03/30/2021
Davy taps A&M for forensic investigation into operations
The news comes weeks after Davy was fined €4.1 million by Ireland’s Central Bank for a number of regulatory breaches related to a 2014 transaction.
Legal, Regulation & Compliance
03/29/2021
European supervisory authority issues €8.15m fine for international data transfer and processing failings
This case demonstrates that organisations that transfer
03/29/2021
PIMFA Welcomes the Enhancements to Consumer Protection Laid out in New Work and Pensions Committee Report on Pension Savers and Scams
Savers cannot continue to be liable to lose their life savings because of what amounts to regulatory shades of grey and the government must act to both empower the Regulator, as well as place a duty of care on tech providers to undertake proper due dilige
03/29/2021
BSPS adviser enters default with 13 FSCS claims
The scheme had about 130,000 members at the time of which 43,000 were deferred, which meant transferring out of their pension was an option for them.
03/29/2021
FCA bans IFA convicted of grooming
Given the nature and circumstances of his offence, the FCA considers that Mr Frensham is not a fit and proper person to perform any function in relation to any regulated activity
03/29/2021
First Decision of a German Data Protection Authority on Supplementary Measures for International Personal Data Transfers from Europe
A German publishing company based in Munich used the online service "Mailchimp".
03/29/2021
City may never be the same as five-day-a-week commute ends, says former Bank of England deputy
The switch will impact the economy “in ways we don’t fully foresee”, the former deputy governor for monetary policy at the Bank said this morning.
03/28/2021
FCA: Feedback on open finance call for input
It also summarises the industry and HM Government initiatives which have developed since the FCA originally issued its Call for Input.
03/28/2021
Understanding” that will set the conditions for how regulators from the EU and Britain share information.
Britain and the European Union agreed a new post-Brexit financial services pact on Friday that will allow them to co-operate on regulation but does little to improve the City of London’s access to the bloc.
03/28/2021
Ray Dalio: The government ‘outlawing bitcoin is a good probability’
Bitcoin, the largest cryptocurrency in terms of market value, has “proven itself” as its blockchain hasn’t been hacked and it has a large following.
03/26/2021
UK bank fraud hits new record
£479m lost to sophisticated scams exploiting people’s pandemic anxieties
03/26/2021
FINMA publishes 2020 Annual Report
The year 2020 and FINMA’s activities were dominated by the coronavirus pandemic.
03/26/2021
FCA reminds consumers financially impacted by coronavirus of the support available
This means that firms considering or taking repossession action should only do so as a last resort and when all other reasonable attempts to resolve the situation have failed.
03/26/2021
EU directive introducing new reporting requirement for digital platforms adopted
The rules will apply as from 1 January 2023.
03/26/2021
London forex trading boss fined for unauthorised WhatsApp investment advice
A Bow-based investment firm was found to have been giving out unauthorised investment advice via WhatsApp.
03/26/2021
FinServices sector left reeling in wake of high-profile arrests on money laundering charges
Malta’s business community is in turmoil following recent damning developments in the investigation into the assassination of Daphne Caruana Galizia, the outgoing president of the Malta Chamber of Commerce told Business Today
03/26/2021
UK and EU begin diverging on financial regulation after Brexit
Prospects for supervisory ‘equivalence’ fade as each side pursues differing rules
03/26/2021
German Federal Court: German merchants are allowed to surcharge Paypal and Sofort
The issue of whether PayPal and Sofort transactions can, or cannot, be surcharged by German merchants has been controversial for quite some time.
03/26/2021
Germany: MOF publishes updated draft law to implement EU anti-tax avoidance directive
The reform of the CFC rules would follow the March 2020 version of the draft law, including the proposal to leave the current minimum threshold of an effective tax rate of 25%
03/26/2021
Refinements to the proposed UK National Security and Investment regime
The Government published its response to the consultation at the beginning of March 2021