04/06/2021
The importance of purposeful anti-money laundering controls
Speech by Mark Steward, Executive Director of Enforcement and Market Oversight, delivered at the AML & ABC Forum 2021.
Legal, Regulation & Compliance
04/06/2021
Italian and French banks revive ‘doom loop’ fears with bond buying
Exposure to own countries’ sovereign debt reawakens concern over faultline in Europe’s monetary union
04/06/2021
EBRD and AIIB streamline co-financing procedures
AIIB is a multilateral development bank whose mission is financing Infrastructure for Tomorrow
04/06/2021
Financial Regulation: Daily Update
The FCA notes that while the industry has made progress in encouraging more widespread Legal Entity Identifier (LEI) coverage among non-EEA third country issuers, there are still many non-EEA third country issuers without a LEI.
04/05/2021
CJEU rules that Portuguese taxation of individual capital gains is contrary to EU law
Following the CJEU’s previous judgement in Hollmann (C-443/06), the Portuguese legislation for the relevant tax year allows nonresidents to opt for the regime applicable to residents if beneficial.
04/05/2021
MALTA: Improving access to EU funds
The benefits of EU funds to businesses have long been apparent, and our research aims to quantify that.
04/05/2021
New guidance on UK penalties for sanction breaches signals tougher approach
The Guidance updates the factors that OFSI will take in to account when determining whether to take enforcement actions and what those actions might be.
04/04/2021
The Right to Disconnect in Ireland: New Code of Practice Published
The purpose of the Code is to provide practical guidance for employers and employees to agree working arrangements, appropriate to their business, that maintain clear boundaries between work and leisure.
04/04/2021
Moving the goal posts: European Commission new guidance on merger referral policy to catch non-reportable deals
The Guidance is part of a broader package including a Staff Working Document foreshadowing a somewhat broader reform of the EUMR. This blog post focuses on the new Article 22 Guidance.
04/04/2021
Groupthink: is your Board immune to this risk?
The fact that directors reached consensus views in advance of Board meetings, leading to insufficient debate and a blindness to colleague concerns, was also cited as an example of poor governance approach.
04/01/2021
Extension of Annual Financial Crime Reporting Obligation
This policy statement proposes that additional firms and cryptoasset businesses should be brought into scope of the return based on their business activities and the potential money laundering risks.
04/01/2021
Bank of Valletta pays CEO Rick Hunkin €459,00
Bank of Valletta annual report remuneration policy reveals CEO salary
04/01/2021
Industry Faces Libor Transition Challenges
From the beginning of April this year sterling Libor cannot be used in any new lending or other cash products that mature after the end of 2021 when alternative, risk-free reference rates will be used.
04/01/2021
Minimum wage rises for two million workers
Ministers said the increases to minimum wages would particularly benefit workers in sectors such as retail, hospitality and cleaning and maintenance.
04/01/2021
FCA sticks with EBA legacy outsourcing contracts review deadline
The EBA outsourcing guidelines began to apply from 30 September 2019 to all new outsourcing arrangements entered into after that date.
04/01/2021
Basel Committee issues principles for operational resilience and risk
In addition to the principles for operational resilience, the Committee is also issuing revisions to its Principles for the sound management of operational risk (PSMOR) reflecting the natural relationship between operational resilience and operational ris
03/31/2021
New law implementing the P2B Regulation
It sets out the conditions and eligibility requirements for non-profit organisations
03/31/2021
Financial Regulation: Daily Update
The FCA has published its finalised guidance for advising on Defined Benefit (DB) transfers, alongside a feedback statement on the FCA's consultation on the draft guidance in June 2020.
03/31/2021
ESA’s Joint Board of Appeal dismissed appeal by Appellant “A” against the European Securities and Markets Authority
Central to this appeal is a Decision by ESMA not to investigate the approach adopted by a Member State’s NCA
03/31/2021
PIMFA welcomes FCA Feedback Statement on Open Finance
It is also good to see the FCA views the introduction of Open Finance as we do, through a phased approach that will see Open Banking extended first, with the next stage being to start with products that have the best balance of cost and complexity.