06/25/2018
Chancellor backs mutual recognition model for financial services
Your weekly briefing on the UK economy
Legal, Regulation & Compliance
06/22/2018
The 5th Anti-Money Laundering Directive and the art world
AMLD5 brings new challenges for ‘obliged entities’ including financial institutions, tax professionals, providers of virtual currencies and those trading in luxury goods – such as art dealers.
06/22/2018
Deutsche Bank stressing out about US stress tests
Germany’s largest bank seems doomed to fail the review by US regulators, causing further damage to its reputation and loss of key personnel.
06/22/2018
French bank SocGen says has wound down contracts with Mossack Fonseca
In March, Mossack Fonseca announced it would be shutting down due to the economic and reputational damage inflicted by the scandal.
06/22/2018
197 arrests made under new bank fraud scheme
The scheme was first introduced as a pilot in London during October 2016, before a national roll-out began in May 2017.
06/22/2018
Deutsche Bank spends $17 billion in a decade on legal costs
Despite spending $17 billion, the bank still has 5 of its biggest cases outstanding and has set aside $2.9 billion for litigation provision 1st qtr.
06/22/2018
Basel Committee issues progress report on banks' implementation of the Principles for effective risk data aggregation and reporting
The report reviews G-SIBs' progress in implementing the Principles in 2017. A previous progress report, published in March 2017, assessed implementation during 2016.
06/22/2018
Dentons Launches Frankfurt 'Eurozone Hub' to Guide Clients on Financial Regulation
The firm aims to offer its lawyers as "supervisor sherpas," guiding clients through the Eurozone's evolving regulatory landscape.
06/22/2018
Deloitte gets its legal licence
Legal services will be provided in employment law, tax litigation and immigration.
06/22/2018
Jersey publishes settlement scheme for EU citizens post-Brexit
Those who have already acquired indefinite leave to remain or permanent residence will have to apply to the Jersey EU Settlement Scheme in the same way as all other EU citizens
06/21/2018
Court queries 'troubling' FCA ban on junior UBS staff
While the court dismissed his suit and ruled that Hussein had offered misleading testimony, it also reserved criticism for the way that the FCA had targeted its investigation and regulatory action.
06/21/2018
MIFID II Temporary Period for Leis to End in July 2018, ESMA Says
ESMA and National Competent Authorities (NCAs) have since observed a significant increase in the LEI coverage for both issuers and clients.
06/21/2018
FCA to carry out review on MiFID II research arrangements
The process will begin with a questionnaire issued to a number of different firms, followed by regulator visits to firms to meet management.
06/21/2018
Two People to Be Prosecuted in Latvian Banking Scandal
Although their names were not mentioned, public TV identified one of them as Bank of Latvia Governor Ilmars Rimsevics.
06/21/2018
Boutique law firm launched in Liverpool
Nama Zarroug specialises in criminal defence and regulatory litigation.
06/21/2018
DLA Piper Africa welcomes Zimbabwe member firm
"We look forward to providing on-going professional advice and support to the private and government sectors in Zimbabwe and beyond.”
06/20/2018
Primonial CEO reveals plans for LFDE's neglected growth areas
Prior making the deal, Primonial had €2 billion in assets under management within the two subsidiary groups.
06/20/2018
What You Need to Know About Luxembourg's MiFID II Legislation
When providing discretionary portfolio management services and independent investment advice to clients, investment firms cannot receive any benefit or commission that may be considered an inducement.
06/19/2018
FCA: Our response to Law Commission recommendations on pension funds and social investment
In June 2017, the Law Commission made recommendations to Government and us on Pension Funds and Social Investment. A final joint response to this has now been published.
06/19/2018
FCA tells 6 providers to review their non-advised drawdown
The FCA did say some providers were not presenting open market options for consumers in good time before they buy drawdown products and charges were also not ‘always consistently highlighted’.