www.caficointernational.com http://www.caficointernational.com Wed, 11 Oct 2017 16:02:31 +0000 en-US hourly 1 https://wordpress.org/?v=4.8.2 Cafico International awarded by ACCA http://www.caficointernational.com/acca-approved-employer/ Mon, 09 Oct 2017 10:25:30 +0000 http://www.caficointernational.com/?p=1005 Cafico International is proud to announce that the organisation has been awarded the ACCA Approved Employer-Professional Development status. The certificate is given to employers in recognition of  their commitment to providing learning and development opportunities to its finance staff in order to enhance the organisation’s reputation as an employer. Professional Development Approval indicates ACCA’s recognition of the support […]

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Cafico International is proud to announce that the organisation has been awarded the ACCA Approved Employer-Professional Development status.

The certificate is given to employers in recognition of  their commitment to providing learning and development opportunities to its finance staff in order to enhance the organisation’s reputation as an employer.

Professional Development Approval indicates ACCA’s recognition of the support provided to ACCA members for the purposes of Continuing Professional Development (CPD). Granting of the status ensures that ACCA members who participate in the development scheme automatically meet ACCA’s CPD requirements.

Aside from the ACCA Approved Employer Professional Development status, Cafico International also holds the ACCA Approved Employer Trainee Development Gold status, which was awarded to the organisation in 2016.

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Cafico International Growth and Business Expansion with Opening of Ennis Office http://www.caficointernational.com/cafico-international-growth-business-expansion-opening-ennis-office/ Wed, 13 Sep 2017 11:19:24 +0000 http://www.caficointernational.com/?p=978 We are delighted to announce the opening of our second office located in Ennis, County Clare. Our Ennis office allows us to continue to provide cost effective business process outsourcing and corporate administration solutions to our local and international clients with operations in Ireland. The new offices of Cafico International will be led by our […]

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We are delighted to announce the opening of our second office located in Ennis, County Clare. Our Ennis office allows us to continue to provide cost effective business process outsourcing and corporate administration solutions to our local and international clients with operations in Ireland.

The new offices of Cafico International will be led by our Finance Director, Yolanda Kelly and our Head of Company Secretarial, Caroline O’Dea.

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Excited to announce that Máiréad Lyons and Caroline O’Dea have joined Cafico International team! http://www.caficointernational.com/excited-announce-mairead-lyons-caroline-odea-joined-cafico-international-team/ Tue, 01 Aug 2017 09:35:20 +0000 http://www.caficointernational.com/?p=958 Along with Máiréad, Cafico International has welcomed on board Caroline O’Dea as Head of the Company Secretarial Team. Caroline will be responsible for the provision of company secretarial services and day-to-day management of our Company Secretarial Team. “We are delighted to welcome Máiréad and Caroline to Cafico International family during this very exciting period of […]

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Cafico International has appointed Máiréad Lyons as Head of Legal and Compliance. In her role, Máiréad will oversee legal and regulatory compliance matters for clients of Cafico International, along with managing the operations of our compliance, company secretarial and corporate administration teams.

Along with Máiréad, Cafico International has welcomed on board Caroline O’Dea as Head of the Company Secretarial Team. Caroline will be responsible for the provision of company secretarial services and day-to-day management of our Company Secretarial Team.

“We are delighted to welcome Máiréad and Caroline to Cafico International family during this very exciting period of growth for the company,” said Rodney O’Rourke, Managing Director of Cafico International. “We are the experienced, independent Trust and Corporate Services Provider of choice for numerous international companies and financial institutions, and with Máiréad’s and Caroline’s expertise, we’ll be able to meet and exceed customer expectations and continue to grow.”

Cafico International was founded in 2012 and since our establishment we have grown to a compliment of team of over 30 lawyers, accountants and corporate administrators, presently serving over 200 clients from the technology, pharma, aviation and financial services sectors, including leading London based investment banks and NYSE and NASDAQ listed financial institutions and corporates, to whom we provide the full suite of corporate administration and treasury services. Please reach out to our team who will be available to discuss the provision of our corporate administration solutions for your business in Ireland.

