04/04/2022
Cum-Ex: Extradited tax lawyer is on trial in Germany
The tax attorney has to answer in Bonn for tax evasion.
Legal, Regulation & Compliance
04/04/2022
EBRD supports bedroom furniture company LETTO in Greece
Through its Advice for Small Businesses programme and with support from the European Union, the EBRD has helped the company with a new business strategy and sales plan.
04/04/2022
Skybound Wealth gains direct advice authorisation across the EU
Skybound has operations in Switzerland, the UAE, the US, the UK, and Australia.
04/04/2022
FCA cancels advice firm's permissions
The firm had also informed the regulator that it would transfer its customer business to another authorised firm but had not suggested that it will employ additional resources prior to this.
04/04/2022
Zurich advisor, banks and credit firms amongst 13 additions to Finma warning list
The list includes companies that might be carrying out unauthorised or unsupervised wealth management and banking services, having provided insufficient or falsified information to Finma, leading to inconclusive investigation results.
04/01/2022
Addleshaw Goddard: Financial Services & Banking News
The FCA is particularly interested to hear views on what the industry sees as the role for the regulator in the provision of synthetic data and solutions that will enable greater data sharing in a competition context without undermining data protection.
04/01/2022
FCA sets out plans to deliver £71.2 million of compensation to former British Steel Pension Scheme members
The FCA has previously set out that it will take strong action against impacted firms who try to avoid their responsibilities to pay compensation and already has an asset freeze in place on one firm.
04/01/2022
Open banking to evolve under new UK governance arrangements
The open banking reforms were mandated by the UK's Competition and Markets Authority (CMA) at the end of a review it conducted into retail banking which identified competition concerns in the market.
04/01/2022
Julius Baer is appealing in France
This in connection with large-scale trickery with French VAT
04/01/2022
London court blocks planned forex class action against big banks
The European Commission paved the way for the proposed lawsuit by fining banks
04/01/2022
EU horizontal guidelines encourage sustainability initiatives by competitors
In addition to revising the existing exemptions, the new guidance includes a dedicated chapter on how businesses can cooperate to achieve sustainability goals without infringing competition law.
04/01/2022
EU warns Ireland's golden visa is vulnerable to tax abuse, mainly one nationality
The research report found the Irish scheme is largely used by Chinese nationals who gain residency rights and a potential fast track to citizenship.
04/01/2022
The Bahamas identifies $1.6bn of sanctioned Russians assets, hopeful of FATF up-rating
We have very few accounts and structures of sanctioned persons in The Bahamas," said Campbell.
04/01/2022
Economic Crime Act expands UK sanctions and unexplained wealth order powers
The Act also seeks to increase the enforcement of breaches of financial sanctions, as well as the use of UWOs, as part of the Government’s efforts to tackle ‘dirty money’ in the UK.
03/31/2022
Call for input: Synthetic data to support financial services innovation
However, financial data – such as consumer transaction records, account payments, or trading data – is sensitive personal data subject to data protection obligations, as well as often being commercially sensitive.
03/31/2022
Scottish court guides trustees on use of indemnity clauses in trust deeds
The trustee of the Plumbing and Mechanical Services (UK) Industry Pension Scheme had experienced difficulties in applying employer debt legislation laid out in section 75 of the Pensions Act 1995.
03/31/2022
Economic Crime Act expands UK sanctions and unexplained wealth order powers
Any designation pursuant to the Urgent Procedure will cease to have effect after 56 days
03/30/2022
FCA fines GAM £9.1mn
The FCA has also fined Timothy Haywood, a former Investment Director and Business Unit Head at GIML, £230,037.
03/30/2022
Compliance with Beneficial Ownership Obligations by Company Service Providers
The thematic examinations yielded very positive results.
03/30/2022
European regulators emphasise key aspects unaffected by delays in detailed guidance
The express objective of the Statement is to “seek to mitigate the risk of divergent application” of the Sustainable Finance Disclosure Regulation