01/25/2021
Cyprus UBO disclosure regime for entities and other legal arrangements
A draft bill (incorporating the requirements of the Fifth Money Laundering Directive) is expected to be approved by the House of Representatives in due course.
Legal, Regulation & Compliance
01/25/2021
Deutsche Bank starts probe in relation to engagement with some clients
Deutsche Bank is said to be probing if its staff mis-sold sophisticated investment banking products to clients
01/25/2021
UK firms told 'set up in EU to avoid trade disruption'
The Cheshire Cheese Company said it had been advised by an official to set up in the EU after it was forced to stop its exports to the bloc due to trade rules that came in on 1 January.
01/25/2021
EU regulators given new Priips deadline
McGuiness has written to the EU’s three main financial regulators to demand they agree with the regulatory technical standards covering the presentation of costs and performance scenarios, according to the FT.
01/25/2021
UK moves to regulate 'stable tokens' with EU cryptoasset reform looming
The consultation itself acknowledges the rapid pace of change in this area that has been accelerated not only by evolving technology and innovations but by changing consumer needs and expectations, including as a result of the coronavirus pandemic.
01/25/2021
European Commission issues looming deadline to EU regulators for shake-up of PRIIPs rules
EU regulators have been given an end of January deadline by the European Commission's financial services commissioner Mairead McGuinness to come to an agreement about the overhaul of PRIIPs rules, the Financial Times has reported.
01/25/2021
UK broker TP ICAP to stop serving some EU clients, blames COVID-19
TP ICAP said it needs to bulk up its Paris hub with between 60 and 100 staff.
01/25/2021
Deutsche probes alleged mis-selling of investment banking products
Investigation at German lender was triggered by client complaints last year
01/25/2021
FSCS Levy Forecast of £1BN Compensation Bill is Scandal that Shows Regulation is Failing Both Consumers and Firms
This is a further sign that the cost of compensation is truly out of control.
01/25/2021
Financial Regulation Update
ISDA published the IBOR Fallbacks Supplement and IBOR Fallbacks Protocol on 23 October 2020.
01/22/2021
Collapsed DB transfer adviser’s wind-up drags on
Kingsway was also one of 45 firms put on the Financial Services Compensation Scheme’s default list between May and October last year.
01/22/2021
"Judgment laundering" doesn’t wash with the English Court of Appeal
While the Cayman Islands judgment was within the literal definition of the term “judgment” in the 1920 Act, Lord Justice Males preferred a more purposive construction.
01/22/2021
FSCS levy to breach £1bn as scheme eyes 48% hike
Due to the advice class breaching its limit, alongside the investment provision class
01/22/2021
Financial Regulation Update
The FCA has also published research conducted by IFF Research on CMCs, fee rules and financial services claims.
01/22/2021
Convicted London Trader Forfeits $5.4 Million in Profits
The confiscation comes after the pair lost a bid to overturn their conviction last month.
01/22/2021
Former Vatican Banker Convicted of Money Laundering and Embezzlement
The ruling by the Vatican court signaled the church’s desire to get its financial house in order following past scandals.
01/22/2021
FSCS wants ban for individuals involved in multiple firm failures
Recent data from the Financial Conduct Authority showed it had thwarted a dozen advisers attempting to phoenix in the first 10 months of 2020.
01/21/2021
FCA, DWP and MaPS enter into MoU
The FCA has announced that half of reporting firms who have previously submitted their regulatory reporting on Gabriel are now using RegData, the new data collection platform.
01/21/2021
African Development Bank, European Investment Bank sign Joint Partnership Action Plan to fast-track development in Africa
The Joint Action Plan was developed following an EIB delegation meeting with the African Development Bank in February 2020
01/21/2021
Significant Changes for Small/Mid Cap M&A and Digital Players – Amendment of German Act Against Restraints of Competition in force now
New Filing Obligation – Order of the FCO to Notify