12/19/2016
Pakistan to exchange bank accountholders’ details with OECD
The FBR is discussing modalities with the banks to set up a system for exchanging information
Legal, Regulation & Compliance
12/19/2016
Draft legislation released on reform to substantial shareholder exemption
The substantial shareholding test would be extended from 12 months in the two years prior to disposal, to 12 months in the previous six years.
12/19/2016
Russian dubbed the 'She-Wolf of Wall Street' is arrested in tax scam
Police reportedly saw her glitzy pictures displaying her champagne lifestyle and vast sums of wealth.
12/19/2016
Profit replaces risk as big worry among Europe bank regulators
What are the factors affecting the profitability of banks?
12/19/2016
Fifth of fund managers plan to charge extra fee for research
A further 13% said they planned to cover the cost of research with a charge to client collected alongside transaction commissions.
12/19/2016
Ireland to accuse European Commission of exceeding powers in Apple tax dispute
Ireland is appealing against the order to recoup 13 billion euros
12/19/2016
Deutsche Bank to pay to end 'Dark Pool' probe
One focus of the trading-platform probes has been whether the banks withheld information that might have led clients to route orders elsewhere.
12/19/2016
Ireland vows to fight EU order to collect $13.5 BILLION in additional taxes from Apple
Ireland is to appeal the EU's ruling that Apple should pay €13 billion in back taxes
12/19/2016
Brewin Dolphin buys Belgravia wealth manager
Duncan Lawrie Asset Management is part of Belgravia-based financial services group Duncan Lawrie.
12/19/2016
Birmingham Director Banned For Evading HMRC
Neglect of tax affairs is not a victimless action as it deprives the taxpayer of the funds needed to operate public services
12/18/2016
PSR kick-starts industry-wide effort to tackle payment scams
The PSR also found evidence to suggest some banks could do more to identify potentially fraudulent incoming payments, and to prevent accounts falling under the influence of scammers.
12/18/2016
ESMA Updates MIFID II Q&A On Investor Protection
MiFID II applies from 3 January 2018 and will strengthen the protection of investors by both introducing new requirements and reinforcing existing ones.
12/16/2016
UK Regulation round-up December 2016
Regulation round-up is our monthly email to all regulated firms, updating you on the latest news that affects your sector.
12/16/2016
Initial advice charges for lump sum investments
The FAMR report said that instalment-based payments could make financial advice more affordable and accessible for some consumers, provided that the terms of the instalment payments were clear and fair.
12/16/2016
EBA publishes final guidelines on revised Pillar 3 disclosures requirements
These Guidelines represent a significant step forward in the EBA's effort of improving and enhancing the consistency and comparability of institutions' regulatory disclosures
12/16/2016
New York regulator fines Italy's Intesa Sanpaolo US$235 million
Intesa Sanpaolo and its New York branch mismanaged its transaction monitoring system and failed to identify suspicious transactions
12/16/2016
ESMA Consults On Extending Aggregated Trade Repository
ESMA is setting out several proposals to enhance the data made publicly
12/16/2016
Case against IMF's Lagarde in Sarkozy scandal is 'weak', prosecutor says
An arbitration panel ordered the payout to Tapie in connection with his sale of sportswear company Adidas
12/15/2016
High Court dismisses mis-selling claim and clarifies standard of care required of financial advisors
In O'Hare v Coutts, the High Court dismissed a claim alleging that the defendant, a private bank, breached duties in contract and tort to use reasonable care and skill when recommending five investments that the claimants entered in 2007, 2008 and 20
12/15/2016
PRA and FCA provide feedback on the implementation of the Senior Managers' and Certification Regimes for banks and insurers
This suite of documents did not include consultation on extending the regime to all firms