IRELAND Law and Practice Contributed by: Niall Esler, Shane Martin, James O’Doherty and Laura Whitson, Walkers
4.4 Syndication of Fiat Currency Loans It is not typical for consumer loans or loans to small businesses to be syndicated. The Crowd - funding Regulation provides a European frame - work for peer-to-peer lending platforms.
duced and regulates credit servicers in certain circumstances. Crowdfunding The Crowdfunding Regulation facilitates peer- to-peer business lending, with regulated crowd - funding service providers being authorised to facilitate the granting of loans. Crowdfunding service providers can also perform individual portfolio management of loans for investors within certain criteria. 4.2 Underwriting Processes Irish conduct of business rules and legislation require creditworthiness or suitability assess - ments in certain circumstances; for example, the European Communities (Consumer Credit Agreements) Regulations 2010, the CPC and the SME Regulations are relevant in this regard. Ireland has established a Central Credit Regis - ter under the Credit Reporting Act 2013, which lenders must check before advancing in-scope credit; the Act also requires lenders to report lending information. 4.3 Sources of Funds for Fiat Currency Loans Credit institutions such as banks raise funds for their lending activities from a wide range of sources, including deposits, inter-bank lending, issuing debt and securitisations. Deposit-taking in Ireland triggers a requirement for a banking licence, and securitisations are subject to a number of Irish and EU rules. Dedicated lending entities (eg, a retail credit firm) may raise funds for their lending activities from securitisations or lending from other investors or institutions. Funds may also be sourced through peer-to-peer lending (eg, via a crowdfunding service provider).
5. Payment Processors 5.1 Payment Processors’ Use of Payment Rails
Payment processors may use existing payment infrastructure or create or implement new pay - ment rails, as long as they operate within the bounds of their financial services authorisation and adhere to relevant regulatory requirements. 5.2 Regulation of Cross-Border Payments and Remittances Cross-border payments may be regulated under the PSR. There are also requirements in respect of wire transfers, credit transfers and direct debits (eg, the Single Euro Payments Area). The oversight framework for electronic payment instruments, schemes and arrangements (the “PISA Framework” ) is also relevant to compa - nies enabling or supporting the use of payment cards, credit transfers, direct debits, e-money transfers and digital payment tokens, including e-wallets. 6. Marketplaces, Exchanges and Trading Platforms 6.1 Permissible Trading Platforms Crowdfunding Platforms The activity of operating a peer-to-peer crowd - funding platform is regulated under the Crowd - funding Regulation, which provides a Europe - an framework for loan and investment-based crowdfunding.
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