08/24/2020
Scammers use lockdown to ramp up bank fraud
Victims may be distracted by changing childcare or workplace commitments and could be more vulnerable because they lack their usual family and friend support systems, he warned.
Legal, Regulation & Compliance
08/24/2020
Govt extends eviction ban
The extension means no legal evictions will have taken place in England and Wales for six months, despite warnings previously sounded that the ban could "cripple" the rental market.
08/24/2020
FCA consultation offers significant benefits to UK open-ended property funds – Kames Capital
The consultation, released in August 2020 has proposed a range of options with regard to notice periods to address an illiquidity mismatch in open-ended property funds.
08/24/2020
Fraud fears as FCA investigates over 150 Covid-19 related scams
The total number of suspected scams reported to the FCA over the last five months is 165. The types of scams that have been circulated during this time include email, phone calls, text messages, letters, and social media.
08/24/2020
Cyprus Denies New Allegations In “golden Passport” Scheme
Cyprus on Sunday denied fresh allegations that it was granting citizenship to foreigners accused of crimes in exchange for millions in investments, insisting that all those who received a passport met all criteria in place at the time.
08/24/2020
Luxembourg’s Register of Trusts and Fiduces
Fiduciaries and Trustees established in Luxembourg and providing services to express trusts or fiducies established or domiciled in Luxembourg are responsible for completing the information in the RFT
08/23/2020
Cyprus sold passports to criminals and fugitives
A leak of government documents reveals Cyprus sold citizenship to dozens of foreigners linked to crime and corruption.
08/23/2020
Leveraging technology to support supervision: challenges and collaborative solutions
Speech by Benoît Cœuré, Head of the Bank for International Settlements Innovation Hub, at the Peterson Institute for International Finance, Financial Statement event series, 19 August 2020.
08/21/2020
Coronavirus: Commission continues expanding future vaccines portfolio with new talks
The Commission pursues intensive discussions with other vaccine manufacturers.
08/21/2020
Assignment of group claims was invalid, rules German court
The judge reached that view after considering that the car owners would have been subject to economic pressure had they not agreed with the terms of any settlement Myright might have reached in the case.
08/21/2020
FCA plans to reduce ‘liquidity mismatch’ in open-ended property funds
It is proposing to impose a notice period on redemption requests, with the investor receiving the value of their investment based on the unit price of the fund at the first valuation point following the end of their notice period.
08/21/2020
Over 100,000 businesses are still not in line with company rules
More than 100,000 companies in Belgium have still to come into line with a rule introduced in 2019 to fight money-laundering and the financing of terrorism.
08/21/2020
Furlough warning for people who have used scheme - HMRC issues update on penalty charges
HMRC has now stated it will be writing to select individuals who may have claimed too much based on the information it has at hand.
08/21/2020
FCA updates TPR webpage
The FCA also confirms that, due to Covid-19, it will hold its Annual Public Meeting as a virtual event on 24 September 2020.
08/21/2020
Revealed: FCA paid £13,000 in complaints redress in last 18 months
The FCA has only paid out £13,000 to complainants of its conduct over the past 18 months, New Model Adviser can reveal.
08/21/2020
ECB fears recovery is at risk from a delayed surge in unemployment
ECB chief economist Philip Lane told the meeting that “surveys suggested that employment was lagging output
08/21/2020
CFC Rules in Europe
These rules aim to disincentivize businesses from moving their income to low-tax jurisdictions, as it can still be subject to domestic tax, and thus protect the domestic tax base.
08/21/2020
Former IFA charged in fraud investigation
The case will be listed at Westminster Magistrates’ Court at the end of September.
08/20/2020
Withers acts on precedent setting Court application to gain increased powers for trustees
The Court considered the extent to which it can grant powers under s57 where there is no particular contemplated transaction/disposition and where the new power was of a general nature and not directly transactional.
08/20/2020
FCA Primary Market Bulletin issue 30
The FCA also finalises technical notes it consulted on in an earlier bulletin