07/22/2016
Three UK advisers arrested in £132m tax-dodging fraud
All three are suspected of involvement in a scheme that used Jersey-based offshore trusts to allow individuals to avoid around £132m in income tax.
Legal, Regulation & Compliance
07/22/2016
FCA Finds Failings In The Oversight Of Appointed Representatives In The General Insurance Sector
The principal firm has regulatory responsibility for the appointed representative and generally, in the regulatory context, anything that the appointed representative has done or omitted to do is treated as having been done or omitted to be done by the pr
07/22/2016
The Channel Islands Securities Exchange and the EU’s Market Abuse Regulation
From 3 July 2016 the European market abuse regime was changed as a result of the EU Market Abuse Regulation (MAR).
07/22/2016
FCA Publishes Thematic Review Into Dark Pools
The FCA considered the promotion undertaken by dark pool operators, the quality of the identification, management and disclosure of conflicts of interest and also reviewed relevant governance, oversight and controls.
07/22/2016
New Alternative Banking Regime approved for the Isle of Man
The new legislation and associated guidance will come into effect on 1st August 2016.
07/22/2016
All upstream for Burges Salmon as regional leader posts 8% turnover growth
The firm has had some key client wins in the past 12 months
07/21/2016
Call For Blockchain And Biometrics Boost To UK’s Regtech
The FCA issued a call for input in November 2015 about the development and adoption of regtech; and more than 350 responses were received.
07/21/2016
FCA criticised for being too defensive
Financial watchdog not properly dealing with legitimate complaints about its workings, report says
07/21/2016
Five Star Movement calls on Brussels to approve Italy bank rescue
He said bondholders, whether private or institutional investors, should not be forced into a bail-in that could lead to big losses because it would create even greater pain.
07/21/2016
Guernsey remains on course for third country passport following positive ESMA recommendation
ESMA has now published its advice for all 12 jurisdictions against the regulatory frameworks in place and their track record for ensuring effective enforcement.
07/21/2016
Extending the AIF marketing passport to non-EU countries crucial for investor choice, says Invest Europe
This would allow these third countries to manage and market their funds to investors based in the EU.
07/21/2016
Draghi expected to be in 'Monty Python' mode as ECB meets
The Italian economist - well known for tough "whatever it takes" promises - will be up in front of the cameras
07/21/2016
British HSBC executive is arrested over '£2.7BILLION exchange rate rigging scam
The alleged fraud occurred in November and December 2011
07/21/2016
UK Watchdog Says May Intervene On High Overdraft Charges
Initial recommendations have proposed that each bank sets its own fee cap on unauthorised overdrafts.
07/21/2016
Day of reckoning for world’s oldest bank
Any new bailout must be the rescue to end all rescues
07/21/2016
Banks Surviving Russian Purges Brace for ‘Most Painful’ Step
If introduced now, new related-party-lending rules set to go into effect in January would leave about one in four banks in violation, according to S&P analyst Roman Rybalkin.
07/21/2016
Russian court upholds ruling which puts former co-owner of Vneshprombank on wanted list
Vneshprombank is number 40 in RIA Rating’s ranking of Russian banks by assets, as of January 1, 2016.
07/20/2016
Management Comment on the Report Regarding the Investigation of Nordea Private Banking
The investigation has now been completed and presented to Nordea’s Board of Directors.
07/20/2016
Jersey Finance comment on ESMA passporting announcement
ESMA’s mission is to enhance investor protection and promote stable and orderly financial markets.
07/20/2016
Ex-UBS trader Kweku Adoboli loses UK deportation appeal
He is Ghanaian but has lived in the UK since the age of 12.