RegBrief (September – October 2016)

Author:Ms Orla O'Connor, Robert Cain and Maedhbh Clancy
Profession:Arthur Cox


BRIEFING DETAIL AML Update: Department of Finance publishes National Risk Assessment for Ireland The publication by the Department of Finance of the first National Risk Assessment for Ireland (Money Laundering and Terrorist Financing) in conjunction with the Department of Justice and Equality. Brexit Update An update on the expected timeline for Brexit, and recent speeches given by the Central Bank on the implications of Brexit on the Central Bank's role. Brexit - UK Government cannot serve Article 50 notice without Parliament's approval The decision of the High Court of England and Wales on 3 November 2016 that the UK Government needs the approval of the UK Parliament before the Article 50 notice can be served to trigger Brexit negotiations. Credit Reporting Update Vol 2/2016 The publication of credit reporting regulations by the Central Bank, and the start dates for data reporting by in-scope lenders. Loan Sales - Important Judgment in relation to Registered Land The July 2016 High Court case in which an interlocutory injunction was granted restraining a receiver from taking possession of certain registered properties. Payment Accounts: Fees, Access and Account Switching - New rules become law in Ireland The transposition of the Payment Accounts Directive into Irish law, the consultations launched by the European Banking Authority (EBA) and the publication of the Central Bank's new Account Switching Code. Possession Proceedings for Irish Residential Properties The Court of Appeal decision that the Circuit Court does not have jurisdiction to hear possession proceedings in relation to non-rateable residential properties which are neither principal private residences nor housing loan mortgages. The Government has since published the Courts Bill 2016 (and Explanatory Memorandum) which is designed to deal with the consequences of this Court of Appeal ruling. Resolving the Mortgage Arrears Crisis Vol 3/2016 Recent cases, developments and trends relevant to ongoing efforts to resolve the mortgage arrears crisis. 1. AML

High Risk Third Countries

Commission Delegated Regulation (EU) 2016/1675 has been published in the Official Journal. It relates to the Fourth Money Laundering Directive (MLD4) and identifies high-risk third countries with strategic deficiencies in the areas of anti-money laundering and counter-terrorist financing (Afghanistan, Bosnia and Herzegovina, Guyana, Iran, Iraq, Lao...

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