03/23/2020
Retirement incomes under threat from the Coronavirus
A growing list of companies are announcing dividend cuts, and/or scrapping buy backs.
Legal, Regulation & Compliance
03/23/2020
Coronavirus: FCA asks UK companies to delay results
Two-week moratorium to prevent investors acting on out-of-date information
03/23/2020
Coronavirus: London Stock Exchange leads push for virtual AGMs
The government is being urged to change the law to allow companies to hold remote AGMs amid the outbreak, Sky News learns.
03/23/2020
Swedbank Publishes Clifford Chance Findings on AML Missteps
Earlier this month, Swedbank disclosed that Clifford Chance had separately identified 586 transactions, worth an aggregate $4.8 million, that had likely violated US sanctions imposed in the wake of Russia’s 2014 takeover of the Crimean peninsula.
03/23/2020
Parliament votes in favour of tax, anti-money laundering rules
New laws include reporting obligations on cross-border tax arrangements, new state fund to buy buildable land for housing
03/23/2020
€1.5m Disability Fund Closes with 85 Submissions From 21 Counties
All 85 applications will be reviewed by teams of SIFI staff
03/23/2020
Malta’s FIAU slaps Credorax Bank with €51,000 fine
In a separate FIAU notification, the unit said that an unnamed notary had been ordered to improve anti-money laundering controls.
03/23/2020
Warning on pension scams as Covid fraud jumps
For those aged under 55, such a move could see consumers hit with a 55 per cent unauthorised payment charge from HMRC and then charged high fees by the fraudsters.
03/23/2020
Watchdog sides with adviser facing fraud allegations
The regulator failed to recognise the information flagged by the adviser about the advice firm potentially had "significant regulatory implications", the commissioner warned.
03/23/2020
Potential delay to LIBOR phase out due to coronavirus - reports
Will cease to exist at end of 2021
03/23/2020
Tax Residence - Tax Considerations in Light of COVID-19 Travel Restrictions
The outbreak of COVID-19 has resulted in a unique and alarming health crisis. In addition to the health aspects, there will be a significant economic impact worldwide.
03/23/2020
EU, US, UK Authorities Grant Relief on Call Recording Rules
Also last week, the UK FCA (Financial Conduct Authority) signalled it will give temporary relief on rules requiring bankers and traders working from home to record calls with clients.
03/23/2020
Visas, travel restrictions and COVID-19
It is important that anyone travelling should monitor the developing situation carefully, and we want to try and help alleviate some of your concern by bringing you regular updates.
03/22/2020
Government changes pension rules: What does this mean for NHS staff?
Pension reform has been a cause of concern for doctors for a while now as many in the field claim they were unfairly penalised.
03/22/2020
Norway May Need to Pull Record $13 Billion From Wealth Fund
If Brent crude keeps trading about 30% below Norway’s budget assumption for the year (some analysts expect it could drop further), the government will need to withdraw about 150 billion kroner from its fund.
03/20/2020
BoE cuts rate to record low of 0.1%
The BoE also decided to buy UK government and company debt, increasing its holdings in such bonds by £200bn to £645bn.
03/20/2020
Ashurst advises Glenhawk on new securitisation
The Ashurst team was led by partner Thomas Picton, assisted by senior associates Matthew Pentecost and Louise Young, and associate Barbara Kramarz.
03/20/2020
Dutch banks agree to 6-month freeze on loan repayments for small business
“Interest and principal payments due in April through September will not be collected from these clients; they can make these payments later,” it said.
03/20/2020
EU Exit: European Commission draft legal text for future EU-UK partnership
The COVID-19 crisis led to the cancellation of the negotiating round scheduled this week in London.
03/20/2020
FCA speech on open-ended funds investing in less liquid assets
Speech by Edwin Schooling Latter, Director of Markets and Wholesale Policy, to Investment Association members.