11/18/2020
Financial Regulation Update
The FCA has also published an overview document on the Benchmarks Regulation (BMR) and proposed amendments under the Financial Services Bill.
Legal, Regulation & Compliance
11/17/2020
German central bank says economic recovery interrupted by pandemic resurgence
The German government is set to spend €10bn (£9bn, $12bn) to compensate businesses that have to shut this month, covering up to 75% of their normal November revenue based on 2019.
11/17/2020
HMRC criminal actions against rich individuals jump 40% in 2019/20
The role of the unit is to use criminal and civil powers to investigate suspicious or serious non-compliance by companies and the wealthiest taxpayers.
11/17/2020
Joint statement on the implementation of prudential reforms in the Financial Services Bill
Joint statement from HM Treasury, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) on the implementation of prudential reforms contained in the Financial Services Bill.
11/17/2020
Advisers urged to shake up pricing models to shore up future
Advisers need to start engaging those younger clients now.
11/17/2020
Devilish detail in UK Settled Scheme for European HNWs
Submitting an application by the 30 June 2021 deadline may not be enough, law firm warns
11/16/2020
Carried interest is pure fiscal ‘cakeism’
If buyout groups want their profits taxed as capital gains, they should put capital at risk
11/16/2020
Coronavirus UK news – Boris Johnson starts self-isolation as new ‘mega labs’ could see 1 million tests a day
New lockdown has started and due to last for at least a month
11/16/2020
Working from home could lead to more prejudice, report warns
The study, conducted by polling company Survation for the Woolf Institute, which researches interfaith relations, surveyed 11,701 people.
11/16/2020
Call for three-year ban on EY bidding on public contracts
Anti-corruption group claims ‘recurring professional misconduct’ should preclude auditor from future business
11/16/2020
BOE: Banks Don't Get Protection From Digital Currencies
Andrew Bailey, governor of the BoE, said over the summer that the BoE is closely examining how the idea of a digital currency would work. He said it has "huge implications" on payments as well as the general way society would operate.
11/16/2020
Ogier in Guernsey advises Burford Capital on its dual New York Stock Exchange and London Stock Exchange listing
Burford is the leader in its field and we congratulate them on this success.
11/16/2020
EU regulators seek solution to post-Brexit derivatives rule clash
Overlapping requirements risk leaving banks having to trade on other continents
11/16/2020
‘Reckless’ ex-Carillion bosses to face FCA action
The FCA said that it had found that Carillion’s announcements on 7 December 2016, 1 March 2017 and 3 May 2017 did not “accurately or fully disclose the true financial performance” of the firm.
11/16/2020
FCA probes wealth firms’ readiness for negative rates
It asks firms if their existing IT accounting systems and cash management processes accommodate negative interest rates, and whether they already hold negative-interest rate client cash balances in Euros or Swiss francs.
11/16/2020
Financial Regulation Update
The FCA has published an update to its webpage on business interruption (BI) insurance to include the Supreme Court appeal hearing timetable, as well as a hand out summarising the issues, facts, procedural chronology and counsel for the appeal.
11/15/2020
Inclusion - more than a base-line for the global-conscious business
Within the corporate world, a steady focus on diversity and inclusion (D&I), manifested in policy, has become the norm.
11/15/2020
EU Exit/Covid-19: FCA CEO's Mansion House speech – Future challenges and priorities
Towards the end of his speech, Mr Rathi turned to the transformation of the FCA itself, noting that the programme was ambitious, ranging across culture, people and technology.
11/15/2020
European Commission publishes draft new standard contractual clauses for international personal data transfers and Article 28 GDPR clauses between EU controllers and processors
It is to be expected that the New SCCs will be adopted by the European Commission at the beginning of 2021.
11/13/2020
European Data Protection Board publishes recommendations on the supplementary measures to be taken for international personal data transfers from Europe
The Recommendations may ultimately lead to organisations having to locate more European personal data in Europe.