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 three unauthorised investment firms during the second quarter of 2014. These warnings can be very damaging to the reputation of a firm and they have a knock-on impact when applying for regulatory licences in other jurisdictions or when applying to be an approved person.
For further information please see: http://www.centralbank.ie/regulation/unauthorised-firms/pages/list-search-unath.aspx
There were three enforcement sanctions issued against Irish regulated entities during the second quarter of 2014 with the Central Bank reprimanding the three firms and imposing total fines of €1,240,000.
For further information please see: http://www.centralbank.ie/publications/Pages/settlement-agreements.aspx
The Central Bank's on-going investigation of Custom House Capital Ltd (in liquidation) and persons concerned with its management is listed for mention in the Examiner's Court on Monday 7 July 2014 and two full days hearing on 24 and 25 July 2014, following adjournments of the previously scheduled hearings.
For further information please see: http://www.centralbank.ie/press-area/press-releases/Pages/UpdateonCustomHouseCapital.aspx
Enforcement Actions – International
During quarter two the UK FCA issued warning notices against 106 firms for acting without the necessary regulatory licences. Also in the UK, five entities were fined in the aggregate amount of £49million, three people were banned from acting in significant influence roles and one person was charged with insider dealing.
For further details please see: http://www.fca.org.uk/news/list?ttypes=&yyear=2014&ssearch
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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.