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Snapshot: bearer share companies in the British Virgin Islands

Regulatory reforms to improve corporate transparency and crackdown on white collar crime prompted most offshore jurisdictions to reform their bearer share regimes.

BVI introduces data protection regime

The background to this is of course the drive for the BVI to become equivalent with the UK and European Union in this area, in particular under the EU’s General Data Protection Regulation.

Firms must change tack to meet financial regulators’ expectations on supplier risk

Currently, many firms treat outsourcing risk as a separate and distinct category from the broader one of third-party operational risk.

The rise in scams and the threat to a legitimate financial services industry

The FCA detected the promotion on the same day it appeared and started immediate inquiries.

Mourant Regulatory Update - Guernsey Corporate - Q1 2021

If you have any queries in relation to any of the topics raised, or if there are any areas you think it might be useful for us to cover, please don’t hesitate to get in touch.

Ireland's Implementation Plan to Tacle Economic Crime and Corruption

This is a further step towards the passing of new legislation to set up an independent Corporate Enforcement Authority which is intended to replace the existing Office of the Director of Corporate Enforcement.

FCA announces plans to stop CMC phoenixing

The CMC represented customers claiming more than £5m from the FSCS in claims against the husband’s former financial advice firm.

Road to Recover Class Action Proceeds Grows More Complex for Investors, Broadridge 2021 Global Class Action Annual Report Highlights

The Broadridge Global Class Action Annual Report offers an in-depth analysis of the 10 most complex class action recovery opportunities from 2020 involving financial instruments.

Wealth Management Connect: another step towards formal launch

The Draft Implementation Rules seek to regulate the business and activities of onshore banks under Wealth Management Connect, as well as the types of investment products which may be offered onshore.

Partnerships to be brought within scope of Guernsey's economic substance requirements

Partnerships in existence as at 30 June 2021 will be in scope for accounting periods commencing on or after 1 January 2022 and partnerships formed on or after 1 July 2021 will be in scope from the date of formation.

Maples seeking judicial review of AML regulations

Group disagrees with CIMA’s interpretation

Fears of ‘significant deterrent’ for whistleblowers as top EU court quashes Lux Leaks case

The European Court of Human Rights ruled that Luxembourg’s treatment of whistleblower Raphael Halet “struck a fair balance” between protecting his freedom of expression and the rights of PwC, despite objections from two dissenting judges

UK listing review: towards a dynamic London market

In addition, the government, lawmakers and the FCA will have to balance how best to reduce the regulatory burden without London losing the reputation for high standards which is of critical importance to its success as a global financial centre.

EU plans to ban cash payments above €10,000 in AML move

Some member states currently have ceilings on cash payments, ranging from €500 in Greece to €15,000 in Poland.

Bermuda: CRS deadlines extended and reminders issued

The extension is as a result of the ongoing effects of COVID-19.

Update: Guernsey Corporate Law Changes May 2021

Companies that are considering adopting any changes that override the general rule should be mindful of Guernsey economic substance requirements and non-Guernsey tax issues, especially if changes could cause a board meeting to be treated as being held out

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