11/10/2020
Raiffeisen to exit Swiss bankers association
The bank said that it wants to strengthen its commitment to Swiss private clients and small and medium enterprises.
Legal, Regulation & Compliance
11/10/2020
The Covid-19 Balancing Act for Regulated Businesses in Jersey and Guernsey Covid-19 is here to stay, and with it a change in the way that we work.
Whether or not this has fully sunk in, the Channel Islands regulators and international standards setters have certainly grasped it.
11/10/2020
Fos chief defends £350k award despite 'minimal' impact
Ms Wayman said the areas helped by the extra £200,000 available included pensions, where the defined benefit transfer market sometimes reached the limit, alongside protection, fraud and scams.
11/10/2020
Almost half of all FCA scam warnings are impersonations of real brands, Quilter finds
There is no legally enforceable system for compelling search engines and social media platforms to remove fake websites and fake adverts which use the ‘clone’ of a financial services firm.
11/10/2020
PwC solution utilises DueDil tech to automate KYB for banking client
Checks that were previously conducted manually will now be fully automated using the DueDil API, enabling the client to deliver an enhanced overall customer experience.
11/10/2020
Financial Regulation Update
The UK’s Joint Government-Regulator TCFD Taskforce has published an interim report and accompanying roadmap, which outlines the UK’s approach to implementing the recommendations of the TCFD and achieving the UK's expressed intention to ma
11/10/2020
Carey Olsen advises VinaCapital
The Carey Olsen team advising VinaCapital on all Guernsey aspects of its migration was led by corporate partner Ben Morgan and senior associate Gemma Campbell.
11/10/2020
ESMA prepares for no-deal Brexit with plans to delay MiFID II calculations
The period of suspension will include essential MiFID II calculations including DVCs, SI regime, and bond liquidity determination.
11/10/2020
Mandatory disclosure rules (DAC6): A look at private equity investment in Luxembourg
Diogo Duarte de Oliveira and Olivier dal Farra of Baker & McKenzie Luxembourg analyse the DAC6 hallmarks and consider how intermediaries may encounter them in the context of private equity investment structuring in Luxembourg.
11/10/2020
‘Puppet’ solicitor suspended over money-laundering breach
A so-called financial services agreement sent by the client to prepare the escrow agreement contained ‘very basic’ spelling mistakes, errors and confusing clauses.
11/09/2020
EBA Consults on Integrating ESG into Risk Management, Supervision
The consultation paper follows the release of the EBA’s ‘Action Plan on Sustainable Finance’ last December, which outlines the authority’s deliverables and activities related to ESG factors and risks.
11/09/2020
Two-thirds of UK banks have no net zero target
As a result, 2020 has subsequently seen a growing number of private and public entities aiming to be zero-carbon within a short amount of time.
11/09/2020
Deutsche Bank rebuffed ECB over call for action on leveraged finance
Regulator requested suspension of key areas of business amid concern at ‘incomplete’ framework for monitoring risk
11/09/2020
Julius Baer reaches agreement to resolve FIFA matter in the US
Julius Baer has reached an agreement in principle with the U.S. Department of Justice to settle an investigation in the FIFA matter.
11/09/2020
Swedbank ex-CEO: We did not knowingly launder money
Perens is currently the head of the Tartu University Hospital, having worked as the CEO of Swedbank Estonia from 2008 to 2014.
11/09/2020
Latvian regulator fines Regional Investment Bank for “irregularities”
It is not the first time the bank has been fined by the regulator.
11/09/2020
In the matter of the Arpettaz Settlement [2020] JRC 161
The introduction of so-called firewall provisions has, if anything, only reinforced that general position.
11/09/2020
Scottish Widows pulls half a billion from firms in ESG move
If the size and type of investment means Scottish Widows can influence positive change in their business models, the insurer may choose to stay invested and steer future direction instead.
11/09/2020
LV launches drawdown pathways
It will become mandatory for investment pathways to be offered to non-advised drawdown customers from February 2021.
11/08/2020
Covid-19: FCA issues tailored financial resilience survey for TPR and SRO firms
Completion is not mandatory for these firms, but the FCA encourages them to complete the survey.