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

CSSF introduces new reporting requirements

a section on the corroboration of answers given by the supervised entity in scope in the context of the CSSF annual AML/CFT online survey

Individual accountability and the SMCR: a portent of success for the FCA’s new Consumer Duty?

These similarities may predict that, after a period of upheaval and significant cost, the worthy objective of establishing a higher level of consumer protection in retail financial markets and, importantly for firms and customers alike, greater consumer t

CBI Clarifies Expectations On Non-Discretionary Investment Advisors

Among the updates included in the AIFMD Q&A is a new Q&A on the use of non-discretionary investment advisors.

Cyprus: Legislative amendments intended to prevent tax abuse published

The laws do not indicate the effective date of application of WHT to jurisdictions added to or removed from each updated version of the EU black list.

France: 2022 finance law enacted

According to French accounting rules, an enterprise’s goodwill (fonds commercial) is deemed to be a non-depreciable asset unless the enterprise can justify a foreseeable period of use.

Greece: New law on strategic investments enacted

The law entered into force on the same day, upon its publication in the government gazette. Its key provisions are summarized below.

Ireland Update: Protective Leave Entitlements– Key Changes and Considerations for Employers

These changes demonstrate an increasing emphasis on work-life balance and promotion of family-related leave for employees.

ESMA considers blockchain update to regulatory reporting guidance

The regulator wants to assess whether the RTS developed under the Markets in Financial Instruments Regulations, covering certain transparency and data reporting requirements, need to be amended in order to be effectively applied to securities issued, trad

FinCEN Seeks Guidance on Applying Corporate Transparency Act Reporting Obligations to Trusts and Estates

In response, FinCEN recently released proposed regulations governing the CTA and has requested comments on how to apply the proposed regulations to certain kinds of trusts.

SEC Issues Awards Totaling More Than $4 Million to Whistleblowers

"These awards highlight the importance of the SEC’s whistleblower program to the agency’s enforcement efforts and to its ability to maximize staff resources."

FCA to review competition concerns in wholesale data market

By the end of the year, the FCA will launch a second market study to assess whether high charges for access to credit ratings data is adding costs to investors and limiting new market entrants.

US and Malta agree joint crackdown on pension plan abuse

This came to light after both authorities found that US taxpayers with no connection to Malta were misconstruing the pension provisions of the Treaty to avoid income tax on the earnings of, and distributions from, personal retirement schemes established i

Important update for owners of French property: changes to succession law in France

This changed in 2015 when the EU Succession Regulation came into force.

Updated AIFMD Q&A signals Ireland is ‘very much open for business’

The CBI also noted that the QIAIF’s prospectus should detail the role of the AIFM with respect to its ongoing oversight and review of services provided by such non-discretionary investment advisors.

EU tightens screw on shell companies with minimum substance test

The rules will also increase transparency around the use of shell entities for tax authorities with greater information exchange protocols.

FCA publishes final IFPR remuneration disclosure rules

The FCA was also requested to clarify how the MIFIDPRU rules

Art dealers urged to act against criminals looking to launder money

Department of Justice is acting under new laws to intensify regulatory inspections of art traders and intermediaries

Public Statement Concerning The Regulatory Investigation Of The Isle of Man Financial Services Authority

Standard has proactively brought about operational changes in an effort to address the issues identified and the concerns of the Authority.

HSM: Financial Regulation Daily Update

The opinion also includes a report on the impact of de-risking on access to financial services, which considers a number of issues in more detail.

Prime time for updated arbitration rules for financial disputes? A review of the P.R.I.M.E. Finance Arbitration Rules 2022

This Update takes a close look at the key features of the 2022 Rules by reference to some of the reservations that have been expressed in the past, and includes a brief comparison with other major institutional rules.

Government Regulation