06/24/2020
HM Treasury and FCA statements on amendments to the Benchmarks Regulation
These statements underline the need for firms to continue to migrate away from LIBOR
Legal, Regulation & Compliance
06/24/2020
Brexit: HM Treasury and FCA Update on Financial Services Bill post-EU withdrawal
HM Treasury considers the most effective way to balance the principles in 1.13 is to delegate responsibility for the implementation of firm requirements to the Regulators
06/24/2020
Getting the full picture – putting the FCA’s mini-bond policy to the test
At the core of the work was a design-led approach – using behavioural science techniques to tackle the problem from the human angle.
06/24/2020
FCA discussion paper on new prudential regime for MiFID UK investment firms
We have long advocated for a bespoke prudential regime for investment firms.
06/24/2020
UK Parliamentary Statement Affirms Urgent Need to Transition From LIBOR and Previews Proposed Legislation to Extend Regulatory Powers of the FCA to Manage Transition
Amend the UK’s existing regulatory framework for benchmarks to ensure it can be used to manage different scenarios prior to a critical benchmark’s eventual cessation.
06/24/2020
English Premier League manager accused of €1m tax fraud
It relates to image rights earnings during his time in Spain
06/24/2020
Basel Committee proposes amendment to capital rules for non-performing loan securitisations
The technical amendment establishes a 100% risk weight for certain senior tranches of non-performing loan securitisations.
06/24/2020
UK to Grant FCA Additional Powers to Facilitate LIBOR Retirement
The government recognises, however, that legislative steps could help deal with this narrow pool of ‘tough legacy’ contracts that cannot transition from LIBOR.
06/24/2020
Cyprus: Corporate Measures undertaken by the government in response to COVID-19
The annual returns (HE32) with preparation date from 01/01/2020 to 31/12/2020 may be submitted to the RoC
06/24/2020
The future of Ireland’s funds industry post COVID-19
Opportunities lie in four key areas: funds industry service provision, technology, portfolio and risk management, and fund governance.
06/24/2020
US fund manager Michael Calvey diagnosed with cancer, appealing against his house arrest
Calvey’s lawyer Timothy Gridnev told Russian journalists that he has been diagnosed with cancer after doctors found that he had “catastrophically low levels of vitamin D”
06/24/2020
FSCS recoups millions from defunct DFM
The FSCS had estimated in 2018 that it would pay about £6m in compensation to Strand's clients.
06/23/2020
FSCS apologises over customer satisfaction survey error
After UK lifeboat scheme caused ‘confusion’ for mini-bond victims who thought it was a scam
06/23/2020
FCA statement on move to new data collection platform
Firms will not be able to access RegData until they and their users’ data have been moved from Gabriel.
06/23/2020
FCA reminds cryptoasset firms to register by 30 June
Any businesses that started carrying on business in the UK immediately before 10 January 2020 and are not registered by the FCA by the 10 January 2021 deadline will have to cease carrying on business.
06/23/2020
Warranty Claims: On Time, But too Late?
That explains the due diligence that is usually conducted by buyers, where the buyer and its advisors scrutinise the target company and its assets and liabilities in rigorous detail.
06/23/2020
Asset Freeze Measures Fully Extend to Controlled Entities and Cover Services and Labor, Says the European Commission
It also confirms that the concept of "economic resources" can cover services and labor.
06/23/2020
Adapting Model Governance to AI/ML Systems for Financial Institutions
As financial services companies, from banks to asset manager to insurance companies, begin adopting AI/ML systems, they will need to tailor their existing policies to address these unique issues.
06/23/2020
Council of Europe Calls for More Cross-Border Financial Probes
The EU has in recent years strengthened its legal framework for countering money-laundering and financing of terrorism.
06/23/2020
Over 40 new firms commit to promoting gender diversity in financial services
Over 40 new companies have signed up to the Women In Finance charter, which aims to promote gender diversity in Financial Services, the City Minister John Glen has announced today.