08/13/2021
EX-Allianz employee who fled halfway across the world gets fraud sentence
He was arrested by the City of London Police's Insurance Fraud Enforcement Department (IFED), after his employer noticed issues with the claims he was handling.
Legal, Regulation & Compliance
08/13/2021
Cyprus requires beneficial ownership details for partnerships
The process for partnerships will be similar to that of the submission of beneficial owners details for companies.
08/13/2021
Ashurst advises The Berkeley Group on green bond issuance
The funding will support the regeneration of 29 sites, including disused gasworks and industrial estates, to transform them into spaces with a mix of homes and community amenities to better support and add value to the communities around them.
08/13/2021
Financial crime and regulatory scrutiny to grow across the industry
Even though asset managers and wealth managers operate in a relatively lower risk sector of the financial industry, they must still be aware of financial crime risks.
08/13/2021
Global enforcement outlook
Many jurisdictions have increased the legislative and investigative tools available to their enforcement agencies in recent years.
08/13/2021
Ashurst advises HANNOVER Finanz
The reasons for investment are mainly to finance growth and corporate succession in sound medium sized businesses with annual sales of at least 20 million euros.
08/13/2021
Hogan Lovells responds to the European Commission’s consultation on the AI Regulation
By delegating the requirement to specify the precise obligations that need to be complied with to the provider, the Commission is potentially creating a significant degree of uncertainty for users.
08/12/2021
Greylist stops all Malta business on Praemium global investment platform
Global digital investment platform Praemium terminates all forms of business for Malta-based relationships and transactions
08/12/2021
High Court considers approach to sanctioning a banking business transfer scheme under Part 7 of FSMA
This case will be of interest to banks that need to make similar applications as it makes clear the principles the court will consider when exercising discretion under section 111.
08/12/2021
HSF Financial Regulation Daily Update
The 2018 peer review identified best practices in strengthening the supervision of key functions
08/12/2021
‘Comply or explain’ diversity targets proposed for UK listed company boards
The ‘comply or explain’ targets proposed by the FCA are for at least 40% of the board to be women; at least one senior board position to be held by a woman; and at least one board member to be from a non-white ethnic minority background.
08/12/2021
Financial Regulation: Daily Update
IOSCO may refer to the analysis when considering future enhancements to ETF regulation and guidance.
08/11/2021
Macfarlanes advises NortonLifeLock on $9.2bn merger with Avast plc
The deal is expected to complete in mid-2022
08/11/2021
UKSC sets out approach to determine the scope of a professional adviser’s duty in negligence: Manchester Building Society v Grant Thornton UK LLP
In the High Court the judge held that the losses were a result of the market and that GT could not be held liable for them.
08/11/2021
OFSI takes aim at FinTech company in its latest enforcement action
In its penalty notice, OFSI noted that TransferGo did not voluntarily disclose the transactions at issue despite it being a “relevant institution” required to inform OFSI as soon as practicable that it had become aware of a designated person.
08/11/2021
Britain's Most Wanted Woman Laundered £1 Billion and Disappeared Into Thin Air
Sarah Panitzke was a well-off expat living in Spain when she became embroiled in a criminal enterprise worth £1 billion.
08/11/2021
International law firm advises Elbrus Capital
The funds raised will be used to launch new products, to increase marketing investments in Russia
08/11/2021
Ashurst advises British Patient Capital on the Future Fund
The team advising British Patient Capital comprised partner Karen Davies, senior associate Jacob Gold and associate Amy Coleman.
08/11/2021
Financial Services & Banking News
The letter reminds firms to comply with the FCA's general requirements and handbook principles, and to pay due regard to the interests of their customers and treat them fairly.
08/11/2021
What is the European Payments Initiative and will it really work?
The European Payments Initiative aims to succeed where similar efforts have failed. Can it create a viable pan-continental system to rival those of Visa and Mastercard this time round?