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ESMA publishes Final Report on notification requirements for STS synthetic securitisations

The European Commission will now decide whether to endorse the draft technical standards

DOJ Announces New Civil Cyber-Fraud Initiative

Deputy Attorney General Monaco called for Congress to designate a single mechanism where victims can file reports to the federal government to be shared immediately with the DOJ and US Department of Homeland Security.

Milestone Agreement Reached by 136 Countries on Significant Changes to the Global Tax Landscape

The agreement included an implementation plan that laid out the key milestones and timing that stakeholders can expect in order to implement Pillar One and Pillar Two by the end of 2023.

UK Competition Appeal Tribunal certifies first excessive pricing class action

The claim is only the second competition case to receive CPO certification, after the follow-on action brought by former financial ombudsman Walter Merricks against Mastercard over credit card interchange fees.

Fiduciary Duty in the 21st Century: ESG, B Corps and a legal revolution

The sustainable- and impact-minded revolution, which incorporates concepts like ESG but also things like B Corporations, has gathered huge momentum in recent years.

Jersey Court declines to follow Bermuda Court on the role of protectors

The Court also commented that full and open discussion is expected between trustee and protector

EU considers reform of general pharma law

A “transferable exclusivity voucher” is one of the possible new incentives the European Commission is considering to address antimicrobial resistance.

European court rules companies cannot sue EU states over environmental laws

The case provides EU member states who wish to implement climate conscious policies a degree of security to continue those initiatives without the fear of arbitration from investors

Caribbean Regulatory Update - Q4 2021

The Financial Investigation Agency Act, 2003 has been amended to enhance the FIA's supervisory powers in relation to financial institutions

Cayman Islands funds: economic substance notification filings for partnerships

Notwithstanding this expansion, an investment fund structured as a Cayman Islands exempted limited partnership is exempt from the requirement to meet any economic substance test in Cayman

Parliamentary group publishes 'fraud and theft within families' report

‘Tackle the elephant in the room’

Guernsey's new bespoke private wealth structure

Trusts have long been the “go to” structure for the holding of family wealth for its protection and for passing it on to future generations.

Talking point: Dubai Decree 34/2021 – implications for the DIFC-LCIA

The Decree comprises of 10 articles which set out the new vision for the consolidation of arbitration centres in Dubai.

Post-Brexit push: FCA to market London's financial services sector abroad

With the Treasury now planning to respond to the report in autumn ministers have hinted that financial regulators could be required to factor Britain’s global position in the financial services sector into policy decisions.

Pensions Regulator finalises criminal offences policy

We summarise below the key points for trustees and employers who sponsor defined benefit (DB) pension schemes.

Financial Crime: analysis of firms’ 2017-2020 REP-CRIM data

A key approach of the FCA, as set out in the business plan, is collaboration and partnering with others, such as government and other authorities, including law enforcement, to achieve more in raising standards across the regulated sector.

Heightened Cyber False Claims Risk: New DOJ Approach to US Government Contractor and Federal Grantee Cybersecurity Enforcement

DOJ formed the Civil Cyber-Fraud Initiative to address a concern that contractors may be failing to give required notice of cyber breaches.

Government Regulation