04/01/2022
Julius Baer is appealing in France
This in connection with large-scale trickery with French VAT
Legal, Regulation & Compliance
04/01/2022
London court blocks planned forex class action against big banks
The European Commission paved the way for the proposed lawsuit by fining banks
04/01/2022
EU horizontal guidelines encourage sustainability initiatives by competitors
In addition to revising the existing exemptions, the new guidance includes a dedicated chapter on how businesses can cooperate to achieve sustainability goals without infringing competition law.
04/01/2022
EU warns Ireland's golden visa is vulnerable to tax abuse, mainly one nationality
The research report found the Irish scheme is largely used by Chinese nationals who gain residency rights and a potential fast track to citizenship.
04/01/2022
The Bahamas identifies $1.6bn of sanctioned Russians assets, hopeful of FATF up-rating
We have very few accounts and structures of sanctioned persons in The Bahamas," said Campbell.
04/01/2022
Economic Crime Act expands UK sanctions and unexplained wealth order powers
The Act also seeks to increase the enforcement of breaches of financial sanctions, as well as the use of UWOs, as part of the Government’s efforts to tackle ‘dirty money’ in the UK.
03/31/2022
Call for input: Synthetic data to support financial services innovation
However, financial data – such as consumer transaction records, account payments, or trading data – is sensitive personal data subject to data protection obligations, as well as often being commercially sensitive.
03/31/2022
Scottish court guides trustees on use of indemnity clauses in trust deeds
The trustee of the Plumbing and Mechanical Services (UK) Industry Pension Scheme had experienced difficulties in applying employer debt legislation laid out in section 75 of the Pensions Act 1995.
03/31/2022
Economic Crime Act expands UK sanctions and unexplained wealth order powers
Any designation pursuant to the Urgent Procedure will cease to have effect after 56 days
03/30/2022
FCA fines GAM £9.1mn
The FCA has also fined Timothy Haywood, a former Investment Director and Business Unit Head at GIML, £230,037.
03/30/2022
Compliance with Beneficial Ownership Obligations by Company Service Providers
The thematic examinations yielded very positive results.
03/30/2022
European regulators emphasise key aspects unaffected by delays in detailed guidance
The express objective of the Statement is to “seek to mitigate the risk of divergent application” of the Sustainable Finance Disclosure Regulation
03/30/2022
Fos confirms cut in free cases to control costs
The Fos said it expected to fund this through a levy increase of £10m to £106m and cuts to its cost base.
03/30/2022
Adviser loses High Court case challenging Sipp decision
Portal undertook due diligence in relation to Cherish and was assured that it did not recommend or promote Ucis.
03/30/2022
International law firm Ogier merges with Dublin-based Leman Solicitors
Ireland combines a thriving domestic market and a significant and growing centre for financial services excellence which we believe is a great fit for our next home jurisdiction.
03/29/2022
Herbert Smith Freehills Financial Regulation: Daily Update
Overall, respondents welcomed the proposed expansion of the UK resolution regime for CCPs and were broadly in agreement with the proposed framework
03/29/2022
Financial Services & Banking News
The DRCF's work requires it to forecast future challenges and ascertain any associated implications.
03/29/2022
The Overseas Entities Register for UK Property: What you should know
We undertake a detailed technical analysis of the reporting requirements that Overseas Entities holding UK property will shortly need to comply with
03/29/2022
House Oversight launches probe into Credit Suisse ties to Russian oligarchs
In their letter to Credit Suisse CEO Thomas Gottstein, the lawmakers noted a recent report saying that the company ordered its employees to "destroy and permanently erase" certain information related to loans backed by material possessions such
03/29/2022
Financial Regulation:Daily Update
The plan sets out the PSR's key aims, activities and expected costs for the upcoming year.