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Walkers Launches Compliance Services Offering

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GlobalMap Oct2018
Promotions 2018

Walkers' Promotions Highlight Growth of Global Firm

We are pleased to announce that 8 attorneys across our 10 global offices have been invited to join the partnership. In addition, 18 associates have been promoted to senior counsel, or local equivalent.

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Regulating Loan Owners: Proposed Amendments to the Credit Servicing Regulatory Regime

Following further debate in the Seanad (the upper house of the Irish parliament) on 18 December 2018, the Consumer Protection (Regulation of Credit Servicing Firms) Amendment Bill 2018 (the “Bill”) was passed, without further amendment. The Bill will now be sent to the President to sign into law.

Once the Bill is signed into law by the President, the Minister for Finance, Paschal Donohoe, will issue a commencement order. We understand that the Bill will have a commencement date of 21 January 2019.

Please see our previous client briefing (available here) for a detailed analysis of the amendments to the existing credit servicing regime that will be introduced by the Bill and the resulting consequences and next steps for existing owners of in-scope Irish loans with regard to obtaining an authorisation under the new credit servicing regime. Future purchasers of in-scope loan books should also be mindful of their obligations under the new regime.

 

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Ireland | New Anti-Money Laundering Laws Now in Effect

Ireland's anti-money laundering ("AML") laws have been significantly altered and expanded with the transposition of the Fourth Anti-Money Laundering Directive.  Certain “unregulated” financial institutions (including SPVs) will be required to register with the Central Bank of Ireland, there is an increased focus on risk assessment and providers of gambling services will be within scope of AML requirements for the first time. This briefing explains the recent changes and explains how Walkers may be of assistance to impacted companies.

 

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Taking back control: undue influence and trust revocations

Undue influence was the issue at stake in a judgment of the Royal Court of Jersey this month. In Representation of Jasmine Trustees re Piedmont Trust and Riviera Trust, the court held that revocation notices issued by two settlors had been vitiated by the undue influence of the family patriarch, and should therefore be set aside.

 

This judgment involved two Jersey-law revocable discretionary trusts: the Piedmont Trust and the Riviera Trust. The trustees were two Jersey trust companies, Jasmine Trustees Limited and Lutea Trustees Limited. The beneficiaries of the two trusts included the family patriarch, his three children (a daughter and two sons) and their respective issue.

 

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Regulating Loan Owners: Proposed Amendments to the Credit Servicing Regulatory Regime

The sale of non-performing loan (“NPL”) books by Irish banks has been the subject of intense political and media scrutiny for a number of years due to the perceived impact of the sales of such loan books on underlying borrowers, particularly consumer and small and medium enterprise (“SME”) borrowers.

Recent political debate and discussion on the topic has resulted in the proposal of an amendment to the “credit servicing” regime introduced in 2015 pursuant to the Consumer Protection (Regulation of Credit Servicing Firms) Act 2015 (the “2015 Act”) to expand the scope of the “credit servicing” regime to also include, amongst other things, the legal holder of title to loans.

During a recent Dáil debate on the relevant amending legislation, the Consumer Protection (Regulation of Credit Servicing Firms) Amendment Bill 2018 (the “Bill”), it was stated by the Minister of Finance that the Government now intends to pass the Bill into law before Christmas/year end. Although the Bill has yet to go to the Seanad the upper house of the Irish parliament) it now seems unlikely that the content of the Bill will change materially prior to enactment.

 

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Central Bank publishes Cross-Sectoral Outsourcing Discussion Paper

On 19 November 2018, the Central Bank of Ireland (the “Central Bank”) published a discussion paper entitled “Outsourcing – Findings and Issues for Discussion” (the “Discussion Paper”) containing a summary of key issues and risks identified by the Central Bank requiring prompt attention by industry. The closing date for submission of responses to questions posed in the Discussion Paper is 18 January 2019.

The findings in the Discussion Paper are underpinned by both the Central Bank’s supervisory engagements with industry along with responses received from a recent cross-sectoral outsourcing survey (completed by 18 banks, 82 asset management sector firms, 83 insurers and 2 payment institutions).

In its announcement of the publication of the Discussion Paper, the Central Bank noted it has observed:

  • a significant increase in reliance on outsourcing of activities (both on an intragroup and third party basis) by regulated financial service providers;
  • serious deficiencies in board awareness and understanding of the extent of reliance on outsourcing; and
  • major weaknesses in relation to risk management controls and processes, and business continuity planning around outsourcing.
The Central Bank expects all regulated financial service providers to review their current practices against the Discussion Paper.

 

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