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

ESMA guidelines on marketing communications

The guidelines will apply six months after the date of the publication of the guidelines on ESMA’s website in all EU official languages, ie from 2 February 2022.

The definition of insanity or the ECB’s approach to QE?

But the ECB and other central banks have been all too eager to jump at the chance to deploy these measures since the global financial crisis, and they are utterly convinced of their success.

Financial Regulation Daily Update

It points to the following as areas that firms should look

The new EU Commission AML/CFT legislative package revealed

If adopted as such, it will trigger substantial amendments to the current AML/CFT framework.

UK - Proposals to reform the GDPR are significant but not radical

The key uncertainty is whether it will provoke the EU into revoking its adequacy finding for data transfers to the UK.

The ultimate punishment – Fines which threaten the viability of a company

The £90 million penalty is more than four times the previous record of £20.3 million imposed on Thames Water in 2017 following environmental breaches.

Green investments to be part of EU budget rules review

The idea to exempt investments that would help prevent climate change is to support the bloc’s ambition to cut net CO2 emissions to zero by 2050.

Watchdog hits Grant Thornton with £4m fine over Patisserie Valerie collapse

The Financial Reporting Council’s fine over the auditing of one of Britain’s best-known cafe chains could be announced as soon as this month, Sky News learns.

CIGA, Brexit and the recognition of Part 26A Restructuring Plans in Guernsey and Jersey

This Walkers’ briefing addresses issues that may be relevant to the recognition of foreign insolvency officeholders

CP21/28: New cancellation and variation power: Changes to the Handbook and Enforcement Guide

The new power does not apply to firms authorised by the FCA otherwise than under Part 4A, for example as payment service providers or electronic money issuers, and therefore the guidance we are consulting on will not relate to such firms.

FCA to move faster to remove unused firm permissions

Firms are required to confirm that the information on the FS Register is accurate on an annual basis.

German finance ministry raided in money laundering probe

Probe puts spotlight on financial crime ahead of elections

New rules for investment firms remuneration policies as of 31 July 2021 in Luxembourg

Specific rules apply in case the investment firm benefits from extraordinary public financial support.

FCA consults on Handbook and Enforcement Guide changes using new FS Act 2021 cancellation and variation power

The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have published a joint Dear CEO letter setting out their expectations of firms when undertaking trade finance activity.

An offshore perspective: The English Commercial Court’s decision in the SKAT “cum-ex” case and Dicey Rule 3

SKAT’s claim failed, at the trial of a preliminary issue, on the grounds that it was offensive to “Dicey Rule 3”, a rule which disallows claims for the enforcement, directly or indirectly, of the penal, revenue and public laws of foreign

Advancis enters administration

All existing loan agreements remain in place and will not be affected by the proposed administration.

UK's new Stewardship Code a tough call for many AMs

BlackRock, Aberdeen and Legal & General Investment Management are among those that made it to the list of signatories.

Clifford Chance advises Cinven

The transaction will position Cinven and True Potential to benefit jointly from a growing market in the UK wealth management and technology sector, and to further develop an industry-leading investment technology platform.

EU supervisors urge implementation of global banking rules

“We, as prudential supervisors and central banks in the EU, very much support a full, timely and consistent implementation of all aspects of this framework,” the signatories said.

Everything You Need to Know About PRIIPs Disclosure Rules

The new PRIIPs disclosure rules, as amended by the FCA, are effective January 1, 2022.

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