02/24/2021
Ex-Privatbank CEO Named as Suspect in $5.5 Billion Fraud Case
Zelenskiy has vowed to claw back the state’s rescue funds -- something foreign donors including the International Monetary Fund also want
Legal, Regulation & Compliance
02/24/2021
FCA launches guidance for firms on the fair treatment of vulnerable customers
Firms should understand what harms their customers are likely to be vulnerable to and ensure that customers in vulnerable circumstances can receive the same fair treatment and outcomes as other customers.
02/24/2021
FCA returns £3.4m to Ucis victims
The schemes raised more than £15m from 1,000 individual accounts.
02/23/2021
HMRC loses appeal against TV presenter in IR35 case
According to some commentators, this case could now provide comfort to other media-based freelancers who are currently on HMRC’s radar.
02/23/2021
EBA calls on national authorities to take supervisory actions for the removal of obstacles to account access under the Payment Services Directive
The Opinion sets out the EBA’s expectations on the actions NCAs should take to ensure that remaining obstacles are removed from the interfaces of account servicing payment service providers (ASPSPs).
02/23/2021
Rewriting the narrative of Malta’s enforcement against AML practices
In order to be sanctioned, these individuals must have been found to be responsible (thus who have caused or contributed to) for AML/CFT breaches committed by that subject person.
02/23/2021
FCA vulnerability guidance a big step in the right direction
It is not a problem that is going away, and therefore it is imperative to have comprehensive guidance from the regulator on how companies in the financial services sector should recognise and deal with vulnerable customers.
02/23/2021
Luxembourg digitalises the AML/CFT Market Entry Form (Funds and IFM)
The Form must be initiated and submitted by the compliance officer in charge of the control of compliance with the professional obligations of the Fund respectively the IFM, or by the person responsible for compliance with the professional obligations.
02/23/2021
PRI's new reporting framework – are you ready?
It is compulsory for signatories to report on their responsible investment (RI) activities annually
02/23/2021
Broken regulation has crushed adviser morale: Pimfa
This has been a core theme throughout the pandemic, Field said, and she said she expected it to continue as businesses continue to "put people before profit" during the pandemic.
02/23/2021
Budget 2021: Considering the changing landscape of tax compliance and enforcement
Promoters of tax avoidance schemes: Further measures to reduce the scope for promoters to market tax avoidance schemes.
02/22/2021
Financial Regulation: Daily Update
The UK Government (UKG) has welcomed the European Commission's draft data adequacy decisions under the EU General Data Protection Regulation (EU GDPR) and the Law Enforcement Directive (LED).
02/22/2021
IFAs left in 'limbo' as banks deny business accounts
Yvonne Cooper, director of IWMC, said the firm had banked with Barclays for more than 20 years.
02/22/2021
UK attracts 1,500 EU financial services firms
The TPR allows European Economic Area firms and funds to continue to operate in the UK, while seeking full authorisation from UK regulators.
02/22/2021
TrustQuay signs international technology deal with Centralis
Laserfiche will enable all documents to be securely and effectively managed and, together with NavOne, will allow business processes to be automated as a core part of Centralis’ plans for digital transformation.
02/19/2021
LEBC reports 'disappointing' year after DB exit
The company said the situation was made worse by market drops at the beginning of the coronavirus crisis, which had compounded its "weakened trading performance".
02/19/2021
FCA Regulation Round-up: February 2021
The FCA's approach to regulating payments and e-money firms
02/19/2021
Commission sets course for an open, sustainable and assertive EU trade policy
The strategy includes a series of headline actions that focus on delivering stronger global trading rules and contributing to the EU's economic recovery.
02/19/2021
What are dematerialised securities, and why do they matter for Luxembourg?
Dematerialisation is essentially the process by which physical documents and certificates are changed into and then used in electronic format.
02/19/2021
Barclays expects High Court judgment on Amanda Staveley case imminently
Staveley is asking for £819mln in damages through a civil lawsuit over the bank’s emergency cash call during the 2008 financial crisis