06/12/2020
ESMA produce cloud outsourcing guidance for investment banks and service providers
Credit institutions are already subject to the EBA's outsourcing guidelines
Legal, Regulation & Compliance
06/12/2020
US expands digital services tax investigation to cover UK and EU
That has not stopped the UK proceeding with its digital services tax; but then, faced with post-Brexit trade negotiations with the US, the UK was never going to give away a playing card before that process truly gets going.
06/12/2020
Ten day fast track regime boosts Guernsey's appeal to migrating fund managers by Kate Storey
The fast-tracking would apply for either a general partner of a non-Guernsey limited partnership, or a standalone manager wishing to move domicile to Guernsey.
06/12/2020
DAC6 reporting obligation deferred by 6 months
The 3-month deferral for DAC2 initially proposed by the European Commission on 8 May 2020, is maintained.
06/12/2020
Covid-19: Flexibility regarding reporting for banks and financial service providers
It also specifies that the leeway it applies will be closely coordinated with national authorities, the ESAs as well as the European Central Bank.
06/12/2020
FMSB Spotlight Review on nvaigating conduct risks in LIBOR transition
While the LIBOR transition presents market participants with unique challenges, many of the conduct-related risks, and the means of managing them, are not novel.
06/12/2020
Swiss private bank has Cayman Islands licence revoked
Regulator says it failed to appoint appropriate directors and meet AML protocols
06/12/2020
Bowmore Wealth Group takes shape
Chartered Financial Planner and Discretionary Fund Manager join forces
06/12/2020
Lloyds fined £64m over treatment of hundreds of thousands of customers
Lloyds said that all customers affected had already been contacted and reimbursed.
06/11/2020
Germany should make provisions to ensure banks have sufficient capital: OECD
The OECD said on Wednesday that the global economy will suffer the biggest peace-time downturn in a century before it emerges next year from a coronavirus-inflicted recession.
06/11/2020
IFA jailed for four years over £300,000 fraud
He stole money from employer and clients to fund gambling addiction
06/11/2020
European Commission report on AIFMD Review – NPPRs set to continue for the time being?
The report notes a variety of market views across EU Member States in relation to NPPRs
06/11/2020
Cyprus tightens rules for passport-for-cash scheme
The new rules will come into force after parliamentary approval.
06/11/2020
Denmark Toughens Demands for Banks’ Anti-Money Laundering Teams
The FSA has warned that as large institutions beef up their defenses, smaller banks are now particularly at risk.
06/11/2020
Goldman Sachs sees $1,800 gold prices with potential for $2,000
The metal eventually turned sideways when so-called risk assets bounced, but with gold holding up due to U.S. dollar weakness and low long-term real interest rates, Goldman said in a report Tuesday.
06/11/2020
Generali May Part With Swiss Arm
Several rival insurers would likely be interested in either a swap or sale, including Swiss firms.
06/11/2020
Goldman Sachs reopens London HQ for staff on 15 June in major marker for City's return to new normal post covid
"Everyone is encouraged to adopt an approach that works for them and their own personal circumstances which might make a return to office challenging at this time," he said.
06/11/2020
Lloyds Bank fined $81 million for overcharging mortgage customers
The hefty penalty comes at a sensitive time for Lloyds, which along with rival banks has millions of customers struggling to make ends meet in the coronavirus pandemic
06/11/2020
Calls for adviser protection as financials probed
Mr Bradley’s warning came as the regulator is to probe the impact of the coronavirus crisis on advice companies’ finances.
06/11/2020
Covid-19: FCA podcast on emergency regulation and future planning
Mr Woolard also discusses plans for the transformation of the FCA