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Cross-border fund distribution - ESMA publishes guidance on funds' marketing communications

These Guidelines further specify the requirements to be met by AIFMs, EuVECA managers, EuSEF managers and UCITS management companies

Bank of England papers on new forms of digital money: our key takeaways

The Bank of England has had a busy month in matters of innovation.

Ruling confirms possibility of parallel GDPR investigations

Amsterdam-based Wouter Seinen of Pinsent Masons, the law firm behind Out-Law, said: “This ruling erodes the ‘one stop shop’ mechanism significantly as it means the one stop shop does not absolutely protect multinational companies against

European Commission outlines European Digital Identity framework

The Commission said at present, only 14% of key service providers across all 27 member states allowed cross-border authentication with an e-identity system – for example, proving an online identity without a password.

Ruling confirms possibility of parallel GDPR investigations

The GDPR’s 'one stop shop' mechanism of regulation and enforcement was designed to enable businesses operating across the EU to deal with just one data protection authority instead of 27 different authorities across each member state.

Solvency Statements Under Companies (Jersey) Law 1991-is it Time to go Paperless?

The Law imposes a requirement for directors to form a conclusion as to the solvency of a company as a prerequisite to a number of corporate actions including the repurchase of its own shares, a reduction of capital and the continuance of a Jersey company

Taskforce Proposes New Approach to Financial Regulation in the UK

A report from the Taskforce on Innovation, Growth and Regulatory Reform provides recommendations for how the UK can “re-imagine” its approach to regulation post-Brexit.

Net zero pledge to be required for UK government contracts

This new requirement follows the recent government trend of seeking to raise the significance of climate factors within public procurements

Luxembourg data protection authority publishes first decisions

These decisions are just a small foretaste of more extensive and stricter supervision by the CNPD, as multimillion fines are being announced and data activists are appealing certain decisions of the CNPD where no fine was imposed.

Proposal for power to block UK listings on national security grounds

The publication of the consultation follows concerns about the possible links between a listing and national security.

Cryptocurrencies Targeted By Australian Serious Crime Taskforce

As part of the effort to tackle cross-border financial crime, the member nations collaborate internationally to reduce the growing threat to tax administrations posed by cryptocurrencies and cybercrime and to make the most of data and technology.

Foreign investment opportunities expand in the United Arab Emirates

This law also repeals Federal Law No. 19 of 2018 regarding foreign direct investment, which had allowed foreign investors to own up to 100 per cent.

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.

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

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.

Ireland | Directors' Duties – FAQ

Under the Act, directors’ duties are owed to the company and the company alone.

Russian Interior Ministry interested in creating cybercrime database with Central Bank

Detailed comments prior to creating such database are premature, the Ministry noted

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.

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

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.

Government Regulation