12/20/2018
ESMA tells firms to provide clients with information on the implications of Brexit test
The statement is addressed to UK firms that provide services in EU27 Member States, as well as EU27 firms that deal with clients based in the UK.
Legal, Regulation & Compliance
12/20/2018
High Court considers contractual construction of guarantees
The court had no doubt that the demand was not invalid by reason of demanding £500 more than the maximum specified amount.
12/20/2018
Draft EU Exit legislation relating to the financial services framework between the UK and Gibraltar
This publication sets out the proposed amendments to UK legislation related to financial services passporting rights between the UK and Gibraltar, to be laid under the EU (Withdrawal) Act.
12/20/2018
Ukraine's central bank files Swiss court claim against PrivatBank's former owner
It said it had failed to reach an out-of-court agreement with the second wealthiest person in Ukraine, who is being asked to repay 6.64 billion hryvnias
12/20/2018
Reforming Limited Partnership Law: Final Conclusions
The Government is considering the possible transitional arrangements that can apply to existing LPs regarding the rules on PPoB.
12/20/2018
Preparing for the withdrawal of the United Kingdom from the European Union
As was the case for the Withdrawal Agreement, it is essential to continue with a united approach to preparedness and contingency work.
12/20/2018
Police raid Essex properties in £18m pension fraud probe
Raids were carried out at two residential properties and a business address in Essex as part of a joint operation with Essex Police.
12/20/2018
European Commission implements “no-deal” Contingency Action Plan
As regards social security coordination, the Commission considers it necessary that Member States take all possible steps to ensure legal certainty and to protect the rights acquired by EU27 citizens and UK nationals who exercised their right to free move
12/20/2018
With eye on China, Germany tightens foreign investment rules
Under the new rules, which come into effect immediately, Berlin can intervene on grounds of public interest if a non-European investor buys a 10 percent stake in a company, sharply reducing the threshold from 25 percent.
12/20/2018
Clifford Chance urges law firms to tackle corruption after it found itself in the eye of the storm
The firm, which denies wrongdoing, issued a statement clarifying its position after it became embroiled in allegations over the sale of a jet to the son of Equatorial Guinea's dictator.
12/20/2018
EU Blacklist Bills Passed
The Premier has said if Cayman is named on the list it could have serious reputational implications.
12/20/2018
Crown Dependencies try to shake off EU 'tax haven' tag
The laws were introduced after the European Union threatened the dependencies with inclusion on its 2019 tax blacklist, along with 62 other places.
12/20/2018
Details of Staley Allegations Are Revealed, Then Deleted, by DFS
About three hours later, the DFS changed its online statement, removing the purported circumstances of Staley’s departure from JPMorgan.
12/20/2018
10 detained in Estonia over massive money laundering
All ten are suspected of knowingly helping Danske Bank customers to transfer dirty money.
12/20/2018
State aid: Commission concludes Gibraltar gave around €100 million of illegal tax advantages to multinational companies
The Commission also has an ongoing in-depth investigation concerning tax rulings issued by the Netherlands in favour of Inter IKEA and an investigation concerning a tax scheme for multinationals in the United Kingdom.
12/20/2018
EU takes step to boost monitoring of money laundering at banks
The reform was rolled out by the EU Commission in September
12/20/2018
Banks in UK warned over failure to take diversity seriously
Senior managers in financial services could lose their jobs, watchdog warns
12/20/2018
Barclays fined $15m over whistleblowing scandal
DFS Investigation Found Shortcomings in Barclays’ Governance, Controls and Corporate Culture Relating to the Bank’s Whistleblowing Function After CEO Personally Sought to Identify Whistleblowers
12/20/2018
Brussels accuses four banks in bond trading cartel probe
Credit Suisse and Deutsche Bank caught up in allegations of price rigging
12/20/2018
Italy Bonds Fail to Lure $2 Trillion Investors After Budget Deal
Aberdeen and AllianceBernstein steering clear of debt