07/28/2023
Addleshaw Goddard: Financial Services & Banking News
The FCA states it intends to make changes to other application forms once the work on Form A is complete
Legal, Regulation & Compliance
07/28/2023
Home REIT proposes investment policy overhaul as rent collection falls to 7%
General meeting set for 21 August 2023
07/28/2023
FCA gives update on BSPS redress scheme
When it is complete, the adviser will write to the individual if the advice was suitable or not.
07/28/2023
UK and Singapore Enhance Cooperation in Sustainable Finance and FinTech
HM Treasury and Monetary Authority of Singapore joint statement on the eighth meeting of the UK-Singapore Financial Dialogue.
07/27/2023
Financial Lives survey highlights importance of the FCA’s Consumer Duty
The regulator’s findings come only days away from the introduction of the Consumer Duty.
07/27/2023
Italian Supreme Court Extends the Participation Exemption Regime to Non-resident Parent Companies
In such a case, the capital gain would be subject to a 1.2% effective tax (resulting from the application of the 24% CIT ordinary rate on a taxable income equal to 5% of the capital gain).
07/27/2023
UK government faces £150bn bill to cover Bank of England’s QE losses
Estimated cost to taxpayers has increased sharply as interest rates have risen
07/27/2023
BNP Paribas faces US fine over messaging violations
Earnings at eurozone’s biggest bank beat forecasts but hit by litigation and restructuring costs
07/26/2023
Archegos: FINMA concludes proceedings against Credit Suisse
In addition, FINMA has opened enforcement proceedings against a former Credit Suisse manager.
07/26/2023
UBS Not Out of the Woods in Forex Case
While the case was closed years ago at the regulatory level, the civil law resolution drags on.
07/26/2023
UK advertisers told to ensure green claims are ‘balanced’
The Advertising Standards Authority (ASA) is one of the regulators showing their willingness to take a firm approach to tackling misleading green claims.
07/26/2023
Existing data transfer mechanisms remain useful and can benefit from EU-US adequacy decision
TIAs will not need to be carried out by businesses that self-certify against the DPF’s privacy principles.
07/26/2023
European Commission adopts the Final Draft Regulatory Technical Standards relating to Risk Retention
This differs from the 2022 Draft RTS which required these conditions to be “taken into account”.
07/26/2023
Stephenson Harwood advises Kudu Investment Management on investment
The Stephenson Harwood team advised Kudu on both of these transactions.
07/26/2023
FCA shines spotlight on vulnerability ahead of Consumer Duty deadline
Financial services firms can play a key role in helping those with additional requirements manage their finances.
07/25/2023
Archegos Probe Reveals Full Extent of Credit Suisse Failure
The shortcomings are serious and Finma has ordered far-reaching measures applying to the bank and its legal successor, UBS.
07/25/2023
Number of people taking out mortgage terms of 35 years or more skyrockets by nearly 120%
There are now also nearly four times as many people taking out mortgages with terms that they will be still paying off in their 70s.
07/25/2023
The EBA publishes Report on interdependent assets and liabilities in the net stable funding ratio
The EBA has only limited recommendations for the Commission at this stage, which concern extendable maturity triggers for covered bonds and indirect derivatives client clearing activities.
07/25/2023
UBS to pay $388m fines for Credit Suisse’s Archegos failings
Credit Suisse has been jointly fined by the Federal Reserve and UK's Prudential Regulation Authority
07/25/2023
No funds from FCA fines passed on to charity
Since April 2012, the money collected from FCA fines has gone to the Treasury, which are then able to go towards charity donations.