04/21/2020
Unexplained Wealth Orders discharged by English High Court
Update prepared by Christopher Edwards (Partner, Guernsey) and Jeremy Bell-Connell (Associate, Guernsey)
Legal, Regulation & Compliance
04/21/2020
FCA statement on expectations for wet-ink signatures
We set out our expectations of firms when dealing with the need for 'wet-ink' signatures (i.e. signing a document by hand using a pen).
04/21/2020
FSB consults on effective practices for cyber incident response and recovery
A major cyber incident, if not properly contained, could seriously disrupt financial systems, including critical financial infrastructure, leading to broader financial stability implications.
04/21/2020
Expats ask, what happens when my UK mortgage expires during lockdown?
If the COVID -19 pandemic has highlighted one mortgage issue, it might be how to enquire about an expat remortgage during lockdown.
04/21/2020
New book! ‘Guernsey Trust Law’ by Tony Pursall and Matthew Guthrie
Where there is no clear Guernsey authority on a particular point of law it gives a reasoned view, drawing on relevant legal principles, together with a broad assessment of the confidence of which the authors hold that view.
04/21/2020
Trusted UK solicitor stole from clients, laundered money
The conviction for theft was on the basis that Grant had stolen more than £95,000 belonging to two clients after he had received these funds following the sale of their company.
04/21/2020
FSB consults on effective practices for cyber incident response and recovery
Although the document is meant to be evolving
04/21/2020
Court of Appeal finds trustees not entitled to withhold certain privileged documents in response to subject access request from beneficiaries of Bahamian trust
Joint interest privilege is sometimes referred to as “joint privilege”, and that is the terminology used in the court’s judgment in the present case (though the court also recognises the use of the alternative term “joint interest
04/21/2020
Restructuring and Corporate Recovery measures in Jersey
The JFSC have confirmed that while their physical premises are closed, a flexible business continuity strategy is being implemented and they intend to take a pragmatic approach when dealing with filings, submissions and responding to clients (with the vas
04/21/2020
CEO of Norway's sovereign wealth fund faces probe after luxury jet use
The development adds to questions about the fund's choice of Mr Tangen as CEO as he faces criticism in Norwegian media for what is perceived as a jet-set lifestyle that's unsuited to the guardian of an entire nation's savings.
04/20/2020
UK couples can now leave up to £1 million to their children free of inheritance tax, after changes to the RBRB
The legislation has been heavily criticised for its complexity, but the correct guidance and careful planning can help you overcome this.
04/19/2020
Pensions developments tracker
You can access the insights, guidance and other documents that are named in orange by clicking on them.
04/19/2020
Competition Law Enforcement in a Time of Crisis
Guidance from the Commission: Assessing competition law issues relating to business cooperation in response to the COVID-19 outbreak
04/19/2020
FCA’s expectations on financial resilience for FCA solo-regulated firms – statement update
Capital and liquidity buffers are there to be used in times of stress. Firms that have been set buffers can use them to support the continuation of the firm’s activities.
04/19/2020
ESMA and MAS sign MoU on financial benchmarks
The signing of the MoU follows the European Commission’s equivalence decision recognising Singapore’s regulatory framework on financial benchmarks as equivalent to the requirements under the EU’s Benchmarks Regulation.
04/19/2020
EBA agrees with the European Commission’s amendments to standards on risk weights to specialised lending exposures
The third substantive change simplifies the rules on overlapping criteria at the level of the sub-factor or of the sub-factor components.
04/19/2020
ECB Banking Supervision provides temporary relief for capital requirements for market risk
The ECB is temporarily reducing a supervisory measure for banks
04/19/2020
EY ordered to pay whistleblower $11m in Dubai gold audit case
Court rules accountancy firm breached code of ethics in its dealings with a refiner
04/17/2020
Denmark Demands $175 Million From Lawyers in Tax Fraud Case
The newspaper cited a 10-page letter sent by Denmark’s state attorney to Bech-Bruun on April 2.
04/17/2020
Former Barclays banker cleared of fraud hits out at SFO’s powers
Richard Boath tells FT the agency that charged him had fallen short of its responsibility