02/28/2021
Financial Regulation Update
The Regulations come into force in May 2021
Legal, Regulation & Compliance
02/26/2021
A guide to UK FCA Authorised Funds
Our new in-depth UK Authorised Funds Guide by Grania Baird, Jessica Reed and Beth Walsh takes a comprehensive look at the various structures and regulatory types of authorised funds as well as the parties involved in their establishment and management.
02/26/2021
Financial Regulation: Daily Update
The FCA would have imposed a substantial penalty on the firm, however it did not do this due to the impact that a penalty would have on the firm’s creditors, many of whom are consumers.
02/26/2021
UK data adequacy decisions issued by European Commission
The draft decisions show that the Commission intends to designate UK data protection standards as being "essentially equivalent" to those that apply in the EU.
02/26/2021
CJEU to rule on data protection breach damages
In addition to injunctive relief and information about his stored data, he also demanded damages under article 82 of the GDPR.
02/26/2021
MIFID Firms– What is the Central Bank of Ireland's Focus for-2021?
The CBI updated its COVID-19 FAQs to list factors investment firms should consider when looking to pay dividends and variable remuneration, given the impact COVID-19 has had on the markets and the economy in recent months.
02/26/2021
Cayman Islands, Morocco Placed on Terror-Financing Watch List
The Financial Action Task Force has added four jurisdictions to its list of countries subject to increased monitoring
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).
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.