- Managers of Wealth - Legal - Wealth, private banking and asset management news and opinion

UK Government Publishes Draft Online Safety Bill to Tackle Illegal and Harmful Content Online

The proposals includes fines for non-compliance of up to the greater of £18 million or 10% of a provider’s annual global revenue.

FCA Seeks to Extend Climate-Related Disclosures for Listed Companies

The FCA is consulting on extending its rules to standard listed issuers.

UAE Central Bank issues guidance on anti-money laundering

LFIs are required to perform appropriate customer due diligence and report any behaviour that they reasonably suspect

Let's Talk About Jersey Economic Substance: Finance and Leasing Business

To avoid being placed on the European Union blacklist of non-compliant jurisdictions, Jersey introduced the Substance Law which came into force on 1 January 2019.

EU Commission adopts UK Data Adequacy Decisions

By adopting the Adequacy Decisions, the EU Commission has recognised that the UK has fully incorporated the principles, rights and obligations of the GDPR

Central Bank of Ireland Supervisory Priorities for the Insurance Sector

The CBI's priorities focus on the fundamentals of effective supervision; strengthening regulatory and supervisory frameworks

High Court Declines to “Cram Down” Shareholders in Proposed Part 26A Restructuring Plan of Oil Company

The decision provides new judicial guidance for determining the boundaries of cross-class cram down tests.

FCA fines Crosfill & Archer Claims Limited £110,000

This fine was for making unsolicited telemarketing calls to people who registered not to receive this type of sales call, where the firm had no evidence they had consented to receive the call or where the firm was unable to confirm what consent had been o

The free flow of personal data from the European Economic Area to the United Kingdom can continue (at least for now)

The European Commission stated it would reassess the need for this exclusion following developments in UK law.

Privy Council considers relationship between findings of illegality and public policy

The Award held that the Mauritian law-governed contract of affreightment (the “COA”) in question was exempted from the procurement regime in Mauritius

Met makes one of world's largest cryptocurrency seizures

The seizure was carried out by detectives from the Met’s Economic Crime Command on the back of intelligence received about the transfer of criminal assets.

Report outlines shape of post-Brexit regulatory landscape in the UK

Firms and a number of industry bodies have looked at open finance in the context of their segment of the financial services industry, but without a clear, central steer from government we may not see the developments that could – and should –

A GDPR for artificial intelligence?

One AI use case which has come under particular scrutiny is that of facial recognition.

History Remitting Itself? Remittances of Loan Collateral – Take 3

Once again, HMRC has unexpectedly changed the way it treats loan collateral for non-doms who use the remittance basis

EU data transfers compliance: businesses get fresh guidance

Clearly this more broader assessment will have significant implications not just in relation to transfers but the appointment of service providers

China's New Law to Counteract Foreign Long-Arm Jurisdictions

The new Law creates a framework which can be expected to present difficult choices for multinational companies, individuals and other regarding compliance with sanctions imposed on Chinese entities and individuals.

UK watchdog issues warning about 111 unregistered crypto asset firms

This is a very real risk so we are worried about that.

Regulatory governance in private markets

Private markets have long been considered one of the most complex regulatory areas in financial services, preventing many wealth managers from entering this market altogether.

The EDPB’s uncompromising new recommendation on transborder dataflow

The Recommendation is uncompromising and intended to ensure the EU’s protective framework

Swiss Court Convicts Executive of Insider Trading

His prosecution is emblematic of far stricter enforcement of Swiss insider trading rules, which were buttressed more than ten years ago.

Government Regulation