Financial Services

Overview

The firm has an extensive financial services practice, in corporate and consumer lending, litigation and regulatory compliance and has acted for a number of financial institutions in the city for many years . More recently the firm because of its extensive experience in communications has developed a strong expertise in advising financial institutions on the structuring of access to financial services ( including clearing systems ) and products over the internet.

The firm advises on collective investment schemes (both UCITS and non UCITS) and the ongoing supervisory requirements attaching to such schemes, consumer credit related issues, the structuring of offerings for, credit and debit cards, the distance selling of financial products in compliance with the directive on the distance marketing of consumer financial services directive, derivatives and hedging contracts and their regulation, the authorisation process for firms offering payment services and for investment and insurance intermediaries, the ongoing supervisory requirements which apply to those firms, the provision of services and advice by those firms, the structuring of Internet related financial services offerings in country and cross border, both consumer and corporate related and legal issues connected with electronic share settlement systems and access thereto.

Advertising

We advise financial institutions on the laws, regulations and codes of practice applicable to the advertising and promotion of financial services, including under the Consumer Protection Act 2007, and the Code of Practice of Practice of the Advertising Standards Authority for Ireland.

Banking, Insurance, Reinsurance, Authorisation, Regulation & Compliance

We have advised for many years on the authorisation and ongoing supervisory requirements applicable to credit institutions, investment firms, life and non life insurers and reinsurers, including passport rights. More particularly we advise on the Advising on the Central Bank Acts, the Consumer Credit Act, the Hire Purchase Acts, the Financial Transfers Act, the Factors Act, the Finance Acts that apply, the Forgery Act, the Insurance Acts, the Investment Intermediaries Act, the Official Secrets Act, the Netting of Financial Contracts Act, the Sale of Goods and Supply of Services Act and the European Communities (Reinsurance) Regulations 2006.

Collateral Taking

We advise on the type of collateral required for an on-exchange or off -exchange derivative transactions and the structuring of the collateral in the context of the legislation implementing the Financial Collateral Directive.

Collective Investment Schemes

We advise on the establishment and structuring of collective investment schemes ( UCITS and Non UCITS and Hedge Funds), the authorisation process, the structuring of agreements with service providers and the existing and proposed regulations and codes of practice which apply to such schemes and the provision of services by those schemes and to those schemes.

More details available from info@mckr.ie

Consumer and Credit Card offerings

Structuring these offerings, including drafting application forms, data protection consents, the terms and conditions and ensuring compliance with all applicable laws, including the Consumer Credit Act 1995 as amended, and the provisions of the Direct Debit Schemes, all applicable regulations and codes of practice

Corporate Lending

We have for many years advised credit institutions on the necessary steps involved in the taking of security over real property and assets of all kinds, including putting Charges and Mortgages in place, their registration and reporting to the clients on the security implemented and the enforcement of such security both within Ireland and on a cross border basis

Derivatives

We advise on the regulatory rules which read on derivative and hedging contracts and associated collateral agreements, we review and advise on transaction confirmations, amendments to the schedule to ISDA master agreements, the structuring of netting provisions, the termination provisions and the structuring of any related collateral agreements in the context of a derivative or hedge transaction.

More details available from info@mckr.ie.

Distance Marketing

Including distance marketing of financial services under the FS distance selling directive and the ecommerce directive, regulatory restrictions on mass marketing (privacy and digital communications), where authorisation is required, pre contract requirements (including their application for successive operations), requirements in relation to voice communications, form of agreements, credit card fraud, changing the means of distance communication, digital signatures, cancellation rights (where they apply and might not apply), providing copies of documents electronically.

eBusiness

Drafting terms of trade, including auction terms where they apply, regulatory compliance, intellectual property and confidential information protection, security issues and their application, identification and authentification and the directive on electronic signatures, limiting liability, defining each party's responsibilities.

Electronic Money

The regulations that apply and authorisation requirements, who can issue e-money, the provision of related financial and non financial services, discount issues, the extent of passport rights. Provisions in relation to small e-money issuers.

Email and Internet Policies

Providing advice on their drafting, including how they should relate to employment policies and contracts.

Insurance and Intermediaries

The firm has over half a century’s experience in dealing with insurance work and insurance related claims. We have advised Insurance Companies on the redrafting of sections of policies, the interpretation of policies and on legal issues arising from claims made on foot of policies.

