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

FCA fines show focus remains on AML compliance

The FCA fined Guaranty Trust Bank £7.67m (50-page / 310KB PDF) after it identified “serious weaknesses in the institution’s AML systems and controls between October 2014 and July 2019.

Fashion and textiles: Proposal to ban use of 'forever chemicals' in the EU

The structure of PFASs means that, among other qualities, they are water and stain repellent and heat resistant.

Key Developments & Latest Trends in the Fintech Sector in The Bahamas

From a central Government policy perspective, the Government of The Bahamas (the “Government”) published a Policy White Paper on The Future of Digital Assets in The Bahamas

NIS2 cybersecurity directive expands obligations in EU tech sector

The European Commission is obliged to adopt certain implementing acts to supplement the provisions in NIS2.

VAT invoicing requirements in triangulation transactions

There is a strict requirement to include the words “Reverse charge” on an invoice given to the ultimate recipient of the supply in a triangulation transaction.

New rules for distribution agreements

The Guidelines state that a difference can be justified if it would provide an additional incentive to invest in the online or offline sales channel.

BVI Approved Managers: Upcoming Filing Deadline - 31 January 2023

BVI Approved Managers are required to file an annual return with the BVI Financial Services Commission (the "Commission") by 31 January 2023 in respect of the preceding year pursuant to the Regulations.

Iowa Targets Out-of-State Bank Partner for Usury, Shedding Light on State’s Interpretation of DIDMCA Opt-Out

The AOD is likely to result in out-of-state state-chartered banks excluding Iowa residents from their loan programs

UK renewables CfD proposals reflect value for billpayers drive

CfD auctions are the government’s primary method of supporting renewable energy.

Time is running out - The Economic Crime (Transparency and Enforcement) Act 2022

If you believe that the Economic Crime Act applies to you, now is the time to take steps to ensure that you comply by the deadline of 31 January 2023.

US Internal Revenue Service Issues Final 2023 QI Agreement and Additional Guidance for Section 1446(f)

The new QI agreement (the “2023 QI Agreement”) came into effect on January 1, 2023, and is set to expire on December 31, 2028.

China: New Foreign Debt Regulation Regime Takes Effect on 10 February 2023

The Administrative Measures are generally consistent with the previous management of foreign debt as set out in Circular 2044 and the NDRC Q&A Guidance.

New EU regulation on foreign subsidy control in M&A transactions enters into force

The new rules will have a significant impact on the planning and execution of M&A transactions.

HKMA Enhances Framework on Complaints Handling Policy

AIs can also expect the HKMA to follow up with them on deficiencies identified in the complaints handling process.

Investment funds in the Cayman Islands

This guide provides a comprehensive overview of investment funds in the Cayman Islands, including fund vehicle options, general procedures around establishment and operation of funds, and regulatory issues.

Liquidators' new investigative powers

The Ordinance provides the Committee for Economic Development with a power to make company insolvency rules by regulation, following consultation with the Insolvency Rules Committee.

UAE introduces federal level virtual asset regulation

The Cabinet has issued a decision which brings into force a new regulation for virtual assets and virtual asset service providers

ESMA draft RTS on cross border marketing and management notifications

ESMA has proposed a series of Level 2 measures under the UCITS

Maples Group's New Sponsorship with Museum of Literature Ireland Expands Learning Programmes

MoLI, which was launched in 2019, is one of Ireland's newest attractions and celebrates Ireland's unrivalled literary pedigree and its international influence.

Senior Partner Kirindeep Singh and Partner Reuben Peter accredited as Specialists by Singapore Academy of Law

The Singapore Academy of Law's Specialist Accreditation Scheme confers recognition of a legal practitioner's expertise and experience in a specialised area of law.

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