
Consumer Protection Code Clarifications Document - July 2007
Consumer Guide to the Consumer Protection Code - Your Little Red Book - July 2007
Financial Regulator Highlights Advertising Requirements of Consumer Protection Code - June 2007
Commencement Letter - April 2007
Protocol for consumer focussed intermediary inspections - November 2006
Consumer Protection Code - August 2006
Explanatory letter re Code and Minimum Competency - July 2006
Minimum Competency Standards - July 2006
CODES: Money Lenders - Consumer Protection Code
The Consumer Protection Code for Licensed Moneylenders is aimed at leading to greater consumer protection. The General Principles of the moneylender’s code came into effect on 1 January 2009, with the remainder of the code coming into effect later in 2009.
Money Lenders - Consumer Protection Code - 3 December 2008
Public Response to Consultation Paper 33 - 3 December 2008
Financial Regulator Press Release - 3 December 2008
Codes: Banks - mortgage arrears - code of conduct
The Code of Conduct on Mortgage Arrears took effect from Friday 27th February 2009.
Code of Conduct on Mortgage Arrears - February 2009
Codes: Banks - business lending to small and medium sized enterprises
The Code of Conduct for Business Lending to Small and Medium Sized Enterprises took effect from Friday 13th March 2009.
Code of Conduct for Business Lending to Small and Medium Sized Enterprises - February 2009 (effective March 2009)
CODES: BANKS - LENDING TO RELATED PARTIES
The Code of Practice for lending to related parties was published on 20 October 2010 and takes effect from 1 January 2011.
Code of Practice for lending to related parties - October 2010 (effective January 2011)
CODES: BANKS - Account Switching
The Code of Practice for switching accounts between credit institutions takes effect from 1 October 2010.
Code of Practice for Switching Accounts - October 2010 (effective October 2010)
Enforcement Actions
Settlement Agreement - MBNA Europe Bank Limited 21 June 2011
Settlement Agreement - MBNA Europe Bank Limited - Quotes from Central Bank - 21 June 2011
Settlement Agreement - Scotiabank (Ireland) Limited 2 June 2011
Settlement Agreement - Innovative Mortgages 3 March 2011
Settlement Agreement - Innovative Mortgages - Notes - 3 March 2011
Settlement Agreement - NCB Stockbrokers 18 December 2010
Settlement Agreement - Allied Irish Banks 17 December 2010
Settlement Agreement - Endowment Policy Purchasing Company 9 November 2010
Settlement Agreement - Inveralmond Insurance 6 September 2010
Settlement Agreement - Creation Insurance 6 September 2010
Settlement Agreement - Culleton Insurance 15 June 2010
Settlement Agreement - Allied Irish Banks plc 21 May 2010 (Supplemental Information)
Settlement Agreement - Jim Mannion & Co. (Insurances) Ltd . 17 February 2010 (Supplemental information)
Settlement Agreement - McHugh O'Leary Insurance Brokers Limited 18 December 2009 (Supplemental Information)
Settlement Agreement - DEPFA ACS BANK 16 December 2009 (Supplemental Information)
Settlement Agreement - Pat Treacy Insurance Brokers Limited 5 November 2009
Settlement Agreement - Quick Quotes Limited 5 November 2009
Settlement Agreement - Merrill Lynch International Bank Limited 22 October 2009
Settlement Agreement - JD Murphy Investment Life & Pension Benefits (as sole trader and as partnership): 8 October 2009
Settlement Agreement - Mr. Michael Fogarty t/a Tom Fogarty Insurance Brokers: 29 September 2009
Settlement Agreement - Irish Life & Permanent: 3 September 2009
Settlement Agreement - John Gurhy: 8 April 2009
Settlement Agreement - Michael McGarrigle: 19 December 2008
Settlement Agreement - Hibernian Direct Limited: 28 November 2008
- Briefing Note by Compliance Ireland (28 November 2008) on Hibernian decision
Settlement Agreement - Quinn Insurance Limited and Mr Sean Quinn Senior: 24 October 2008
- Sean Quinn (senior), Quinn Insurance statement click here (copyright Sunday Business Post 25/10/2008)
Settlement Agreement - Irish Nationwide Building Society: 7October 2008
Settlement Agreement - Apex Fund Services (Ireland) and Messrs Bohan and Hughes: 22 August 2008
Settlement Agreement - Frank J Murphy Insurance Brokers & Mr Murphy & Ms Murphy: 11 July 2008
Settlement Agreement - OHC Insurances Limited: 17 April 2008
Settlement Agreement - Irish Times Limited: 11 April 2008
Settlement Agreement - Fexco Stockbroking Limited: 20 March 2008
Settlement Agreement - Marsh Ireland Limited: 6 March 2008
Settlement Agreement - Johnston Properties: 29 November 2007
Settlement Agreement - Don Harte / DGH Associates: 29November 2007
Settlement Agreement - Penfield Enterprises (Phoenix Magazine) and Mr John Mulcahy: 5 November 2007
Settlement Agreement - Marlboro Trust Limited: 10 July 2007
Settlement Agreement - Mr William Bradley t/a Bradley Financial Services: 21 June 2007
Settlement Agreement - M.I.S Financial Services: 14 December 2006
Settlement Agreement - Broadstone Fund Management Limited: 30 June 2006
warning notices
The Financial Regulator publishes warning notices naming firms/persons, which operate, as investment business firms in Ireland without appropriate authorisation.
