The aim of the Payment Services Directive is, in essence, to create the regulatory framework for a single payments market in the EU. In doing so, the Directive will introduce a new EU-wide regulatory regime for "payment institutions" and impose new obligations on all payment service providers through information requirements and conduct of business rules. The deadline for national implementation of the Directive is 1 November 2009. In February 2008, the Department of Finance issued a consultation paper on implementation of the Directive in Ireland, and a draft Heads of Bill is expected shortly. If you would like to discuss the legal and strategic implications of the Payment Services Directive for your institution, please contact Orla O'Connor (orla.oconnor@arthurcox.com) or Robert Cain (robert.cain@arthurcox.com), or your usual Arthur Cox contact.

Changes to the Financial Regulator's Qualifying Investor Fund rules. On 9 July 2008, the Financial Regulator made a number of changes to the QIF regime.

Arthur Cox is Ireland’s largest law firm and has a long established history in the US, having opened our office there in 1980. An international firm, we comprise 300 lawyers, including 96 partners. We are an “all-Ireland” law firm, with full-service offices in Dublin and Belfast. The firm also has an office in London. We offer breadth and depth across every facet of corporate, financial and business law and have the resources to successfully manage and drive forward transactions on schedule, helping our clients achieve their business objectives. We have a dedicated US Group which co-ordinates all of the firm’s US activities.

This article looks at Directive 2007/44/EC regarding the prudential assessment of acquisitions in the financial sector. The Directive must be implemented in EU member states by 21 March 2009.

Gaming in Ireland is regulated under the Gaming and Lotteries Act 1956, as amended, (the "1956 Act"). The 1956 Act has not been updated to specifically address online gaming. Ireland also has a thriving licensed bookmaking industry which is regulated separately under the Betting Act 1931 and multiple other amending Acts and Regulations, which create a regulatory framework that is operated by the Revenue Commissioners (off-course) and Horse Racing Ireland (on-course).