08/03/2018
If it ain’t broke,don’t regulate it
The five firms described the credit opinions they gave clients as “shadow ratings”. They contained credit opinions on different borrowers and instruments, as well as rating scales.
Legal, Regulation & Compliance
08/03/2018
Trustee Survival Guide: Beneficiary Rights to Information - Navigating the Evolving Landscape
Personal data"’ means any data that relates to an individual who can be identified from that data
08/03/2018
Common Reporting Standard: anti-avoidance measures
Compliance with the CRS is not a choice; it’s an obligation. And the penalties for non-compliance are severe.
08/03/2018
Adviser fleeced £300,000 from his friends
He then pleaded guilty on the day of trial to one count of theft from the cricket club.
08/02/2018
Bloomberg streamlines research management for MiFID II investment firms
Firms have also expressed a need for solutions to value the research, budget for it, and report back to their clients.
08/02/2018
Tribunal upholds FCA ban on Harlequin adviser
The Tribunal found TailorMade's customers were given bad advice to transfer into a Sipp which was to be invested in either a single, or a very small number of, inherently risky overseas property investments - notably Harlequin.
08/02/2018
FCA statement on selling high-risk speculative investments to retail clients following ESMA’s action on CFD products
We fully support ESMA’s measures, which are designed to protect retail investors.
08/02/2018
Upper Tribunal upholds FCA decision to fine and ban Chief Executive
The Tribunal also directed the FCA to impose a fine on Mr Burns of £60,000 on the basis that he had breached the FCA’s Statement of Principle 7 by failing to ensure that TMI complied with its obligations under the regulatory regime.
08/02/2018
IOSCO report: Mechanisms Used By Trading Venues
The report also identifies the more recent development and use of price constraint mechanisms that, rather than simply halting trading, reject or constrain certain ordersto allow trading and price formation to continue.
08/01/2018
No FCA action against RBS after mistreatment of small businesses
City watchdog says its inability to discipline bank in no way means it condones behaviour
08/01/2018
ICO reveals fivefold increase in personal data breach reports
The GDPR places new obligations on employers to self-report qualifying personal data breaches to the ICO within 72 hours of a breach becoming known.
08/01/2018
Ogier advises Generali on €409 million Generali Worldwide Insurance Company Limited sale
Generali will receive approximately €409 million in base consideration
08/01/2018
An evaluation of our guaranteed asset protection insurance intervention
Our intervention has had a positive impact.
08/01/2018
Strengthening accountability: implementing the extension of the SM&CR to insurers
This consultation closes on Monday 1 October 2018, which is intended to ensure that final rules can be made in advance of implementation
08/01/2018
Former HSBC Trader Wins Battle Against US Extradition
Scott's British ex-boss and alleged co-conspirator Mark Johnson -- once HSBC's head of global cash foreign-exchange trading -- was convicted last year.
07/31/2018
ESMA finds shortcomings in national supervision of efficient portfolio management by UCITS
A recent peer review by ESMA, which assessed the level of compliance of six national competent authorities (NCAs) with its Guidelines on EPM, found a number of shortcomings in certain NCAs’ approaches when supervising the use of EPM by UCITS.
07/31/2018
EIOPA discussion paper: Resolution funding and national IGS
Based on this analysis, EIOPA proposes a minimum degree of harmonisation in the European Union.
07/31/2018
Supreme Court Provides Clear Guidance on Liability to Third Parties for Bankers' References
Burlington did not disclose to the Bank that they sought the reference on behalf of the Club or indeed any other party
07/31/2018
Adviser jailed over £14.5m Ponzi scheme
The case was referred to the City of London Police, the national lead force for fraud, by the Financial Conduct Authority (FCA) which became suspicious of the HBFS bank accounts.
07/31/2018
Six at Mourant listed in Legal 500's 'Hall of Fame UK' 2018
Jersey Partners Ben Robins, Giles Corbin and Jonathan Speck have been named alongside Partners in Guernsey, Jessica Roland, Gordon Dawes and Jeremy Wessels.