03/23/2016
Recent changes to BVI legislation - Withers
The BVI's response to the UK government's call to the Overseas Territories for greater transparency in beneficial ownership has been incorporated in recent changes to BVI legislation.
Legal, Regulation & Compliance
03/23/2016
Credit Suisse, CIA-Funded Palantir to Target Rogue Bankers
The Zurich-based lender plans to expand Signac to monitor all employee behavior, catch breaches of conduct rules, and eventually offer the service to other banks.
03/23/2016
Danske Bank reported to police over anti-money laundering lapses
enmark's financial regulator has reported Danske Bank, the country's largest bank, to the police for violating Danish anti-money laundering rules.
03/23/2016
Launch of Ashurst Advance creates integrated platform for future innovation
This combination will bring significant advantage to clients by ensuring that work of the highest quality is delivered by the right people
03/23/2016
Maybe I will arbitrate, maybe I won't – Anzen Limited and others v Hermes One Limited (British Virgin Islands)
The case involved shareholders in a BVI company, whose shareholders' agreement provided that any party 'may' submit a dispute to binding ICC arbitration in London.
03/23/2016
Mandatory "bail-in" clauses for foreign law documents - Harneys
With effect from 1 January 2016 all foreign (non-EU) finance documents entered into with regulated financial institutions within the EU will need to contain a mandatory “bail-in” clause with respect to any liabilities of the financial institut
03/23/2016
Half of FCA staff unhappy with leadership - report
Half of staff at the Financial Conduct Authority are unhappy with the way the organisation is run, an increase in dissatisfaction compared with two years ago.
03/23/2016
FCA warns businesses on competition law compliance
The FCA's announcement gives a clear indication that it expects financial services businesses to have competition law compliance programmes in place
03/23/2016
FCA warned about advisers’ ability to meet P2P rules
To take account of these legislative changes, the FCA asked for views on updates it is planning to make to its rules and guidance on disclosure and advice relating to P2P agreements.
03/23/2016
Jailed Libor trader Tom Hayes to pay £878,806
The ability to organise even minor movements in the rate had the potential to generate bumper profits for a trader.
03/22/2016
MoU sees Guernsey's fund industry agree closer ties with China
The British Private Equity & Venture Capital Association's Channel Islands Working Group was also a signatory to the MoU and will enjoy the benefits that come with closer ties.
03/22/2016
Ex-Leeds Utd MD David Haigh acquitted in Dubai on Twitter abuse charges
He expected Mr Haigh to return to the UK in two to three days.
03/22/2016
Disclosure of Beneficial Owners of Foreign Companies Holding UK Property
Whilst the main aim of the proposal is to tackle crime, corruption and money laundering it is quite likely that one of the aims is to collect beneficial ownership information so that the new rules in relation to UK Inheritance Tax for residential properti
03/22/2016
A cautionary tale during bonus season by Richard Sheldon, Appleby
This month many employers are currently going through the sometimes painful annual process of making bonus awards to tie in with year-end results.
03/22/2016
Banks warn of risks of ultra-loose policy
Some institutions increase consumer and international corporate lending to bolster margins
03/22/2016
Mifid II trading rules rewrite means ‘inevitable delays’
Michael McKee, the head of financial services regulation at global law firm DLA Piper, says the European Parliament’s rejection of three of the technical standards will be “of some concern to the industry”.
03/22/2016
Citigroup says being investigated in Germany over dividend trades
He said the bank did act as a settlement agent for clients' trades, but only supplied its infrastructure had no knowledge of the actual trades being carried out.
03/22/2016
Central Bank Fines Reinsurer €275,000
Dublin based reinsurer Arch Reinsurance Europe has been fined €275,000 by the Central Bank for breaches of the corporate governance code.
03/22/2016
Proposals for bonuses to be tied to the number of senior women at financial institutions have been criticised by top City figures
Meanwhile, a new survey out today from executive search firm Wilkinson Partners and law firm Withers recorded a seven per cent increase in the number of female partners hired in the tax and private wealth sectors.
03/21/2016
BREXIT: Expats launch High Court action that could delay UK referendum
In their 2015 manifesto the Conservatives pledged to get rid of the rule, but the promised Votes for Life Bill has yet to materialise, despite pressure from campaigners.