Latest updates

EU (Insurance Distribution) Regulations 2018: key changes for Ireland
Matheson
  • Insurance
  • Ireland
  • 30 April 2019

Minister for Finance and Public Expenditure and Reform Paschal Donohoe signed the EU (Insurance Distribution) Regulations 2018 (the IDD Regulations) into national law in June 2018. However, the implementation of the IDD Regulations was postponed until 1 October 2018 to provide the insurance industry with additional time to put in place the necessary organisational and technical changes required to ensure compliance. This article reviews the key changes resulting from the IDD Regulations.

Periodic payment orders in catastrophic injury cases
Matheson
  • Insurance
  • Ireland
  • 23 April 2019

A recently signed ministerial order marks the formal introduction of long-awaited periodic payment orders (PPOs) in Ireland. This should be a welcome development for insurers as it will avoid upfront compensation payments in catastrophic injury cases. It will also align the Irish regime of awards in case of catastrophic injury with the UK system, under which PPOs are already available.

Defender v HSBC: impact of settling with one concurrent wrongdoer
Matheson
  • Litigation
  • Ireland
  • 23 April 2019

Defender v HSBC highlights the need for plaintiffs to understand the blameworthiness of all wrongdoers before settling a claim against any of them. This case concerned Defender, a fund which invested with Bernard Madoff and subsequently suffered a loss when Madoff was revealed to be operating the world's largest Ponzi scheme.

Clarity for insurers seeking to join proceedings
Matheson
  • Insurance
  • Ireland
  • 16 April 2019

The April 2018 decision of Bin Sun v Jason Price provides a useful summary of the circumstances in which a party can be joined as a co-defendant against the wishes of a plaintiff. It also provides clarity for insurers as to the circumstances in which they can seek to be joined to proceedings at first instance, which could prevent or substantially reduce their exposure in a subsequent application by a claimant to enforce against them.

Delay in professional negligence claims
Matheson
  • Litigation
  • Ireland
  • 16 April 2019

The High Court recently dealt with a professional negligence claim following a retainer by a couple of a chartered engineering firm regarding the construction of their home in 2005. The defendants had brought a strike-out claim for a significant delay in the construction proceedings. On the facts of the case and owing to the fact that the defendant had been a professional person, the case was allowed to proceed on a limited basis.

Discovery process reaches crisis point: Supreme Court to consider reform
Matheson
  • Litigation
  • Ireland
  • 26 March 2019

Businesses with experience litigating in Ireland will be familiar with the discovery process and the onerous obligation to disclose all relevant documents which are in their power, possession or procurement. In an age when the volume of electronically stored information continues to increase exponentially, the costs and time involved in complying with discovery orders can often be disproportionate; however, change may be on the horizon.

Impact of Brexit for Irish policyholders
Matheson
  • Insurance
  • Ireland
  • 26 March 2019

Large corporates based in Ireland typically have a suite of non-life insurance policies to cover a variety of risks. Given the fact that the UK insurance market is the biggest in the European Union, it is likely that at least some of the policies held by corporates based in Ireland will have been written by UK or Gibraltar-licensed insurers. As such, whatever form Brexit ultimately takes, Irish policyholders with policies written by UK insurers must assess any risk to (among other things) their ability to renew.

Brexit and contracts – a practical guide for Irish businesses
Matheson
  • Company & Commercial
  • Ireland
  • 18 March 2019

Irish businesses trying to navigate the current Brexit landscape should consider the impact of events on their contractual relationships. As Brexit will directly or indirectly affect most, if not all, transactions between Irish and UK businesses or Irish businesses doing business in the United Kingdom (including Northern Ireland), Irish suppliers must consider not only events which may directly affect them, but also their supply chain.

Media merger regime: four years later – what you need to know
  • Tech, Data, Telecoms & Media
  • Ireland
  • 23 November 2018

The Irish media merger regime has a long history and remains a complex part of Irish regulatory law and politics. Given the recent sharp increase in mergers of Irish and global media businesses – reflecting dramatic levels of decline in 'traditional' media consumption and 'e-substitution' leading to pressure to consolidate – the Irish media merger regime is affecting all corners of the global industry.

Higher financial thresholds for merger notifications
Matheson
  • Competition & Antitrust
  • Ireland
  • 01 November 2018

Minister for Business, Enterprise and Innovation Heather Humphries recently laid the Competition Act 2002 (Section 27) Order 2018 before the Houses of the Oireachtais. This will have the effect of increasing the financial thresholds for M&A requiring a notification to the Competition and Consumer Protection Commission. This is the first time that a minister has used their powers under Section 27 of the Competition Acts from 2002 to 2017.