We have advised insurers on their legal position with regard to claims made in the areas of professional indemnity, permanent health policies, life policies, occupiers liability policies, employers liability policies and public liability policies. We have represented the interest of Insurance Companies and claims arising under all of the above headings and in addition personal injury claims arising from road traffic accidents. We have defended Court and Arbitration proceedings on the issue of policy interpretations.

We advise on the authorisation requirements for Intermediaries and their regulation, including the impact of the Insurance Mediation Directive, the structuring of agreements with principals, the regulation of motor insurers and the ongoing compliance requirement for such insurers.

Internet Banking

The structuring of internet offerings including all corporate approvals required , the structuring of the application forms, the terms and conditions and ensuring compliance with all applicable regulation and codes of practice.

Investment Business Services

We advise on the authorisation requirements for the provision of investment business services under the Investment Intermediaries Act 1995 as amended and the provision of investment advice, compliance with the ongoing statutory requirements, the handbooks and codes of practice which apply to the acquisition of services or the provision of services and the impact of measures the subject of the EU Commission's Financial Services Action Plan 1999 (endorsed by Heads of State and Government at the Lisbon European Council in March 2000) on the sector.

More details available from info@mckr.ie

Money Laundering

We advise firms on what they need to do to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, the Money Laundering Guidelines and the Financial Action Task Force Recommendations on Money Laundering.

Outsourcing

We advise on the laws, supervisory and other requirements applicable to the outsourcing by credit institutions, insurers and investment firms of particular services, including the CEBS Guidelines, the relevant provisions of the Insurance Acts, and of the European Communities (Markets in Financial Instruments Directive ) Regulations 2007. We also structure and draft outsourcing agreements and advise on any related laws and regulations which apply to such agreements including the protection of employees on the transfer of undertakings regulations

Online Gaming

The application of the current rules to gaming, betting and lotteries. Proposals for change and their impact on the provision of online gaming services.

Payment Services

The Payment Services Directive was implemented in Ireland by the European Communities (Payment Services) Regulations 2009. We advise on the authorisation requirements for firms seeking such an authorisation, the structuring of their terms of business including where international services are envisaged and on the ongoing compliance requirements applicable to such firms

Software Analysis Tools and software

Regulation applicable to financial analysis tools and software used in the sector.

Web Sites

Web site development agreements, including their drafting, legal compliance by the web site with any regulatory requirements that apply in relation to the products being advertised or sold, drafting terms and conditions for web sites use, drafting privacy policy in compliance with data protection and privacy and electronic communications legislation. Advice on illegal and harmful content and protection of minors and human dignity.

In addition to the above we advise on:

Acquisitions Finance Asset Finance Constructive Trusts Corporate Counselling Syndications

Tracing

Contacts

Paul Foley (Partner) Profile

Andrew Clarke (Partner) Profile

Patrick D. Rowan (Consultant) Profile

Back to services

Advertising
	We advise financial institutions on the laws, regulations and codes of practice applicable to the advertising and promotion of financial services, including under the Consumer Protection Act 2007, and the Code of Practice of Practice of the Advertising Standards Authority for Ireland.

Banking, Insurance, Reinsurance, Authorisation, Regulation & Compliance
	We have advised for many years on the authorisation and ongoing supervisory requirements applicable to credit institutions, investment firms, life and non life insurers and reinsurers, including passport rights. More particularly we advise on the Advising on the Central Bank Acts, the Consumer Credit Act, the Hire Purchase Acts, the Financial Transfers Act, the Factors Act, the Finance Acts that apply, the Forgery Act, the Insurance Acts, the Investment Intermediaries Act, the Official Secrets Act, the Netting of Financial Contracts Act, the Sale of Goods and Supply of Services Act and the European Communities (Reinsurance) Regulations 2006.

Collateral Taking
	We advise on the type of collateral required for an on-exchange or off -exchange derivative transactions and the structuring of the collateral in the context of the legislation implementing the Financial Collateral Directive.

Collective Investment Schemes
	We advise on the establishment and structuring of collective investment schemes ( UCITS and Non UCITS and Hedge Funds), the authorisation process, the structuring of agreements with service providers and the existing and proposed regulations and codes of practice which apply to such schemes and the provision of services by those schemes and to those schemes. More details available from info@mckr.ie

Consumer and Credit Card offerings
	Structuring these offerings, including drafting application forms, data protection consents, the terms and conditions and ensuring compliance with all applicable laws, including the Consumer Credit Act 1995 as amended, and the provisions of the Direct Debit Schemes, all applicable regulations and codes of practice

Corporate Lending
	We have for many years advised credit institutions on the necessary steps involved in the taking of security over real property and assets of all kinds, including putting Charges and Mortgages in place, their registration and reporting to the clients on the security implemented and the enforcement of such security both within Ireland and on a cross border basis

Derivatives
	We advise on the regulatory rules which read on derivative and hedging contracts and associated collateral agreements, we review and advise on transaction confirmations, amendments to the schedule to ISDA master agreements, the structuring of netting provisions, the termination provisions and the structuring of any related collateral agreements in the context of a derivative or hedge transaction. More details available from info@mckr.ie.

