03/01/2022
EU Annex II Update - Bermuda & BVI
No direct penalties or sanctions will be imposed by any EU member states on entities or institutions in listed jurisdictions as a result of their inclusion in Annex II.
Legal, Regulation & Compliance
03/01/2022
The BVI and the EU
On 24 February 2022, the Council of the European Union updated the EU list of non-cooperative jurisdictions for tax purposes.
03/01/2022
Liontrust suspends its Russia Fund
The suspension of the Russia Fund will not have any impact on any other Liontrust funds.
03/01/2022
EBRD moves forward with action against Russia and Belarus
To pass the resolution under Article 8.3 requires the support of a majority of not less than two thirds of the Governors, representing not less than three fourths of the total voting power of members.
03/01/2022
UBS and boutiques follow JPM AM in suspending Russia and EM Europe funds
(Updated) Several groups announce measures to limit or temporarily cease trading.
03/01/2022
Russia's Sberbank in Europe faces closure after savers demand money
Austria’s Financial Market Authority imposed a moratorium on Sberbank Europe, which is based in the country.
03/01/2022
‘No quick fix’ for UK amber flag pensions rules issues
New transfer rules introduced in November 2021 require the trustees of a transferring pension to find an amber flag
03/01/2022
FCA to increase salaries of lowest paid staff in new employment offer
£5,500 average increase across business
03/01/2022
Dealings with sanctions target-owned businesses require UK licence
It is important businesses do their due diligence to understand exactly who they are transacting with currently and screen who they might do business with in future
02/28/2022
The world's largest sovereign wealth fund said it will dump its Russian assets on the Ukraine invasion
Norway's $1.3 trillion sovereign wealth fund will exit its Russian investments on the invasion of Ukraine.
02/28/2022
Transfer of personal data between Europe/UK and Asia: Key changes and practical tips
One of these conditions is the use of SCCs which effectively function as a contract ‘pre-approved’ by the European Commission entered into between the data exporter and data importer which imposes certain data protection obligations on both pa
02/28/2022
U.K. Plans New Law to Crack Down on Foreign Money Laundering
Law will set up registry of foreign owners of U.K. property
02/28/2022
Singapore to Join «Like-Minded Countries» on Russia Sanctions
Singapore intends to act in concert with many other like-minded countries to impose appropriate sanctions and restrictions against Russia
02/28/2022
Barclays fined £783,800
The FCA publicly censured Premier FX in February 2021 for failing to safeguard its customers’ money and seriously misleading its customers about the services it was authorised to provide.
02/28/2022
Switzerland adopts EU sanctions against Russia
The Federal Council has also decided to partially suspend the 2009 agreement on visa facilitation for Russian nationals.
02/27/2022
Herbert Smith Freehills: Financial Daily Regulation Update
The report provides information on the substance of the Recommendation, such as the legal form of the measure and the type of financial institutions covered
02/25/2022
Estimating conditional treatment effects of EIB lending to SMEs in Europe
Previous research has shown that EIB-supported lending has a positive effect on the employment levels, size, investments and innovation capacities of SMEs.
02/25/2022
Deutsche Bank chief exchanged friendly messages with client ditched over suspicious payments
Christian Sewing sent WhatsApps to Daniel Wruck when he was on his way to a state visit to China
02/25/2022
EBA publishes final guidelines on the limited network exclusion under PSD2
The Guidelines aim at addressing significant inconsistencies on how this exclusion has in the past been applied across the EU, contributing to the Single Market for payment services in the EU and ensuring transparency for supervisors and customers.
02/25/2022
FCA: Company annual financial reporting in electronic format
The FRC has recently issued a new version of UKSEF 2022.