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Legal, Regulation & Compliance

12/21/2022

CGD selects Wolters Kluwer’s OneSumX for regulatory reporting

Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance (GRC) division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions.

12/20/2022

£10m Gibraltar Qrops case gets green light for UK trial

But in October 2022, the investors, represented by High Street Solicitors, appealed the decision and had it overturned in November 2022.

12/20/2022

Brussels briefing paper: European Commission issues guidance on merger control submissions under Article 22 EUMR

For merging parties, the change raised the prospect of the Commission intervening in transactions that competition regulators in the EU would not have previously reviewed at all.

12/20/2022

Addleshaw Goddard: Financial Services & Banking News

The consultation will be of particular interest for banks, building societies and PRA-designated investment firms.

12/20/2022

HM Treasury’s plans to build a smarter UK financial services framework

The task requires more than simply repealing EU law.

12/20/2022

TSB fined £48.65m for operational resilience failings

The Financial Conduct Authority and the Prudential Regulation Authority (PRA) have fined TSB Bank plc.

12/19/2022

HM Treasury, CMA, FCA and PSR joint statement to update on the future of open banking

Open banking has a continuing role in promoting greater competition and innovation for the benefit of consumers, businesses and the wider economy, as well as maintaining the UK’s international competitiveness and leadership in the field.

12/19/2022

Fos freezes levy citing cost pressure on businesses

Case fees will also be flat, at £750.

12/19/2022

Bank Governors endorse Basle Committee limit on bank exposure to crypto assets

The Committee's standard on cryptoasset is a further example of our commitment, willingness and ability to act in a globally coordinated way to mitigate emerging financial stability risks.

12/19/2022

‘Increased rigour’ in HMRC export controls enforcement since Brexit

The committees also said that data on criminal convictions for export control breaches should be published in the government’s strategic export controls annual reports in future.

12/19/2022

Switzerland presses for ‘open finance’ in banking industry

The Federal Council wants regulators to compel companies to share data, bringing a philosophy of ‘open finance’ to Switzerland for the first time.

12/19/2022

Wall Street to Slash Bonuses, Eyeing More Sovereign Wealth Fund Opportunities

In a measure to contain a drop in profits, Goldman Sachs Group could remove up to 4,000 jobs, or around 8% of the bank’s workforce.

12/16/2022

Treasury committee approves Ashley Alder as FCA chair

That included financial services regulation, the operational independence of the FCA, and the role of the FCA in combatting fraud.

12/16/2022

ECB slows rate hikes but pledges more to keep up inflation fight

In a move shadowing similar steps this week by the Federal Reserve and Bank of England, it raised the rate it pays on bank deposits by 50 basis points to 2%, moving further away from a decade of ultra-easy policy.

12/16/2022

PS12/22 – Insurance special purpose vehicles: Further updates to authorisation and supervision

The PRA received six responses to the CP. Respondents generally welcomed the PRA’s proposals.

12/16/2022

DAC 8 proposal would require service providers to report crypto asset users

Beyond crypto assets, DAC 8 would extend the scope of the automatic exchange of advance cross-border rulings for high net worth individuals

12/16/2022

IFS pension tax reform proposals branded ‘ludicrous’

“This could lead to complaints en masse with advisers picking up the tab.”

12/16/2022

Addleshaw Goddard: Financial Services & Banking News

As a result, the Government does not plan to make secondary legislation under the Taxonomy Regulations this year.

12/16/2022

Central bank trio hikes rates as hawks and doves jostle for position

After simultaneous 50 basis point rate rises in the US, Europe and the UK, we look at the different outlooks and circumstances the respective central banks face.

12/16/2022

Bailey the ‘Grinch’: Five reactions to the BoE rate hike

Wealth and asset management pundits gave mixed reactions as the Bank of England raised interest rates to 3.5% on Thursday.

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