 

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Launch of the Beneficial Ownership Register http://www.caficointernational.com/launch-beneficial-ownership-register/ Mon, 31 Jul 2017 12:06:12 +0000 http://www.caficointernational.com/?p=896 The requirement for Irish corporate and other legal entities (‘companies’) to hold a beneficial ownership register (‘BOR’) came into effect in Ireland on 15 November 2016 pursuant to the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016, Statutory Instrument No. 560 of 2016 (the “Regulations”). The Regulations give effect to certain provisions […]

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The requirement for Irish corporate and other legal entities (‘companies’) to hold a beneficial ownership register (‘BOR’) came into effect in Ireland on 15 November 2016 pursuant to the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016, Statutory Instrument No. 560 of 2016 (the “Regulations”). The Regulations give effect to certain provisions of the Fourth Anti-Money Laundering Directive and require that companies:

  • take “all reasonable steps” to obtain and hold “adequate, accurate and current” information in respect of their beneficial owners and record such information in a BOR; and
  • keep the information on beneficial ownership contained in the BOR up to date.

 

Beneficial owners, for the purpose of the Regulations, are natural person(s) who ultimately own or control the entity through direct or indirect ownership of a sufficient percentage of the shares or voting rights in that entity, or through control by other means.

In addition to maintaining a BOR, companies will be required to file their particulars with the Registrar of Beneficial Ownership at a central depository. The responsibility for the establishment and maintenance of the central register of beneficial ownership of companies and industrial and provident societies is expected to be assigned to the Registrar of Companies, as a separate legal responsibility. The legislation for this assignment is in the draft stages and the central register is expected to be launched during Q4 of 2017.

Upon the launch of the central register of beneficial ownership, it is anticipated that companies will be required to file their particulars through an on-line portal and will be afforded a 3-month grace period during which there will be no breach of statutory duty.

In the meantime

Companies who are captured by the Regulations and who have not by now undertaken a review and established their internal BOR’s should take action ahead of the launch of the central register of beneficial ownership. Companies that fail to comply with the requirements commit an offence and will be liable, upon summary conviction, to a class A fine (max. €5,000).

Contact Us

Should you have any questions in this regard, please get in touch with any of the following people or your usual contact at Cafico International.

Rodney O’Rourke
Managing Director
D: +353 1 905 8021
M: +353 86 8174741
E:

Máiréad Lyons
Head of Legal and Compliance
D: +353 1 905 8579
E:

Caroline O’Dea
Head of Company Secretarial
D: +353 1 905 8025
E:

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Cafico International attends Annual Global ABS Conference http://www.caficointernational.com/cafico-international-attends-annual-global-abs-conference/ Wed, 07 Jun 2017 07:30:25 +0000 http://www.caficointernational.com/?p=842 In June of each year, over 3,500 industry leaders assemble in Barcelona, Spain for the largest gathering of issuers and investors as well as finance, legal and banking professionals engaged in the structuring of asset backed securities transactions in Europe. Over the course of three days, the conference features facilitated discussions, keynote speakers and numerous […]

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In June of each year, over 3,500 industry leaders assemble in Barcelona, Spain for the largest gathering of issuers and investors as well as finance, legal and banking professionals engaged in the structuring of asset backed securities transactions in Europe. Over the course of three days, the conference features facilitated discussions, keynote speakers and numerous networking opportunities for attendees.

This year marked the 21st Annual Global ABS event. The event was centered on two main objectives, namely examining the impact of major regulatory initiatives and political developments as well as exploring how the securitisation market is adapting to the hazardous conditions of the modern business world. Throughout the course of the sessions, several themes were closely examined. Themes included general discussions on BREXIT and the end of quantitative easing as well as being specifically focused on RMBS, CMBS and several other asset classes.

“It is a unique opportunity to engage with the banking, legal and regulatory community to participate in key policy discussions and an invaluable forum for client networking discussions. Cafico International is delighted to engage in such a key arena that focuses on the European Securitisation market for sound growth and performance in the future” said Rodney O’Rourke, Managing Director of Cafico International.

