10/15/2021
UK finalising scope of LIBOR legacy regime
The regulator confirmed the methodology it would require LIBOR’s administrator to use for these synthetic rates, which will no longer be representative of their underlying markets.
Legal, Regulation & Compliance
10/15/2021
Ashurst advises Generali
Global law firm Ashurst has advised Generali Investments Partners, the investment arm of Generali Group, in the establishment of its new Spanish branch.
10/15/2021
How share plans relate to European tech M&A and the digital skills shortage
The European Commission has said that 70% of businesses report a lack of staff with adequate digital skills as an obstacle to investment.
10/15/2021
UK Financial Conduct Authority Prohibits and fines Omar Hussein for pension Switching Failings
The FCA found that Mr Hussein advised customers to switch their existing pensions when this was often unnecessary and not in their best interest.
10/14/2021
Financial complaints data highlights need for firms to maintain robust controls
Complaints relating to affordability continue to feature heavily in the FOS’s caseload, together with a troubling, if not surprising, uptick in cases relating to fraud and scams.
10/14/2021
UK property developer tax: build to rent excluded
When the government consulted on the design of the tax in April, the consultation document said that the government was considering how to bring the development profits from BTR activity within the tax.
10/14/2021
Regulatory Squid Game? The stretched tentacles of UK merger control reform
The General Consultation proposes both jurisdictional and procedural amends that would apply to all firms across the economy.
10/14/2021
Macfarlanes Investment management update
Regulations that came into effect on 1 October 2021
10/14/2021
UK judge rules pension losses lawsuit should have happened in Gibraltar
The Castle Trust Group was formed over 20 years ago and has represented a range of clients including banks, quoted companies, wealthy individuals and pension funds.
10/14/2021
ICO response to DCMS consultation on reform of the UK's data protection regime
The ICO, unsurprisingly, emphasises maintaining current privacy standards and, on the issue of data transfers, underlines the importance of maintaining EU adequacy.
10/13/2021
Ogier in Guernsey advises Disruptive Capital
Disruptive is also the first SPAC on Euronext Amsterdam to be listed and traded in pounds sterling.
10/13/2021
FCA staff revolt over Rathi's transformation programme
Rathi’s attempt to communicate the benefits of the programme have reputedly failed to attract the support of staff, where formal communication events have attracted waves of criticism.
10/13/2021
Deutsche Bank faces €500m lawsuit in widening forex scandal
Spanish hotel group’s claim is tied to sale of exotic currency derivatives
10/13/2021
ESMA publishes Final Report on notification requirements for STS synthetic securitisations
The European Commission will now decide whether to endorse the draft technical standards
10/13/2021
Fraudulent European investment platform shut down
After it scammed victims out of at least €15m, which could ‘even amount to approximately €500m’
10/13/2021
New exemptions align Jersey’s prospectus rules with familiar UK/EU exemptions
The changes are an important step in modernising Jersey’s prospectus regime while still maintaining its integrity and its fundamental role in protecting investors.
10/13/2021
Financial Regulation: Daily Update
Though regulators in many jurisdictions have commenced work on standards, efforts should, 'be pursued as a matter of urgency'.
10/12/2021
Financial Services & Banking-news
Key points included: that consumer credit remains a key priority for the FCA as the consequences of the pandemic for consumers continue to unfold
10/12/2021
Authorities swoop on German investment platform over €15m cross-border fraud
"Investigators estimate the total amount of the fraud could even amount to approximately €500m."
10/12/2021
Financial Regulation Update
The FCA will continue to engage with LLMs over the next two years through its planned programme of work and expects firms to keep up to date with regulatory developments generally and with the areas covered in its letter.