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Legal, Regulation & Compliance

07/25/2023

The EBA publishes Report on interdependent assets and liabilities in the net stable funding ratio

The EBA has only limited recommendations for the Commission at this stage, which concern extendable maturity triggers for covered bonds and indirect derivatives client clearing activities.

07/25/2023

UBS to pay $388m fines for Credit Suisse’s Archegos failings

Credit Suisse has been jointly fined by the Federal Reserve and UK's Prudential Regulation Authority

07/25/2023

No funds from FCA fines passed on to charity

Since April 2012, the money collected from FCA fines has gone to the Treasury, which are then able to go towards charity donations.

07/25/2023

The PRA imposes record fine of £87m on Credit Suisse for serious risk management and governance failures in connection with Archegos Capital Management exposure

This is the PRA’s highest fine and the only time a PRA enforcement investigation has established breaches of four PRA Fundamental Rules.

07/25/2023

International expat advice group receives Cyprus licence

It is a ‘crucial step and milestone for the growth of our EU business’

07/25/2023

Addleshaw Goddard: Financial Services & Banking News

The information provided is aimed at supporting firms' planning and ongoing work in maintaining and enhancing resolvability.

07/24/2023

Metro Bank accused of closing account over Brexit by Reform UK leader

Richard Tice believes his party has been caught up in the same debanking scandal as Nigel Farage, but the lender says it is not its policy to reject customers on the grounds of political or personal beliefs.

07/24/2023

ECB asks banks to provide liquidity data

Supervisory chief says financial markets in a ‘delicate phase’

07/24/2023

Two advice firms fail after FSCS claims

The FSCS said it received four claims relating to pension transfer advice and investments for Cheshire Trafford.

07/24/2023

Spain reportedly axes 6-month absence rule for losing temporary residency

Change ‘could result in a huge amount of confusion’

07/22/2023

PayPoint faces law suit from energy charity

This led PayPoint to make a £12.5m donation to Ofgem's voluntary redress fund and to voluntary agree to remove the clauses in question.

07/21/2023

‘Absolute candour’ demanded by HMRC to avoid UK tax fraud prosecution

HMRC said the CDF was a “vital tool” against tax fraud which enabled officials to recoup millions of pounds for the taxpayer without having to resort to costly criminal prosecutions.

07/21/2023

OECD Pillar One: Amount B report and public consultation

It also seeks stakeholder input in a number of areas.

07/21/2023

New HMRC proposal to change income tax rules on inheriting pensions needs urgent clarification

A single sentence at the end of a policy statement appears a rather odd way to announce a sea change in such a material aspect of the pensions tax regime.

07/21/2023

Statement on two enforcement actions related to Deutsche Bank issued by the Federal Reserve

We appreciate that the Federal Reserve recognizes the progress we have made in recent years in remediating and resolving control weaknesses.

07/21/2023

Appeal court clarifies Electronic Communications Code interpretation

The effect of that agreement was that APW was entitled to the payment of rents due by Vodafone under its original lease.

07/21/2023

A&O’s patent practices and lawyers secure top rankings in leading intellectual property platform

The platform aims to be the primary source for identifying world-class, private practice patent expertise.

07/21/2023

Rowanmoor claims on hold 'at least another 6 months'

We are working with the relevant parties to get the information and documentation we need so that we can complete our investigation into the firm.

07/21/2023

Addleshaw Goddard: Financial Services & Banking News

The Committee concluded that retail trading in unbacked crypto more closely resembles gambling than a financial service and should be regulated as such.

07/21/2023

UK government to clamp down on “unfair” bank account closures

Banks and fintechs will not be able to refuse service owing to political reasons under new rules.

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