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Cafico International Running for Purple House Cancer Support http://www.caficointernational.com/purple-house-cancer-support/ Tue, 25 Apr 2017 15:18:29 +0000 http://www.caficointernational.com/?p=805 On 23rd April, Cafico International presented 4 teams totalling 16 of its staff to complete the Sumo Run in aid of Purple House Cancer Support. On the day, they were cheered on by a number of their colleagues who came out to support the event. The idea of raising money for a great cause in […]

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On 23rd April, Cafico International presented 4 teams totalling 16 of its staff to complete the Sumo Run in aid of Purple House Cancer Support. On the day, they were cheered on by a number of their colleagues who came out to support the event.

The idea of raising money for a great cause in addition to running around in giant inflatable suits meant that little encouragement was needed for volunteers to undertake this challenge.

Rodney O’Rourke, Managing Director of Cafico International said: “Our staff are proud to be running in the 5km Sumo Run in Marley Park this Sunday as our inaugural team event for 2017. Unfortunately, cancer is endemic to our times, leaving everyone touched either directly or in supporting family or friends. We are delighted to be able to do our small part to support such a worthy event”

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Dublin’s 5th Annual Airline Economics Growth Frontiers Conference Was a Huge Success! http://www.caficointernational.com/dublins-5th-annual-airline-economics-growth-frontiers-conference-was-a-huge-success/ Mon, 23 Jan 2017 13:32:36 +0000 http://www.caficointernational.com/?p=799 The Airline Economics Growth Frontiers Dublin has been the aviation industry’s best event for the last four years and 2017’s event took it to a new level. It’s safe to say that this year’s event was the most successful yet, and attracted delegates and participants from all around the world. This year attracted: Over 20 […]

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The Airline Economics Growth Frontiers Dublin has been the aviation industry’s best event for the last four years and 2017’s event took it to a new level.

It’s safe to say that this year’s event was the most successful yet, and attracted delegates and participants from all around the world. This year attracted:

  • Over 20 sponsors
  • Over 500 delegates, and
  • Over 80 airlines

“I have been very happy to endorse and continually support the annual Airline Economics Conferences in Dublin and Hong Kong, together with the upcoming Airline Economics Conference in New York in October 2017, which are excellently organised by Philip and his team,” said Rodney O’Rourke, Managing Director of Cafico International.

The conference focused on current trends and issues facing private equity and hedge funds with respect to aviation investments, including aircraft leasing and asset financing services. The conference also examined issuer and investor expectations, various investment structures and the tax implications for such structures.

The event featured excellent presentations from recognized leaders in the industry.

Keynote Speaker Aengus Kelly, CEO and Executive Director, AerCap Holdings provided some insight about the state of industry and trends for 2017:

  • Airline industry profits reached $35.6 billion in 2016 and are forecasted at $29.8 billion in 2017.
  • Airlines’ profitability expected to continue to drive capacity increases.
  • Airlines need over 39,600 new aircraft. Airlines and lessors are expected to receive 5 new aircraft every day for the next 20 years.
  • Availability of aircraft leasing and financing remains robust with receptive Capital Markets.
  • Middle class is growing and flying and the world’s emerging middle class lives in Asia Pacific.
  • Strong passenger traffic and stable demand for aircraft into 2017.

Rodney O’Rourke and the Cafico International team look forward to being part of the next conference.

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European Union Anti-Money Laundering Regulations: Beneficial Ownership of Corporate Entities http://www.caficointernational.com/european-union-anti-money-laundering-regulations-beneficial-ownership-corporate-entities/ Fri, 23 Dec 2016 14:43:28 +0000 http://www.caficointernational.com/?p=749 Summary On 15th November 2016, the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations (SI 560 of 2016) (the “Regulations”) came into effect, requiring corporate and other legal entities incorporated in the State, (a “Relevant Entity”) to obtain and hold adequate, accurate and current information in respect of its beneficial owners and to […]

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Summary

On 15th November 2016, the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations (SI 560 of 2016) (the “Regulations”) came into effect, requiring corporate and other legal entities incorporated in the State, (a “Relevant Entity”) to obtain and hold adequate, accurate and current information in respect of its beneficial owners and to put in place their own beneficial ownership register. The purpose of the Regulations is to give effect to the European Union Fourth Anti-Money Laundering Directive (the “Fourth Directive”).

