06/23/2020
Former Wirecard chief arrested over missing €1.9bn
Chief operating officer, Jan Marsalek was sacked hours later after the management board’s statement, as he was suspended from the board last week.
Legal, Regulation & Compliance
06/23/2020
Beijing courts UK firms with tax benefits
Around 20 UK-based fund managers attended an online conference organised by the city of London and the Beijing Local Financial Supervision.
06/22/2020
'Scandalous' RBS helped fraudsters cheat the taxman as High Court rules it was involved in £45m VAT fraud
RBS has been accused of 'scandalous' behaviour after a High Court decision
06/22/2020
Ireland update: EBA ICT and risk management guidelines apply from 30 June 2020
Risk of loss due to breach of confidentiality, failure of integrity of systems and data, inappropriateness or unavailability of systems and data or inability to change information technology within a reasonable time
06/22/2020
Extradition hearing of former Abraaj CEO to start in London
US authorities want Arif Naqvi to stand trial in America on charges of fraud and money laundering
06/22/2020
FCA sees ongoing charges as a problem
We could see regulated services paid on an ongoing basis and unregulated not
06/22/2020
Deadline looms for Britons living in EU
f they cannot reach an agreement with the EU before the end of the transition period, the UK could leave the bloc without a trade deal.
06/22/2020
Italian Banks Are Ready to Trial a Digital Euro
The group prioritized the need for a digital currency framework to be fully compliant with EU regulations to win the public’s trust, and said banks will play a critical role in upholding that trust.
06/22/2020
Solvency II solutions when choosing reinsurance from Guernsey
Jason Noronha, Head of Actuarial and Analytics at Aon, who heads the firm’s non-life insurance actuarial consulting team, clarifies Solvency II regulations as they relate to reinsurance from Guernsey.
06/21/2020
Covid-19: FCA proposals to support consumer credit customers
The proposals outline the support firms would be expected to provide to credit card and other revolving credit and personal loan customers coming to an end of a payment freeze
06/21/2020
Do as we say! China orders UK firms to obey or else they'll 'pay price and be hit hard'
BRITISH firms have been sent a powerful warning by Chinese state media with one firm told they face a "life or death test", in a stinging attack, as they respond to the new security law in Hong Kong.
06/21/2020
Luxembourg's Impending Professional Guarantee of Payment Regime, 2020
Luxembourg is a civil law jurisdiction where the Napoleonic (French) civil code originally constituted the framework of its contract law.
06/21/2020
HSBC faces £1.3bn legal claim for its involvement in film financing scheme set up to avoid tax
Retired policeman and lead claimant Chris Upham said he invested £25,000 in what ‘seemed like a great opportunity’.
06/19/2020
FCA consultation on marketing speculative illiquid securities to retail investors
The FCA has also published a research note providing evidence-based understanding of how consumers choose amongst high risk investment products.
06/19/2020
Bundesbank boss moves to defuse row between ECB and German court
Jens Weidmann tells MPs he is confident clash over bond-buying programme can be resolved
06/19/2020
Linklaters and Allen & Overy reopen London offices as New York gears up for easing of lockdown
The phased, and cautious re-openings by law firms in London look set to become the norm as the lockdown eases — in a detailed update on its plans CMS.
06/19/2020
Hungarian Financial Regulator Fines 6 Banks for Failure to Implement Money Laundering Safeguards
The banks had failed to report several suspicious transactions and internal controls were found to be inadequate, the investigation found.
06/19/2020
Charging ban to cost IFAs up to £400k a year
These costs include both compliance costs arising from the regulator’s interventions and the loss of revenue for adviser businesses
06/19/2020
Deutsche Bank Pays $10.25M in Reporting Failures, Spoofing Settlements
The consent order stems from a complaint filed in August 2016, after an unprecedented swap reporting platform outage at Deutsche Bank that began on April 16, 2016.
06/18/2020
DC Advisory advised Fidelius Group on its strategic alliance with Pacific Asset Management
The proposed terms of the strategic alliance involved a share swap arrangement whereby