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Oct 22, 2024 | 
williamfry.com | Gail Nohilly |Louise Coughlan |Ashely Hennessy |Paul Convery
Our previous article on the Court of Appeal judgment in Blythe v Commissioner of An Garda Siochana [2023] IECA 255 (Blythe) analysed the Norwich Pharmacal jurisdiction in detail. The High Court (Court) recently considered the Blythe ruling in an application for a Norwich Pharmacal Order (NPO) against the Garda Commissioner (respondent).
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Oct 21, 2024 | 
williamfry.com | Ashely Hennessy |Nessa Joyce
Welcome to the October 2024 edition of our Asset Management & Investment Funds Update. In this month’s edition we look at:Dates & Deadlines: Q3/4 2024Stay ahead of upcoming deadlines and key dates with our legal & regulatory tracker. Irish Funds Quarterly Meeting with the Central Bank of IrelandTopics discussed include the daily investment funds return reporting, applications for open-ended ELTIFs commencing, and the upcoming data collection exercise on undue costs and charges.
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Oct 21, 2024 | 
williamfry.com | Jane Balfe |Ashely Hennessy |Shane Kelleher |Louise McNabola
On 15 October 2024, the Minister for Finance, Jack Chambers, launched the National Payments Strategy for Ireland (Payments Strategy), which considers payments-related matters, including the continuing role of cash in society, payment resilience, fraud and the future of payments. The Payments Strategy is underpinned by a multi-faceted examination of payments in Ireland.
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Oct 18, 2024 | 
williamfry.com | Ashely Hennessy |Laura Scott
William Fry is delighted to announce that it has been awarded the prestigious title of ‘Irish Patent Litigation Firm of the Year’, at the Global IP Awards 2024. The awards ceremony, which took place at St Pancras Renaissance Hotel in London on Thursday 17 October, brought together leading law firms and practitioners from around the world to celebrate achievements in the field of intellectual property.
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Oct 16, 2024 | 
williamfry.com | Martha Ní Dhochartaigh |Conor Beirth |Ashely Hennessy
On 31 July 2024, the High Court delivered its judgment in the case of CBL Insurance Europe DAC (In Liquidation) v Insurance Act 1936 [2024] IEHC 484. The judgment deals with a number of important considerations in the winding up of an insurance undertaking, including the treatment of insurance claims and insurance policies during this process.
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Oct 15, 2024 | 
williamfry.com | Ashely Hennessy |Marguerite Sinnott |Eoin Caulfield
Readiness for DORAThe Digital Operational Resilience Act (DORA) will apply with direct effect in all Member States from 17 January 2025. DORA introduces new standards for relevant financial entities as regards the management of cyber security risk and information and communication technology (ICT) risk. The article highlights key elements for (re)insurers and intermediaries, as well as detail on categories of firm that may be exempt from DORA.
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Oct 14, 2024 | 
williamfry.com | Ashely Hennessy |John Aherne |Lyn Brennan
William Fry advises Home For Life on the recent €285,000,000 refinancing of their debt facilities. Led by the Irish Department of Housing, the mortgage-to-rent programme provides for a voluntary process available to certain distressed homeowners whereby ownership is surrendered and bought by a third party, such as Home For Life, while allowing the original homeowner to remain in their homes.
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Oct 14, 2024 | 
williamfry.com | Gail Nohilly |Sarah Plunkett |Ashely Hennessy |Laura Murdock
A recent Court of Appeal case, Ulster Bank Ireland DAC v Financial Services and Pensions Ombudsman [2024] IECA 231, considered an appeal by Ulster Bank Ireland DAC (Ulster Bank) of a High Court judgment regarding a Financial Services and Pensions Ombudsman’s (FSPO) decision on tracker mortgages. Two separate parties (Complainants) switched their mortgages from tracker rates to fixed interest rates with Ulster Bank and were later denied the option to return to tracker rates.
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Oct 11, 2024 | 
williamfry.com | Ashely Hennessy |Marguerite Sinnott |Eoin Caulfield |Ian Murray
On 7 March 2024, the Central Bank of Ireland (Central Bank) published its consultation paper (CP 158) on the revised draft Consumer Protection Code (Revised Code) and connected areas. Given the cross-sectoral nature of much of the Revised Code, readers are addressed to William Fry’s broader overview of the regime changes prepared by our Financial Regulation Unit here. In Part 1 of our article, we dealt with some themes affecting the insurance industry.
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Oct 10, 2024 | 
williamfry.com | Róisín Casey |Ashely Hennessy |Eoin Caulfield |Marguerite Sinnott
The Central Bank of Ireland (Central Bank) has consolidated its five checklists for the authorisation of new (re)insurers (life insurance, non-life insurance, reinsurance, captive non-life insurance and captive non-life reinsurance undertakings) into one document. The streamlined checklist will increase the efficiency of the authorisation process. The Central Bank has also published updated guidance on completing and submitting new authorisation applications.
