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

Uncertain tax positions: draft legislation published

There will be a £5,000 penalty for failure to notify, with an escalating penalty for repeated failures to notify across multiple notification periods.

Increase in UK regulation of cryptoassets anticipated

As we improve our technology and capabilities, we will be able to identify and make better, faster judgements about harm.

Hong Kong regulator announces new green finance measures

The CGSF aims to help the financial industry manage the risks and capture the opportunities of climate change, which will also serve as a storage for resources, data and analytics helping with transition to more sustainable development.

FCA charges Simon Day with one offence of money laundering

Mr Day is due to appear at Westminster Magistrates Court on 10 August 2021.

Do no harm

For people businesses, social factors are increasingly driving ESG agendas

Norton Rose Fulbright LLP and Save the Children launch global strategic partnership

Save the Children operates in more than 100 countries including the UK.

FCA Consults on Post-Brexit Changes to PRIIPS Regulation

UK rules will diverge from the much-criticised EU framework.

Central Bank of Ireland publishes findings of MAR compliance review

This briefing summarises the main findings of the CBI and the steps that market participants should take now to address their obligations and to achieve the standard of compliance expected by the CBI.

European Commission outlines plan for carbon border adjustment mechanism

The plan is part of a ‘Fit for 55’ package of proposals as part of the EU’s ‘green deal’ designed to reduce net greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels.

UK FCA tackles ‘greenwashing’ fund mis-selling risks

Its findings will be helpful to firms challenging themselves to assess where regulatory systemic problems may exist within their operations.

FCA secures conditional resolution of proceedings against Park First and its senior management

The FCA brought proceedings against chief executive, Toby Scott Whittaker, director John Slater and a number of companies involved or connected to the Park First Scheme.

Welfare fraud and errors cost UK a record 8 billion pounds during pandemic

The NAO said nearly all the increase in fraud was linked to Universal Credit, Britain’s main method of supporting those out of work or on low incomes.

Proposal for a regulation laying down harmonised rules on Artificial Intelligence - Impact on the healthcare sector and the medical device industry

The proposal follows a risk-based regulatory approach, laying down a methodology to define "high-risk" AI systems that pose significant risk to the health and safety of natural persons.

New ESMA Guidelines For Fund Marketing Communications

The Guidelines have been issued in the context of the new EU regime on the cross-border distribution of investment funds

UK ‘return to work’ guide leaves decisions in the hands of employers

The guidance produced by the UK government is split into different sections depending on the nature of the working environment employers operate.

Loan origination - CSSF guidance on private lending

Finally, the CSSF has highlighted the non-application of the article 28-4 of the LFS to professionals carrying out activities whose taking up and pursuit are governed by special laws, including notably UCIs, SIFs, pension funds, SICARs and securitisation

The Law Commission Consultation paper: rethinking the identification principle?

The Law Commission previously reviewed the law in this area in 2010 and found that there was "no pressing need for reform of the identification doctrine"

Hong Kong Stock Exchange focuses on responsibility, controls and culture and cooperation in its revised enforcement policy

The policy statement contains important messages for listed company boards and senior management on the regulatory expectations for those responsible for Listing Rule compliance.

Enhancing access to the UK's equity capital markets

The Prospectus Regime Review consultation takes forward the UK Listing Review Report's recommendation that the government carry out a fundamental review of the UK's prospectus regime.

Mutual societies: ESG regulation and enforcement

This is particularly the case considering the issuance of the Bank of England’s, FCA’s and PRA’s joint discussion paper on diversity and inclusion in the financial sector in July 2021.

Government Regulation