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

EBA Report On The Application Of The Guidelines On The Remuneration Of Sales Staff

To that end, the EBA conducted a survey amongst a sample of 70 financial institutions from 12 Member States.

FinCEN Issues Proposed Rule for Beneficial Ownership Reporting to Counter Illicit Finance and Increase Transparency

FinCEN strongly encourages all interested parties, including those that would be affected by the proposed beneficial ownership information reporting rule, to submit written comments.

Fact Sheet: Beneficial Ownership Information Reporting Notice of Proposed Rulemaking (NPRM)

Few jurisdictions in the United States require legal entities to disclose information about their beneficial owners—that is, the people who actually own or control a company—or the persons forming them.

Joint letter to banks operating in the UK

Our observations include weaknesses in the holistic management of risk across business units

New transfer rules for combatting pension scams

The new requirements (and everything in this article) only apply to statutory transfers.

Online Harms: What is the global state of play?

The fast moving legal landscape raises operational and compliance challenges for tech companies that operate globally.

The UK Online Safety Bill: Harmful (But Legal) Content and What’s Next?

The lengths to which internet service providers can (or even should) be required to go in order to improve online safety remains one of the greatest challenges and uncertainties arising from this legislation and will be one of the key areas of focus as th

Luxembourg Business Register - new requirements for private individuals

A specific procedure allowing the sole registration or creation of a Luxembourg national number for a natural person registered with the RCSL will also be available on the RCSL portal.

Daily Legal Updated

The Committee’s inquiry on the retail energy market follows unprecedented surges in wholesale energy prices since the summer and with a number of firms going out of business, including Bulb, Britain’s seventh-biggest supplier with 1.6 million

FinCEN’S Broad Proposed Beneficial Ownership Reporting Requirements

Targeting “terrorists, criminals and kleptocrats”

Belgium: Draft bill including new tax regime for expatriates submitted to parliament

The company brought an administrative appeal against the order.

EU launches major infrastructure investment strategy to underpin global recovery

These tools allow the EU to leverage public and private investment in priority areas.

Ireland Update – CBI Dear CEO Letter on MiFID Suitability Requirements

The purpose of the Letter is to provide feedback to industry on the findings of the review and to outline the CBI’s expectations in relation to the application of the MiFID II suitability requirements.

Global Data News

The Commission is also planning a Data Act which will fulfil a similar function to foster public/private sector data sharing.

Dubai regulator fines fund manager for reporting breaches

DFSA accepts an Enforceable Undertaking from Equitativa to improve valuation practices

The investment manager regimes in the Cayman Islands and BVI

There are no specific qualifications or other requirements on such overseas managers imposed by BVI or the Cayman Islands.

UK QAHCs - Asset Holding made simple through Guernsey companies

Separately, the UK is considering the introduction of a corporate re-domiciliation/migration framework to encourage non-UK companies to relocate to the UK and take advantage of its competitive corporate tax system.

Arbitration: BVI considers issues of enforcement upon a state

In May 2021, following a four day return date hearing, the BVI Commercial Division of the Eastern Caribbean Supreme Court set aside the Registration Order.

SEC finalizes Holding Foreign Companies Accountable Act rules

The rule also establishes the process by which the SEC may impose trading prohibitions on the securities of these companies.

Immediate changes to the UK Listing Regime to reduce barriers to listing

The changes implement certain proposals on which the FCA consulted in its July 2021 Primary Markets Effectiveness Review (the Review).

Government Regulation