10/29/2020
FSCS works to enable 11,500 Reyker Securities clients to have access to their assets
The JSAs will now continue their work to effect the transfers approved under that plan.
Legal, Regulation & Compliance
10/29/2020
Advisers back review of high net worth investor exemption
Exemptions from the financial promotion restriction allow authorised and unauthorised companies to advertise investments directly to high net worth investors without necessarily having to follow regulatory rules.
10/29/2020
Divorce Law Changes Could Lead To Unnecessary Financial Hardship
Under the new law couples can be divorced within six months and once they are no longer legally married lose many of the tax breaks and benefits which are reserved exclusively for married and civil partner couples.
10/28/2020
Mishcon de Reya files claim against public nature of EU beneficial ownership registers
The LBR rejected this request and so the claim was filed with the district court in Luxembourg with assistance from Luther S.A., a law firm based in the region.
10/28/2020
European Commission opens public consultation to review the AIFMD
The consultation is wide-ranging and covers a broad range of subject areas.
10/28/2020
Brexit: permanent residents must apply to EUSS by 30 June 2021
From 31 December 2020 all EEA and Swiss citizens and their family members will be subject to immigration control and may be asked to prove their status.
10/28/2020
"Art Market Participants": what you need to know about changes to Anti-Money Laundering Regulations
The change came into force on 6 October 2020 and the objection period expired on 24 October 2020, meaning the extension will now remain in effect.
10/28/2020
Employers face finding £100bn in next decade if proposed pension funding rules go ahead - MPs 'in the dark' over scale of changes
The new funding rules have been brought in as a reaction to high profile failures of company pension schemes such as Carillion and BHS.
10/28/2020
Stronger nudge to pensions guidance: statement of policy intent
As part of the changes, guidance that was initially delivered by government under the brand ‘Pension Wise’1 was launched.
10/28/2020
Brexit - The Endgame Approaches
Financial services firms and their counsel entering an important phase as deadline nears
10/28/2020
High Risk Wealthy Programme (HRWP)
HRWP provides a different approach to the typical enquiry process
10/28/2020
Financial Regulation Update
The FCA nonetheless encourages firms to meet the original deadline of 9 December 2020 where possible.
10/28/2020
FCA, TPR and MaPS joint statement on Rolls-Royce defined-benefit pensions scheme
The FCA has issued a data request to a number of advisers who have advised on transfers from the Rolls-Royce defined benefit (DB) pension scheme.
10/27/2020
Ireland: Finance Bill 2020
A consultation on the rules is expected next year.
10/27/2020
Financial Regulation Update
A call for evidence will be published in early November and a report will be available in early 2021.
10/27/2020
EU digital finance and retail payments strategies: understanding the big picture
Although it is not clear whether the UK will adopt the proposals being published by the EC post-Brexit
10/27/2020
€35 million fine issued under GDPR for employee monitoring and IT security failings in Germany
In this case, the Commissioner issued a €35.3 million fine against an international retailer due to its failures in monitoring and processing personal data of several hundred employees at one of its sites in Nuremberg.
10/27/2020
Financial Regulation Update
Dual-regulated firms must submit their Directory Person data via 'Connect' by no later than 13 November 2020. The FCA will begin to publish this data on the FS Register from 23 November 2020.
10/26/2020
German KapMuG Procedure Extended for Three More Years.
Most recently, on September 18, 2020, the German federal parliament, or Bundestag, extended KapMuG for another three years.
10/26/2020
FCA censures Aviva for listing and transparency rules breach
Aviva made the Announcement when it had, in fact, formed no intention to cancel the preference shares in question.