06/15/2021
EU warns Luxembourg with daily penalty threat over AML rules
The rules that the Commission claims Luxembourg has failed to implement were "a crucial tool to break criminals' business models and combat organised crime.
Government Regulation
06/15/2021
Let's Talk About Jersey Economic Substance: Holding Company Business
As a part of its base erosion and profit sharing (or BEPS) initiative, the European Union required OFCs, like Jersey
06/15/2021
Surge in Interest from High Net-Worth Individuals Applying to Relocate to Jersey
As part of the relocation process applicants will be required to purchase a property locally.
06/15/2021
Ireland | Directors' Duties – FAQ
Under the Act, directors’ duties are owed to the company and the company alone.
06/14/2021
Russian Interior Ministry interested in creating cybercrime database with Central Bank
Detailed comments prior to creating such database are premature, the Ministry noted
06/14/2021
US regulators urge financial firms to quickly ditch Libor rate benchmarks
"When a benchmark is mismatched like that, there’s a heck of an economic incentive to manipulate it," he warned.
06/14/2021
CBUAE issues guidances for its licensed financial institutions on anti-money laundering and combatting the financing of terrorism
The Guidances will assist the understanding and mitigation of risks as well as the effective performance by the LFIs of their AML/CFT statutory obligations
06/14/2021
International Data Transfers - New Transfer SCCs
Much like the New Transfer SCCs, the Processor SCCs are likely to represent the market standard for compliance in the coming years. As such, they merit a separate update.
06/14/2021
Corries digs in for ex-miners’ pension justice
The lawyer said many workers’ pensions were reinstated after a UK government review in 1994 forced companies to allow former employees to re-join schemes.
06/11/2021
The Wrecking Ball vs the Crystal Ball – planning a parallel scheme of arrangement
The obiter dicta in both cases is consistent with well-established Drax point.
06/11/2021
EU takes Luxembourg to court over money laundering rules
European Commission started infringement procedure against Luxembourg in 2016 over late adoption of EU rules
06/11/2021
ASIC Extends Australian Financial Services Licensing Exemptions For Foreign Financial Service Providers (FFSPS) Until 31 March 2023
This gives those FFSPs additional time to consider their options and to make a decision about next steps once Treasury’s upcoming consultation is complete.
06/11/2021
Sustainable Finance: The rise and rise of ESG
The Covid pandemic further magnified the focus on ESG, with many people and businesses reassessing priorities in light of its acute and immediate human impact.
06/11/2021
Damages ruling could undermine data breach class actions in the Netherlands
More than 64,000 parents across Europe have reportedly paid a fee to participate in SOMI’s claim
06/10/2021
FCA introduces rule to protect customers from insurance ‘loyalty penalty’
As a result, the FCA included more guidance and detail on areas such as the treatment of incentives in the final rules.
06/10/2021
Family Offices Receive Increased Regulatory Scrutiny
Review of the family office exemption could be addressed in several ways.
06/09/2021
BMA Introduce 'May 2021 Guidance' for Digital Asset Business
The Bermuda Monetary Authority (BMA) recognizes the importance of actively monitoring its laws and regulations to ensure harmony with the undertakings which it regulates.
06/09/2021
New independent group to help tackle ‘greenwashing’
The Green Technical Advisory Group (GTAG) will provide independent, non-binding advice to the Government on developing and implementing a green taxonomy in the UK context.
06/09/2021
EU standard contract clauses bolstered for international data flows
The SCCs can be inserted into commercial contracts.
06/09/2021
European Commission adopts new tools for safe exchanges of personal data
The Commission can adopt standard contractual clauses for the relationship between controllers and processors, as a tool to help to demonstrate compliance with the GDPR.