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Damien McShane
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Damien is a partner in our Financial Services practice, with over 10 years’ experience advising clients across the financial services sector on a broad range of regulatory and commercial matters. Clients include fund service providers, investment funds, fund promoters, insurers, payment services firms, banks, market infrastructure providers and corporate executives. He also has significant experience advising on AIFMD, the UCITS Directives, Solvency II, the Central Bank Acts, MiFID II, PSD2, establishing in Ireland, and Irish investment services and insurance law more broadly.

Damien joined ByrneWallace from one of the world's largest banking groups where he was most recently a member of the Board of Directors of its Irish depositary company, and responsible for their custody operations. He has also acted as a legal advisor and executive in a range of roles including in one of Ireland’s leading insurers, and in the Central Bank of Ireland where he specialised in insurance and investment services law, as well as the general regulatory framework in place in Ireland.

Damien is an acknowledged expert on financial services law in Ireland and lectures in the Institute of Banking on legal and regulatory matters. Damien is the current chairperson of the Irish Funds Depositary Working Group, a member of the Irish Funds Operational Steering Group, and serves as a Director of the Health Insurance Authority in a non-executive capacity. 

Key Experience

  • Advising a leading fund promoter on the sale and restructure of their Irish investment fund to an overseas institutional investor.
  • Assisting corporate executives regarding roles and responsibilities under Irish regulations implementing the UCITS and AIFM Regulations, Fitness & Probity standards, etc.
  • Liaising with the Central Bank of Ireland, Department of Finance, and European Commission with respect to prospective changes to legislation, standards, and public policy.
  • Advising on High Court action against a financial services provider in a regulatory matter.
  • Negotiating outsourcing and services agreements for significant financial services providers concerning the performance of material services, processing of personal data, and sharing of knowledge and expertise, as well as establishment, operation, and regulatory review of outsourcing frameworks.
  • Assisting in the creation of risk management frameworks, policies and procedures, and risks registers, as well as operation and governance of the same.
  • Working with all order of stakeholders in the establishment, authorisation, and management of Irish authorised UCITS and AIFs.
  • Assisting in, and advising on, the drafting and review of legislation, regulations, and administrative standards at domestic and EU level.
  • Advising on the creation of Compliance Management Frameworks, Compliance Plans, manuals, and standards, as well as operation, development, and governance of these.
  • Assisting leading financial services providers in assessing the impact of new legislation / standards and the impact on their businesses, performance of gap analysis, and implementation of programmes designed to ensure regulatory compliance.
  • Representing a multinational insurer in disputes brought to the Financial Services Ombudsman.

Qualifications

  • MBA, University of Oxford (Jesus College), 2018
  • LLM, University of Dublin (Trinity College), 2010
  • Barrister-at-Law, the Honorable Society of King’s Inns, 2006
  • MA, National University of Ireland (UCD), 2005
  • LLB, Queen’s University, Belfast, 2004

Memberships

  • Ireland: Barrister, 2007-2019; Solicitor since 2019 
  • Bar of New York State Bar: Attorney and Counsellor at law, since 2009