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ARTICLE · 22 JUNE 2016

Financial Regulation Update: Sme Regulations – Are You Ready?

Mason Hayes & Curran LLP
Mason Hayes & Curran LLP
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Mason Hayes & Curran LLP

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In December 2015 the Central Bank of Ireland published new regulations for regulated entities lending to the SME sector, to strengthen protections available to SMEs.

IrelandFinance and Banking
Fionán Breathnach
Fionán Breathnach
Conor Durkin
Conor Durkin
Rowena Fitzgerald
Rowena Fitzgerald
Enda McGeever
Enda McGeever
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In December 2015 the Central Bank of Ireland published new regulations for regulated entities lending to the SME sector, to strengthen protections available to SMEs. Part of the regulations will also apply to business credit cards. Below is a summary of the new regulations.

The Central Bank (Supervision and Enforcement) Act 2013 (Section 48) (Lending to Small and Medium-Sized Enterprises) Regulations 2015 (the "SME Regulations") will impose specific requirements on regulated lenders, other than credit unions, with effect from 1 July 2016 and will replace the existing Code of Conduct for Business Lending to Small and Medium Enterprises 2012 (the "SME Code"). The SME Regulations will apply to credit unions from 1 January 2017.

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