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Financial Regulation Update

The Investment Association (IA) has published a report produced by the Asset Management Taskforce, entitled "Investing with Purpose: placing stewardship at the heart of sustainable growth".

Post-COVID financial regulation - John Cassar White

The EBA has postponed its 2020 EU-wide stress testing of banks to 2021.

FCA communication to Luxembourg-based entities about the UK temporary permissions regime

In order to benefit from the TPR, such Luxembourg entities are invited to notify the FCA of their intention to do so. Notifications have to be submitted before 30 December 20201.

UK's competition regulator looking at formal investigation into Google

If the urgency of the concerns requires us to intervene swiftly, we will also assess whether to impose interim measures

FCA fines TFS-ICAP £3.44 million for market misconduct

This involved brokers communicating to their clients that a trade had occurred at a particular price and/or quantity when no such trade had actually taken place.

Financial Regulation Update

When the FCA contacts firms in the LLM portfolio it will expect them to be able to explain actions taken in response to this letter.

FCA letter: The supervisory strategy for firms in the CRA / CISP portfolio

The FCA has updated its webpage on questions and answers (Q&As) for firms about conduct risk during the LIBOR transition, to include the following new questions:

A tax-evasion scandal draws in Hamburg’s elites

Four bankers with M.M. Warburg are accused of grave tax evasion through “cum-ex” transactions

UK unveils National Cyber Force of hackers to target foes digitally

New unit aims to disrupt online activities of hostile states, terror groups and paedophiles

Central Bank publishes findings from its fitness and probity thematic inspections

The inspections took place after a Dear CEO letter was issued by the Central Bank to all Firms in April 2019 (the “2019 Letter”) identifying a number of areas where Firm compliance with obligations under the F&P Regime was found to be lack

Swiss Prosecutors to End Magnitsky Case as Browder Calls Foul

Firm accuses authorities of giving in to Russian pressure

Timing critical in post-covid distressed M&A deals

There are many reasons for an acquisition's success, but one of the most important when acquiring a company in financial trouble is the timing of the deal, and what stage the company has reached in insolvency proceedings.

Austria: SAC rules third-country insurers and pension funds entitled to dividend WHT refund

The supremacy of EU law requires the non-discriminatory treatment of third-country investors

MTG wins British Legal Awards Private Client Team of the Year

Hosted virtually by Richard E Grant, MTG fought off stiff competition to be awarded Private Client Team of the Year.

Portugal an attractive option for South Africans looking for visa-free travel to

By mid-2020, over 8 736 residence permits were issued since the start of the programme, equating to 14 936 residence permits if the family members of the main applicant were included.

Judge rules trustees are required to top-up historic cash equivalent transfer values in 2nd Lloyds judgment

This is another landmark ruling which is likely to affect every DB scheme in the UK that provides GMPs accrued between 17 May 1990 and 5 April 1997.

FCA warns firms to be responsible when handling client data

Data protection legislation applies to data controllers such as firms, compliance consultants, insolvency practitioners and liquidators.

The financial (in)security of a mistress on the death of her benefactor - a high profile case in Hong Kong

The deceased had a wife and children as well as another mistress with whom he had children.

Proposed CGT changes likely to hit divorcing couples hard says law firm

CGT can arise when certain assets are either sold or transferred between parties

Deutsche Börse acquires ISS

Deutsche Börse AG is to acquire a majority (80 per cent) holding in Institutional Shareholder Services (ISS) in a deal that values the whole business at USD2,275 million (EUR1,925 million).

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