Derek Lawlor , BL
Derek is a partner in Simmons & Simmons and leads the firm’s financial services regulation practice in Dublin. Derek advises extensively on the regulatory and conduct obligations which apply to Irish credit institutions, MiFID investment firms as well as other financial service providers including e-money institutions, payment services providers and virtual asset service providers. Derek also advises on the EU sustainable finance regime, including the Taxonomy, and on Irish conduct rules, including the proposed new individual accountability regime and SEAR.
Practice Area
Panel
- Contributing Author
Qualified Year
- 2008
Experience
- Simmons & Simmons (November 2018 - Present)
- Deutsche Bank (February 2015 - October 2018)
- Matheson (January 2005 - January 2015)
Membership
- Law Society of Ireland
Qualifications
- Diploma in Finance Law (2007-2008 )
- Professional Practice Course (2005-2008)
- Diploma in Legal Studies (2002-2004)
- M.Sc., Molecular Medicine
- B.Sc., Biochemistry
- Solicitor (2008)
Education
- Law Society of Ireland (2007-2008 )
- Law Society of Ireland (2005-2008)
- Technological University Dublin (2002-2004)
- Trinity College Dublin
3 Contributions by Derek Lawlor
PRACTICE NOTES
Ireland: Authorising and Operating UCITS Management Companies—Super ManCos (AIFM), MiFID Top-ups, Passporting, Operating Conditions, Central Bank of Ireland Supervision and Withdrawal
Scope of this Practice Note
This Practice Note delves into the notion of Super ManCos, i.e. firms authorised to administer both UCITS and alternative investment funds (AIFs), highlighting the advantages of dual authorisation. It also outlines the route to securing MiFID permissions, enabling UCITS ManCos to undertake supplementary activities. In addition, it explains the passporting entitlements that permit UCITS ManCos to operate across EU Member States, either via branch establishments or under the freedom to provide services. The note further considers engagement with the Central Bank of Ireland (CBI), detailing its supervisory functions and the circumstances in which authorisation can be revoked. Overall, this document acts as a key reference for organisations seeking to navigate the Irish regulatory framework for UCITS ManCos. For further details on UCITS funds, see Practice Note: Ireland—Authorisation of a UCITS in Ireland...
Regulatory framework
The Irish regulation of UCITS ManCos consists of a suite of interlinked measures at both EU and domestic levels. At EU level, Directive 2009/65/EC—Undertakings for Collective Investment in Transferable Securities IV (recast) (the UCITS Directive) sets out the principal requirements for UCITS and their service providers, in particular UCITS ManCos. The implementation of the...
Ireland - Banking & Financial Services
PRACTICE NOTES
Ireland: authorising UCITS—regulatory framework, legal forms, ManCos and Depositaries, passporting and Central Bank of Ireland process
Scope of this Practice Note
This Practice Note outlines how UCITS obtain authorisation in Ireland. It addresses what UCITS are and their permitted legal forms, the supervisory framework, the functions of UCITS ManCos, Depositaries and additional service providers, passporting entitlements, and the Central Bank of Ireland (CBI)’s approval process. It is intended as an essential reference for organisations aiming to navigate Ireland’s UCITS regulatory environment. For further details on UCITS funds, see Practice Note: Ireland—Authorisation of a UCITS Management Company in Ireland. These topics collectively frame the route to UCITS authorisation in Ireland for applicants.
What is a UCITS?
UCITS stands for Undertaking for Collective Investment in Transferable Securities. A UCITS is an investment fund that aggregates capital from numerous investors to invest in transferable securities and other liquid asset classes. Put simply, a UCITS is an authorised, open-ended, diversified, liquid retail investment vehicle. UCITS funds also enable investors to buy and sell fund units with ease, offering strong flexibility and liquidity. In Ireland, authorised UCITS may adopt several legal structures, including unit trusts governed by trust law, common contractual funds under contract law, fixed or variable capital investment companies, or Irish collective asset management vehicles (ICAVs) established by statute...
Ireland - Banking & Financial Services
PRACTICE NOTES
Ireland: Investment Intermediaries Act 1995 authorisation of investment business firms—scope, MiFID II interaction, application, conditions, exemptions, supervision, passporting and Individual Accountability Framework
This Practice Note examines the principal considerations for securing authorisation of an Investment Business Firm in Ireland under the Investment Intermediaries Act 1995 (Ireland), as amended (IIA 1995 (IRL)).
The Irish Legal and Regulatory Framework for the Investment Intermediaries Act 1995 (Ireland)
EU-wide alignment for investment firms commenced in 1993 with Directive 93/6/EEC on the capital adequacy of investment firms and credit institutions (the Capital Adequacy Directive) and Directive 93/22/EEC on investment services in the securities sector (the Investment Services Directive).
The Capital Adequacy Directive sought to create consistent capital standards for investment firms and credit institutions, while the Investment Services Directive set out the conditions permitting investment firms, authorised and supervised by their home Member State regulator, to provide specified services and gain access to regulated markets across other Member States.
In Ireland, these measures were implemented through the enactment of the IIA 1995 (IRL). Both the Capital Adequacy Directive and the Investment Services Directive have since been repealed and replaced by later EU legislation. The contemporary EU regime governing investment firms began with Directive 2004/39/EC (MiFID I) and is now underpinned by Directive 2014/65/EU...
Ireland - Banking & Financial Services
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