08/20/2021
Isle of Man issues AML guidance tailored for tax advisors and accountants
The new guidance covers the unique money laundering and financing of terrorism risks faced by the sectors and provides further guidance in respect of approaches to customer due diligence.
08/20/2021
The process for a restructuring plan is very similar to the well-established "scheme of arrangement" regime, with stakeholders split into classes in respect of both their treatment under the proposal and for voting purposes.
08/19/2021
While the transition away from the use of LIBOR towards risk-free rates (RFRs) or other benchmark rates has made great strides in the US, UK and some European markets
08/19/2021
The two largest groups in the pool of 29 firms that took part in the thematic review comprised banks and fiduciaries, in line with the risk weightings attributed by the Bailiwick's National Risk Assessment (NRA).
08/18/2021
The CASP Directive sets out detailed requirements on entities seeking registration in CySEC’s CASP register
08/17/2021
The changes are set out in two consultation documents, and are summarised below.
08/17/2021
The dispute surrounded settlement agreements for two class action suits.
08/17/2021
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.
08/16/2021
The draft UK addendum has been published by the Information Commissioner’s Office (ICO) alongside a new draft international data transfer agreement
08/16/2021
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
08/16/2021
ASIC cancels or suspends 24 Australian credit licences for failing to join AFCA
08/16/2021
A prima facie case means that the applicant must demonstrate that it is likely that a winding up order will be made.
08/16/2021
Failure to comply with the employer’s requirements may expose the employees to sanctions.
08/15/2021
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.
08/13/2021
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.
08/13/2021
‘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.
08/13/2021
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.
08/13/2021
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
08/13/2021
Fines of Dh50,000 and more - even up to Dh5m - await businesses delaying AML compliance
08/13/2021
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.