06/06/2017
Madoff Lawsuits Trail Hollywood as First Case Reaches EU Court
The EU case deals with an executive at LuxAlpha, the Luxembourg fund that has been most closely linked to Madoff.
Legal, Regulation & Compliance
06/06/2017
FCA orders adviser to stop pension business
The FCA has also placed asset retention restrictions on the firm, meaning it cannot dispose of, deal with or diminish the value of its assets without the FCA’s consent.
06/06/2017
IQE becomes first Isle of Man member of TISE
IQE Securities Sponsor Services Limited is a wholly owned subsidiary of IQE Limited, the international fiduciary services provider.
06/06/2017
Estera continues expansion plan with acquisition
Mark Huntley, CEO of HFSG, commented on the acquisition: ‘This transaction marks a significant development for Heritage, our clients and employees.
06/06/2017
Zurich offers adviser support ahead of UAE regulatory changes
Zurich FutureReady is a programme that we have devised to help business owners and advisers navigate the changes that are coming in the UAE market.
06/06/2017
Lloyds Banking Group has agreed a huge deal outsourcing nearly 1,500 tech jobs to IBM
It claims jobs will initially be based in Copley and Edinburgh but will then be outsourced to India
06/06/2017
Royal Bank of Scotland reaches £200m settlement with investors
The offer of 82p per share to those who took part in a rights issue in 2008 means former chief executive Fred Goodwin will not appear in court
06/06/2017
FCA issues Welsh advice firm with skilled person review
This does not always mean the FCA believes there will be redress owed to clients when it places these restrictions.
06/06/2017
Banks in Asia hit by long arm of EU’s Mifid 2 rules
European investor protection rules set to push up compliance costs elsewhere
06/06/2017
ESMA Final Report on MiFID II Product Governance Requirements
The rules originated from an existing FCA regime
06/05/2017
BVI's new beneficial ownership regime scheduled to take effect on 1 July 2017
This update is based on the latest available draft legislation on BOSS and other information made available by the BVI Government to the industry.
06/05/2017
Lloyds investors to go ahead with £350m lawsuit despite Royal Bank of Scotland stance
We want justice and for people to be held to account.
06/05/2017
Deutsche Bank will not facilitate Trump’s Russia investigation
The German lender was fined $630 million in January for organizing mirror-trading operations that could be used to launder Russian money.
06/05/2017
Bank of Portugal attacks EU bank measures
Portuguese banks in 2012 were obliged to restructure their businesses in line with plans approved by the European Commission.
06/05/2017
IoM considers changes to commission disclosure rule
The change is likely to be announced in response to industry feedback to the consultation on the latest draft, which ends 16 June 2017.
06/05/2017
Regulatory Change Identified as the Key Driver for Fixed Income Market Structure Change in Europe
Despite this, there is clear progress being made and the industry appears keen to take advantage of the additional data soon to be available in the market as a result of the regulation
06/05/2017
ESMA Final Report on MiFID II Product Governance Requirements
Firms have since grappled with where the proportionality dial should sit when establishing practical implementation frameworks.
06/04/2017
FCA Warns Dividend Arbitrage Could Link To Financial Crime
The Financial Conduct Authority said a recent review of firms engaged in so-called dividend arbitrage used to place shares in alternative tax jurisdictions with the aim of minimizing withholding taxes.
06/04/2017
BNP Paribas fined for failing to fight money laundering
The failures had an effect on France's entire effort to fight money laundering and terror finance.
06/02/2017
FCA bans jailed former Schroders trader
The FCA prohibited Clarke from performing any function in relation to regulated activities.