12/15/2021
Addleshaw Goddard: Financial Service & Banking News
The government aims to issue proposals in spring 2022, and legislate when Parliamentary time allows.
Legal, Regulation & Compliance
12/15/2021
Business interruption insurance test case – Insurer claims data
The letter also set out our intention to gather information from all affected insurers regularly on the progress of their non-damage BI claims, and to publish some of this data.
12/15/2021
Scottish budget focuses on climate change
Hundreds of millions of pounds were also pledged to a raft of projects designed to fight climate change.
12/15/2021
Lawyers back UK data protection law voluntary undertakings process
In its paper, the Department for Digital, Culture, Media and Sport (DCMS) said it is “considering whether to introduce a new voluntary undertakings process”.
12/15/2021
UK banks pass the solvency test
This year the stress test incorporated extreme conditions
12/15/2021
UK regulator says won't widen rate hedging redress scheme
The FCA said on Tuesday there were “clear shortfalls” in processes, governance and record-keeping related to the scheme.
12/15/2021
LIBOR transition - impact for trustees
In light of the discontinuation of LIBOR, trustees should ensure that, going forwards, interest rates are no longer linked to LIBOR for any new loan relationships.
12/14/2021
NatWest fined £264.8 million for anti-money laundering failures
This is the first time the FCA has pursued criminal charges for money laundering failings.
12/14/2021
Decision by the French Court of Appeal - UBS
UBS takes note of the French Court of Appeal’s decision.
12/14/2021
Financial Regulation: Daily Update
The statement sets out the progress made since the review was announced on 16 September 2021.
12/14/2021
Addleshaw Goddard: Daily Legal Update
European Commission proposes measures to improve the working conditions in platform work and to support the sustainable growth of digital labour platforms in the EU.
12/14/2021
Statement on the Bank of England 2021 stress test results
Under this stress scenario, the Bank of England’s results indicate that the Group’s common equity tier
12/14/2021
FCA removes permissions from fifth firm in investment group
The regulator said Renaissance Advisory was linked to Marvell Enterprises, a credit broker it removed the permissions of after authorising the firm in January.
12/14/2021
Appleby support PraxisIFM Group
Appleby’s Jersey team led the multijurisdictional team across Jersey, Guernsey, Malta, Luxembourg and the UK.
12/14/2021
Second ex-Continental Wealth client ruling goes against STM
It’s not known how many more decisions are pending
12/14/2021
Embodied Carbon: The next green focus for policymakers
The finished structure embodies this carbon: it is a memorial to carbon released.
12/14/2021
UBS Faces Tough Decision After Ruling
UBS has a few days to decide whether it will accept the ruling or take the case to a high-instance court.
12/14/2021
UK Financial Conduct Authority publishes the Swift Review into the Supervisory Intervention on interest rate hedging products
The FCA will ensure that any significant decisions on redress made in the future will be transparent, with appropriate governance, and supporting evidence will be properly recorded.
12/14/2021
Ireland Update: Clarity and Change for Whistleblowing
The employer also denied that the employee’s dismissal was due to the communication.
12/14/2021
Belgium and France sign new tax treaty
There are several changes in the new treaty, in particular regarding the taxation of capital gains on the sale of shares of companies with assets consisting primarily of real estate.