All companies, (including companies limited by guarantee) and other legal entities incorporated in Ireland (“Relevant Entities”) must now comply with the Regulations. The failure by a Relevant Entity to comply with any of the foregoing obligations is a criminal offence.

Background

On 15th November 2016, the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations (SI 560 of 2016) (the “Regulations”) came into effect, requiring corporate and other legal entities incorporated in the State, (a “Relevant Entity”) to obtain and hold adequate, accurate and current information in respect of its beneficial owners and to put in place their own beneficial ownership register. The purpose of the Regulations is to give effect to the European Union Fourth Anti-Money Laundering Directive (the “Fourth Directive”).

What is the impact on Irish Companies

All companies, (including companies limited by guarantee) and other legal entities incorporated in Ireland (“Relevant Entities”) must now comply with the Regulations.

All “Relevant Entities” are now obliged to complete the following steps:

  1. Take all reasonable steps to obtain and hold adequate, accurate and current information in respect of its beneficial owners. This is to include their names, dates of birth, nationalities and residential addresses and a statement of the nature and extent of each beneficial owner’s interest;
  2. Enter that information onto a new beneficial ownership register (the “Register”), along with the date the details of a natural person were first entered and the date on which the natural person ceases to be a beneficial owner;
  3. To give notice, requesting the information set out in the Regulations, to any natural person whom the relevant entity has reasonable cause to believe to be its beneficial owner;
  4. To give notice to the natural person entered in the Register where it knows or has reasonable cause to believe a change in ownership has occurred seeking confirmation of this and the date of any change.
  5. Exhaust all possible means to identify the natural persons who are the beneficial owner; Note: If no natural person is identified or there is any doubt that any natural person is a beneficial owner, then the company must enter the name(s) of its senior managing officers in the Register. The relevant senior management, (i.e director and CEO) will be a natural person(s) who has relevant knowledge of the entity’s money laundering risk exposure policies and sufficient seniority to take decisions in relation to them;
  6. To keep a record of the action taken to identify the beneficial ownership of the company;

The failure by a Relevant Entity to comply with any of the foregoing obligations is a criminal offence.

What Relevant Entities are out of scope?

These Regulations do not apply to a company or other body corporate that is:

a. Listed on a regulated market that is subject to disclosure requirements consistent with the law of the European Union; or

b. Subject to equivalent international standards which ensure adequate transparency of ownership information. European Union Anti-Money Laundering Regulations: Beneficial Ownership of Corporate Entities

Who is a Beneficial Owner?

An individual can be a beneficial owner of an entity if they directly, or indirectly through other companies, hold >25% of the shares in that Relevant Entity, or otherwise directly, or indirectly through other companies, control >25% of that Relevant Entity.

In the event where the beneficial owner may not be identified or there is a doubt about an individual who has been identified, then the prescribed information about one or more persons holding senior management positions and in the entity may be entered into the Register.

Member states do have discretion to decide that a lower percentage than 25% should be used as a threshold, but Ireland has not done so.

Why is “beneficial ownership” a key area?

The beneficial ownership’ provisions of the Fourth Directive are aimed at ensuring that the individuals at the top of the complex ownership structures can be readily identified for Customer Due Diligence (“CDD”) purposes.

Are obligations imposed on individuals?

A person who is a beneficial owner is under a duty to notify the Relevant Entity that they are a beneficial owner if:

I. the Relevant Entity’s Register does not contain the relevant details regarding that person; or

II. the person has not received a notice from the Relevant Entity requesting this information.

A beneficial owner’s duty to notify the Relevant Entity arises where these circumstances have continued for at least one month. This individual then has one month to provide the Relevant Entity with the necessary information so that it can alter its Register to reflect the change.

What are the consequences of non compliance?

Where a Relevant Entity or a beneficial owner or any other individual who has received a notice requesting information fails to comply with their obligations under these Regulations, they may be liable to a Class A fine (i.e. a fine not exceeding €5000).

Who may access this Register?

