UCITS: Synthetic Risk and Reward Indicators.
Commission Regulation (EU) No 583/2010 concerns the fund disclosure documentation
to be issued to investors in UCITS and in particular the new methodologies being introduced regarding the calculation and presentation of risk information
in relation to all UCITS funds.
Contact: Sarah Lyons.
June 2010.
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The Draft Alternative Investment Fund Managers Directive (AIFM).
Following a protracted period of intense lobbying at European level, the European Parliament and the EU Council recently finalised their respective drafts of the Alternative Investment Fund Managers Directive.
There are currently a number of differences between the two draft texts on areas such as the treatment of third-country funds, delegation requirements and depositary liability, and further efforts are needed to try and reconcile the two competing texts.
Contact: Sarah Lyons.
June 2010.
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Inadvertent Waiver of Events of Default.
The past couple of years in Ireland have seen lenders adopt a wait and see approach to a large number of borrower defaults, but such tactics can be fraught with danger, particularly in light of a recent UK court decision.
Contact: Neil O'Keeffe.
June 2010.
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Recent Legal and Regulatory Developments for Irish UCITS
Investment Funds.
Contact: Sarah Lyons.
April 2010.
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The Criminal Justice (Money Laundering and Terrorist Financing) Bill 2009.
This Bill will transpose the Third EU Money Laundering Directive 2005/60/EC
into Irish law.
Contact: David Williams.
September 2009.
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Payment Services Directive: Are You Ready?
The Payment Services Directive 2007/46/EC will become effective in Ireland on
1 November 2009 and will introduce a new EU-wide licensing regime for many firms
and businesses that have up until now operated in an unregulated environment.
Contact: David Williams or Sarah Lyons.
August 2009.
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The Draft Directive on Alternative Investment Fund Managers
(the AIFM Directive).
Contact: Damien Barnaville or the Banking and Financial Services Group.
Summer 2009.
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Battling the Backlash of the Financial Crisis:
The Financial Litigation Unit at LK Shields Solicitors.
Contact: Sarah Lyons.
Summer 2009.
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Liability Under a Personal Guarantee.
Guarantees - when if comes to payment, the liability of the guarantor will include the unpaid principal and the interest which continues to accrue at a compound rate of interest... This article was published in The Sunday Business Post.
Contact: Jill Callanan.
July 2009.
Click to download. (pdf)

An Irish Solution to IRS TLP Clarification.
A recent ruling issues by the Internal Revenue Service in the United States has clarified the tax treatment of Traded Life Policies which are held by non-US residents.
July 2009.
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Recent Legal and Regulatory Developments for Irish UCITS Funds.
Contact: Sarah Lyons.
March 2009.
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MiFID - What You Need to Know.
Contact: Tracy Gilvarry.
November 2008.
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Credit Institutions (Financial Support) Scheme 2008.
Details of the Irish Government's financial support to credit institutions
have been clarified...
November 2008.
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The Credit Crunch Breeds a Rating Agency Watchdog
October 2008.
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The Irish Bank Support Act 2008
Last week the Minister for Finance, announced the decision of the Irish Government immediately to stand behind all deposits and loans made by Irish banks and building societies as a measure to instil confidence in Irish banks and building societies and prevent a run that could likely have led to destabilising the Irish banking system. This support was implemented through the Credit Institutions (Financial Support) Act 2008 (the Support Act).
Contact: Marco Hickey.
October 2008.
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Enhancements to Qualifying Investor Funds.
October 2008.
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Islamic Bonds (Sukuk).
Ireland is well positioned to emerge as a prime hub for Islamic finance
in Europe.
September 2008.
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The Use of "Side Pockets" by Qualifying Investor Funds in Ireland.
Contact: David Williams.
July 2008.
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Recent Developments in Fund Management.
Do you know your UCITS from your QIFs, and which is the best vehicle for your investment funds?
Contact: David Williams.
Summer 2008.
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Exposure to Banks by Muddying the Waters of Insolvency through
Workout Agreements.
Contact: Tracy Gilvarry.
June 2008.
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Investment Funds - Some Recent Developments.
Contact: David Williams.
May 2008.
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UCITS - Hedge Funds Indices as Eligible Assets.
April 2008.
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Secured Creditors Working it Out.
Contact: Neil O'Keeffe.
March 2008.
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Sub-Prime Lenders under the Microscope.
The fallout from the sub-prime lending crisis in the United States has led to a credit squeeze on a global scale. Here at home, the government has moved to regulate
non-bank lenders and to strengthen consumer protection.
Spring 2008.
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Physical Short Selling by UCITS. On 5 October, 2007 the Financial Regulator issued a revised policy note in respect of physical short selling by UCITS, The revised policy note provides that UCITS may now engage in covered physical short selling. Contact: David Williams. October 2007. Click to download. (pdf)

