Financial Services Regulatory Enforcement Newsletter - Quarter 3

Author:Mr John Breslin, Paul Dobbyn, Malachi Sweetman, James Scanlon, David Nolan, Dudley Solan and Nicholas Cole
Profession:Maples and Calder

Welcome to Maples and Calder's quarterly newsletter on financial services regulatory enforcement, where we provide you with updates on all hot regulatory and enforcement topics, from global trends to in depth advice on Irish-specific issues.


The Central Bank issued warning notices against three unauthorised investment firms during the third quarter of 2013. These warnings can be very damaging to the reputation of a firm and they have a knockon impact when applying for regulatory licences in other jurisdictions or when applying to be an approved person.

For further details please see:

There were two enforcement sanctions issued against Irish regulated entities during the third quarter of 2013. Of particular interest is that the Central Bank reprimanded, fined and disqualified a senior person for three years. The enactment of the Central Bank (Supervision and Enforcement) Act 2013 has given the Central Bank far reaching powers of enforcement. It is expected that the reprimanding of individuals will increase over the coming years as has happened in the UK by the Financial Conduct Authority ("FCA").

For further information please see:

The Central Bank's investigation of Custom House Capital was deferred in August 2013 pending the completion of an investigation by An Garda Síochána.

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During quarter three, the UK FCA issued warning notices against a large number of firms acting without the necessary regulatory licence. Also in the UK, nine entities were fined (c. £50million), three people were banned from acting in significant influence roles, six people received personal fines between £28k and £597k and one person received a two year jail sentence.

For further details please see:

In international news, the US Securities and Exchange Commission has charged over 20 firms with violations of short-selling rules amounting to c. $15m.


Central Bank (Supervision and Enforcement) Act 2013

The Central Bank (Supervision and Enforcement) Act 2013 was signed into law on 11 July 2013 and came into...

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