- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

EU plans to change AIFMD, UCITS and ELTIF regimes

Requiring open-ended AIFs and UCITS ManCos to choose at least one LMT (as described in new Annexes to AIFMD and the UCITS Directive).

Individual accountability and the key considerations

The Senior Managers and Certification Regime (SMCR) and other comparable regimes across the globe

Wealth Management: Succession in the form of Trusts

The Trustee is under an obligation, legal and contractual by virtue of the trust deed, to act in the best interests of the beneficiaries.

Financial Services & Banking News

The Regulation replaces the annexes of Implementing Regulation (EU) 2016/2070 with updated definitions and instructions.

MCE Insurance Company enters administration

The Gibraltar Financial Services Commission has announced that MCE Insurance Company Limited has entered into administration.

FCA board needs more directors, review finds

It said: “This is a strong board of individuals who have a clear sense of drive and commitment to deliver on the goals of the FCA.”

Esma recommends delay to buy-in rules

As the final EC legislative proposal for the review of CSDR, possibly including changes to the buy-in regime, is not expected before the end of this year

What next for UK gender pay gap reporting?

Breaking down statistics into pay quartiles provides a more nuanced picture of an employer’s pay gap.

CYPRUS: Latest amendments to Companies Law Cap.113

Section 361A is amended by reference to the Open-Ended Undertakings for Collective Investment Law and/or Alternative Investments Law.

Walkers' Jersey and Ireland Teams Advise Eagle Street

Lawyers from Walkers' offices in Jersey and Ireland were involved in advising Eagle Street, with Walkers Professional Services (Ireland) providing corporate administration services.

FSB Statement to Support Preparations for LIBOR Cessation

Active transition of legacy contracts remains the best way for market participants to have control and certainty over their existing arrangements.

UK IFPR: treatment of credit risk items falling outside of the K-Factors

It is unclear how IFPR firms are meant to address this lacuna.

Brussels to curb banks’ use of ‘cross-border’ permissions to access EU

Measure in new capital regulations would tighten patchwork of national arrangements and affect banks in London

HMRC issues scam warning ahead of self assessment deadline

The self assessment deadline is January 31, 2022 and therefore people may expect to hear from HMRC around this time of year.

Guernsey linked to thousands of UK property ownerships

THE legal ownership of thousands of properties in the UK has been linked to Guernsey by new research.

EU Move Marks Threat for Swiss Banks

This cross-border crackdown is central to streamlining global banks within the EU, and hands more heft to regulators.

Advance drafts of legislative package from MiFID II/MiFIR review: What are the key points?

The amendments to MiFIR and MiFID II are the output of the MiFID II review.

HSF Financial Regulation Update

The FCA has 40 working days in which to examine the applications for registration.

Standard Chartered facing court case

Standard was hit by a further £900million fine in April 2019 for breaching the sanctions after a US investigation found it had been dealing with Iranian, Cuban and Sudanese individuals and entities.

FCA confirms recognition of the revised FX Global Code and the Global Precious Metals Code

The FCA expects firms and individuals to consider both the spirit and letter of code provisions to make sure they fully meet ‘proper standards of market conduct’.

Legal, Regulation & Compliance