Publication
Ireland
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
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Global | Publication | November 2023
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Some of the monetary limits under the Regulation on Measures Regarding Prevention of Laundering Proceeds of Crime and Financing of Terrorism published in the Official Gazette dated 09/01/2008 with the number 26751 (Regulation), with respect to customer identification requirements and wire transfer limitations are increased to be effective as of February 1, 2023.
Regarding customer identification, obliged parties shall identify their customers or those who act on behalf or for the benefit of their customers by receiving their identification information and verifying it and take necessary measures for revealing the beneficial owner of the transaction if the amount of a single transaction or the total amount of multiple linked transactions is equal to or more than TL 185,000. Previous threshold was TL 85,000. Likewise, in wire transfers, the limit applicable to information requirement is increased to TL 15,000 from TL 7,500.
Some of the obligors listed under the Regulation are banks, financing and factoring companies, capital markets brokerage and portfolio management companies, payment service providers and electronic money institutions, investment partnerships, insurance, reinsurance and pension companies, and insurance and reinsurance brokers, financial leasing companies, certified financial advisors, those who buy and sell immovables for trading purposes and intermediaries of these transactions and those who deal with purchase and sale of any kind of sea, air and land transportation vehicles.
With the regulation amendment published in the Official Gazette dated 05/04/2023, the remote identification opportunity has also been introduced for legal entities that are registered with the trade registry, provided that the legislation related to the primary field of activity of the obligor allows the establishment of a contract with the customer by methods that allow the verification of the identity of the customer without having a physical face to face meeting.
Publication
On 31 October 2023, the Screening of Third Country Transactions Act 2023 (the “Act”), which establishes a new foreign direct investment ("FDI") screening regime in Ireland, was enacted.
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The EU Foreign Subsidies Regulation, or FSR, is intended to prevent or remedy distortions of the EU internal market caused by “foreign” – meaning non-EU – subsidies benefitting companies active in the EU.
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The conventional wisdom is that ‘securitisation caused the great financial crisis’ (GFC). A further piece of conventional wisdom is that this was due to the misalignment of incentives between securitisation originators and securitisation investors . This conventional wisdom in turn drove much of the regulation of securitisation we now have.
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