03/02/2018
UK regulator declares DFM insolvent
The Financial Conduct Authority has declared discretionary fund management firm Beaufort Securities and its clearing arm, Beaufort Asset Clearing Services, insolvent.
Legal, Regulation & Compliance
03/01/2018
Draghi tells the EU Parliament his relaxed policies are here to stay
He has even observed in the past that the reason for that is the fact the negotiations between unions and employers base their agreements for wage increases on past data of subdued inflation rates.
02/28/2018
Why The U.S. Treasury Killed A Latvian Bank
The ECB didn't want to give it any more funds, because to do so would simply encourage more deposit flight - and in this bank’s case, there are good reasons not to allow deposits to run. So it closed it down.
02/28/2018
FCA overhauls rules on credit card charges for struggling debtors
The rules include forcing companies to start communicating with customers when they have been in persistent debt — defined as when their minimal repayments are being outweighed by interest and charges — for over 18 months.
02/28/2018
Merger creates new global law firm
The merger brings together two organisations widely recognised for their innovative approaches to client service, into one global, fully financially integrated law firmers involve a Swiss verein structure, whereby firms share branding but keep their profi
02/28/2018
Using arbitration to resolve art related disputes - Withers
In arbitration, disputes are resolved with binding effect by a person or persons acting in a judicial manner in private, rather than by a national court of law
02/28/2018
New credit card rules introduced by the FCA
The new rules come into force on 1 March 2018
02/28/2018
The FCA fines Vanquis £1,976,000 and orders Vanquis to pay compensation to customers
The FCA found that the firm breached Principle 6 (Customers' interests) & 7 (Communications with clients) of the FCA Principles for Businesses.
02/28/2018
HM Treasury Advisory Notice: Money Laundering and Terrorist Financing controls in higher risk jurisdictions
Requirement to apply Enhanced Due Diligence for higher risk jurisdictions
02/27/2018
ECB boss has no problem with tougher rules for funds
EU rules have been blamed for Permanent TSB's decision to offload 18,000 'non-performing' mortgages.
02/27/2018
Aspect Software inks deal with CallMiner
Our API allows organisations to extend these analytics insights across the company to combine with other data sources.
02/27/2018
Basel III Implementation may be only partially effective
Under Basel III, minimum capital requirements are increased by 50 per cent, requiring banks to increase their risk-based capital ratios
02/27/2018
ECB adopts ‘streamlined’ pension fund data reporting regulation
In a feedback statement published in connection with the final regulation, the ECB said that, from the outset, it paid attention to the issue of containing costs.
02/26/2018
EU Proposes New Rules to Manage Leverage and Derivative Exposure for Funds – Are Asset Managers Ready?
IOSCO is proposing everything from new leverage limits, minimum margin requirements and a host of other measures for products like binary options and contracts for differences.
02/26/2018
Bitcoin bitterness starts to make messy divorces even worse
Although parties have a duty to provide full disclosure of their assets in a divorce, the anonymous nature of cryptocurrencies potentially make them a safe haven for spouses wishing to hide their money from a warring partner.
02/26/2018
FCA statement on proposals to introduce a public register
Later this year, the Financial Conduct Authority will consult on proposals to make information available on a wider range of individuals at authorised firms.
02/26/2018
Treatment of pooled client accounts under the Money Laundering Regulations 2017
It is harder to predict how and whether different banks might seek proof of ‘low risk’ relationships for activities not regulated under the MLR, such as litigation.
02/26/2018
Who is John Smith?
Due to the regulations now in force, simplified client due diligence is no longer applicable in most circumstances.
02/26/2018
Russian millions laundered via UK firms, leaked report says
Denmark’s biggest bank believes cash was funnelled through British companies by people linked to Vladimir Putin’s family and the FSB spy agency
02/25/2018
Expats Win Brexit Legal Challenge To Safeguard Their Rights
A judge has now ruled that the case can proceed.