05/21/2020
£100m hike in UK lifeboat scheme levy
Estimated £44m will be used just to compensate mini-bonds victims
Legal, Regulation & Compliance
05/20/2020
Carey Olsen and Slaughter and May advise the States of Jersey on financing its response to COVID-19
The States of Jersey appointed Carey Olsen and Slaughter and May to advise on the RCF.
05/20/2020
FCA recognises expiration and termination of European short selling bans
The European Securities and Markets Authority has coordinated the recent emergency restrictions renewals and has contributed to this aligned action yesterday.
05/20/2020
Weekly Tax Brief - 19 May 2020
The UK was quick to introduce different forms of excess profits taxes during both the First World War and Second World War
05/20/2020
Probate and estate planning administration for non-Guernsey domiciliaries
The Guernsey Ecclesiastical Court issues a Grant of Probate if the deceased left a Will or a Grant of Administration if they died intestate.
05/20/2020
EU Exit: Government releases draft CFTA
The UK’s approach to negotiations with the European Union.
05/20/2020
EU Commission launch of AML/CFT action plan
The Commission intends to deliver on all these actions by early 2021.
05/20/2020
IFM notification on fund issues and large redemptions via CSSF eDesk
The CSSF has now extended this monitoring to a greater number of IFMs and has integrated the accompanying notification process into its eDesk portal.
05/20/2020
£6.4m of illicit funds held in City bank seized
After conducting its own internal investigation, the bank alerted the NCA, which established the scam and began court action to seize the money.
05/20/2020
Coronavirus FAQs for UK employers: returning to a safe working environment
Employer’s liability insurance provides cover for certain kinds of employer liability such as breach of the duty of care or breach of statutory duty
05/19/2020
PwC fails to dismiss £25m negligence claim over Guernsey ‘Ponzi scheme’
Auditor accused of failing to uncover fraud at fund that collapsed, owing investors £40m
05/19/2020
Swedbank chief sets ‘big hairy goal’ after scandal
Jens Henriksson insists the lender can move on from money-laundering investigations
05/19/2020
Coronavirus Statutory Sick Pay Rebate Scheme set to launch
Employers will be able to make claims through the Coronavirus Statutory Sick Pay Rebate Scheme from 26 May.
05/19/2020
Reducing the Risks of Returning to the Workplace – Key Issues for Irish-Based Employers
Care should be taken when selecting employees to return.
05/19/2020
Government considering 'air bridges' to countries with similar Covid-19 infection rate
He also confirmed that the quarantine measures would come into place in June, not at the end of May as Johnson had said.
05/19/2020
EU, Caribbean Nations at Loggerheads Over Money Laundering Blacklist
The EU blacklist uses the FATF monitoring list as a starting point and serves as a way to hold the included countries accountable since the FATF has no enforcement ability of its own.
05/19/2020
How will ESG shape the future of funds, corporations and family businesses?
In general terms, family businesses have also looked to embrace ESG factors as part of more sustainable business models, and the result is more frank and open discussion about complex ESG themes, both by younger and older members of the family.
05/19/2020
English Court ruling demonstrates Unexplained Wealth Orders shouldn’t be taken on face value.
Update prepared by Christopher Edwards (Partner, Guernsey) and Jeremy Bell-Connell (Associate, Guernsey)
05/19/2020
Govt bans dividend payouts for firms using loan scheme
The ban is a further blow to income investors, who are facing at least a £30bn dividend short-fall this year as companies including banks and insurers scrapped payouts to shareholders amid the crisis.
05/18/2020
St.Galler Kantonalbank and CREALOGIX renew long-term, strategic digital partnership
The long-standing partnership between SGKB and CREALOGIX in terms of software and innovation is entering a new phase.