www.caficointernational.com http://www.caficointernational.com Thu, 22 Jun 2017 15:37:16 +0000 en-US hourly 1 https://wordpress.org/?v=4.7.5 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 do the sumo suit and run 5km in aid of Purple House Cancer Support. They were cheered on by a number of other staff that came out to support their colleagues and Purple House. The idea of raising money for a […]

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On 23rd April, Cafico International presented 4 teams totalling 16 of its staff to do the sumo suit and run 5km in aid of Purple House Cancer Support. They were cheered on by a number of other staff that came out to support their colleagues and Purple House.

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 Regina Bolger, the Chartered Company Secretary of Cafico International, on +353 1 905 8034 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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Cafico International attending ICMA Annual General Meeting & Conference 2016 http://www.caficointernational.com/628-2/ Thu, 19 May 2016 09:05:39 +0000 http://www.caficointernational.com/?p=628 Cafico International is attending today and tomorrow ICMA Annual General Meeting & Conference 2016 at The Convention Centre Dublin. The ICMA Annual General Meeting (AGM) and Conference is a long established and internationally respected event for the global debt capital markets, bringing together the global financial community to discuss market and regulatory developments. Over 1000 […]

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Cafico International is attending today and tomorrow ICMA Annual General Meeting & Conference 2016 at The Convention Centre Dublin. The ICMA Annual General Meeting (AGM) and Conference is a long established and internationally respected event for the global debt capital markets, bringing together the global financial community to discuss market and regulatory developments.

Over 1000 international delegates have registered, including senior representatives from ICMA member firms, banks, investors, asset managers, regulatory authorities, central banks and infrastructure providers, providing unrivalled opportunities for networking with fellow market participants.

Details of the agenda and programme of speakers are available here.

Feel free to reach out to our Directors at the venue:

Rodney O’Rourke, Managing Director, +353 1 905 8021,

Damian Agnew, Director of Financial Services, +353 1 905 8095, 

 

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The Companies Act, 2014. What is the difference between an LTD and a DAC? http://www.caficointernational.com/companies-act-2014-difference-ltd-dac/ Thu, 24 Mar 2016 15:19:51 +0000 http://www.caficointernational.com/?p=592 The Companies Act, 2014 (the “Act”), which came into effect in Ireland on 1st June 2015, has impacted all Irish companies, notably private limited companies. Under the Act, the existing private company limited by shares may be replaced with one of two new company types – the new model private company limited by shares (“LTD”) […]

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The Companies Act, 2014 (the “Act”), which came into effect in Ireland on 1st June 2015, has impacted all Irish companies, notably private limited companies.

Under the Act, the existing private company limited by shares may be replaced with one of two new company types – the new model private company limited by shares (“LTD”) or the designated activity company (“DAC”). Companies must decide whether to re-register as an LTD or as a DAC (or some other type) and this change must be made within 18 months of 1st June 2015 (the “Transition Period”).

LTDs – Points to note

The Act makes a number of changes to the law governing private companies limited by shares. The key features of a LTD are:

  • the LTD will not have an objects clause, the LTD need not have an authorised share capital and the stationery etc. of an LTD will not be required to be changed;
  • the LTD may undertake and complete the business of the Annual General Meeting (“AGM”) by written resolution of members, dispensing with the requirement to hold an AGM by way of meeting, even if it is a multi-member company. A DAC may only undertake and complete the business of the AGM by written resolution if it is a single member company;
  • the LTD can have one director;
  • the name of a LTD must end in “Limited” (or an abbreviation, or the Irish equivalent); and
  • the LTD will not be permitted to act as a credit institution or insurance undertaking, or to have debt securities listed on a stock exchange.

DACs – Points to note

As prescribed by the Act, any Company having listed debt will be obliged to convert to a DAC.

The key features of a DAC are:

  • the DAC will have an objects clause, stating the purpose and range of activities for which the company is incorporated, outlined in its constitution;
  • the DAC is required to hold an Annual General Meeting (“AGM”) where it has two or more members. However, it may undertake and complete the business of the AGM by written resolution if it is a single member company;
  • the DAC must have at least two directors;
  • the name of a DAC must end in “Designated Activity Company” (or an abbreviation, or the Irish equivalent); and
  • the DAC will be permitted to act as a credit institution or insurance undertaking, or to have debt securities listed on a stock exchange.

Please click here to see a tabulated comparison between the LTD and DAC company types.

Time for Action

Companies re-registering as an LTD or as a DAC, must initiate the conversion procedure in advance of 31st August 2016 and we would advise acting promptly.

The above guidance sets out a high-level summary of some key initial considerations in respect of this obligation. If you would like any additional information or require assistance with a Company conversion, please contact Regina Bolger, the Chartered Company Secretary of Cafico International, on +353 1 905 8034 or at .

 

 

 

 

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Cafico International features in Business & Finance FDI 100 http://www.caficointernational.com/cafico-internafinance-fdi100/ Thu, 18 Feb 2016 16:44:15 +0000 http://www.caficointernational.com/?p=569 The launch of the Business & Finance FDI 100, an annually updated index highlighting and honouring the decisions of multinationals to invest in Ireland, takes place today, on 18th February 2016. In the FDI100 2016 edition Damian Agnew, Director of Financial Services of Cafico International, discusses the most effective means of obtaining best practice corporate […]

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The launch of the Business & Finance FDI 100, an annually updated index highlighting and honouring the decisions of multinationals to invest in Ireland, takes place today, on 18th February 2016.

