06/25/2020
Billions of dirty euros in ordinary Belgian bank accounts
Bringing money in from tax havens is even more difficult.
Legal, Regulation & Compliance
06/25/2020
Second Ex-Freshfields Partner Charged in German Tax Probe
The trades on which Tobias T. worked were done from 2007 to 2009 and caused tax losses of 346 million euros ($390 million), according to the charges.
06/25/2020
Ultra-Rich Monaco Wants to Fund Social Impact Projects With Security Tokens
Given Monaco’s high concentration of wealth (one in every three people is a millionaire and the place attracts hundreds of billionaires), it’s surprising it doesn’t have much of a financial center – like the comparably small Lichte
06/25/2020
EY and PwC probed over role in investment scheme where pensioners lost millions
LCF went into administration in January 2019, leaving 11,600 investors facing losses of up to £237m
06/25/2020
The demise of IBOR: key considerations to prepare for the phase out
A number of bank issuers have already started to make the proactive step to transferring their older legacy deals that will cross over into 2021 to alternative rates.
06/25/2020
Guernsey’s insurance sector adopts global sustainable framework
Its response was developed in a collaborative effort between the insurance industry association, and the industry organisation driving the development of green and sustainable finance in the island.
06/25/2020
Embattled payments firm Wirecard collapses into insolvency
Over the weekend, banks in the Philippines said documents produced by Wirecard appeared to be false, and the country’s central bank also said the money had never entered its financial system.
06/24/2020
FCA discussion paper on new prudential regime for MiFID UK investment firms
Her Majesty's Treasury (HM Treasury) has published a policy statement on its legislative approach for prudential standards in the Financial Services Bill post-EU withdrawal
06/24/2020
HM Treasury and FCA statements on amendments to the Benchmarks Regulation
These statements underline the need for firms to continue to migrate away from LIBOR
06/24/2020
Brexit: HM Treasury and FCA Update on Financial Services Bill post-EU withdrawal
HM Treasury considers the most effective way to balance the principles in 1.13 is to delegate responsibility for the implementation of firm requirements to the Regulators
06/24/2020
Getting the full picture – putting the FCA’s mini-bond policy to the test
At the core of the work was a design-led approach – using behavioural science techniques to tackle the problem from the human angle.
06/24/2020
FCA discussion paper on new prudential regime for MiFID UK investment firms
We have long advocated for a bespoke prudential regime for investment firms.
06/24/2020
UK Parliamentary Statement Affirms Urgent Need to Transition From LIBOR and Previews Proposed Legislation to Extend Regulatory Powers of the FCA to Manage Transition
Amend the UK’s existing regulatory framework for benchmarks to ensure it can be used to manage different scenarios prior to a critical benchmark’s eventual cessation.
06/24/2020
English Premier League manager accused of €1m tax fraud
It relates to image rights earnings during his time in Spain
06/24/2020
Basel Committee proposes amendment to capital rules for non-performing loan securitisations
The technical amendment establishes a 100% risk weight for certain senior tranches of non-performing loan securitisations.
06/24/2020
UK to Grant FCA Additional Powers to Facilitate LIBOR Retirement
The government recognises, however, that legislative steps could help deal with this narrow pool of ‘tough legacy’ contracts that cannot transition from LIBOR.
06/24/2020
Cyprus: Corporate Measures undertaken by the government in response to COVID-19
The annual returns (HE32) with preparation date from 01/01/2020 to 31/12/2020 may be submitted to the RoC
06/24/2020
The future of Ireland’s funds industry post COVID-19
Opportunities lie in four key areas: funds industry service provision, technology, portfolio and risk management, and fund governance.
06/24/2020
US fund manager Michael Calvey diagnosed with cancer, appealing against his house arrest
Calvey’s lawyer Timothy Gridnev told Russian journalists that he has been diagnosed with cancer after doctors found that he had “catastrophically low levels of vitamin D”
06/24/2020
FSCS recoups millions from defunct DFM
The FSCS had estimated in 2018 that it would pay about £6m in compensation to Strand's clients.