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

SFO launches money laundering and fraud probe into care home investor

It is asking UK-based investors who put money into Woodhouse’s schemes to complete a questionnaire by 30 September.

FCA Publish Changes to London Stock Exchange Listing rules for SPACs

The primary purpose of the consultation was to consult on a change to the Listing Rules

Guernsey’s Data Protection Regulator Approves New EU Standard Contractual Clauses

The New SCCs issued by the Commission take into account and reflect the Schrems II judgement, and ensure a higher level of data protection.

Financial Services & Banking News

The letter reminds firms to comply with the FCA's general requirements and handbook principles, and to pay due regard to the interests of their customers and treat them fairly.

Data transfers – where do we stand?

Debbie Heywood looks at the current picture on data transfers following publication of the new SCCs, the EU-UK adequacy decisions, and the EDPB recommendations on supplementary measures.

Tencent's WeChat Faces Legal Challenges Over 'Youth Mode'

Friday's announcement comes at a time when China's tech giants are already facing heightened regulatory scrutiny over alleged monopolistic behavior as well as financial stability, data security and labor protection concerns.

SPAC to the Future - Part II

From 10 August 2021 the UKLA amendments to the Listing Rules, which are specifically designed to improve LSE's SPAC offering, will come into effect.

FCA fines BSPS pension transfer adviser £1.28m

The FCA has also decided to ban Mr Armin from advising consumers on pension transfers and pension opt outs.

FCA obtains bankruptcy order against Mohammed Maricar following unlawful CFD forex trading promotion

Mr Maricar has failed to make any payment in relation to the High Court’s restitution order.

OFSI imposes monetary penalty on fintech company for breach of financial sanctions

TransferGo is a UK company which carries out payment transfers.

Across the world, governments are driving change in the ESG sphere and requiring greater accountability for ESG issues.

The European Union has in many respects been a first mover in global efforts to legislate on ESG. F

Financial Services & Banking News

Given the considerable legal uncertainty surrounding digital assets, the FMLC welcomes the Law Commission’s Digital Assets Project and the prospect of law reform.

‘Comply or explain’ diversity targets proposed for UK listed company boards

The ‘comply or explain’ targets proposed by the FCA are for at least 40% of the board to be women; at least one senior board position to be held by a woman; and at least one board member to be from a non-white ethnic minority background.

Financial Regulation Daily Update

Feedback is requested by 17 September 2021.

One Bite at the Apple or Two? The FTC Warns Companies of Potential Post-Waiting Period Investigations

Whether these letters will undermine seriously the HSR Act review framework

Mauritius: National Payment Systems Regulations - Key Features

The Regulations are being issued two years after the promulgation of the National Payment Systems Act 2018 (NPS Act) in January 2019.

OCC To Propose Rescission Of 2020 CRA Final Rule

The 2020 rule, previously covered by WBK here, amended the OCC regulation implementing the CRA.

CSBS Issues Model Prudential Standards for Nonbank Mortgage Servicers

Additionally, the corporate governance section includes the requirements for the board of directors, internal audits, external audits, and risk management.

Constructive Trusts of Immovable Property – Guernsey and Jersey Law’s Differing Paths

One of the issues in dispute between the parties in SFO concerned the ownership of four Jersey situated properties and specifically, whether those properties belonged beneficially to a certain individual

Support for ‘flexi-job’ apprenticeships in England under revised scheme

No changes have been proposed to the apprenticeship levy paid by the largest employers, through which the scheme is part-funded.

Government Regulation