In many financial services firms, the role of director – critical to success and, in some cases, to the survival of the business – has never been more onerous.
McCann FitzGerald and the Institute of Directors in Ireland published the first edition of this Handbook for Directors of Regulated Financial Services Companies in Ireland in 2012.
The application of the revised Corporate Governance Code for Credit Institutions and Insurance Undertakings on 1 January 2015, together with the commencement of the Companies Act 2014 (the “Companies Act”) on 1 June 2015, saw the publication of the second edition of this Handbook.
However, the Companies Act has been amended on a number of occasions since 2015 and (from 11 January 2016) the Central Bank Code has been replaced by the Central Bank’s Corporate Governance
Requirements. Further, the European Banking Authority and the European Securities and Markets Authority have jointly published guidance to assess the suitability of members of the management body and key function holders which applies to credit institutions and investment firms.
These developments have prompted this third edition of this Handbook to take account also of developments in financial services legislation (mainly originating at EU level) more generally.
This updated Handbook sets out in clear terms the general duties imposed on all directors as well as the considerable additional burdens imposed on directors of a financial services company.