05/14/2021
FSCS cuts levy to £833m as claims and firm failures delayed
Advice firms are still expected to contribute £240m to the levy.
Legal, Regulation & Compliance
05/14/2021
Fears of ‘significant deterrent’ for whistleblowers as top EU court quashes Lux Leaks case
The European Court of Human Rights ruled that Luxembourg’s treatment of whistleblower Raphael Halet “struck a fair balance” between protecting his freedom of expression and the rights of PwC, despite objections from two dissenting judges
05/14/2021
UK listing review: towards a dynamic London market
In addition, the government, lawmakers and the FCA will have to balance how best to reduce the regulatory burden without London losing the reputation for high standards which is of critical importance to its success as a global financial centre.
05/14/2021
EU plans to ban cash payments above €10,000 in AML move
Some member states currently have ceilings on cash payments, ranging from €500 in Greece to €15,000 in Poland.
05/14/2021
Central bankers split on CBDC future
In contrast, Boston Federal Reserve president Eric Rosengren has offered up his own, less enthusiastic, views on the subject of a digital dollar.
05/14/2021
FCA proposes stronger protection for consumers in financial markets
The FCA has today set out plans for a new Consumer Duty, which will set a higher level of consumer protection in retail financial markets for firms to adhere to.
05/14/2021
AssetCo to acquire Saracen Fund Managers in £2.8m deal
Subject to regulator approval
05/14/2021
PIMFA welcomes FCA proposals to enhance consumer protections but warns against unintended consequences
o that end we agree with the Financial Conduct Authority (FCA) that ensuring a high level of protection is a key part of ensuring consumer confidence.
05/14/2021
German 10-year bond yield holds below -0.1% as inflation concerns ease
The 10-year U.S. Treasury yield was down one basis point at 1.6539%.
05/13/2021
PIMFA welcomes publication of Online Safety Bill but urges Government to do more to tackle clone investment fraud and fake online adverts
But while the Bill attempts to tackle fraud via user generated content on social media sites and dating apps, paid for online adverts from fraudsters and cloned – and therefore fake – investment firm websites appear conspicuous by their absenc
05/13/2021
Doing business in the Netherlands
The country’s very stable political economy, highly educated workforce, extensive double tax treaties and pragmatic culture add to the country’s allure, especially for large and multinational companies.
05/13/2021
German Regulator Orders Digital Bank N26 to Improve Money-Laundering Controls
The regulator has been sharply criticized for failing to act despite several signs of trouble.
05/13/2021
Clarification for banks on the Quincecare duty and dishonest assistance
This is a welcome judgment, clarifying the scope of the ‘Quincecare’ duty owed by banks to their customers, and providing guidance on ‘collective’ dishonest assistance against a corporate entity.
05/13/2021
Latham & Watkins Advises on THG's US$1 Billion Capital Raise
London corporate team represents the bookrunners in a capital raise by UK ecommerce and technology company THG.
05/13/2021
Ashurst advises Norddeutsche Landesbank
The German private equity investor HANNOVER Finanz acts as equity provider for medium sized enterprises in the D-A-CH region.
05/13/2021
Ashurst advises Ardian Private Debt, Bank of Ireland and NIBC Bank
Ashurst regularly provides advice on acquisition financings and refinancings in the German care market.
05/13/2021
Access to cash FCA and PSR joint statement
The overall decline in the use of cash makes it more expensive to maintain the existing infrastructure that supports it.
05/13/2021
Guernsey Update: New Plans for Bringing Partnerships in Scope of Economic Substance Rules
These changes will be most relevant to the funds industry in Guernsey
05/13/2021
Do we need ‘public money’? - speech by Jon Cunliffe
The Bank of England has issued banknotes for over 300 years. Jon Cunliffe talks about future of money in the UK in an increasingly digital world.
05/13/2021
Financial Regulation: Daily Update
The FCA has updated its statement on the firm handling of complaints during Covid-19 to state that, as of 1 May 2021, the statement is no longer in force.