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.
Enforcement Actions – Ireland
The Central Bank issued warning notices against eight unauthorised investment firms during the fourth quarter of 2014. 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.
There were four enforcement sanctions issued against Irish regulated entities during the fourth quarter of 2014.
The Central Bank's on-going investigation of Custom House Capital Ltd (in liquidation) and persons concerned with its management was adjourned until 13 January 2015 for any submissions on the judgment issued on 22 December 2014. The judgment related to the quantum of the costs of the liquidation.
Enforcement Actions – International
During quarter four the UK FCA issued warning notices against 85 firms acting without the necessary regulatory licence. Also in the UK, 11 entities were fined c. £1.15 billion, one person was charged with insider dealing and seven individuals were banned from acting in various senior roles, of which six were personal fined.
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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.