Related briefings

Funds & investment management update – Ireland and Luxembourg – Q1 2021

This quarter’s highlights include the commencement of the Investment Limited Partnerships (Amendment) Act 2020, a number of AML developments, the publication of performance fee guidance, a Central Bank of Ireland cross-industry guidance on outsourcing consultation, the CSSF’s publications on IT outsourcing and cloud computing, as well as a number of EU sustainable finance developments.

Introducing the Irish AML regime for crypto providers

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 which transposes aspects of the EU Fifth Money Laundering Directive EU/2018/843 (5MLD) brings virtual asset service providers (VASPs) within the scope of the Irish anti-money laundering and countering the financing of terrorism (AML/CFT) regime for the first time. This update highlights the key requirements which will apply to VASPs and the new registration requirement.

Ireland implements 5MLD

The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 transposes provisions of the fifth Anti-Money Laundering Directive EU/2018/843 (5MLD) into Irish law.

Covid-19 Ireland: credit guarantee scheme extended

Over one year from the outset of COVID-19, we examine the Irish government’s recent decision to extend the COVID-19 Credit Guarantee Scheme from 30 June 2021 to the end of 2021.

Latest Briefings

The economic substance requirements for Jersey partnerships

The Taxation (Partnerships – Economic Substance) (Jersey) Law 202- was lodged with the States Assembly on 18 May 2021 and, if passed, is expected to come into effect from 1 July 2021 (with a six month transition period to 1 January 2022 for partnerships established before 1 July 2021).

Tokenized copyrights: Linking an NFT to a copyright licence

In our last report on the NFT (Non-fungible tokens) self-experiment “Formulating a smart contract and minting an NFT”, we looked at what data is packed in a freshly minted NFT. In principle, it is possible to include an entire data set of an artwork (i.e. in our case the GIF) in an NFT and thus on the blockchain. We also pointed out that in our self-experiment we did not only link to the digital artwork but also attached a limited usage licence to the NFT (in the metadata; because otherwise the buyer of an NFT in general will not own any intellectual property respectively rights of exploitation or use to the artwork connected to the NFT).

Virtual Asset Service Providers become subject to registration requirements and AML/CTF obligations

On 23 April 2021, provisions of the Fifth Anti-Money Laundering Directive (5AMLD) were transposed into Irish Law by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021 (CJA 2021), which amends the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA 2010). Please see our recent briefing for analysis of changes introduced by 5AMLD: New Irish Anti-Money Laundering Rules.

Child maintenance: traps for the unwary

For parents, the child maintenance system can seem a vast and complicated system of ropes and pulleys for something they expect should be straightforward.

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