Higher merger control thresholds: welcome news for private equity
Matheson
  • Competition & Antitrust
  • Ireland
  • 25 October 2018

The Department of Business, Enterprise and Innovation recently published legislation that substantially increases the financial thresholds at and above which notification of a transaction is required to the Competition and Consumer Protection Commission. From 1 January 2019, only mergers where the acquirer and target each generate €10 million or more and together generate €60 million or more turnover in Ireland will trigger mandatory notification.

CCPC serves up sharp reminder to Irish restaurant trade
Matheson
  • Competition & Antitrust
  • Ireland
  • 23 August 2018

The Competition and Consumer Protection Commission's (CCPC's) current scrutiny of the Restaurants Association of Ireland serves as a reminder that trade associations must be careful to stay within the lines and avoid encouraging or inadvertently facilitating anti-competitive agreements between their members. Compliance training is an essential tool to prevent unwanted scrutiny from the CCPC and other authorities.

Non-compete clauses – staying within the boundaries
Matheson
  • Competition & Antitrust
  • Ireland
  • 28 June 2018

Non-compete clauses can provide important protection for purchasers who have a legitimate interest in maintaining the value of the business they are acquiring. However, careful consideration must be given to the drafting of non-competes in order to avoid allegations of anti-competitive conduct – which is a criminal offence in Ireland – and scrutiny from competition regulators such as the Competition and Consumer Protection Commission and the European Commission.

Proposed legislation granting additional competition enforcement powers
Matheson
  • Competition & Antitrust
  • Ireland
  • 07 June 2018

A new bill has been proposed in the Oireachtas to grant the Competition and Consumer Protection Commission (CCPC) civil enforcement powers. At present, where the CCPC identifies a suspected breach of competition law, it must petition the court to impose criminal penalties. Under the amendment bill, the CCPC would be empowered to levy administrative fines against firms or individuals for anti-competitive practices. This would bring Ireland into line with most other EU member states.

Gun jumping investigations: implications for the Competition and Consumer Protection Commission
Matheson
  • Competition & Antitrust
  • Ireland
  • 10 May 2018

Ireland has recently shown an increased interest in gun jumping, the prohibited practice of implementing a transaction without having first obtained merger control clearance. In February 2018 the Competition and Consumer Protection Commission confirmed that it had launched an investigation into suspected gun jumping by Armalou Holdings Limited of Lillis O'Donnell Motor Company Limited.

Mediation Act 2017
Matheson
  • Arbitration & ADR
  • Ireland
  • 15 February 2018

The Mediation Act 2017 recently entered into force. The act's objective is to promote mediation as an attractive alternative to court proceedings, in terms of time, cost, resources and the avoidance of acrimony. Although mediation may not be suitable for all disputes, the act provides a platform for parties to resolve their difficulties without commencing litigation where appropriate (albeit certain classes of case are excluded from its scope).

Assisting lay litigants: recent guidance
Matheson
  • Litigation
  • Ireland
  • 07 November 2017

Straitened times have led to an increase in litigation before the courts involving lay litigants or litigants in person acting without formal legal representation. Notwithstanding that such litigants may not have instructed a solicitor or barrister, they sometimes appear with assistance from a non-legally qualified third party. Recent practice directions across the various levels of the court provide important guidance on the scope of such assistance.

Supreme Court decision puts after-the-event insurance under spotlight
Matheson
  • Insurance
  • Ireland
  • 10 October 2017

A recent Supreme Court decision confirming that third-party litigation funding in return for a share of the proceeds is unlawful in Ireland has put after-the-event (ATE) insurance back in the spotlight as the only legitimate alternative method of funding litigation. Although a relatively new insurance product, a number of insurers are now providing ATE insurance in Ireland.

Minimum Competency Code to incorporate implementation of EU Insurance Distribution Directive
Matheson
  • Insurance
  • Ireland
  • 19 September 2017

The Minimum Competency Code 2017 has been introduced to incorporate the implementation of the EU Insurance Distribution Directive, the EU Markets in Financial Instruments Directive II and associated European Securities and Markets Authority guidelines and the European Regulations 2016. The main changes under the code relate to the qualification and experience requirements of the staff of financial services providers.

Proposals to extend limitation period for complaints to Financial Services Ombudsman
Matheson
  • Banking
  • Ireland
  • 30 June 2017

Two separate bills making their way through the legislative process propose to extend the limitation period for complaints to the Financial Services Ombudsman (FSO). The first bill proposes to strengthen the functions of and amend the limitation period for bringing complaints to the FSO, while the second and more comprehensive bill proposes to amend the limitation period for bringing complaints to the office in certain circumstances.