02/04/2020
Denmark seizes Sanjay Shah’s mansion over £1.5bn fraud claim
He is alleged to have created a complex scheme using fake documents to fraudulently claim tax relief on share dividends in Denmark.
Legal, Regulation & Compliance
02/04/2020
Russian Companies Pushing Gov’t for Crypto, Blockchain Legislation
Despite finding himself very much in the middle of the struggle between regulators and crypto-keen business interests, Aksakov appeared to rule out any lingering fears of a China-style crypto crackdown.
02/04/2020
High net-worth Spaniards looking to transfer to Portugal to escape new Socialist regime
This is despite the fact that Portugal is tweaking its non-habitual residency regime – previously representing a 10-year tax amnesty for pensioners – so that subscribers pay a minimal tax on the income from their pensions.
02/04/2020
UBS Group Unit Under Investigation By Italy's Prosecutors
Per the Italian law, the companies involved can be held responsible for the actions of their employees.
02/04/2020
Adviser in default as claims loom
The growing number of Sipp claims in recent years has been blamed for the increasing FSCS levy on advisers, with the scheme recently warning this trend was set to continue in the near future.
02/03/2020
EU checks UK compliance with market rules after Brexit
Brussels would have to deem that market rules in Britain are closely enough aligned with regulation
02/03/2020
Asset managers advised to review governance
Alice Bell of Pinsent Masons said firms need to go beyond boilerplate compliance manuals and documentation to meet the FCA's requirements on governance.
02/03/2020
Disclosing client instructions did not end confidentiality
The funding was supplied in connection with a disputed sale and purchase agreement, which did not ultimately proceed.
02/03/2020
ESMA: Update Governance and Reporting Obligations Following the UK’S Withdrawal from the European Union
The terms of the Withdrawal Agreement stipulate that UK representatives will no longer be permitted to participate in the EU institutions, agencies, or other bodies, and their governance structures, except where exceptionally justified, under the conditio
02/03/2020
Default judgments – Why a trial on the merits can be more beneficial
The Court noted its responsibility to take “special care” to ensure that the process is fair and that the interests of the absent defendant are properly safeguarded.
02/03/2020
FCA rounds on credit card firms over customers in persistent debt
Under our rules, firms must help customers to reduce the level of debt they have on their credit card more quickly.
02/03/2020
Central banks pool brainpower on digital currencies
The group will be co-chaired by the BoE’s deputy governor, Jon Cunliffe, and former ECB executive and recently appointed head of the newly formed BIS Innovation HUB, Benoît Cœuré.
02/02/2020
City lawyer accused of intimidation campaign on behalf of Gulf clients
Dechert partner denies High Court claim over ‘interrogation’ of emirate’s captive
01/31/2020
BoE slashes growth forecasts for three years but holds rates
The bank’s quarterly forecast revealed they are expecting the economy to have flatlined at the end of 2019.
01/31/2020
Vanguard claims it is 73% cheaper than market
Vanguard’s assessment of value report is the first to be published by the asset manager since the new Financial Conduct Authority rules mandating the reports have been implemented.
01/31/2020
Markets Committee calls for wider adoption of global code of conduct for foreign exchange markets
The Markets Committee recommended exploring additional ways to encourage adoption of the Code in buy-side firms.
01/31/2020
EU Investment Firms Directive And Regulation: Overview Of New Prudential Regime For 2021
The IFD/IFR includes new and detailed provisions on capital requirements, liquidity, reporting, disclosure and remuneration.
01/31/2020
UBS Europe probed in Italy in asset manager fraud investigation: sources
Prosecutors have looked in to whether Sofia committed fraud by applying higher-than-average fees to 117 clients
01/31/2020
Furious lawyers berate their firms for ‘dismal, bargain bucket’ pay
In second-to-last spot, a senior lawyer at Blake Morgan (28%) said that he hadn't received any "pay rise in 3 years...Not even to match inflation!"
01/31/2020
Regional lawyers bemoan huge salaries of London colleagues
One Cambridge lawyer complained that salary should rise "to reflect the cost of living".