02/06/2020
Client Alert: OECD Two Pillars
The Statement follows public consultations in November and December 2019.
Legal, Regulation & Compliance
02/06/2020
Barclays faces fresh investor revolt over fossil fuels
Bank under pressure from UK’s powerful Investor Forum to adopt stricter climate policies
02/05/2020
FCA final rules on publishing and disclosing costs and charges to workplace pension scheme members
The Pensions Act 2014 placed a duty on the FCA to make rules for publishing and disclosing costs and charges information for the workplace pension schemes we regulate.
02/05/2020
JMLSG consultation on proposed amendments to guidance
A new sector is being created in Part II to provide sector specific guidance for cryptoasset exchanges and custodian wallet providers.
02/05/2020
Orsingher Ortu Expands Its Capability in Rome
Italian law firm Orsingher Ortu has absorbed Rome-based boutique Verusio e Cosmelli, strengthening its presence in the Italian capital.
02/05/2020
ESMA amends guidelines around enforcement of financial information
The amendments to the guidelines will become effective on 1 January 2022.
02/05/2020
Luxembourg Update: CSSF's Brexit Transitional Period Advisory
In anticipation of the UK's withdrawal from the EU, the Commission de Surveillance du Secteur Financier provided an update in respect of the status of the transitional period foreseen by the Brexit laws and the mandatory notifications procedure imple
02/05/2020
Dear CEO letters show FCA means business
These warnings followed the letter to advisers, which flagged a number of concerns including the perennial question of advice suitability.
02/04/2020
‘No surprise visits’ to Pilatus bank
Reasonable suspicion of money laundering in Enemalta deal
02/04/2020
Considerations for UK firms after the implementation period
The UK and the EU have indicated, in a Political Declaration, that they intend to reach agreement on the future relationship between the UK and the EU by the end of 2020.
02/04/2020
Citigroup Suspends Trader for Stealing Cafeteria Food
Junk-bond trader Paras Shah allegedly took food repeatedly from office cafeteria without paying
02/04/2020
Denmark seizes Sanjay Shah’s mansion over £1.5bn fraud claim
He is alleged to have created a complex scheme using fake documents to fraudulently claim tax relief on share dividends in Denmark.
02/04/2020
Russian Companies Pushing Gov’t for Crypto, Blockchain Legislation
Despite finding himself very much in the middle of the struggle between regulators and crypto-keen business interests, Aksakov appeared to rule out any lingering fears of a China-style crypto crackdown.
02/04/2020
High net-worth Spaniards looking to transfer to Portugal to escape new Socialist regime
This is despite the fact that Portugal is tweaking its non-habitual residency regime – previously representing a 10-year tax amnesty for pensioners – so that subscribers pay a minimal tax on the income from their pensions.
02/04/2020
UBS Group Unit Under Investigation By Italy's Prosecutors
Per the Italian law, the companies involved can be held responsible for the actions of their employees.
02/04/2020
Adviser in default as claims loom
The growing number of Sipp claims in recent years has been blamed for the increasing FSCS levy on advisers, with the scheme recently warning this trend was set to continue in the near future.
02/03/2020
EU checks UK compliance with market rules after Brexit
Brussels would have to deem that market rules in Britain are closely enough aligned with regulation
02/03/2020
Asset managers advised to review governance
Alice Bell of Pinsent Masons said firms need to go beyond boilerplate compliance manuals and documentation to meet the FCA's requirements on governance.
02/03/2020
Disclosing client instructions did not end confidentiality
The funding was supplied in connection with a disputed sale and purchase agreement, which did not ultimately proceed.
02/03/2020
ESMA: Update Governance and Reporting Obligations Following the UK’S Withdrawal from the European Union
The terms of the Withdrawal Agreement stipulate that UK representatives will no longer be permitted to participate in the EU institutions, agencies, or other bodies, and their governance structures, except where exceptionally justified, under the conditio