Latest -
22 December 2010: Rooney Gallagher Private Equity Partners LLC (Ireland and Hong Kong)
The full list of firms/persons the subject of a Financial Regulator warning is here
prospectus rules
Briefing Note - published 18 August 2008
Prosepectus Rules - published August 2008 (effective 15 September 2008)
Prospectus Rules (replaced) - effective March 2006
Prospectus Directive Contact Details
EU Prospectus Directive 2003/71/EC
MARKET ABUSE ISSUES
Information Note - Short Selling (Published 20/01/2009) - The (Irish) Financial Regulator has cautioned market participants not to rely on incorrect information on Bloomberg screens regarding short selling in Irish Bank shares. The Financial Regulator confirmed that the ban remains in place on taking short selling positions, whether through shares or ADRs of Bank of Ireland, Allied Irish Banks and Irish Life and Permanent in London and other international trading venues as well as in Dublin. Click here
Briefing Note - published 19 September 2008
Financial Regulator Press Release on short-selling amendment to Market Abuse Rules published 19 September 2008.
Strategy And Reporting
2009 Financial Regulator Annual Report
2008 Financial Regulator Annual Report
- Press Release - click here
2007 Financial Regulator Annual Report
2006 Financial Regulator Annual Report
2006 Central Bank Annual Report
Enforcement Strategy 2011-2012
Investor Protection & Bank Guarantee Scheme
10 September 2009 - Minister for Finance (Brian Lenihan, TD) publishes new National Asset Management Agency (NAMA) Bill 2009
- Minister Press Release - click here
- National Asset Management Agency (NAMA) Bill 2009 - click here
- National Asset Management Agency (NAMA) Bill 2009 Explanatory Memorandum - click here
- Earlier 30 July 2009 versions now redundant
- Minister Press Release - click here
- Proposal for NAMA Bill - click here
- Explanatory Memorandum to NAMA Bill - click here
23 June 2009 - Extension to Bank Guarantee Scheme likely. Click here
3 March 2009 - Report into Directors' loans at credit institutions covered under the Government Guarantee Scheme
- Briefing Note - click here
- Full Report - click here
27 February 2009 - Director's Loans disclosure requirements (applies to ALL credit institutions) - click here
20 February 2009 - Project Atlas - Anglo Irish Bank Corporation plc (Summary Report Extracts) - click here
- two page to a page version - click here
- Minister of Finance statement on Project Atlas Report - click here
20 February 2009 - Minister of Finance announcement on corporate governance concerns coinciding with release of Anglo Irish Bank acounts for yesr to September 2008. Click here.
21 January 2009 - Anglo Irish Bank Corporation nationalised (a sorry day for corporate governance in Ireland!)
- Law nationalising Anglo Irish Bank Corporation plc - click here
- Announcement by Minister of Finance - click here
- FAQs issued by Minister of Finance - click here
- Second reading of the proposed law (explanation of nationalisation) - click here
24 November 2008 - Financial Regulator issues amended guidance for securities covered by the Credit institutions (Financial Support) Scheme 2008
- Guidance Note No. 6 - Covered liabilities issued under the Credit Institutions (Financial Support) Scheme 2008 previously issued on 7 November 2008. This amendment states that the Committee of European Securities Regulators is currently considering issuing guidance relating to the disclosure in documentation where debt securities are guaranteed by a Member State.