The Regulations make no provision for the public to be able to access the Register, but following the transposition of the Fourth Directive into Irish Law on or before 26 June 2017, Ireland must ensure that information on the beneficial owners of Relevant Entities is collated onto a Central Register and be made accessible by:

I. competent authorities;

II. entities required to carry out CDD; and

III. others with a legitimate interest in enforcing money laundering legislation.

Currently, EU member states have discretion on the extent of accessibility of the central register.

If you would like any additional information, please contact Máiréad Lyons, the Head of Legal and Compliance of Cafico International, on +353 1 905 8579 or at

 

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Cafico International lending a hand to a local charity http://www.caficointernational.com/cafico-international-lending-hand-local-charity/ Mon, 28 Nov 2016 15:33:27 +0000 http://www.caficointernational.com/?p=707 On Friday 25th November 2016 Team Cafico International was lending a hand to a local charity – Cheeverstown House, by participating in its annual Christmas Food Appeal at a local supermarket. The day was a great success as hundreds of donations were received and all involved agreed that the event had made their day. As […]

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On Friday 25th November 2016 Team Cafico International was lending a hand to a local charity – Cheeverstown House, by participating in its annual Christmas Food Appeal at a local supermarket. The day was a great success as hundreds of donations were received and all involved agreed that the event had made their day.

As usual, the competition between the team members was taking place and the biggest “Chatterbox” this time around was Enda, who managed to stop almost every single customer on their way to the shop and to our great delight every fourth shopper who passed the donations trolley on their way out did leave some Christmas joy to be passed to those in need.

We hope this type of partaking in local community programmes is of continued enjoyment for all of us in Cafico International and for local charities.

Rodney O’Rourke, Managing Director of Cafico International:  “We recently undertook some charity work in relation to a well-deserved local charity – Cheeverstown House.  As part of our ongoing effort to promote corporate responsibility in areas of social inequality, we feel it is important to “give back” to deserving causes such as Cheeverstown House.  We also have been fortunate to be able to make charitable donations to such worthy causes as Focus Ireland, Irish Motor Neurone Disease Association and the Jack and Jill Foundation, amongst others over the past number of years.  Cafico International will always endeavour to participate in worthwhile community projects”

 

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After 20 Years, the Global ABS Was Better Than Ever! http://www.caficointernational.com/20-years-global-abs-better-ever/ Tue, 21 Jun 2016 13:35:01 +0000 http://www.caficointernational.com/?p=796 Europe’s most significant gathering in the securitisation industry celebrated its 20th Anniversary, as the Global ABS took place in Barcelona, Spain. This year was the biggest so far, as the event blended a mix of looking back at past events and looking forward to the future. The keynote speakers included: Gillian Tett – US Managing […]

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Europe’s most significant gathering in the securitisation industry celebrated its 20th Anniversary, as the Global ABS took place in Barcelona, Spain.

This year was the biggest so far, as the event blended a mix of looking back at past events and looking forward to the future.

The keynote speakers included:

  • Gillian Tett – US Managing Editor, Financial Times
  • Greg Medcraft – Chairman, Australian Securities & Investment Commission
  • Almoro Rubin De Cervin – Head of Unit, Directorate-General for Financial Services, European Commission
  • Paul Tang – Member, European Parliament (S&D)

“This conference provides an invaluable opportunity to meet financial institutions and investors involved in the structuring and arranging of transactions across various asset classes,” said Rodney O’Rourke, Managing Director of Cafico International.

This year’s event focused on looking back at some of the historic developments in ABS while providing an outlook on new innovations and how the market is adapting to positive regulatory developments as renewed confidence in securitisation helps restore economic growth and builds towards capital markets union in Europe.

Some of the key points participants took away from panels and discussions included:

  • Economist Editor, Philip Coggan stated that immigration is crucial to breathing new life into stagnant economies. He added that nationalistic right wing leaders and their policies are poised to kill this opportunity.
  • Many in the industry are frustrated with new and changing regulations in EU, such as a proposal to increase risk retention to 20%,
  • Others are concerned about the impact of how EU and US rules could be harmonized.
  • Disappearing liquidity in ABS markets is hurting those markets in a serious way.

Rodney O’Rourke and the Cafico International team look forward to being part of the next conference.

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