02/26/2021
Firms' climate data reporting is improving, says Norway wealth fund
It holds stakes in around 9,100 companies worldwide and has set the pace on a host of issues in the field of environmental, social and corporate governance (ESG).
Legal, Regulation & Compliance
02/26/2021
'What the Right Hand Gives, the Left Takes Away': SDLT Surcharge for Foreign Buyers of UK Property Set to Come into Force
The surcharge applies to the purchase of properties in England and Northern Ireland only (Scotland and Wales having their own equivalent SDLT charges)
02/26/2021
Govt completes final sale of Bradford & Bingley and Northern Rock
The treatment of customers was a key element in selecting the successful bidder, the Treasury said.
02/26/2021
BNP Paribas ‘anti-semitism’ row: Malta judge says bank can appeal summons
Top brass from BNP Paribas will be allowed to appeal a court decree to testify in Malta in a case filed against them by British financer Jacob Agam
02/25/2021
Financial Regulation: Daily Update
ESMA launches two consultations on draft RTS and ITS to improve supervisory cooperation for investment firms
02/25/2021
FCA returns funds to victims of unauthorised deposit taking and collective investment schemes
The FCA has obtained High Court Approval to return £3.42 million to compensate victims of a series of unauthorised deposit taking and collective investment schemes.
02/25/2021
FCA responds to High Court decision to stay proceedings in enforcement case
The FCA will be seeking permission to appeal from the Court of Appeal.
02/25/2021
German accounting watchdog head to step down in wake of Wirecard scandal
Germany’s financial watchdog BaFin called on FREP in February 2019 to investigate Wirecard’s accounts, but it had not yet issued results by the time the company collapsed in June 2020.
02/25/2021
Draft UK adequacy decision published following Brexit - implications for UK-EU data transfers
If the full decision is granted by the European Commission, this will mean that data flows from the EEA to the UK will be able to continue without any additional protection mechanisms
02/25/2021
World auditors voice concern at access to Cyprus cash-for-passport scheme records
Before that, authorities had defended the initiative, which was popular with Russians, Ukrainians, Chinese and Cambodians.
02/25/2021
Guernsey’s fast track pre-authorisations expected to help boost captive formations in 2021
A captive can go ahead with changes to retentions, changes to reinsurance, to fronting arrangements, they can add new lines of business and they can do that without needing to provide any notification or await any approval from the Commission.
02/25/2021
FCA censures Premier FX for payment rule breaches
In doing so, Premier FX seriously misled its customers about the services it was authorised to provide and how it held customers’ money.
02/25/2021
Withers wins Swiss Estate Planning Team of the Year Award
The awards recognise firms working in Switzerland’s wealth management and advisory fields, and are judged by a panel of leading professionals working in these industries.
02/24/2021
Fideuram Intesa Sanpaolo Private Banking: Agreement For State Street To Serve As Depositary Bank And Fund Administrator
The completion of the transaction, which is conditional on the necessary authorizations from the competent authorities, is expected by the end of June 2021.
02/24/2021
Financial Regulation: Daily Update
The FCA emphasises that the fair treatment of vulnerable customers should be embedded as part of a firm's healthy culture.
02/24/2021
How the EU is catching up to the U.K. in open banking adoption
TrueLayer raised $25 million in September 2020, PayPal Ventures put £9 million into Modulr in November 2020, Tink raised €85 million in December 2020, and Token raised $15 million in January 2021.
02/24/2021
Ex-Privatbank CEO Named as Suspect in $5.5 Billion Fraud Case
Zelenskiy has vowed to claw back the state’s rescue funds -- something foreign donors including the International Monetary Fund also want
02/24/2021
FCA launches guidance for firms on the fair treatment of vulnerable customers
Firms should understand what harms their customers are likely to be vulnerable to and ensure that customers in vulnerable circumstances can receive the same fair treatment and outcomes as other customers.
02/24/2021
FCA returns £3.4m to Ucis victims
The schemes raised more than £15m from 1,000 individual accounts.
02/23/2021
HMRC loses appeal against TV presenter in IR35 case
According to some commentators, this case could now provide comfort to other media-based freelancers who are currently on HMRC’s radar.