12/17/2020
Financial Regulation Update
The new Handbook rules and guidance will come into force on 29 December 2020.
Legal, Regulation & Compliance
12/16/2020
EU moves closer to protecting citizens from online defamation
It further reported that as per the legislation the companies not following the proposed EU content policies could be fined up to 6 percent of global revenues, and repeat offenders could see their platforms temporarily banned.
12/16/2020
Managing the Luxembourg voluntary liquidation process
Luxembourg also offers compelling structures. Its special purpose vehicles (SPVs), for example, have proven hugely popular with multinational private equity and real estate groups, offering huge potential for tax optimisation when they come to sell their
12/16/2020
Luxembourg Confirms Gibraltar Exclusion from the Benefit of the EU Parent Subsidiary Directive
A summary of the recent Luxembourg tax authorities decision to exclude Gibraltar companies from the benefits of the EU Parent Subsidiary Directive as of 1 January 2021.
12/16/2020
EBA updates its Basel III impact study following the EU Commission’s call for advice
Under the full implementation of Basel III and conservative assumptions, the updated impact is meaningfully lower than previously estimated, using June 2018 data and a consistent sample.
12/16/2020
The EBA continues to call on banks to apply a conservative approach on dividends and other distributions in light of the COVID-19 pandemic
Banks in the European Union have been able to continue supporting businesses and mostly remained with strong levels of capitalisation.
12/16/2020
Financial Regulation Update
The regulator highlights that complaints volumes are at the lowest levels recorded since 2016 H2
12/16/2020
What the UK's Brexit divorce means for wealthy international couples
Let’s first talk about prenups, or postnups, and how everything is going to change upon the expiry of the transitional period.
12/16/2020
CSSF publishes passporting requirements applicable to UK investment funds and fund managers after the end of the transition period
Following the departure of the UK from the EU on 31 January 2020
12/16/2020
European Commission unveils new cyber-resilience rules
The new Cybersecurity Strategy aims to safeguard a global and open Internet, while at the same time offering safeguards, not only to ensure security but also to protect European values and the fundamental rights of everyone.
12/16/2020
FCA establishes Temporary Registration Regime for cryptoasset businesses
The FCA is advising customers of cryptoasset firms which should have applied to the FCA, but have not done so, to withdraw their cryptoassets or money before 10 January 2021.
12/16/2020
Financial Regulation Update
The Statement may be subject to change in the event of a free trade agreement being reached and mutual equivalence decisions being taken.
12/15/2020
Aircraft leasor sues over $2m cash transfer
It is claimed, in Commercial Court proceedings, that CMIG Ireland has maintained an account since 2018 with BNP in Dublin solely for the purpose of receiving payments from the lessees of aircraft.
12/15/2020
FCA fines Barclays £26 million over treatment of customers in financial difficulty
Barclays has pro-actively redressed these customers, paying over £273 million to at least 1,530,000 customer accounts since 2017. The redress programme is close to completion.
12/15/2020
FCA fines and prohibits hedge fund Chief Investment Officer for market abuse
Mr Abbattista was aware of the risk that his actions might constitute market manipulation, but recklessly went ahead with those actions anyway.
12/15/2020
EBRD and OECD to strengthen cooperation
The MoU identifies new strategic areas of common interest for enhanced collaboration.
12/15/2020
FCA: CP20/24 on IFPR for MiFID investment firms
This is the first of three consultations that the FCA will issue in order to introduce the regime on 1 January 2022.
12/15/2020
PRA publishes Policy Statement on remuneration provisions for Banks and Credit Institutions
As expected, the Policy Statement largely affirms the proposals made by the PRA and FCA in the summer, with some minor concessions.
12/15/2020
Credit Suisse's new CEO gets a crash course in risk
Thomas Gottstein has faced one setback after the next in his short reign atop Switzerland's second-largest lender
12/15/2020
DARE Legislation Opens the Door for New Industry
It also provides for the regulation of digital assets- based payment service businesses and for the registration of financial services related to the creation, issuance or sale of digital tokens and other digital assets.