THE IRISH government’s alleged failure to implement a directive giving lawyers the right to easily register and work in Ireland has led the European Commission (EC) to threaten potentially enormous daily recurring fines.
Brussels has sent Dublin a final warning letter that tells it to comply with a European Court of Justice ruling from last December, that it should transpose Directive 98/5/EC on the establishment of lawyers onto its statute book.
The EU legislation, which was supposed to have been implemented by March 2000, allows lawyers to set up in a member state and practise the country’s law upon proving previous registration as a lawyer in another EU country without having to take a test or probationary period.
It also says that a lawyer who has practised there for three years can enter professional bodies and acquire the country’s professional title.
Slaughter and May (Stephen Powell, Dermot Rice, Graham Airs) advised Equity Release Funding (No 3) on its issue of £462m of mortgage-backed notes securitising a portfolio of equity release mortgages originated by Norwich Union Equity Release. Slaughters also advised Norwich Union. The deal was arranged by Citigroup, represented by Freshfields Bruckhaus Deringer. Herbert Smith (Jason […]