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

Regulatory grid gives insight into future UK financial services policy

Details of the initiatives that UK authorities active in the financial services sector will work on in the next 24 months were outlined in an updated regulatory grid.

EU Commission designates replacement rates for CHF LIBOR and EONIA

The CHF LIBOR is the rate of interest at which large multinational banks access the wholesale, unsecured funding market to fund themselves in Swiss francs.

Definitions of “Benefit” - Jersey’s Royal Court offers Useful Guidance on Trusts and Non-Financial Benefits

The Court confirmed in this regard that the interpretation of “benefit” applies equally to an application to vary a trust as it does to an appointment of income or capital.

The ICO issues its response to the UK Government's proposals to reform the UK GDPR

While the ICO maintains that it supports the UK Government's review of the country’s data protection rules and the purpose behind that review, it raises many concerns about the proposals put forward by the Government.

The Without Prejudice Rule – When does it apply?

The policy considerations underlying the rule are that parties should be encouraged to settle their disputes out of court and should not be deterred by fear that their settlement negotiations might be used against them in future proceedings.

Implementation Automatic Exchange of Information(AEOI) Reporting – things to consider

What many members of industry have since found, especially those members who perform reporting across multiple jurisdictions, is that reporting is in fact not wholly standardized.

Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers

The FATF standards require countries to assess and mitigate their risks associated with virtual asset financial activities and providers; license or register providers and subject them to supervision or monitoring by competent national authorities.

Financial Crime in Latin America and the Caribbean: Understanding Country Challenges and Designing Effective Technical Responses

The 300-page report provides a country-by-country overview of the scope of financial crimes and main threats facing individual countries.

UAE intensifies efforts to combat money laundering and terrorism financing crimes, and strengthen deterrent penalties for perpetrators

The legal authority and powers given to these organisations are part of supportive measures aimed at helping them detect crimes and its perpetrators without prejudice to the legislation in force.

Digital Transformation of AML/CFT for Operational Agencies

The FATF is continuing its work on digital transformation, focusing on how the use of technology and advanced analytics could support ML/TF investigation and information exchange.

Mitigating the Unintended Consequences of the FATF Standards

The project focuses on four main areas: de-risking; financial exclusion; undue targeting of NPOs; and curtailment of human rights (with a focus on due process and procedural rights).

High Court ruling on witness statement rules show need for careful compliance

Coleman said this highlighted the courts’ willingness to sanction those who were non-compliant with the rules.

Industrial action

Industrial action can take the form of either a strike or 'industrial action short of a strike' - for example, an overtime ban or work to rule.

BERMUDA: Changes to rules on Permanent Residency Certificate coming

The Government said that these changes support its priority of achieving a simplified, fair and modern framework for immigration in Bermuda. T

DOJ Further Ratchets Up Scrutiny in Corporate Investigations

The intent behind this policy change is to create parity between the way DOJ treats individual and corporate criminal histories.

Responsible investment consultation: UK Charity Commission publishes responses

A point raised in the consultation was whether the term ‘responsible investment’ is helpful.

Banking Package 2021: new EU rules to strengthen banks' resilience and better prepare for the future

Today's package finalises the implementation of the Basel III agreement in the EU.

Cayman Restructuring – a proposal for a formal restructuring regime in the Cayman Islands

The proposed amendments will allow a Cayman company to restructure under the supervision of a “restructuring officer” and provide for a stay on creditor action in the restructuring period.

Qualified Opportunity Funds / OTS Series

Investments in qualified opportunity funds (QOFs) offer a number of distinct tax benefits

Privy Council clarifies jurisdiction of freezing orders in key BVI case

Viewed from an English litigator’s perspective, the Convoy Collateral decision is not especially groundbreaking.

Government Regulation