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

LIBOR transition: Facing Into The End-Game

The operational, conduct and regulatory risks associated with meeting the challenge are considerable.

New horizons for UK environmental regulation and enforcement: trends to watch

We look at the potential changes to environmental law and enforcement and the trends in 2021 so far

Update on proceeds of crime and legal overseas cannabis

The Minister for External Relations also intends to make an Order specifying the jurisdictions to which this change will apply, based on the outcomes of mutual evaluation reports carried out against the FATF Standards.

Companies urged to be Aware of new Beneficial Ownership Rules

The introduction of these changes send a clear message that the Isle of Man is a responsible and responsive jurisdiction committed to following international financial standards.

Final step in phasing out the GBL1/GBL2 and deemed foreign tax credit regimes in Mauritius: What next?

Grandfathering provisions were introduced to ensure a smooth transition into the new global business framework

EU watchdog takes deep dive into banks' use of tech

But the lack of common regulatory standards across EU states for a growing subsector could pose barriers for wider market adoption of RegTech, the EBA said.

Types and uses of Cayman Islands law trusts

A Cayman trust may be revocable or irrevocable.

Fraud alert: Impersonation scams continue to soar in 2021

Quilter is warning people to stay alert to the risk of impersonation fraud, and has published a new video on its ‘Stay Safe’ webpage to provide customers, advisers and the wider public with tips on avoiding such scams.

FCA tells asset managers, insurers and pension providers to report on climate risk

The expanded disclosure rules follow the same pattern as the rules for premium listed companies introduced in December last year

Cayman Islands investment funds - spring 2021 update

Auditor consent letters must now be submitted with the registration application.

Evidencing Effectiveness

This rapidly evolving environment is being driven by international standard setters that are now assessing regulators on much more than pure legislative architecture.

FCA review finds weaknesses in some ‘host’ Authorised Fund Management firms’ governance and operations

The review focussed on host AFMs but some of the findings are also applicable to in-house AFMs.

Article 28 GDPR Processor SCCS

Where a data processor carries out processing on behalf of a data controller, Article 28 of GDPR requires the parties to enter into a written agreement

Climate-related disclosures for the UK asset management industry: the FCA consults on TCFD-compliant measures

The FCA’s proposals aim to increase transparency and competition, encourage capital flows towards firms that better manage climate risks and opportunities, and resource allocation towards transitioning the economy to net zero by 2050.

SA Bitcoin brother: 'Only' R71 million is missing

The statement on Monday from the lawyers came just two days after their first public defence of the brothers who'd been accused of vanishing along with an estimated $3.6 billion (R51 billion) in Bitcoin from their Africrypt investment platform.

Valuations can play a key role in contentious cases

Commercial litigators are likely familiar with the broad concepts involved – but perhaps not with how valuation principles can be deployed in contentious cases.

Current New York Tax Considerations for Asset Managers—Part 1, Sourcing Fee Income in a Remote Work Model

Remote work presents an opportunity to reduce the New York tax burden on fee income, but NYS and NYC each present their own considerations, which must be addressed to properly capitalize on it.

UK Government Publishes Draft Online Safety Bill to Tackle Illegal and Harmful Content Online

The proposals includes fines for non-compliance of up to the greater of £18 million or 10% of a provider’s annual global revenue.

FCA Seeks to Extend Climate-Related Disclosures for Listed Companies

The FCA is consulting on extending its rules to standard listed issuers.

UAE Central Bank issues guidance on anti-money laundering

LFIs are required to perform appropriate customer due diligence and report any behaviour that they reasonably suspect

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