03/24/2022
BNY Mellon Fund Services fined €10.8m by Central Bank of Ireland
The investigation into BNY DAC found systemic weakness across its entire outsourcing framework.
Government Regulation
03/23/2022
Court rules ‘reasonable endeavours’ requirements do not force companies to avoid sanctions
The High Court of England and Wales ruled the ‘reasonable endeavours’ provision in the force majeure clauses within a contract between a shipping owner
03/23/2022
SEC Proposes Landmark Standardized Disclosure Rules on Climate-Related Risks
The rule proposal, which was approved for issuance by a 3-1 vote by the SEC, is subject to a comment period that ends 30 days after the date of publication of the proposed rules in the Federal Register or May 20, 2022 (60 days after issuance of the propos
03/23/2022
Biden Administration urges American companies to act quickly to improve cybersecurity safeguards
While the Administration noted the significant efforts being made by federal agencies and critical infrastructure partners to improve cybersecurity posture, the fact sheet and the President’s accompanying statement call on businesses of all sizes to
03/23/2022
Denmark signs extradition treaty with UAE amid Dubai-based Brit tax fraud case
The government has been working for some time to get a general extradition agreement between Denmark and the United Arab Emirates.
03/23/2022
Alisher Usmanov: Russian billionaire's UK homes beyond reach of sanctions after being 'placed in trusts'
"All of (Alisher) Usmanov's properties were settled into the irrevocable trusts long before the sanctions came," a spokesman says.
03/23/2022
UK government outlines proposals to strengthen freedom of speech
Media litigation expert David Barker of Pinsent Masons said the proposals could bring the British system in line with other jurisdictions, notably the US where freedom of speech protection was stronger.
03/23/2022
UK considers reform to online advertising regulation
The government said it could introduce a new statutory regulator to oversee the sector, backed with new information gathering and audit powers.
03/23/2022
UK Government confirms no mandatory ethnicity pay gap reporting
More generally, the Government plans to strengthen the EHRC's ability to tackle discrimination and disadvantage by investing in the EHRC's enforcement activities
03/23/2022
Creditor-Driven Winding Up Regime Introduced in Jersey
A company will be deemed unable to pay its debts if the creditor has served a statutory demand (in the prescribed form) on the company requiring payment of the sum due, and for 21 days the company has not paid the sum due.
03/23/2022
Creditor-Driven Winding Up Regime Introduced in Jersey
Whilst the Jersey provisional liquidation regime is not currently as wide reaching as is the case in certain other offshore jurisdictions, the underlying concept and intention behind the regime is consistent.
03/23/2022
Daily Legal Update
The proposal aims to bolster their resilience and response capacities against cyber threats and incidents, as well as to ensure a resilient, secure EU public administration, amidst rising malicious cyber activities in the global landscape.
03/23/2022
MALTA: Submitting reports via goAML in line with regulation 15(4) of the PMLFTR
SPs were therefore requested to report a TRN for every pending transaction in addition to the STR/SAR.
03/22/2022
SEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures for Investors
The proposed rules would include a phase-in period for all registrants, with the compliance date dependent on the registrant’s filer status, and an additional phase-in period for Scope 3 emissions disclosure.
03/22/2022
Portugal fast tracks revision of law that allowed oligarch Abramovich to gain citizenship
This means that amongst others, those applying for Portuguese citizenship as descendants of expelled Jews need to present proof of frequent visits to the country or inherited property there.
03/22/2022
What service providers can expect from PRA risk requirements
If a service provider supplies services that are not typically thought of as outsourcing but are delivered to PRA-regulated customers, those services may still be caught by the PRA’s framework.
03/22/2022
Implementation of Basel standards
To support firms in their planning processes, we are today providing additional clarity on our intended timetable.
03/21/2022
Pushing the Envelope? The CAC’s Draft Regulations on Push Notifications
The Draft Regulations bid to further tighten government control over the news followed a human trafficking controversy that erupted on Chinese social media
03/21/2022
Wealth firm fined £150k for failing to supply info to HMRC
HMRC counter avoidance director Mary Aiston said: “We are committed to ensuring everyone pays the tax they legally owe. We will not allow companies to simply ignore their legal duty.
03/21/2022
Daily Legal Update
The Bank of England (BoE) has announced that it has renewed its Statement of Commitment to the FX Global Code (‘Code’) based on the revised Code dated July 2021.