11/25/2020
FCA's Butler leaves supervision role in management shuffle
The shakeup was first hinted at in the FCA's business plan published in April
Legal, Regulation & Compliance
11/25/2020
Platform launches with 0.1% fee
The Digi product is paperless, can be completely branded and offers a client portal within which firms can share valuations, messages and documents with their clients.
11/24/2020
Weekly Tax Brief
Taxspotters’ finely tuned antennae will be looking for signals regarding tax reliefs.
11/24/2020
Google faces UK scrutiny over new advertising data revamp
That means login, advertising and other features would be taken off the open web and placed under Google’s control, the group said.
11/24/2020
Board composition and maintenance – greater than the sum of its parts
The role of the Nomination Committee in the composition and maintenance of an effective Board of Directors.
11/24/2020
Government to strip away investor protections in backdoor EU deal
Investors in EU-domiciled funds will not recourse to the FSCS and will have to apply to foreign compensation authorities to get their money back if a product blows up after Brexit.
11/24/2020
Ireland Update - Virtual Assets / Proposed AML Requirements
Virtual Asset Service Providers ("VASPs") to be 'designated persons': AML/CFT requirements will apply to a range of VASPs businesses for the first time.
11/24/2020
Phi Finney McDonald launches in London
Phi Finney McDonald brings competition to UK collective redress
11/24/2020
ESMA publishes a report on funds' resilience to future shocks
This report comes as a result of a coordinated supervisory exercise performed alongside national competent authorities (NCAs), following a recommendation issued by the European Systemic Risk Board (ESRB) in May.
11/24/2020
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".
11/23/2020
Post-COVID financial regulation - John Cassar White
The EBA has postponed its 2020 EU-wide stress testing of banks to 2021.
11/23/2020
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.
11/23/2020
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
11/23/2020
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.
11/23/2020
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.
11/22/2020
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:
11/20/2020
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
11/20/2020
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
11/20/2020
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
11/20/2020
Swiss Prosecutors to End Magnitsky Case as Browder Calls Foul
Firm accuses authorities of giving in to Russian pressure