In the FDI100 2016 edition Damian Agnew, Director of Financial Services of Cafico International, discusses the most effective means of obtaining best practice corporate administration and accounting services in a cost effective manner.

Here is an excerpt from the article:

Cafico International – Solution Specialists

Cafico International specialises in offering an effective turnkey solution to clients, minimising the administrative burden of general management, while assisting clients in achieving their overall corporate objectives.

We appreciate that every organisations’ need is in some way unique, so we tailor our services to meet those needs. That way clients only pay for what they need. We put in place a client-specific management structure with a dedicated account manager and team, ensuring clients have at all times a consistent point of contact responsible for the ongoing coordination, management, and delivery of their business’ requirements. This approach empowers client executives to concentrate their efforts on product or service development and delivery to market.

Our experienced team of accounting, legal and company secretarial professionals assist in providing all of the services that would be expected from a dedicated finance function while also attending to the compliance of all local legal, regulatory, financial and fiscal obligations of our clients’ Irish operations. In doing so, Cafico International works closely with its local network of lawyers, auditors, and other service providers.

Irish Provider of Choice

Cafico International is the independent corporate services provider of choice to international companies seeking to establish operations in Ireland or restructure their operations through Ireland. Courtesy of our first-class service levels we have been recognised for our responsiveness and enhanced product and service delivery. We are consistently recommended and referred by clients and the professional services network within which we operate. We have the privilege of supporting dozens of international NASDAQ, NYSE and private companies, across a variety of industries and geographies, in establishing and growing their Irish subsidiary company operations.

 

To read the full article, visit Cafico International – Business & Finance DFI 100, 2016.

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Cafico International attends “Opportunities and Challenges in Aircraft and Maritime Leasing” Seminar http://www.caficointernational.com/aircraft-leasing-seminar/ Thu, 11 Feb 2016 09:42:11 +0000 http://www.caficointernational.com/?p=582 On Wednesday, 10 February, Cafico International attended the annual Sino-Irish Business Seminar. The focus of this year’s seminar was the challenges and opportunities in the aircraft leasing and maritime leasing sectors and the implications for Ireland and China. Speakers include industry experts from Avolon, Irish Maritime Development Office, Arthur Cox, KPMG, Bank of Ireland, Enterprise […]

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On Wednesday, 10 February, Cafico International attended the annual Sino-Irish Business Seminar. The focus of this year’s seminar was the challenges and opportunities in the aircraft leasing and maritime leasing sectors and the implications for Ireland and China.

Speakers include industry experts from Avolon, Irish Maritime Development Office, Arthur Cox, KPMG, Bank of Ireland, Enterprise Ireland and IDA. A detailed list of speakers is available here.

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European Financial Forum 2016 at Dublin Castle http://www.caficointernational.com/european-finan-dublin-castle/ Wed, 27 Jan 2016 16:00:10 +0000 http://www.caficointernational.com/?p=562 Today, Cafico International attended Dublin Castle which played host to the European Financial Forum. This inaugural event, presented by the Financial Times in association with IDA Ireland and Enterprise Ireland, brought together industry leaders, policy makers, and experts to explore the disruptive forces that are shaping the financial sector into the future and discuss where opportunities […]

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Today, Cafico International attended Dublin Castle which played host to the European Financial Forum. This inaugural event, presented by the Financial Times in association with IDA Ireland and Enterprise Ireland, brought together industry leaders, policy makers, and experts to explore the disruptive forces that are shaping the financial sector into the future and discuss where opportunities lie.

Attending delegates were welcomed by Enda Kenny TD, An Taoiseach (Ireland’s Prime Minister) and the opening keynote address was delivered by Philip Lane, Governor, Central Bank of Ireland and Andrew Bailey, Deputy Governor for Prudential Regulation, Bank of England and CEO, Prudential Regulatory Authority. Panel discussions then focused on the Changing Macroeconomic and Business Climate, Evolving Regulation, Digital Disruption, Investment Funds, Insurance, and Fintech.

International Financial Services Ireland

The interactive discussions were excellent and noted Ireland’s Department of Finance’s International Financial Services Strategy 2020 (IFS2020), which seeks to fully capture the future opportunities in the international financial services sector in this country and highlighted the appointment of a Minister of State with specific responsibility for international financial services, demonstrating the Irish Government’s deep commitment to the sector. The Strategy’s vision is for Ireland to be the recognised global location of choice for specialist international financial services, building on our strengths in talent, technology, innovation and excellent client service, while focusing on capturing new opportunities in a changing marketplace and embracing the highest standards of governance.

While IFS2020 is a Government-led strategy, it also reflects Ireland’s well-established partnership approach between Government and Industry. The preparation of IFS2020 has benefited from extensive consultation with industry stakeholders and experts, and its successful implementation will depend on the continuation, and indeed enhancement of, the strategic partnership between Government and Industry.

Ireland today has a thriving and growing IFS sector, which is making an important contribution to the economy. The core of the IFS sector is the approximately 430 IDA Ireland and Enterprise Ireland client companies that provide internationally traded financial services, special purpose vehicles (SPV) and technologies. Half of these companies are Irish-owned while the other half are foreign-owned firms with operations here. As of end-2014, these IFS companies directly employ over 35,000 people. Three-quarters of IFS employment is provided by foreign-owned companies and one-quarter by Irish-owned companies.

 

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