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

ESMA Consults on Proposals for a Review of the MiFID II Best Execution Reporting Regime

These proposals aim at ensuring effective and consistent regulation and supervision and enhancing investor protection.

Consultation Paper on the Review of Certain Aspects of the Short Selling Regulation

All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’.

UBS notes postponed verdict in 4.5 bln euro French tax case

UBS noted a decision by French judges to postpone their ruling on the Swiss bank’s appeal against a 4.5 billion euro ($5.27 billion) fine imposed for helping wealthy clients stash undeclared assets offshore.

Watchdog restricts authorised firm and issues warning

The watchdog says it has taken action to protect consumers.

Financial Regulation: Daily Update

The roadmap sets out four recommendations, underpinned by 13 specific actions, to support defined contribution pension schemes with investing and to develop the long-term asset fund structure.

FCA prohibits IFA and mortgage adviser for fitness and propriety failings

Mr George further demonstrated a lack of honesty and integrity when he concealed this from the FCA, providing them with information which he knew to be false during a compelled interview.

Russian Cabinet presents draft law on LIBOR replacement to parliament

A similar replacement is stipulated in respect of the key rate of the Bank of Russia

Esma fines UnaVista €238,500 for trade reporting failures

The breaches relate to failures in ensuring the integrity of data and providing direct and immediate access to regulators.

EBA sees rapid growth in the use of digital platforms in the EU’s banking and payments sector and identifies steps to enhance the monitoring of market developments

The EBA observes a rapid growth in the use of digital platforms to ‘bridge’ customers and financial institutions.

Avacade directors banned after pocketing £1.4m ahead of insolvency

Investigators discovered that between August 2014 and May 2015, Avacade collected commissions worth more than £1.6m.

Long-established Scots law firms unveil merger deal

All offices will be retained and there will be no redundancies arising from the deal.

End of an Era for UBS Legal Veteran

French government prosecutors are seeking a fine of at least 2 billion euros and 1 billion euros in damages and interest.

Latham & Watkins Advises on Argo Blockchain Plc IPO

Firm represents the underwriters in the offering by the sustainable blockchain infrastructure and cryptocurrency mining company.

Dramatic rise in fraud and scam complaints

Financial Ombudsman Service warns of fraud danger as it continues to help high numbers of customers.

Latest CJEU, EFTA and ECHR

CJEU decision on the Belgian excess profit ruling system

Ex-rugby star turned private banker accused of stealing €578,000

He was released on bail of his own bond of €10,000 and agreed to surrender his passport

Central Bank of Ireland Review Identifies Market Abuse Deficiencies

In July 2021, the CBI issued a Dear CEO Letter (the "Letter") setting out its findings and expectations arising from the review.

Stricter rules on pay for UK asset managers – are you ready?

The new code’s requirements will have a material impact on all firms from 1 January 2022.

Ten years on: Impact of GFC is still being felt in asset management industry

Fewer firms than in 2010

Financial Crime Focus

The proposal sets the threshold for cryptoasset transfers at GBP 1,000 so it will therefore be necessary for firms to calculate the value in GBP of, for example, a transfer of Bitcoin or Ethereum.

Legal, Regulation & Compliance