Client Newsletter Spring 2010 - Regulatory & Compliance

Profession:Dillon Eustace

In this issue:- Third Anti-Money Laundering Directive – 2005/60/EC Financial Services Ombudsman The Financial Regulator Data Protection - New Standard Contractual Clauses THIRD ANTI-MONEY LAUNDERING DIRECTIVE The Criminal Justice (Money Laundering & Terrorist Financing) Act, 2010 ("the Act") was signed into law by the President on the 5 May, 2010. The Act gives effect to Directive 2005/60/EC on the "Prevention of the use of the Financial System for the Purpose of Money Laundering and Terrorist Financing" (the "Third Anti-Money Laundering Directive") in Ireland. A period of up to two weeks may elapse before the Act is uploaded to the Oireachtas site. The draft guidance notes (core and sectoral) are in the process of being updated following implementation of the Act. FINANCIAL SERVICES OMBUDSMAN On the 15 February, 2010, it was announced that Bill Prasifka was appointed as the new Financial Services Ombudsman and will take up office by the end of March 2010. Mr Prasifka succeeds Joe Meade who retired on 3 January, 2010. Previously, Mr Prasifka has worked as the Chairman of the Competition Authority and the Irish Commissioner for Aviation Regulation. THE FINANCIAL REGULATOR Chief Executive – On the 4 January, 2010, Matthew Elderfield took up the position as the new Chief Executive of the Financial Regulator. The roles of Chief Executive and Consumer Director will be combined. Matthew Elderfield will become the Head of Financial Regulation in the new restructured Central Bank, once legislation passes through the Oireachtas confirming the restructuring. On the 12 January, 2010, it was announced that Jonathan McMahon has been appointed as Assistant Director General with responsibility for Financial Institutions Supervision within the Central Bank, which will include oversight of the supervision of banks and insurance companies. James O'Brien has been appointed Registrar of Credit Unions in the new Central Bank of Ireland. Mr. O'Brien, previously the Deputy Registrar of Credit Unions will be responsible for regulation and supervision of the credit union sector in Ireland. Mr. O'Brien will succeed current Acting Registrar Matthew Elderfield. Mary O'Dea takes up the post of Assistant Director General, Financial Operations within the Central Bank. Weaknesses in Sales Processes for Older Customers - The Financial Regulator, in February, published its findings following a four part examination conducted over 2009 of selected credit institutions, life...

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