12/15/2021
LIBOR transition - impact for trustees
In light of the discontinuation of LIBOR, trustees should ensure that, going forwards, interest rates are no longer linked to LIBOR for any new loan relationships.
Legal, Regulation & Compliance
12/14/2021
NatWest fined £264.8 million for anti-money laundering failures
This is the first time the FCA has pursued criminal charges for money laundering failings.
12/14/2021
Decision by the French Court of Appeal - UBS
UBS takes note of the French Court of Appeal’s decision.
12/14/2021
Financial Regulation: Daily Update
The statement sets out the progress made since the review was announced on 16 September 2021.
12/14/2021
Addleshaw Goddard: Daily Legal Update
European Commission proposes measures to improve the working conditions in platform work and to support the sustainable growth of digital labour platforms in the EU.
12/14/2021
Statement on the Bank of England 2021 stress test results
Under this stress scenario, the Bank of England’s results indicate that the Group’s common equity tier
12/14/2021
FCA removes permissions from fifth firm in investment group
The regulator said Renaissance Advisory was linked to Marvell Enterprises, a credit broker it removed the permissions of after authorising the firm in January.
12/14/2021
Appleby support PraxisIFM Group
Appleby’s Jersey team led the multijurisdictional team across Jersey, Guernsey, Malta, Luxembourg and the UK.
12/14/2021
Second ex-Continental Wealth client ruling goes against STM
It’s not known how many more decisions are pending
12/14/2021
Embodied Carbon: The next green focus for policymakers
The finished structure embodies this carbon: it is a memorial to carbon released.
12/14/2021
UBS Faces Tough Decision After Ruling
UBS has a few days to decide whether it will accept the ruling or take the case to a high-instance court.
12/14/2021
UK Financial Conduct Authority publishes the Swift Review into the Supervisory Intervention on interest rate hedging products
The FCA will ensure that any significant decisions on redress made in the future will be transparent, with appropriate governance, and supporting evidence will be properly recorded.
12/14/2021
Ireland Update: Clarity and Change for Whistleblowing
The employer also denied that the employee’s dismissal was due to the communication.
12/14/2021
Belgium and France sign new tax treaty
There are several changes in the new treaty, in particular regarding the taxation of capital gains on the sale of shares of companies with assets consisting primarily of real estate.
12/13/2021
AIFMD 2.0: European Commission Publishes Legislative Proposals
The Proposals also contain similar changes to the UCITS Directive to align delegation, liquidity risk management and regulatory reporting more closely
12/13/2021
French court set to rule on record UBS fine
The Paris appeals court is set to rule on whether to confirm or adjust the penalty against Switzerland's largest lender, which was imposed after an initial trial in 2019.
12/13/2021
Sustaining impact: ESG considerations for Guernsey trustees and family offices
ESG, which is often used interchangeably with the term “sustainable investing” is increasingly tied up to a company’s long-term financial performance and success.
12/13/2021
Clients raise concerns over Quilter International still taking fees from a mis-sold fund
These investments have been frozen since 2008 and are now administered by JTC Fund Solutions (Guernsey) Ltd.
12/13/2021
UBS can get reduced buses in France
The UBS share reacted at times with a price increase of 3 percent on the stock exchange.
12/12/2021
Transforming data collection communication to firms – 8 December 2021
Communication to firms to provide an update on the progress of the joint transformation programme, which is being led by the Bank of England, FCA and industry to transformation data collection from the UK financial sector.