Extension of the Business Expansion Scheme and Seed Capital Scheme.
Contact: David Williams.
Autumn 2007.
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MiFID Update.
Contact: David Williams.
Autumn 2007.
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Guide to MiFID.
The Markets in Financical Instruments Directive.
Contact: Tracy Gilvarry.
September 2007.
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Industry Update:
Revisions to Guidance Notes Issued by the Financial Regulator.
Contact: Sarah Lyons.
September 2007.
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Classification of Hedge Fund Indices: New CESR Guidelines.
Contact: Sarah Lyons.
August 2007.
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No Guarantees.
In the current environment of customer refinancings and an increasing reliance on guarantees as primary security, banks should be aware of the inherent dangers of presuming that an existing guarantee will cover new debt.
Contact: Neil O'Keeffe.
Summer 2007.
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New Qualifying Investor Fund Regime.
Contact Tracy Gilvarry or Sarah Lyons.
Summer 2007.
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Directive 2005/60/EC - Ring Fencing the Proceeds of Crime.
Contact: Sarah Lyons.
July 2007.
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Eligible Assets for UCITS: The New Directive.
Contact: David Williams.
May 2007.
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A Guide to Funds in Ireland.
April 2007.
Click to download. (pdf)

Recent Changes in the Irish Aviation Industry.
Spring 2007.
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Irish Stock Exchange Amendments Pave the Way for Greater Flexibility
in Listing Funds.
April 2007.
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Changing Times in the Irish Aviation Industry. The Cape Town Convention.
March 2007.
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Amendments to UCITS Notice 15 - Marketing of non-Irish UCITS in Ireland.
Contact: David Williams.
December 2006.
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IFIA Guidance on the Market Abuse Directive - Insider Dealing.
Contact: David Williams.
November 2006.
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Simplified Prospectus Update: The 'KISS' Approach.
Contact: Sarah Lyons.
November 2006.
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Bricks and Mortar.
Only a small proportion of the €600 billion which is invested in IFSC funds is invested in property, but we are now seeing much greater interest in regulated property funds.
Contact: David Williams.
Autumn 2006.
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European Communities (Undertakings for Collective Investments in Transferable Securities)(Amendment) Regulations 2006 (UCITS).
August 2006
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Closed Ended Funds and the Takeovers Directive.
Contact: David Williams.
June 2006.
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BFT Hedge Funds.
This article discusses the growth in popularity of hedge funds and LK Shields Solicitors' association with the BFT, a Paris based hedge fund manager.
Summer 2006.
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A New Integrated Complaints Procedure for the Financial Services Sector.
Contact: David Williams.
May 2006.
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The Reinsurance Directive: Ireland to Lead its Implementation.
April 2006.
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Update on the Markets in Financial Instruments Directive.
March 2006.
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Financial Regulator to Issue Consumer Protection Code.
Contact: Sarah Lyons.
February 2006.
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Prospectus Directive: A Double Edged Sword.
January 2006.
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The Irish Aviation Industry in Full Flight.
October 2005.
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Fixed Charges over Book Debts: the Future after Spectrum Plus.
October 2005.
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The Financial Services Ombudsman.
October 2005.
Contact: David Williams.
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Investment Funds, Companies and Miscellaneous Provisions Bill 2005.
Contact: Tracy Gilvarry.
June 2005.
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Distance Marketing of Consumer Financial Services.
Contact: Sarah Lyons.
April 2005.
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Directors' Compliance Statements.
December 2004.
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Common Contractual Funds: An Overview.
Contact: Tracy Gilvarry.
November 2004.
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Limited Partnerships: Restriction on the Size of Partnerships Now Relaxed.
Contact: Sarah Lyons.
October 2004.
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Central Bank and Financial Services Authority of Ireland Act 2004.
An Overview. (pdf)
September 2004.
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Taxation of Savings Income in the Form of Interest Payments.
Contact: Tracy Gilvarry.
September 2004.
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Duties of Directors of Investment Companies in Ireland.
Contact: David Williams.
August 2004.
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Financial Collateral Regulations.
Contact: Sarah Lyons.
June 2004.
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Financial Services Newsletter. (pdf)
Issue 1: Summer 2003
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E-Commerce and Mutual Funds Supermarkets: The Irish legal and regulatory issues involved in establishing a mutual funds supermarket in Ireland. (pdf)
Contact: David Williams.
Click to download.