11/21/2014
ECB Paves Way for Buying Asset-Backed Securities
That’s in line with comments from Executive Board member Yves Mersch, who has said the ECB will start buying ABS this week.
Legal, Regulation & Compliance
11/21/2014
Marrache liquidators sue Baker Tilly for £28m in bid to recoup lost client funds
The liquidators of Gibraltar firm Marrache & Co are suing the local branch of accountancy firm Baker Tilly for negligence, breach of duty, conspiracy and dishonest assistance for audit advice given prior to Marrache’s collapse in 2010.
11/20/2014
FCA worried about fund manager service: JP Morgan
She said Mifid II required all costs to be aggregated, and that the industry would find out in December how that goal would be interpreted into regulation, which will come into force in 15 months’ time.
11/20/2014
'Anti-offshore' law to bring billions back to Russian economy
Russia’s upper house of parliament has approved an “anti-offshore” law requiring individual and corporate taxpayers to report foreign profits.
11/20/2014
The vital relationship between the regulator and the advisory industry by John Griffith-Jones, Chairman of the FCA
Speech by John Griffith-Jones, Chairman of the FCA, at The Association of Professional Financial Advisers (APFA) Annual Gala Dinner delivered at Banking Hall, London. This is the text of the speech as drafted, which may differ from the delivered version.
11/20/2014
FCA fines RBS, NatWest and Ulster Bank Ltd £42 million for IT failures
The FCA has taken this action against the Banks for failing to put in place resilient IT systems which could withstand, or minimise the risk of, IT failures.
11/20/2014
Bankers' bonus cap: UK to get signal in battle with EU
The UK government is due to receive an indication on whether its battle to overturn an EU law on bankers' pay is likely to succeed.
11/19/2014
Guernsey's insolvency regime set to reform
On 24 October 2014, the Commerce & Employment department published its consultation paper on various options for reforming Guernsey’s insolvency regime, both for personal and corporate insolvency.
11/18/2014
In Uncle Sam’s footsteps by Withers
Jurisdictions worldwide may not yet have come up with their 'Esperanto' when it comes to exchanging information about taxpayers, but they are certainly less disconnected than they used to be.
11/18/2014
Curbs on bankers’ fixed pay may be needed: UK’s Carney
Amid concern the current pay regime does not deter misbehaviour
11/17/2014
Schroders’ Tosato: Time for regulators to stop punishing fund groups
He believes the time is ripe to shift the regulatory tone from ‘risk management and compression’, instead encouraging the growth of the asset management industry.
11/17/2014
RBS chief's £1m payout one year after he was axed: Stephen Hester faces fresh political row over his pay
Former Royal Bank of Scotland chief executive Stephen Hester faces a fresh political row over his pay after it emerged he received a £1million payout from the bailed-out bank earlier this year.
11/17/2014
Loose cannons in the world’s biggest financial markets were found out
City shamed again but fines fail to stop banks behaving badly
11/17/2014
Defiant PAC chairman to pursue controversial Ansbacher dossier on tax evasion
The chairman of the Dail's spending watchdog, John McGuinness, is to defy his own committee's legal advice and will seek to investigate the controversial Ansbacher dossier on tax evasion.
11/17/2014
Bankers are just like anybody else, except for the way they escape justice
There was a time when bank bosses took at face value Ogden Nash’s satirical poem Bankers Are Just Like Anybody Else, Except Richer.
11/17/2014
Hong Kong has become an important conduit for laundering money fleeing London
"We are aware that some of these customers have transferred funds to second-tier financial institutions in Hong Kong," Carey said.
11/17/2014
Guernsey’s Funds Offering To Be Given Technical Analysis
A technical showcase of Guernsey's funds offering and how the Island is positioning itself amid the latest regulatory pressures will be the focus of a funds masterclass in London at the start of next year.
11/17/2014
FSCP: The 'radical' cost reforms needed in fund management
The Consumer Panel has highlighted a number of flaws in fund management costs and charges in a disussion paper on the industry.
11/17/2014
HSBC Unit Charged by Belgian Prosecutors in Tax Fraud Probe
“More than 1,000 Belgian taxpayers could be affected over amounts involving several billions of dollars that were invested, managed and/or transferred between 2003 up to the present day,” prosecutors said in the statement.
11/17/2014
ECB's Mersch Says Bank Has No Balance Sheet Target
Executive board member says he will not support further easing measures yet