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Legal, Regulation & Compliance

03/27/2020

Businesses to Receive 3-Month Extension Period to File Accounts During COVID-19

While companies will still have to apply for the three month extension to be granted before the accounts are due to be filed, those businesses citing issues around COVID-19 will be automatically and immediately granted an extension.

03/27/2020

UK in-house lawyer was ‘puppet director’ for dubious £16m schemes

The schemes resulted in multi-million-pound losses and the creation of meritless legal charges required the intervention of a liquidator.

03/27/2020

RollOnFriday calls for hiatus on pay and job cuts as Fieldfisher and more take savage measures

The board of Knights is taking a 30% pay cut, although the nobility of their sacrifice is debatable given that an interim dividend of 1.1p per share was declared last week which showered them all in cash.

03/27/2020

The impact of coronavirus on arbitration: the options

Virtual hearings will not be a panacea in every case, however they may be a viable option for parties who might otherwise be faced with an extended period of financial uncertainty.

03/26/2020

UK Government Provides COVID-19 Related Tax and Financial Support for Businesses

In addition to financial support, the UK Government has also announced a number of other tax-related measures to help businesses, employees and contractors manage the COVID-19 pandemic.

03/26/2020

Lenders halt mortgage lending amid Covid-19

The halt on new mortgage lending applies only to new customers approaching the lender.

03/26/2020

Police warns on fraudsters targeting the self-isolated

Commander Karen Baxter, national co-ordinator of economic crime at the City of London Police, said criminals would exploit "tragedies and global emergencies" to take money from the public.

03/26/2020

Round up of EU banking regulators issue updates and advisories on COVID-19

Mostly importantly the EBA confirms that banks can fully use capital and liquidity buffers, including Pillar 2 Guidance (P2G) and will benefit from relief in the composition of capital for Pillar 2 Requirements.

03/26/2020

Covid-19: What next in Jersey - should I be worried about wrongful trading?

Businesses face a serious challenge in the current crisis.

03/26/2020

FCA gives firms 2 month extension to file results

Companies and auditors should be granted time.

03/26/2020

Close friend of Spain’s emeritus king transferred $39 million from “donation” to a US bank

A request for judicial cooperation sent by Swiss prosecutors to a Spanish judge reveals multiple payments to Corinna Larsen, who used part of the money to purchase real estate

03/26/2020

FCA’s expectations on financial resilience for FCA solo-regulated firms

Government schemes to help firms through this period can be part of a firm’s plans for how they will meet debts as they fall due.

03/26/2020

Joint statement by the FCA, FRC and PRA

Successful and sustainable businesses underpin our economy and society by providing employment and creating prosperity.

03/26/2020

Malta Financial Regulator Warns Against Unauthorized Crypto Firms

The document’s letterhead prominently displays the British royal coat of arms.

03/26/2020

London City Airport to suspend all commercial and private flights

British Airways, which operates the majority of flights from London City, suspended all its services there on Monday.

03/26/2020

EIOPA info request points to Solvency II changes: AM Best

EIOPA was originally scheduled to deliver its advice based on this review in June 2020,

03/26/2020

UK regulator to support struggling advice businesses

As it postpones publication of policy paper because of covid-19

03/26/2020

PFS pushes for grace period on PI amid 'evidence of serious impact'

The professional body also asked the regulator to confirm the loans and grants announced by the government in a bid to keep businesses afloat during the market downturn would not breach adviser's capital adequacy requirements.

03/26/2020

Self-employed targeted in Covid-19 scam

The message contains a link which asks for bank details to complete the transaction.

03/26/2020

European Commission Adopts Temporary Framework for State and to Businesses Affected by Covid-19

On 19 March 2020, the European Commission adopted a temporary framework that allows Member States to grant certain State aid to businesses to help them face the economic and financial consequences of the Coronavirus (COVID-19) health crisis.

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