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

MALTA: Submitting reports via goAML in line with regulation 15(4) of the PMLFTR

SPs were therefore requested to report a TRN for every pending transaction in addition to the STR/SAR.

SEC Proposes Rules to Enhance and Standardize Climate-Related Disclosures for Investors

The proposed rules would include a phase-in period for all registrants, with the compliance date dependent on the registrant’s filer status, and an additional phase-in period for Scope 3 emissions disclosure.

Portugal fast tracks revision of law that allowed oligarch Abramovich to gain citizenship

This means that amongst others, those applying for Portuguese citizenship as descendants of expelled Jews need to present proof of frequent visits to the country or inherited property there.

What service providers can expect from PRA risk requirements

If a service provider supplies services that are not typically thought of as outsourcing but are delivered to PRA-regulated customers, those services may still be caught by the PRA’s framework.

Implementation of Basel standards

To support firms in their planning processes, we are today providing additional clarity on our intended timetable.

Pushing the Envelope? The CAC’s Draft Regulations on Push Notifications

The Draft Regulations bid to further tighten government control over the news followed a human trafficking controversy that erupted on Chinese social media

Wealth firm fined £150k for failing to supply info to HMRC

HMRC counter avoidance director Mary Aiston said: “We are committed to ensuring everyone pays the tax they legally owe. We will not allow companies to simply ignore their legal duty.

Daily Legal Update

The Bank of England (BoE) has announced that it has renewed its Statement of Commitment to the FX Global Code (‘Code’) based on the revised Code dated July 2021.

Financial Regulation: Daily Update

The Bank of England (BoE) has renewed its statement of commitment to the foreign exchange (FX) Global Code

US Enacts LIBOR Transition Law

The law directs the Board of Governors of the Federal Reserve to issue regulations to carry out its mandate within 180 days.

Liability for Software under the current Product Liability Directive

Consequently, the Court ruled that the defective service could not lead to a defectiveness of its carrier product – the newspaper.

(Not so) Unexplained Wealth Orders

This new provision to allow UWOs to be made against person who don’t actually hold the property is designed to prevent people hiding behind complex corporate structures.

UK government drops use of ‘BAME’

It said it “will encourage other public sector bodies to do the same”.

Just and equitable winding up: the status quo in Jersey

This has inevitably led to the widening of circumstances in which such an order will be granted in Jersey.

Lexology Chapter: Private Equity (Transactions)

All BVI business companies must comply with the BVI Business Companies Act 2004 (as amended) (the BCA), which grants flexibility on how entities are governed.

Latham & Watkins co-authors report reviewing the impact of UK payments regulation

Analysis conducted in collaboration with UK Finance and The Payments Association urges fresh thinking about regulating payments in the growing digital economy.

BVI Commercial Court freezes assets held by unknown hackers in support of crypto tracing claim

The hacks caused loss to the applicant, in part because it compensated the affected users and projects.

Two steps forward, one step back? Thai government eases tax rules for digital assets while tightening rules for custodians

The Thai Cabinet relaxed tax rules for digital asset investments on 8 March 2022 in a bid to promote Thailand’s growing crypto industry.

Bridging the Gap – How Trusts Can Give DAOs a Foothold in the Traditional Economy

A DAO is a Decentralised Autonomous Organisation formed using blockchain technology combining coins or tokens to raise funds and equity

EU: The “Data Act” – New rules on IoT data and switching cloud services

The Data Act also proposes important changes to make it easier to switch cloud services.

Government Regulation