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Legal, Regulation & Compliance

06/25/2020

Ultra-Rich Monaco Wants to Fund Social Impact Projects With Security Tokens

Given Monaco’s high concentration of wealth (one in every three people is a millionaire and the place attracts hundreds of billionaires), it’s surprising it doesn’t have much of a financial center – like the comparably small Lichte

06/25/2020

EY and PwC probed over role in investment scheme where pensioners lost millions

LCF went into administration in January 2019, leaving 11,600 investors facing losses of up to £237m

06/25/2020

The demise of IBOR: key considerations to prepare for the phase out

A number of bank issuers have already started to make the proactive step to transferring their older legacy deals that will cross over into 2021 to alternative rates.

06/25/2020

Guernsey’s insurance sector adopts global sustainable framework

Its response was developed in a collaborative effort between the insurance industry association, and the industry organisation driving the development of green and sustainable finance in the island.

06/25/2020

Embattled payments firm Wirecard collapses into insolvency

Over the weekend, banks in the Philippines said documents produced by Wirecard appeared to be false, and the country’s central bank also said the money had never entered its financial system.

06/24/2020

FCA discussion paper on new prudential regime for MiFID UK investment firms

Her Majesty's Treasury (HM Treasury) has published a policy statement on its legislative approach for prudential standards in the Financial Services Bill post-EU withdrawal

06/24/2020

HM Treasury and FCA statements on amendments to the Benchmarks Regulation

These statements underline the need for firms to continue to migrate away from LIBOR

06/24/2020

Brexit: HM Treasury and FCA Update on Financial Services Bill post-EU withdrawal

HM Treasury considers the most effective way to balance the principles in 1.13 is to delegate responsibility for the implementation of firm requirements to the Regulators

06/24/2020

Getting the full picture – putting the FCA’s mini-bond policy to the test

At the core of the work was a design-led approach – using behavioural science techniques to tackle the problem from the human angle.

06/24/2020

FCA discussion paper on new prudential regime for MiFID UK investment firms

We have long advocated for a bespoke prudential regime for investment firms.

06/24/2020

UK Parliamentary Statement Affirms Urgent Need to Transition From LIBOR and Previews Proposed Legislation to Extend Regulatory Powers of the FCA to Manage Transition

Amend the UK’s existing regulatory framework for benchmarks to ensure it can be used to manage different scenarios prior to a critical benchmark’s eventual cessation.

06/24/2020

English Premier League manager accused of €1m tax fraud

It relates to image rights earnings during his time in Spain

06/24/2020

Basel Committee proposes amendment to capital rules for non-performing loan securitisations

The technical amendment establishes a 100% risk weight for certain senior tranches of non-performing loan securitisations.

06/24/2020

UK to Grant FCA Additional Powers to Facilitate LIBOR Retirement

The government recognises, however, that legislative steps could help deal with this narrow pool of ‘tough legacy’ contracts that cannot transition from LIBOR.

06/24/2020

Cyprus: Corporate Measures undertaken by the government in response to COVID-19

The annual returns (HE32) with preparation date from 01/01/2020 to 31/12/2020 may be submitted to the RoC

06/24/2020

The future of Ireland’s funds industry post COVID-19

Opportunities lie in four key areas: funds industry service provision, technology, portfolio and risk management, and fund governance.

06/24/2020

US fund manager Michael Calvey diagnosed with cancer, appealing against his house arrest

Calvey’s lawyer Timothy Gridnev told Russian journalists that he has been diagnosed with cancer after doctors found that he had “catastrophically low levels of vitamin D”

06/24/2020

FSCS recoups millions from defunct DFM

The FSCS had estimated in 2018 that it would pay about £6m in compensation to Strand's clients.

06/23/2020

FSCS apologises over customer satisfaction survey error

After UK lifeboat scheme caused ‘confusion’ for mini-bond victims who thought it was a scam

06/23/2020

FCA statement on move to new data collection platform

Firms will not be able to access RegData until they and their users’ data have been moved from Gabriel.

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