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Baker McKenzie advises Vontobel in the acquisition of UBS Swiss Financial Advisers AG

With the takeover of SFA, Vontobel plans to further strengthen its position as a provider of regionally diversified strategies with a global approach.

5 Key Things to Know About FCA Authorisation Before 2022

As regulatory compliance experts, we’ve been in the business a very long time.

AIFMD revamp on track as European Commission presents Capital Markets Union Action Plan

The legislative package is aligned with the overall CMU strategy to continue building an internal market for financial services and making financing more accessible to European companies, while strengthening investors' protection.

Cross-border survey - Formalising home and mobile work arrangements: FAQs in ten jurisdictions

s there a legal right to request a permanent home office/mobile working arrangement?

Eligibility of SPACs for UCITS funds

On a case by case basis, the CSSF can derogate from this 10% limit.

10b5-1 trading plans and share repurchases in the spotlight

The same day, the SEC also proposed requiring issuers to make next-day disclosures of any repurchases they make of their equity securities.

France’s LVMH to pay $11.3m to settle spying claims

LVMH revenues in the first three quarters of 2021 increased 46% from the same period last year.

Financial Regulation: Daily Update

The new rule will apply for accounting periods beginning on or after 1 January 2022, and the first annual financial reports subject to the new rule will be published in early 2023.

CovidCheck at the workplace

The employee does not show a valid certificate: the person will be sent home.

SEC Sets the Table for Stricter Rule 1085-1 Insider Trading Plans and Enhanced Disclosures for Company Repurchases

The public will have an opportunity to submit comments within 45 days after the proposed stock repurchase disclosure rules are published in the Federal Register.

PRA fines Standard Chartered Bank

The PRA’s investigation identified that SCB’s internal controls and governance arrangements underpinning its regulatory reporting in relation to the liquidity metric were not implemented or operating effectively.

Digital Markets Act to enter into trialogue negotiations

The European Parliament voted for stronger and centralised enforcement by the European Commission, in cooperation with national authorities.

JPMorgan Admits to Widespread Recordkeeping Failures and Agrees to Pay $125 Million Penalty to Resolve SEC Charges

Firm also agrees to implement significant improvements to its compliance controls

CBI Identifies MIFID Client Suitability Requirements Deficiencies

The Central Bank has initiated 36 risk mitigation programmes requiring individual Firms to take specific action to improve their client suitability frameworks.

Digital Services Act: MEPs vote for stricter rules on targeted advertising and content moderation

The Report by the Danish Social-democratic MEP, Christel Schaldemose, was adopted by 36 votes in favour, 7 against and with 2 abstentions.

UK restrictions on use of ‘red’ diesel from 1 April 2022

Businesses in the construction industry will no longer be able to use ‘red’ diesel from 1 April 2022 for most purposes.

MSG fined £1.5 million for anti-competitive non-compete clauses

The GCRA considers that this conduct had the potential to obstruct its investigation.

Financial Services and Banking News

The European Banking Authority (EBA) has published final report EBA/REP/2021/38 on a feasibility study of an integrated reporting system under article 430c CRR.

Appointed Representatives reforms – ‘strengthening’ of existing regime for now but more fundamental changes likely

This is a model used by around 3,600 principals and 40,000 ARs across a wide range of financial services markets.

Financial Services and Banking News

Ofcom should require internet service providers to conduct internal risk assessments

Government Regulation