07/17/2020
“NHR” under pressure in France and Portugal
Other Tax Authorities in the European Union are concerned by this situation which they consider to be the subject of aggressive tax competition on the part of Portugal.
Legal, Regulation & Compliance
07/17/2020
Romania, Ireland fined by EU top court over anti-money laundering rules
Those rules reinforced surveillance requirements for banks, lawyers and accountants
07/17/2020
Latvia's financial watchdog fines Signet Bank nearly a million euros
The Board of the Financial and Capital Market Commission (FKTK) on July 14 2020 decided to apply a fine of EUR 906,610 euros to Signet Bank for breaches of the anti-money laundering
07/17/2020
Investors sue Deutsche Bank and its CEO in wake of Epstein fine
New York regulators last week announced Deutsche Bank would pay the fine for “significant compliance failures” over Epstein and two unrelated cases.
07/17/2020
English High Court provides useful guidance on the requirement to notify a claim as soon as possible in rejecting an indemnity claim under an SPA
After the Claimant and its group companies issued a claim seeking a declaration that they were entitled to be indemnified against certain liabilities for professional negligence
07/17/2020
Allegations over offshore funds swirl around Spain’s former king
Recent reports in the British, Swiss and Spanish press have increased the pressure on the royal family.
07/17/2020
EFAMA sets out ESG sustainability plan for EU
EFAMA members are committed to play their role to help achieving the Commission's objective of channelling at least €1 trillion towards sustainability-related investments over the next decade
07/17/2020
Covid-19: FCA and City Corporation 'digital sandbox' for innovative firms
The FCA's dedicated webpage confirms it will publish further information including how to apply to the digital sandbox and the specific use cases later in summer 2020.
07/17/2020
FCA and City Corporation collaborate to help innovative companies drive recovery from coronavirus
Innovation is a powerful driver of effective competition and can help to accelerate the development of new solutions to emerging challenges.
07/17/2020
EU court voids data-sharing pact with US over snooping fears
National regulators have been urged to step up to protect users’ privacy.
07/17/2020
Switzerland and Malta sign protocol of amendment to their double taxation agreement
The cantons and the business circles concerned have welcomed the conclusion of the protocol of amendment.
07/17/2020
Carey Olsen partners contribute Cayman, Guernsey and Jersey chapters to latest edition of International Estate Planning: A Reference Guide
It is also testament to our standing among offsore law firms in this practice area that Keith and I were chosen to provide both chapters for the Channel Islands and Bernadette was selected to do the same for the Cayman Islands.
07/17/2020
Treasury Committee to investigate options for raiding the piggy bank
Rishi Sunak will be looking at what is necessary, but also what is palatable to his party and what can be legislated for and implemented in good time.
07/17/2020
Baker McKenzie announces London Office move to the heart of the City
Moving into the heart of the City of London represents our long-term commitment beyond COVID-19 to retaining an office base in what is an incredibly important financial centre to the Firm.
07/17/2020
State Aid: Commission recommends not granting financial support to companies with links to tax havens
The aim of the recommendation is to provide guidance to Member States on how to set conditions to financial support that prevent the misuse of public funds and to strengthen safeguards
07/17/2020
CP86 compliance: can you prove it?
Strong governance is undoubtedly in the fund industry’s best interest; few would argue otherwise.
07/17/2020
Year 'dominated' by FCA shortcomings as 205 complaints made
The commissioner received 205 complaints against the FCA in the year 2019/20, 29 of which alleged it had failed to regulate the financial services industry properly.
07/17/2020
Financial services legislation under the EU (Withdrawal) Act 2018
This work involves making statutory instruments (SIs) under the European Union (Withdrawal) Act to prevent, remedy or mitigate any failure of EU law to operate effectively after the UK leaves the EU.
07/16/2020
ECB’s pledge to encourage bank mergers is falling on deaf ears
M&A rumours make for good gossip but lenders are better off focusing on self-improvement
07/16/2020
Technical consultation: Fifth Money Laundering Directive and Trust Registration Service
A significant majority of respondents agreed with the list of trusts that were proposed to be out of scope of registration