Distance Marketing
	Including distance marketing of financial services under the FS distance selling directive and the ecommerce directive, regulatory restrictions on mass marketing (privacy and digital communications), where authorisation is required, pre contract requirements (including their application for successive operations), requirements in relation to voice communications, form of agreements, credit card fraud, changing the means of distance communication, digital signatures, cancellation rights (where they apply and might not apply), providing copies of documents electronically.

eBusiness
	Drafting terms of trade, including auction terms where they apply, regulatory compliance, intellectual property and confidential information protection, security issues and their application, identification and authentification and the directive on electronic signatures, limiting liability, defining each party's responsibilities.


Electronic Money
	The regulations that apply and authorisation requirements, who can issue e-money, the provision of related financial and non financial services, discount issues, the extent of passport rights. Provisions in relation to small e-money issuers.

Email and Internet Policies
	Providing advice on their drafting, including how they should relate to employment policies and contracts.

Insurance and Intermediaries
	The firm has over half a century’s experience in dealing with insurance work and insurance related claims. We have advised Insurance Companies on the redrafting of sections of policies, the interpretation of policies and on legal issues arising from claims made on foot of policies. We have advised insurers on their legal position with regard to claims made in the areas of professional indemnity, permanent health policies, life policies, occupiers liability policies, employers liability policies and public liability policies. We have represented the interest of Insurance Companies and claims arising under all of the above headings and in addition personal injury claims arising from road traffic accidents. We have defended Court and Arbitration proceedings on the issue of policy interpretations. We advise on the authorisation requirements for Intermediaries and their regulation, including the impact of the Insurance Mediation Directive, the structuring of agreements with principals, the regulation of motor insurers and the ongoing compliance requirement for such insurers.

Internet Banking
	The structuring of internet offerings including all corporate approvals required , the structuring of the application forms, the terms and conditions and ensuring compliance with all applicable regulation and codes of practice.

Investment Business Services
	We advise on the authorisation requirements for the provision of investment business services under the Investment Intermediaries Act 1995 as amended and the provision of investment advice, compliance with the ongoing statutory requirements, the handbooks and codes of practice which apply to the acquisition of services or the provision of services and the impact of measures the subject of the EU Commission's Financial Services Action Plan 1999 (endorsed by Heads of State and Government at the Lisbon European Council in March 2000) on the sector. More details available from info@mckr.ie

Money Laundering
	We advise firms on what they need to do to comply with the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, the Money Laundering Guidelines and the Financial Action Task Force Recommendations on Money Laundering.

Outsourcing
	We advise on the laws, supervisory and other requirements applicable to the outsourcing by credit institutions, insurers and investment firms of particular services, including the CEBS Guidelines, the relevant provisions of the Insurance Acts, and of the European Communities (Markets in Financial Instruments Directive ) Regulations 2007. We also structure and draft outsourcing agreements and advise on any related laws and regulations which apply to such agreements including the protection of employees on the transfer of undertakings regulations

Online Gaming
	The application of the current rules to gaming, betting and lotteries. Proposals for change and their impact on the provision of online gaming services.

Payment Services
	The Payment Services Directive was implemented in Ireland by the European Communities (Payment Services) Regulations 2009. We advise on the authorisation requirements for firms seeking such an authorisation, the structuring of their terms of business including where international services are envisaged and on the ongoing compliance requirements applicable to such firms

Software Analysis Tools and software
	Regulation applicable to financial analysis tools and software used in the sector.

Web Sites
	Web site development agreements, including their drafting, legal compliance by the web site with any regulatory requirements that apply in relation to the products being advertised or sold, drafting terms and conditions for web sites use, drafting privacy policy in compliance with data protection and privacy and electronic communications legislation. Advice on illegal and harmful content and protection of minors and human dignity.

Paul Foley (Partner)	Profile
Andrew Clarke (Partner)	Profile
Patrick D. Rowan (Consultant)	Profile