01/27/2021
Govt urged to sort out 'mess' of investment taxes
Under the current structure, people generating the same overall level of income can attract very different tax bills, according to the legal form in which they work.
Legal, Regulation & Compliance
01/27/2021
EU sustainable investment rules need better corporate data: banking report
As the main providers of finance to companies across the EU, the ability of the banking system to track and report on whether corporate activities are sustainable or not could prove crucial in assessing the rules’ success or otherwise.
01/27/2021
The Status of EU–UK Data Flows Following Brexit
The transfer of personal data will be subject to a separate adequacy decision from the EU due in early 2021.
01/27/2021
Challenges of Regulatory Reporting 2021
These challenges are set to continue into 2021 and beyond, as the sector continues to deal with unprecedented levels of complex regulatory change and ongoing, large-scale external stress events.
01/27/2021
Joint statement by the FCA, FRC and PRA
A statement today by the FCA allowing listed companies an extra 2 months to publish their audited annual financial reports.
01/26/2021
EBA announces timing for the launch of its 2021 EU-wide stress test exercise
The European Banking Authority (EBA) will launch its 2021 EU-wide stress test exercise with the publication of the macroeconomic scenarios on 29 January at 18:00 CET.
01/26/2021
Algorithms and consumer harm: CMA publishes new research paper and launches call for information
The paper also tackles well-trodden ground regarding the potential for algorithmic collusive practices, discussing both explicit and tacit coordination between firms, as well as hub-and-spoke collusion.
01/25/2021
Cyprus UBO disclosure regime for entities and other legal arrangements
A draft bill (incorporating the requirements of the Fifth Money Laundering Directive) is expected to be approved by the House of Representatives in due course.
01/25/2021
Deutsche Bank starts probe in relation to engagement with some clients
Deutsche Bank is said to be probing if its staff mis-sold sophisticated investment banking products to clients
01/25/2021
UK firms told 'set up in EU to avoid trade disruption'
The Cheshire Cheese Company said it had been advised by an official to set up in the EU after it was forced to stop its exports to the bloc due to trade rules that came in on 1 January.
01/25/2021
EU regulators given new Priips deadline
McGuiness has written to the EU’s three main financial regulators to demand they agree with the regulatory technical standards covering the presentation of costs and performance scenarios, according to the FT.
01/25/2021
UK moves to regulate 'stable tokens' with EU cryptoasset reform looming
The consultation itself acknowledges the rapid pace of change in this area that has been accelerated not only by evolving technology and innovations but by changing consumer needs and expectations, including as a result of the coronavirus pandemic.
01/25/2021
European Commission issues looming deadline to EU regulators for shake-up of PRIIPs rules
EU regulators have been given an end of January deadline by the European Commission's financial services commissioner Mairead McGuinness to come to an agreement about the overhaul of PRIIPs rules, the Financial Times has reported.
01/25/2021
UK broker TP ICAP to stop serving some EU clients, blames COVID-19
TP ICAP said it needs to bulk up its Paris hub with between 60 and 100 staff.
01/25/2021
Deutsche probes alleged mis-selling of investment banking products
Investigation at German lender was triggered by client complaints last year
01/25/2021
FSCS Levy Forecast of £1BN Compensation Bill is Scandal that Shows Regulation is Failing Both Consumers and Firms
This is a further sign that the cost of compensation is truly out of control.
01/25/2021
Financial Regulation Update
ISDA published the IBOR Fallbacks Supplement and IBOR Fallbacks Protocol on 23 October 2020.
01/22/2021
Collapsed DB transfer adviser’s wind-up drags on
Kingsway was also one of 45 firms put on the Financial Services Compensation Scheme’s default list between May and October last year.
01/22/2021
"Judgment laundering" doesn’t wash with the English Court of Appeal
While the Cayman Islands judgment was within the literal definition of the term “judgment” in the 1920 Act, Lord Justice Males preferred a more purposive construction.
01/22/2021
FSCS levy to breach £1bn as scheme eyes 48% hike
Due to the advice class breaching its limit, alongside the investment provision class