Ireland - Banking & Financial Services Law

The report covers: The European Commission has released the report it forwarded to the European Parliament and the Council, presenting its assessment of the markets for commodity derivatives, for emission allowances and for derivatives of emission allowances, under Article 90(5) of the Markets in Financial Instruments Directive (MiFID II) (Directive (EU) 2014/65), as updated in February 2024. It states that input from stakeholders, together with the Commission’s subsequent appraisal based on market trend analysis, did not indicate an immediate need for substantive revisions to the reviewed parts of the commodity derivatives framework, although certain targeted amendments might be contemplated in future... data aspects relating to commodity derivatives the ancillary activity exemption position limits, position management controls and position reporting Source: REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the Commission’s assessment of the markets for commodity...

European Revised guidelines on LMTs under AIFMD and UCITS Directive On 18 December 2025, the European Securities Market Authority (ESMA) issued a report setting out a revised version of its guidelines on LMTs for UCITS and open-ended AIFs. The guidelines explain how fund managers should choose and calibrate LMTs, taking into account their investment strategy, liquidity profile, and the redemption policy of the fund......

European ESMA and NCAs to conduct a CSA on conflicts of interest in the distribution of financial instruments in 2026 On 2 December 2025, ESMA disclosed it will commence a CSA with NCAs addressing conflicts of interests in the distribution of financial instruments during 2026. The exercise will assess how investment firms adhere to their obligations under the Markets in Financial Instruments Directive II to identify, prevent and manage conflicts of interest when offering investment products to retail clients......

This Practice Note provides an overview of the law, guidance and practice on executing simple contracts and deeds in Ireland. It sets out the principal distinctions between simple contracts and deeds and the formalities for execution. It also addresses counterparts and virtual closings, electronic signatures, powers of attorney, deed of variation, Irish Collective Asset-management Vehicles (IVACs) and property transactions. Creating a contract A contract is a legally binding agreement conferring rights and imposing obligations between two or more parties. In essence, four core requirements must be met before a contract arises: an offer has been made that offer has been accepted valuable consideration is provided for performance of the contract the parties intend to be legally bound Contracts can be: oral written a mixture of oral and written by deed The general rule is that writing is not...

This resource kit This resource kit brings together the principal practical guidance available across Lexis+® UK on artificial intelligence (AI). Organised by practice area, it is refreshed as new material appears. The rapid growth of AI technologies has led lawmakers, businesses and the public to focus more closely on the potential advantages and the risks that accompany AI use. AI gives rise to a range of legal and regulatory considerations across numerous disciplines, including: intellectual property (IP) data protection and cybersecurity transactional work such as corporate and commercial employment healthcare and life sciences finance The UK government is developing an AI regulatory strategy that will determine how AI is governed here in future. In the EU, a legislative framework is being built to regulate AI, primarily via Regulation (EU) 2024/1689 laying down harmonised rules on artificial...

This Practice Note examines a typical transaction for the sale and purchase of a second-hand commercial vessel in Ireland, and in particular considers: the principal standard forms used in the market how delivery is conducted the passing of title and risk delivery free of encumbrances the identification of the parties key considerations for financiers, and sale and purchase of fishing vessels specifically Memorandum of agreement As in the UK, many second-hand ship sales are arranged through sale and purchase brokers (commonly referred to as ‘S&P’ brokers) acting for their principals. In Ireland, most shipping sales concern vessels for private use or commercial fishing. For larger vessels, negotiations typically proceed via a series of written exchanges, with the agreed terms then formally captured in a contract between the shipowner (as seller) and the buyer, generally called a...

Proforma checklist of documents for execution at signing and completion meetings in loan transactions This proforma checklist can be used by the lender’s solicitors to monitor, oversee and record the execution of documents at signing and completion meetings, or to be signed and circulated in escrow for closing virtually. It can be adapted for use with the relevant facility agreement. Signing is the point at which the parties execute the agreed versions of the finance documents and the deal becomes binding (albeit, in most cases, subject to certain conditions precedent being satisfied). Completion is the point at which money moves between the parties and the transaction is completed. Often, there is a gap between signing and completion which allows the parties to commit to the deal on signing but leave themselves a short period to satisfy the conditions attaching to funding. In other cases, signing and...

Letter of non-crystallisation This precedent letter is used where a buyer acquires a business/asset subject to a floating charge (the Charged Asset), or a lender takes a second floating charge. It confirms the charge has not crystallised, no steps have been taken to crystallise it, and the chargee consents to either a sale or a second floating charge. Under a floating charge, the chargor may in the ordinary course sell the asset or grant further security (unless restricted) until crystallisation. Once crystallised, the charge becomes fixed and the chargor loses that freedom. Buyers/new lenders should seek confirmation that crystallisation has not occurred. A letter may come from the chargee or chargor, but a chargee’s letter is preferable; though not obliged, chargees usually provide it. Buyers favour unlimited confirmation; chargees often insist on a knowledge...

General This Precedent serves for a complete security release and is designed for bilateral debentures or mortgage instruments, where the chargor is a company registered in Ireland, and is intended for use in relation to that specific documentation. Such releases are ordinarily recorded by a deed of release, which is the usual means of documenting the discharge of a mortgage or charge. That approach matters especially if security is discharged early or before the debt is fully satisfied, as it removes arguments about absence of consideration and assures any third party dealing with the security provider that the release is valid. A complete release is appropriate where the creditor no longer needs security to remain in place, for instance when every liability owed to the security holder is being paid off or refinanced by a different lender. If a full release occurs, the...