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FCA cancels 4 European firms post-Brexit permissions

European firms wishing to remain in the temporary permissions regime (TPR) need to meet the FCA’s standards to continue operating in the UK.

Bermuda amends Insurance Act

The Act which became operative on the 23 December 2021, amends the Insurance Act 1978 to make provision for supervisory requirements relating to the administration of internationally active insurance groups in Bermuda.

Economic Substance for Jersey Funds

The purpose of this note is to provide some information about the impact of the economic substance regime on Jersey’s funds industry.

Financial Services & Banking News

For the guidelines' purpose, transferability covers all the elements that will facilitate the transfer of an entity, a business line or a portfolio of assets, rights or liabilities to an acquirer (public or private company), a bridge institution or a

Financial Regulation: Daily Update

This revised version reflects the changes to the regulatory framework for peer reviews introduced in December 2019

CSSF introduces new reporting requirements

a section on the corroboration of answers given by the supervised entity in scope in the context of the CSSF annual AML/CFT online survey

Individual accountability and the SMCR: a portent of success for the FCA’s new Consumer Duty?

These similarities may predict that, after a period of upheaval and significant cost, the worthy objective of establishing a higher level of consumer protection in retail financial markets and, importantly for firms and customers alike, greater consumer t

CBI Clarifies Expectations On Non-Discretionary Investment Advisors

Among the updates included in the AIFMD Q&A is a new Q&A on the use of non-discretionary investment advisors.

Cyprus: Legislative amendments intended to prevent tax abuse published

The laws do not indicate the effective date of application of WHT to jurisdictions added to or removed from each updated version of the EU black list.

France: 2022 finance law enacted

According to French accounting rules, an enterprise’s goodwill (fonds commercial) is deemed to be a non-depreciable asset unless the enterprise can justify a foreseeable period of use.

Greece: New law on strategic investments enacted

The law entered into force on the same day, upon its publication in the government gazette. Its key provisions are summarized below.

Ireland Update: Protective Leave Entitlements– Key Changes and Considerations for Employers

These changes demonstrate an increasing emphasis on work-life balance and promotion of family-related leave for employees.

ESMA considers blockchain update to regulatory reporting guidance

The regulator wants to assess whether the RTS developed under the Markets in Financial Instruments Regulations, covering certain transparency and data reporting requirements, need to be amended in order to be effectively applied to securities issued, trad

FinCEN Seeks Guidance on Applying Corporate Transparency Act Reporting Obligations to Trusts and Estates

In response, FinCEN recently released proposed regulations governing the CTA and has requested comments on how to apply the proposed regulations to certain kinds of trusts.

SEC Issues Awards Totaling More Than $4 Million to Whistleblowers

"These awards highlight the importance of the SEC’s whistleblower program to the agency’s enforcement efforts and to its ability to maximize staff resources."

FCA to review competition concerns in wholesale data market

By the end of the year, the FCA will launch a second market study to assess whether high charges for access to credit ratings data is adding costs to investors and limiting new market entrants.

US and Malta agree joint crackdown on pension plan abuse

This came to light after both authorities found that US taxpayers with no connection to Malta were misconstruing the pension provisions of the Treaty to avoid income tax on the earnings of, and distributions from, personal retirement schemes established i

Government Regulation