03/16/2020
Solvency II: Adjusting for the reduction of loss absorbency where own fund instruments are taxed on conversion
This policy will take effect on publication of this PS on Monday 16 March 2020.
Legal, Regulation & Compliance
03/16/2020
FSCS pays £381k against adviser's old firm
Mr Webster had previously said he was increasingly concerned about high regulatory fees and the FSCS levy at the time and suggested replacing the latter with a "product levy".
03/16/2020
Deutsche Bank to operate globally in split teams from Monday
Some executives and investors have feared that the outbreak could stall the bank’s restructuring efforts, and Deutsche’s shares fell last week to a record low amid a broad market rout.
03/15/2020
BoE report on open data for SME finance
The action we'll take in response to Huw van Steenis' report on the future of finance
03/15/2020
Government and regulators' responses to Treasury Committee reports on IT failures and economic crime
The Government published its response to the Committee’s business rates report on 27 February 2020
03/15/2020
Biglaw Firm Institutes Mandatory Work-From-Home Policy To Protect Personnel From Coronavirus
When will other firms come to their senses and offer work-from-home solutions like this?
03/15/2020
Overriding legal professional privilege - The iniquity exception
Legal professional privilege acts as an exception to the general disclosure and inspection rule. It has two parts - legal advice privilege and litigation privilege.
03/13/2020
Ex-Barclays CEO Varley Faces Quizzing in $2 Billion Suit
Former banker Jenkins also to face questions during June trial
03/13/2020
FCA new webpages on STFR
The FCA has published a statement on LIBOR contractual triggers confirming that any annoucements made in relation to LIBOR cessation, which may be made before the end of 2021
03/13/2020
Investec pulls offer of minority stake in Ninety One amid market chaos
The group said it would not go ahead with the global offer to sell a stake of around 10%, but would press on with the demerger and listing.
03/13/2020
Advisers take Mifid disclosure ‘nightmare’ into own hands
“This is complex, particularly for those advisers that use multiple platforms, each with different data standards and reporting methodology.”
03/13/2020
Director of FX broker Numex gets 8-year ban
Ehsan Tayefi, director of Numex Foreign Exchange Corporation (UK) Ltd, is now banned from acting as a director or directly or indirectly becoming involved in the promotion, formation or management of a company.
03/13/2020
Coronavirus: Linklaters postpones insight scheme as Taylor Wessing closes London office after employee tests positive
Host of City players trial remote working capabilities in wake of pandemic
03/13/2020
Listing: It Isn't Only Buildings
The case highlights the fact that, in addition to buildings, a variety of structures and objects have been protected by being listed under the Planning (Listed Buildings and Conservation Areas) Act 1990.
03/12/2020
UK ombudsman and lifeboat scheme to extend Gibraltar remit
Treasury sets out consultation to reassess Britain’s financial services relationship with the territory
03/12/2020
A near record year for money laundering: Banks hit with $10 billion in fines
One remarkable finding in the report is that, despite a spate of new data privacy laws, they resulted in almost no fines.
03/12/2020
Bank of England measures to respond to the economic shock from Covid-19
The Bank’s three policy committees are today announcing a comprehensive and timely package of measures to help UK businesses and households bridge across the economic disruption that is likely to be associated with Covid-19
03/12/2020
Carney orders banks: don’t waste our emergency cash on bonuses
Joshua Roberts at risk manager Chatham Financial said: “In many ways more significant is the decision to cut the countercyclical capital buffer rate to 0%."
03/12/2020
Swedbank says $4.8 million of payments may have violated U.S. sanctions
Still, Swedbank shares rose close to 4%, as analysts said the $4.8 million total of suspect transactions was a fairly small sum.
03/12/2020
DAC6: what’s next for Luxembourg?
The EU had set a requirement for all Member States to have passed appropriate legislation to enforce DAC6 on or before 31 December 2019.