04/12/2022
Jersey headquartered corporate admin firm gets licence in Ireland
Highvern understands the market opportunities and appetite to establish structures in Ireland and aims to grow in line with this.
Legal, Regulation & Compliance
04/12/2022
Regulators warn P&O staff against DB transfers after mass redundancies
The FCA and TPR warn that transferring out of a defined benefit pension scheme is unlikely to be in the best interests of most people,
04/11/2022
Herbert Smith Freehills: Financial Regulation: Daily Update
The SS aims to ensure that high-quality and convergent supervision is applied to run-off undertakings and portfolios subject to the Solvency II regime
04/11/2022
French bank BNP Paribas reported regulatory failings to National Crime Agency, whistleblowing court case details reveal
BNP said the report to the NCA was about suspicious activity of third parties rather than BNP. It said BNP did not find any evidence of suspicious activity within its own organization.
04/11/2022
Supreme Court declines appeal in landmark Carey pensions case
A condition of the acquisition was the indemnity on any claims in the Adams v Carey case, with the benefit of significant existing PI cover held by the vendors.
04/11/2022
FCA removes firms’ unused permissions 161 times in 2021
The FCA also revealed it now rejects one in seven applications for authorisation, up from one in 13. It said it will continue to test the limits of its powers going forward.
04/11/2022
HSF Financial Regulation: Daily Update
The FCA explains that the review does not represent a shift in FCA policy or changes in firms' requirements.
04/08/2022
FCA launches three-year strategy to improve outcomes
A key focus of the strategy is shutting down problem firms, which do not meet basic regulatory standards.
04/08/2022
EBRD adopts new country strategy for Bosnia and Herzegovina
The strategy was approved days before a planned visit to the country by EBRD Vice President for Policy and Partnerships, Mark Bowman, who will be in Sarajevo on 11 and12 April to discuss its implementation with the authorities.
04/08/2022
Herbert Smith Freehills Financial Regulation: Daily Update
It sets out the regulator's expectations for financial services over the next three years and explains how the FCA will measure its own performance.
04/08/2022
EBA publishes final Report on the amendment of its technical standards on the exemption to strong customer authentication for account access
The amendment aims to reduce frictions for customers using such services and to mitigate the impact that the frequent application of SCA and the inconsistent application of the current exemption have on AISPs’ services.
04/08/2022
Bank of England increases spending on data scientists
The most significant increase came between 2019 and 2020, amidst the Covid-19 pandemic, when the BoE’s total payroll for data scientist rose from £224,579 to £914,472, an increase of 307 per cent.
04/08/2022
Clifford Chance advises Amundi on the proposed acquisition of Lyxor
The finalization of this transaction will take place no later than February 2022, after consultation with the representative bodies of Société Générale's staff, and subject to obtaining prior authorization from the compete
04/08/2022
EU authorities update disclosure regulation transition guidance
The new supervisory statement clarifies the ESAs' expectations towards market participants and national competent authorities to use the new transition period until 1 January 2023 to prepare for the application of the Commission's delegated act.
04/08/2022
Cayman freezes US$7.3 billion in Russian assets
These amendments include new financial, trade, and maritime measures, and restrict specified financial services with the Russian Central Bank and other Russian Federation agencies.
04/08/2022
Zeidler Group announces registration of UK MiFID firm in Luxembourg
“As investment management firms increasingly look to develop their business through new distribution channels"
04/08/2022
Russian sanctions: the impact of UK, EU and US sanctions for UK and EU businesses
New sanctions are coming into force and existing sanctions are being amended without notice or often with no or little lead in time to comply.
04/08/2022
Germany: Government approves draft bill reducing interest rate on late tax payments/refunds
The draft bill still must go through the legislative process and be approved by the upper and lower houses of parliament.
04/08/2022
FSCS declares BSPS advice firm in default
The FSCS told FTAdviser it had received two claims against the firm so far, both of which are for pensions advice.
04/08/2022
Financial Services & Banking News
The response confirms that it intends to proceed with the reforms.