01/14/2022
Supervisory flexibility on the short selling indicator
We are putting in place temporary measures for the reporting of the short selling indicator in transaction reports while we consider changes to the UK transaction reporting regime.
Legal, Regulation & Compliance
01/14/2022
MIFIDPRU Remuneration Code
The MIFIDPRU Remuneration Code (SYSC 19G) applies to MIFIDPRU Investment firms.
01/14/2022
Financial Regulation: Daily Update
The new webpage sets out how the MIFIDPRU remuneration code applies; self-assessment templates and tables; reporting requirements; and disclosure requirements.
01/14/2022
Financial Services and Banking News
The PRA will engage with firms to assess the challenges that broad structural changes, such as increased digitalisation, are bringing to the sustainability of business models.
01/14/2022
Individual accountability and the SMCR: a portent of success for the FCA’s new Consumer Duty?
These similarities may predict that, after a period of upheaval and significant cost, the worthy objective of establishing a higher level of consumer protection in retail financial markets and, importantly for firms and customers alike, greater consumer t
01/14/2022
European Commission proposes directive to prevent misuse of shell entities in the EU
The draft directive would impose a new tax transparency obligation between tax administrations under the DAC.
01/14/2022
Cyprus: Legislative amendments intended to prevent tax abuse published
The laws do not indicate the effective date of application of WHT to jurisdictions added to or removed from each updated version of the EU black list.
01/14/2022
FSCS declares Swansea advice firm in default
The British Steel Pension Scheme scandal did not erupt until 2017.
01/14/2022
Greece: New law on strategic investments enacted
The law entered into force on the same day, upon its publication in the government gazette. Its key provisions are summarized below.
01/14/2022
Spain: 2022 budget law introduces minimum corporate income tax regime
The minimum tax regime also applies for nonresident income tax purposes for income derived through a permanent establishment in Spain.
01/13/2022
Financial Regulation: Daily Update
The proposed MELL would apply from the start of the FSCS’s financial year on 1 April 2022 to 31 March 2023.
01/13/2022
Daily Legal Update
The UK Civil Aviation Authority (CAA) has announced that it is creating a new Environmental Sustainability Panel.
01/13/2022
Financial Services Compensation Scheme – Management Expenses Levy Limit 2022/23
In a joint consultation with the Prudential Regulation Authority (PRA), we are consulting on the management expenses levy limit (MELL) for the Financial Services Compensation Scheme (FSCS).
01/12/2022
Bahamas delisted from EU AML blacklist
The engagement with the EU DG FISMA began in August 2020 and culminated with The Bahamas' submission of additional information and data in early October 2021.
01/12/2022
Financial Services and Banking News
The final rules are contained in the Application Fees (Amendment) Instrument 2021 (FCA 2021/63).
01/12/2022
Shoosmiths opens Brussels office
The Brussels office is Shoosmiths’ first outside of the UK and meets two strategic objectives for the firm.
01/12/2022
ESMA considers blockchain update to regulatory reporting guidance
The regulator wants to assess whether the RTS developed under the Markets in Financial Instruments Regulations, covering certain transparency and data reporting requirements, need to be amended in order to be effectively applied to securities issued, trad
01/12/2022
UK launches consultation on domestic implementation of global minimum tax for large multinational groups
The UK government has today (11 January 2022) published a consultation seeking views for how a worldwide 15% minimum corporation tax should be domestically implemented.
01/12/2022
FCA urged to take action against ESG fraud
Investment companies should be held to the same standards as funds.
01/12/2022
Financial Services and Banking News
Both Delegated Regulations will enter into force on the twentieth day following that of their publication in the OJEU and shall apply to all Member States.