- Managers of Wealth - Europe - Wealth, private banking and asset management news and opinion

‘MaltaFiles’ firm Credence fined €261,000 over money laundering shortcomings

FIAU fines Credence €261,000 over shortcomings in due diligence of PEPs and lack of scrutiny of high-value transactions

Mcdermott Elevates 42 to Partner and Counsel AMID Strong, Steady Growth

This group of bright, rising leaders not only builds on our tradition of excellence and being trusted advisors, but they are also setting new standards that will no doubt help us shape our bright future.

Ex-LPL advisor headed to prison for 42 months after Ponzi scheme

Booth's attorney, Frank Bevilacqua with the law firm DePanfilis & Vallerie, says his client accepts the sentence, which, he noted, could have been far harsher.

FCA's Butler leaves supervision role in management shuffle

The shakeup was first hinted at in the FCA's business plan published in April

Platform launches with 0.1% fee

The Digi product is paperless, can be completely branded and offers a client portal within which firms can share valuations, messages and documents with their clients.

Weekly Tax Brief

Taxspotters’ finely tuned antennae will be looking for signals regarding tax reliefs.

Google faces UK scrutiny over new advertising data revamp

That means login, advertising and other features would be taken off the open web and placed under Google’s control, the group said.

Board composition and maintenance – greater than the sum of its parts

The role of the Nomination Committee in the composition and maintenance of an effective Board of Directors.

Government to strip away investor protections in backdoor EU deal

Investors in EU-domiciled funds will not recourse to the FSCS and will have to apply to foreign compensation authorities to get their money back if a product blows up after Brexit.

Ireland Update - Virtual Assets / Proposed AML Requirements

Virtual Asset Service Providers ("VASPs") to be 'designated persons': AML/CFT requirements will apply to a range of VASPs businesses for the first time.

Phi Finney McDonald launches in London

Phi Finney McDonald brings competition to UK collective redress

ESMA publishes a report on funds' resilience to future shocks

This report comes as a result of a coordinated supervisory exercise performed alongside national competent authorities (NCAs), following a recommendation issued by the European Systemic Risk Board (ESRB) in May.

Financial Regulation Update

The Investment Association (IA) has published a report produced by the Asset Management Taskforce, entitled "Investing with Purpose: placing stewardship at the heart of sustainable growth".

Post-COVID financial regulation - John Cassar White

The EBA has postponed its 2020 EU-wide stress testing of banks to 2021.

FCA communication to Luxembourg-based entities about the UK temporary permissions regime

In order to benefit from the TPR, such Luxembourg entities are invited to notify the FCA of their intention to do so. Notifications have to be submitted before 30 December 20201.

UK's competition regulator looking at formal investigation into Google

If the urgency of the concerns requires us to intervene swiftly, we will also assess whether to impose interim measures

FCA fines TFS-ICAP £3.44 million for market misconduct

This involved brokers communicating to their clients that a trade had occurred at a particular price and/or quantity when no such trade had actually taken place.

Financial Regulation Update

When the FCA contacts firms in the LLM portfolio it will expect them to be able to explain actions taken in response to this letter.

FCA letter: The supervisory strategy for firms in the CRA / CISP portfolio

The FCA has updated its webpage on questions and answers (Q&As) for firms about conduct risk during the LIBOR transition, to include the following new questions:

A tax-evasion scandal draws in Hamburg’s elites

Four bankers with M.M. Warburg are accused of grave tax evasion through “cum-ex” transactions

Legal, Regulation & Compliance