30 September 2008 - Government Decision to Safeguard Irish Banking System
- The updated list of banks covered by the guarantee is available here.
20 August 2008 - Deposit Guarantee Scheme
- An explanation of the deposit guarantee scheme and investor protection scheme is available here
data protection
- See copies of various data protection papers we have written - click here
- 13 May 2009 - Annual Report Data Protection Commissioner and Press Release
- 02 February 2009 - Judgement of High Court in Realm Communications Ltd -v- Data Protection Commissioner (made 9 January 2009)
- 29 January 2009 - New Data Protection Audit Resource issued by Data Protection Commissioner (January 2009, Version 1.0)
- 28 January 2009 - EU celebrates 3rd Annual Data Protection Day
- 8 January 2009 - We have created a Schedule of Data Protection Law athttp://www.privacy.ie/laws.html
- 21 December 2008 - Amendments to Irish regulations covering electronic unsolicited communications. See www.privacy.ie for more information on S.I 526 of 2008 (amending S.I. 535 of 2003)
- Data Protection Code of Practice for the Insurance Sector - Issued 20 August 2008
- See also www.privacy.ie for more details of our data protection services
Payment Services
European Communities (Payment Services) Regulations 2009
Financial Regulator Prudential Requirements October 2009
Corporate Governance
FRC Guidelines on Board Effectiveness (March 2011) - NEW!
Financial Services Ombudsman
Here you will find copies of the case studies released by the Financial Services Ombudsman. These case studies are the copyright of the Financial Services Ombudsman.
Announcement of new Financial Services Ombudsman (Bill Prasifka) (15 February 2010)
- see Hot Topic - click here
Appeal to High Court
- High Court Judgement Square Capital (August 2009)
- High Court Judicial Review - (under appeal) Davy (PDF Document - 5MB)
- Ombudsman's Decision (Word Document - 28KB)
- High Court Judgement - Ulster Bank (Word Document - 44KB)
- High Court Judgement - Quinn Direct (PDF Document - 1,008KB)
Case Studies
- December 2009 (PDF Document - 264KB)
- January to July 2009 (PDF Document - 168KB)
- December 2008 (PDF Document - 109KB)
- July to November 2008 (PDF Document - 324KB)
- January to June 2008 (PDF Document - 273KB)
- Enfield Credit Union / Davy Stockbrokers (PDF Document - 618KB)
- July to December 2007 (PDF Document - 193KB)
- October 2007 (PDF Document - 152KB)
- January to June 2007 (PDF Document - 180KB)
- July to December 2006 (PDF Document - 235KB)
- January to June 2006 (PDF Document - 203KB)
- October to December 2005 (PDF Document - 176KB)
- April to September 2005 (PDF Document - 187KB)
The Irish Financial Services Appeals Tribunal
Record number: 001/2007; In the matter of Part VIIA of the Central Bank Act 1942
Interesting UK FSA Directions and Enforcement cases
29 October 2008 - First MLRO fined by UK FSA
Given the significance of the fine, we have uploaded below and at www.antimoneylaundering.ie a briefing note and copy of the FSA decision to fine a Money Laundering Reporting Officer in October 2008.
- Click here for Briefing Note on Michael Wheelhouse, first MLRO to be fined by UK FSA.
- Click here for FSA Final Notice on Michael Wheelhouse
- Click here for FSA Final Notice on Sindicatum Holdings Limited
- Click here for FSA Press Release
31 August 2004 - Bank of Ireland fined £375,000 for AML failures by UK FSA
Click here for Briefing Note
Click here for FSA Final Notice on Bank of Ireland
Interesting Court Cases
04 February 2010 - Shah & Mahbeer v HSBC Private Bank (deals with issue of STR filed by HSBC)
Compliance Ireland Regulatory Services Limited
Lower Ground Floor, 13 Adelaide Road,
Dublin 2, Ireland
email@complianceireland.com
tel: +353 1 425 5962
fax: +353 1 633 5005