05/13/2020
Financial Regulation: Daily Update
The EBA plans to later carry out a second formal inquiry into the actions taken by financial institutions and NCAs to supervise compliance with the amended requirements.
Legal, Regulation & Compliance
05/13/2020
Linklaters advises FFA Real Estate on its first transaction in Poland
This is the first transaction of FFA Real Estate in Poland.
05/13/2020
In ‘Cum-Ex’ Crackdown, EBA Tells Supervisors to Look at AML Compliance
EBA will amend its Guidelines on money laundering and terrorist financing
05/13/2020
Dubai businesses ask for more state help to survive coronavirus
Proposals include reduction of utility costs, customs duties and expats’ residency fees
05/12/2020
Financial Regulation Update
The FSB summarises the six themes which emerged as key takeaways from discussions at the workshop: effectiveness; risk alignment; data use; governance; compensation tools; and competition for talent.
05/12/2020
FCA updates coming into force date of guidance for insurance and premium finance firms on customers in temporary financial difficulty
This has now been updated so that, if confirmed, the guidance will come into force on 15 May 2020.
05/12/2020
DAC 6 and CRS extension of reporting deadlines proposals
The proposals are in the form of an amendment to the Directive on Administrative Co-operation and so will need EU Council approval. This is likely to be forthcoming notwithstanding that certain member states were asking for longer extensions.
05/12/2020
Botched hire of oil fund CEO risks breaking the law, say supervisors
The scandal has encompassed many other issues
05/12/2020
Akin Gump advises Lukoil in USD1.5bn eurobond offering
The notes were issued by Lukoil Securities BV and guaranteed by PJSC Lukoil with the transaction completing on 6 May 2020.
05/12/2020
MFSA's new anti-money laundering team probes 25 fresh cases
Of 105 cases opened last year, 25 related to money laundering
05/11/2020
HMRC given red card in IR35 case against football referees
The rule was first introduced in 2000 by then-chancellor Gordon Brown as an anti-tax-avoidance rule that applies to all contractors and freelancers who don’t fall under HMRC’s definition of being self-employed.
05/11/2020
Luxembourg introduces state guarantee scheme for new bank loans for a maximum period of 6 years
The Law also provides for the remuneration of guarantee ranging from 25 basis points for a maturity date of 1 year for small and medium size companies up to 200 basis points for a maturity of six years, for large companies.
05/11/2020
U.K.’s FCA Considers Head of Hong Kong Watchdog as CEO, Sky Says
Alder has been head of Hong Kong’s Securities and Futures Commission since 2011, and will step down when his contract expires in September.
05/11/2020
EU Executive Proposes Anti-Money Laundering Body
One influential EU lawmaker said it should be a new agency not part of the European Banking Authority.
05/11/2020
Deutsche Bank debuts virtual fair with Frieze partnership
The two parties will also present a virtual event with UK performance artist Tom Pope called “Deutsche Bank Collection Live”.
05/11/2020
At World’s Biggest Wealth Fund, Top Hire Slammed by Watchdog
“It’s unfortunate that this wasn’t clarified before the appointment,” the council said in a letter to Norges Bank’s Executive Board.
05/10/2020
Greybull and Apollo weigh up swoop for Virgin Atlantic
'A dozen or so' interested parties are circling Sir Richard Branson's struggling airline
05/10/2020
Legal fight looms over Hargreaves Lansdown's role in Woodford fund
The claim is against HL's promotion of Woodford Equity Income ahead of its closure in June last year
05/10/2020
Pension pots worth around £19.4bn unclaimed due to house moves
The government predicts there could be as many as 50 million dormant and lost pensions by 2050.
05/10/2020
Jersey poised to launch lockdown exit strategy – but what can UK learn from islanders?
Jersey’s Chief Minister next week expected to make announcement that will see ‘soft lockdown’, which will ease restrictions on island