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

Business as usual is over. Get ready for transformational change.

What you need to know about the IPCC's latest climate report and how to respond

FinCEN and CFTC assess $100 million penalty on cryptocurrency derivatives exchange

Notably, the three BitMEX co-founders were also charged with one count of violating the BSA and one count of conspiracy in October 2020.

Continuity of access to FMI services (FMI intermediaries) for firms in resolution: Framework for information from FMI intermediaries to support resolution planning

Access to FMI services is essential for banks to be able to continue performing their critical functions or critical services under all circumstances, including in cases where banks need to be resolved.

Financial Regulation Daily Update

This decision follows on from the FCA's Consultation Paper 21/3 (CP21/3) earlier this year.

UAE Securities and Commodities Authority's new licensing regime

What you need to know about the UAE Securities and Commodities Authority's new licensing regime.

Disclosure of Beneficial Ownership in 2021 – Italy Perspectives – Alert 4 of the Series

Transposal of EU Beneficial Ownership Regulation into Italian law

Proposed Reforms to Australia's Sanctions Regime to Target Corruption, Cyber-Crime, Human Rights Violations

The Australian Government has announced plans to implement a targeted, Magnitsky-style sanctions regime by the end of 2021.

Business as usual is over. Get ready for transformational change.

What you need to know about the IPCC's latest climate report and how to respond

Settlement agreements in the DIFC

Other features of the DIFC regime which distinguish it from the rules operating in the ‘onshore’ Dubai courts include the recognition of the “without prejudice” principle, and automatic confidentiality bestowed on settlement agreem

Expect proactive FCA enforcement in coming year

Not only is the FCA looking to assert itself within its established remit with respect to wholesale and retail markets, it is also looking to assert itself in and around the perimeter of its powers.

Singapore to temporarily loosen hiring rules for foreign workers

All work passes in the CMP sectors including high-skilled S passes and employment passes, will get in-principle approval for validity extensions of up to one year, if the pass holders are unable to enter Singapore because of Covid-19 border restrictions.

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.

First mid-market restructuring plan sanctioned by High Court

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.

LIBOR transition and Islamic finance in the GCC – accelerating the transition

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

Time Waits for no MLRO: GFSC Thematic Review on Reporting Suspicion

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).

Cyprus Securities and Exchange Commission publishes its directive on crypto-asset service providers

The CASP Directive sets out detailed requirements on entities seeking registration in CySEC’s CASP register

JFSC Consults on Widening Civil Financial Penalty Scope and Streamlined Decision-Making Process

The changes are set out in two consultation documents, and are summarised below.

Court in Puerto Rico case adopts alternative test to find settlement agreements were executory

The dispute surrounded settlement agreements for two class action suits.

MAS' speech on the Future of Anti-Money Laundering with Artificial Intelligence and Machine Learning

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.

ICO consults on new agreement for data transfers outside the UK

The draft UK addendum has been published by the Information Commissioner’s Office (ICO) alongside a new draft international data transfer agreement

Government Regulation