01/12/2022
Shoosmiths opens Brussels office
The Brussels office is Shoosmiths’ first outside of the UK and meets two strategic objectives for the firm.
Legal, Regulation & Compliance
01/12/2022
ESMA considers blockchain update to regulatory reporting guidance
The regulator wants to assess whether the RTS developed under the Markets in Financial Instruments Regulations, covering certain transparency and data reporting requirements, need to be amended in order to be effectively applied to securities issued, trad
01/12/2022
UK launches consultation on domestic implementation of global minimum tax for large multinational groups
The UK government has today (11 January 2022) published a consultation seeking views for how a worldwide 15% minimum corporation tax should be domestically implemented.
01/12/2022
FCA urged to take action against ESG fraud
Investment companies should be held to the same standards as funds.
01/12/2022
Financial Services and Banking News
Both Delegated Regulations will enter into force on the twentieth day following that of their publication in the OJEU and shall apply to all Member States.
01/11/2022
SICAV fund fined over 'millions invested without robust controls'
The FIAU found Southern Cross failed to adequately document its internal procedures to fight money laundering and did not properly screen its customers before accepting their money.
01/11/2022
US and Malta agree joint crackdown on pension plan abuse
This came to light after both authorities found that US taxpayers with no connection to Malta were misconstruing the pension provisions of the Treaty to avoid income tax on the earnings of, and distributions from, personal retirement schemes established i
01/11/2022
FCA authorisation application fees: new structure
We are setting out the new structure for authorisation application fees that comes into effect from 24 January 2022.
01/11/2022
FCA mulls disciplinary action as Woodford probe nears conclusion
FCA chief executive Nikhil Rathi: ‘We are now finalising our legal analysis with a view to making decisions as to whether to take action’
01/11/2022
BIICL study on Rome II
It is common for the European Commission to formally report on the operation of such legislation and make proposals for reform.
01/11/2022
FCA pushes ahead with new firm fee hike
It said its processing cost ranged from £2,450 on average for straightforward cases to £6,750 on average for more complex ones.
01/11/2022
UK FS regulator takes aim at cloud giants
Since then, Amazon Web Services has suffered a serious outage that affected a host of big firms, prompting serious worries at regulators around the world.
01/11/2022
FCA to review competition concerns in wholesale data markets
Effective competition is central to ensuring markets work well and is at the heart of the FCA’s wholesale strategy.
01/11/2022
Financial Regulation: Daily Update
Commission Delegated Regulation amending Delegated Regulation (EU) 2016/1675 and supplementing the Fourth Money Laundering Directive (MLD4) has been adopted by the European Commission (EC).
01/10/2022
Important update for owners of French property: changes to succession law in France
This changed in 2015 when the EU Succession Regulation came into force.
01/10/2022
Is Jersey part of the UK for probate purposes?
Trust and estate practitioners in Jersey and in the UK are well versed at advising clients the opposite however – that Jersey does not form part of the UK.
01/10/2022
Updated AIFMD Q&A signals Ireland is ‘very much open for business’
The CBI also noted that the QIAIF’s prospectus should detail the role of the AIFM with respect to its ongoing oversight and review of services provided by such non-discretionary investment advisors.
01/10/2022
Financial Regulation: Daily Update
The FSB has requested feedback to these practice papers by 15 March 2022.
01/09/2022
Ounapuu Ltd (formerly Ferratum UK Limited) enters a Creditors’ Voluntary Liquidation
The Liquidators will provide updates to customers as soon as possible.
01/09/2022
FCA commences criminal proceedings in relation to Collateral (UK) Ltd
The FCA alleges that the Curries, who are brothers, dishonestly represented to investors that Collateral was authorised and regulated by the FCA to operate as a peer-to-peer lender knowing this was untrue.