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Financial Services & Banking News

The Parliament will consider the proposed Directive during its plenary session to be held from 18 to 21 October 2021.

UAE Announces New Federal Data Law

The Data Law seeks to find harmony between privacy, cost, compliance and commerce.

PRIIPs KID – Commission publishes its proposed Level 2 RTS

The European Commission has formally adopted its proposed Level 2 measures regarding the content of the PRIIPs KID along with a delay to their application.

Accidental Americans fundraise for latest US legal action

In a bid to force American embassies to resume processing citizenship renunciation requests

Grand Court confirms test for liquidator independence

No other creditors expressed opposition to the appointment of the VLs and on the eve of the hearing, another significant creditor confirmed in evidence that it did not oppose their appointment.

Snapshot: Cayman Islands Antecedent Transactions

These may also apply to Limited Liability Companies, Partnerships, Exempted Limited Partnerships and, in certain circumstances, to foreign companies, but this summary focuses on CayCos.

Package designed to ensure financial market development and investor protection in the market

Changes regarding the tender offer to subscribe for the sale or exchange of shares in a company

Jersey Private Funds – Use by Family Offices

In the last 12 months we have seen increased use of JPFs by family offices created by high net-worth and ultra high net-worth families.

Disclosure of Beneficial Ownership in 2021 – Luxembourg Perspectives – Alert 5 of the Series

The Luxembourg Beneficial Ownership regulatory framework has been completed first with the issuance on February 15, 2019

Financial Regulation: Daily Update

This would mean that short-term liabilities owed to these firms will continue to be exempt from bail-in under the Banking Act.

WhatsApp fined €225m for GDPR transparency failings

The final fine imposed of €225m is much greater than the DPC had originally proposed to serve WhatsApp.

German state-owned bank fined for Angolan loan exposed in Luanda Leaks

KfW-Ipex-Bank, an import-export bank, had loaned more than $55 million through an Angolan bank to a brewery controlled by Isabel dos Santos.

Lloyds taken to court over mortgages tied to property values

The case is against the Bank of Scotland, which Lloyds merged with back in 2008 as part of a £12bn deal during the financial crisis to create the UK’s largest retail bank.

SRD II: Transforming Global Proxy Voting And Shareholder Disclosure

Investor communications is a core competency, at the heart of Broadridge.

Luxembourg Plans To Give Its Business Registry More Teeth

The move comes six months after a group of international journalists, coordinated by OCCRP, published their OpenLux investigations, revealing how the country’s opaque financial system allows criminals and the corrupt to avoid taxes and launder their

IBOR Transition

The purpose of the synthetic rates would be to support an orderly runoff of difficult-to-amend legacy contracts.

UK/EU: Looking beyond the Lugano Convention?

Having informed those institutions of that assessment, the communication then stated that the European Parliament and the Council of the EU would be given an opportunity to express their views before the Commission would inform the depositary accordingly.

Government Regulation