04/07/2020
TBC Bank and Citi sign a $67 million trade finance facility
Proceeds of this facility will support import and export transactions for customers of TBC Bank
Legal, Regulation & Compliance
04/07/2020
Implementation of the 5th AML Directive into Luxembourg law
The 2020 Law, which is significant in the context of the FATF’s scheduled on-site visit in Luxembourg, impacts the national AML/CTF framework in a number of key areas.
04/07/2020
HSBC board to avoid angry investors at AGM behind closed doors
The usual format of the AGM will be condensed and will only include the formal business of the AGM.
04/07/2020
Uncleared margin rules delayed for one year
Asset managers receive respite from authorities in implementing the final phase of the uncleared margin rules as coronavirus continues to impact regulation.
04/07/2020
FCA announces 6 month delay to policy changes
This extended implementation period recognises the operational challenges of implementing new rules in the current circumstances.
04/06/2020
PrivatBank files new lawsuit for $5.5 bln in Cyprus against ex-owners – bank
The bank claims that they were fictitious loan agreements, none of which were repaid.
04/06/2020
Covid-19 adds to the challenges facing law firms
Law firms are cutting salaries and some are seeking to participate in the Government’s temporary Covid-19 wage subsidiary scheme
04/06/2020
Spain To Roll Out Permanent Universal Basic Income ‘Soon’
Prime Minister Pedro Sanchez’s government rolled out a €200 billion package ($216 billion) last month to boost Spain’s economy, in line with stimulus packages introduced in some of the worst-hit countries.
04/06/2020
Charities Registration and Regulation Act 2019
Every registered charity (even small charities) must now have a written governing instrument and the Attorney General must give prior written consent to any amendment to the written instrument (unless it is a foreign charity).
04/06/2020
10 Countries Actively Regulating Cryptocurrency Despite Global Crisis
During the past week, two countries approved new cryptocurrency exchanges.
04/05/2020
Covid-19: FCA/PRA SMCR Expectations
The FCA has updated its COVID-19 pensions information webpage to acknowledge that some firms may not be able to avoid a short delay in implementation of the incoming rules on communicating pension information
04/05/2020
Government announces changes to enhance support on offer for businesses
A new scheme was announced to offer support for larger firms not currently eligible for either the CBILS or CCFF.
04/05/2020
COVID-19 UK Law Key Changes to Eviction Rules for Residential Assured Shorthold Tenancies
he ban has been reflected in their decision to suspend all ongoing housing possession actions.
04/05/2020
African Development Bank celebrates milestone with first social bond listing on London Stock Exchange
Record-breaking $3 billion Fight Covid-19 social bond launches on LSE: a first for the Bank
04/05/2020
COVID-19: introduction of practical regulation and considerations in Luxembourg
This reaffirms the importance of providing regulatory reporting in a timely manner, extending the filing of annual financial statements and insisting on the importance for supervised entities to provide virtual or remote access to their employees.
04/05/2020
Economic Policies for the COVID-19 War
In a war, massive spending on armaments stimulates economic activity and special provisions ensure essential services. In this crisis, things are more complicated, but a common feature is an increased role for the public sector.
04/03/2020
Norton Rose calls on staff to work a four-day week
UK law firm first to ask staff to cut back hours after taking similar action during financial crisis
04/03/2020
Ask for a selfie: UK financial watchdog eases rules in pandemic
Restrictions on non-essential travel affect a firm’s ability to make compulsory anti-money laundering checks on customers, but Woolard said firms can be flexible.
04/03/2020
U.K. Regulator Fines KPMG, Partner for Audit Failures
Whilst the Decision Notice does not question the truth or fairness of the company’s FY2016 financial statements, the breaches of Relevant Requirements related to the audit of items which were material to the consolidated income statement, albeit the
04/03/2020
Wills and Lasting Powers of Attorneys in the time of Coronavirus By Dhana Sabanathan, Partner at Winckworth Sherwood
Lasting Powers of Attorneys enable chosen individuals to step in and take action when someone loses capacity.