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Court in Puerto Rico case adopts alternative test to find settlement agreements were executory

The dispute surrounded settlement agreements for two class action suits.

MAS' speech on the Future of Anti-Money Laundering with Artificial Intelligence and Machine Learning

The MAS is keen to have financial institutions (“FIs”) adopt data analytics in a manner that is commensurate with the risk profile of the business, to fight against money laundering.

ICO consults on new agreement for data transfers outside the UK

The draft UK addendum has been published by the Information Commissioner’s Office (ICO) alongside a new draft international data transfer agreement

An easy and convenient way to migrate funds to Hong Kong – Re-domiciliation option in the pipeline

Eligibility requirements for a LPF include having one general partner, at least one limited partner and an office in Hong Kong, whereas those for an OFC require at least two natural person directors, an investment manager licensed in Hong Kong and a custo

Financial Regulation: Daily Update

ASIC cancels or suspends 24 Australian credit licences for failing to join AFCA

Protecting Cayman Islands Companies at Risk: Provisional Liquidation

A prima facie case means that the applicant must demonstrate that it is likely that a winding up order will be made.

Legal implications of remote work arrangements: perspectives from the U.S., UK, and France

Failure to comply with the employer’s requirements may expose the employees to sanctions.

MAS to grant first crypto service licence

Applicants can now see the light at the end of the tunnel and we expect that in days to come, more announcements of such in principle approvals will be made.

German Supreme Court 'strengthens business model of claims management companies'

Instead, the collection service provider would receive 35% of the net proceeds from the claims in the event of success.

‘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.

Changing formation - UEFA re-writes the Rulebook for the Club Financial Control Body

In the 2021 version of the Procedural Rules governing the CFCB (2021 Rules), UEFA has sought to address these issues.

In the land where cash is king, new restrictions will bite hard

Are you planning on selling your boat? If it is priced at €10,000 or more you’d better be aware that it is illegal to receive payment in cash

UAE anti-money laundering rule: Some businesses find compliance is no easy task

Fines of Dh50,000 and more - even up to Dh5m - await businesses delaying AML compliance

Ireland Update: Remote and Flexible Working is Here to Stay

The Health & Safety Authority ("HSA") previously published guidance on remote working, however this was primarily focused on the practicalities of short term homeworking necessitated by the Government restrictions imposed due to COVID-19.

FCA receives 2,754 whistleblower allegations of misconduct

The report revealed there were 184 individuals and firms under investigation for carrying out unauthorised business, and £189.8m in financial penalties had been handed out over the same period, alongside a number of prosecutions alleging insider dea

Cyprus requires beneficial ownership details for partnerships

The process for partnerships will be similar to that of the submission of beneficial owners details for companies.

New rules on home office working in Germany

Many jobs cannot be done from home, for example in production, logistics or trade.

London Calling: LSE Listing Rules for SPACS Relaxed

This automatic suspension was seen by investors as undesirable as they would not be able to sell their shares for undetermined periods.

HSF Financial Regulation Daily Update

The 2018 peer review identified best practices in strengthening the supervision of key functions

FCA Focuses on Financial Promotions for high Risk Investments

Specific on-going monitoring of financial promotions an authorised firm has approved could be introduced.

Government Regulation