01/31/2020
EU Investment Firms Directive And Regulation: Overview Of New Prudential Regime For 2021
The IFD/IFR includes new and detailed provisions on capital requirements, liquidity, reporting, disclosure and remuneration.
Legal, Regulation & Compliance
01/31/2020
UBS Europe probed in Italy in asset manager fraud investigation: sources
Prosecutors have looked in to whether Sofia committed fraud by applying higher-than-average fees to 117 clients
01/31/2020
Furious lawyers berate their firms for ‘dismal, bargain bucket’ pay
In second-to-last spot, a senior lawyer at Blake Morgan (28%) said that he hadn't received any "pay rise in 3 years...Not even to match inflation!"
01/31/2020
Regional lawyers bemoan huge salaries of London colleagues
One Cambridge lawyer complained that salary should rise "to reflect the cost of living".
01/31/2020
Russia puts out arrest warrant for ex-banker in embezzlement case
A spokesperson for Mints said the case appeared to be an attempt to intimidate him and his family.
01/31/2020
Netherlands delays beneficial ownership register
Under the original Bill, each corporate or other entity incorporated or founded in the Netherlands must obtain and register information on the persons who ultimately own or control them.
01/31/2020
CBI Enhances Asset Suitability Review for UCITS Applications
The UCITS regime contains various requirements designed to support investor protection, including rules around eligible assets, diversification, liquidity, valuation, risk management, compliance and oversight and safekeeping of assets.
01/30/2020
LIBOR Transition: Litigation Risk Observations on Suite of Documents Published by the Regulators in January 2020
The latest publications build on the warning given by the FCA at the end of 2019 about conduct risks during LIBOR transition and proposed next steps, as discussed in our banking litigation blog post.
01/30/2020
Lloyds Banking Group set to close 56 bank branches
So far, all branch closures have been managed without compulsory redundancies and Accord expects the same outcome here.
01/30/2020
Sharp rise in equity savings accounts in Norway
The transition period enabled shifting existing investments in equities and equity funds into an account without triggering a tax payment on gains.
01/30/2020
AML, KYC and Sanctions Fines for Global Financial Institutions Top $36 Billion Since Financial Crisis
Fines related to AML, KYC and sanctions violations increased in the 15 months since the last Fenergo report by 160% as the ramifications from the global financial crisis bear a significant impact.
01/30/2020
For whom the Brexit bell tolls
Good advice, even if its scope is vague – but how helpful is this going to be in practice?
01/30/2020
Police investigate "several" Latvian non-resident banks
Police have conducted investigations at various Latvian banks associated with the non-resident banking sector, according to unofficial information reported by Latvian Television (LTV) January 29.
01/30/2020
Danske’s EY Auditors Face Disciplinary Action for Failures
Last year the Business Authority reported to police the local operations of Ernst & Young, which was the external auditor on Danske’s 2014 financial report.
01/30/2020
Banque de France Governor: Fintech now at “core” of financial system
France’s fintech scene has somewhat lagged other European countries in terms of development in recent years but has started to gear up more recently.
01/30/2020
Carey Olsen's Russell Clark named Crown Dependencies lawyer of the year for second consecutive time
Russell, who also heads up the trusts and private wealth practice in Guernsey, was shortlisted for the 2020 award alongside nine other private wealth lawyers from Guernsey, Jersey and the Isle of Man.
01/30/2020
International tax reporting changes: Directive on Administrative Cooperation 6 and the Mandatory Disclosure Rules
The regulations require ‘intermediaries’ and, in some circumstances, taxpayers to report details of cross-border arrangements to HMRC
01/30/2020
BoE shies away from insurance cut and prays for sustainable growth - Fidelity comments
The MPC’s decision took place in a moment of added significance - this is the eve of Brexit.
01/29/2020
Prevention of Money Laundering and Terrorist Financing: Identity of beneficial owners
Professionals should keep records of all actions taken to identify the UBOs under point (i), (ii) or (iii) and they should be ready, when requested, to justify the measures they have taken.
01/29/2020
Russian hackers target African banks
The malicious file is downloaded on to a bank employee’s machine and from their Silence waits and observes.