05/22/2020
COVID-19: FCA response to TSC inquiry into economic impact
The article presents the outcome of the FSCS's research over the course of 12 months as it sought to build a better picture of phoenixing.
Legal, Regulation & Compliance
05/22/2020
Millionaire Monaco-based Matalan founder sues PwC over tax liability
This alleged non-residence led Hargreaves to claim he was not liable to capital gains tax on a gain of £200 million arising on the disposal of Matalan shares during its time as a public company.
05/22/2020
Uncertainties exist over whether EU member states will agree extended DAC 6 deadlines
Arrangements that must be reported are those that meet one or more of the hallmarks listed in the annex to the directive.
05/22/2020
COVID-19 – Global Implications for Anti-Money Laundering and Counter-Terrorist Financing
With criminals trying to take advantage of pandemic fears, regulators and national governments have warned against an increase in criminal scams and laundering opportunities often associated with crises like the current pandemic.
05/22/2020
Advisers warn FSCS levy adds to 'extreme pressure'
"Time and time again, the cost of failures and crooked activity end up being paid for by those who do things right."
05/22/2020
The Impact of Foreign Investment Control on Cross-Border Transactions: Charting a Course in Uncertain Times
While some Western countries – in particular the United States and Australia – have had strong foreign investment control regimes in place for many years, new regimes have proliferated in the last five to 10 years, particularly in Europe.
05/22/2020
Standard victory in secret papers fight over £14m ‘dirty cash’ case
But in a setback for transparency in the justice system, the judge also ordered that the couple’s names be kept secret at least until a later hearing.
05/21/2020
EU to Keep Its Ability to Sanction Foreign Cyber Attackers for One More Year
Targeted individuals are additionally subject to travel bans, meaning that a member state must prevent these individuals from entering or transiting its territory.
05/21/2020
COVID-19: Corporate Insolvency and Governance Bill
The European Securities and Markets Authority (ESMA) has published a public statement which addresses the implications of the COVID-19 pandemic on interim financial statements
05/21/2020
The European Commission approves the COVID-19 Interest Rate Subsidy Scheme
The government has allocated around €40 million to pay up to 2.5 per cent interest due on the working capital loans covered under the MDB COVID-19 Guarantee Scheme, for the first two years.
05/21/2020
Dentons four-day week gets go-ahead
Staff vote in favour of move to curb financial impact of pandemic
05/21/2020
Linklaters announces two-week virtual vacation scheme with three weeks’ pay
COVID-19: Last of the magic fivesome to reveal student summer plans
05/21/2020
Venezuela sues Bank of England to force access to $1bn gold reserves
The request, which was originally made in April, said the central bank was seeking “an order requiring BoE to comply with the proposed instruction”.
05/21/2020
Asset Protection
Jersey and Guernsey trusts are an essential part of the toolkit
05/21/2020
New report calls for improvements in debt capital markets
The coronavirus pandemic has resulted in unprecedented demand for emergency financing.
05/21/2020
£100m hike in UK lifeboat scheme levy
Estimated £44m will be used just to compensate mini-bonds victims
05/20/2020
Carey Olsen and Slaughter and May advise the States of Jersey on financing its response to COVID-19
The States of Jersey appointed Carey Olsen and Slaughter and May to advise on the RCF.
05/20/2020
FCA recognises expiration and termination of European short selling bans
The European Securities and Markets Authority has coordinated the recent emergency restrictions renewals and has contributed to this aligned action yesterday.
05/20/2020
Weekly Tax Brief - 19 May 2020
The UK was quick to introduce different forms of excess profits taxes during both the First World War and Second World War
05/20/2020
Probate and estate planning administration for non-Guernsey domiciliaries
The Guernsey Ecclesiastical Court issues a Grant of Probate if the deceased left a Will or a Grant of Administration if they died intestate.