10/26/2018
JPMorgan Hack Justifies Secret Accounts, Ex-UBS Banker Says
Raoul Weil says their features protect identities from hacking
Legal, Regulation & Compliance
10/26/2018
High Court rules that pension schemes are required to equalise benefits for the effect of GMPs
The trustees of these schemes need to take prompt action to equalise members' benefits and to agree their approach with their scheme's sponsor.
10/26/2018
Beware of the relentless spread of personal accountability across borders
This is a body established to coordinate at an international level, the work of national financial authorities in order to develop and promote the implementation of effective regulatory, supervisory and other financial sector policies.
10/26/2018
City Tower Sold for £385m
The deal represents one the largest single asset sales in the City of London this year.
10/25/2018
UBS Top Shot to Meet Rape Victim
The woman and La Roche will meet at Freshfields Bruckhaus Deringer, the firm which British regulator the Financial Conduct Authority appointed to investigate independently at the Swiss bank and report back.
10/25/2018
One third of Ashurst partnership to be female by 2022
Identifying, supporting and developing the pipeline of all female leaders is vital for our business
10/25/2018
New loan provisioning standards and procyclicality
Panel remarks by Mr Claudio Borio, Head of the Monetary and Economic Department of the BIS, at the High-level conference on "The new bank provisioning standards: implementation challenges and financial stability implications"
10/25/2018
FCA publishes PPI complaints deadline Progress Report
£3.7bn of redress has been paid since the start of the campaign, a 64% increase on the previous 10 months.
10/25/2018
Not in my house: Jersey Court refuses to bless a trustee's decision
Update prepared by Christopher Edwards (Partner), Chris Duncan (Senior Associate) and Jeremy Bell-Connell (Associate) of our Guernsey office
10/25/2018
PRIIPs KID Not Fit For Purpose!
Both Mr Ferber and Mr Valiante separately admitted that PRIIPS and, in particular, the KID, were not fit for purpose.
10/25/2018
Fintech development and regulation highly variable across Europe
“Whilst in the majority of surveyed markets, Fintechs have to operate under the same regulatory framework, some countries (e.g. Austria, Italy, Poland) exhibit deficiencies in this regard."
10/25/2018
British finance watchdog to quiz polling firms over hedge fund clients
Parliament’s Treasury Select Committee has expressed concerns that during the Brexit vote in 2016, polling companies provided broadcasters with surveys while at the same time selling data privately to hedge funds which could then trade on the inform
10/24/2018
Taming the wild west: the future of crypto-asset regulation
On 12 September 2018, the House of Commons Treasury Committee (the Committee) published its report on crypto-assets (the report). This followed a digital currencies enquiry it launched in February of this year to examine, among other things, the role of
10/24/2018
UK pension system still lagging on adequacy and sustainability
The report said the UK’s score could be improved by restoring the requirement to take some pension savings as an income stream
10/24/2018
Jersey substance proposals – the fund managers' perspective
The Guidance Notes are expected to confirm that some, but not all, CIGAs must be carried on in Jersey. Consideration will need to be given to ensuring sufficient CIGAs are carried on in Jersey to avoid a letter-box entity characterisation.
10/24/2018
UK’s biggest legal charity cycle race, Tour de Law, returned last week for its seventh year
The event took place all over London in law firm offices and barristers’ chambers as 21 different groups of lawyers raced against each other from London to Paris and back
10/23/2018
Draft Financial Conglomerates and Other Financial Groups (Amendment) (EU Exit) Regulations 2018: explanatory information
FICOD contains certain provisions which give discretions for the FCA and PRA as competent authorities. These will be reflected in the post-exit regime.
10/23/2018
UBS Accuses French Whistle-Blowers of Lying, Blackmail
Executive says whistle-blowing triggered internal probe
10/23/2018
UBS Accuses French Whistle-Blowers of Lying, Blackmail
The testimony came during the third week of a trial over allegations that UBS bankers illegally encouraged French citizens to lower their tax bills by moving money out of the country.
10/23/2018
Advisers warned about Mifid II compliance
The regulator added the requirements applied from 3 January 2018 and do not require disclosure of costs and charges incurred before that date.