09/23/2021
OFAC Issues Updated Ransomware Advisory
As we’ve previously discussed, last fall OFAC issued an advisory on the potential sanctions risks for facilitating ransomware payments.
Government Regulation
09/23/2021
Under examination: BVI and Cayman regulatory inspections
The major regulators The Financial Services Commission (FSC) in the BVI and the Cayman Islands Monetary Authority (CIMA) in the Cayman Islands are the principal financial services regulators that are tasked with supervising, monitoring and regulating the
09/23/2021
Financial Crime Focus
The proposal sets the threshold for cryptoasset transfers at GBP 1,000 so it will therefore be necessary for firms to calculate the value in GBP of, for example, a transfer of Bitcoin or Ethereum.
09/22/2021
Software = Goods says European court
The question matters because commercial agents who sell goods on behalf of a principal (and who also satisfy other criteria) are protected by the Regulations, whilst agents who promote a principal's services, are not.
09/22/2021
IA publishes Guidance on FCA’s Guiding Principles on ESG and Sustainable Investment Funds
The purpose of the IA’s guidance is to help members implement the Guiding Principles and ensure more consistent customer communications.
09/22/2021
Advisers warned over compliance as HMRC writes to non-doms
Ashford added that in the past five years HMRC has heightened its focus on cracking down on so-called ‘enablers’.
09/22/2021
Regulator assesses risk of local non-profits being used for financial crime
The data will help determine the JFSC’s approach to supervising non-profit organisations, particularly those that are considered more vulnerable.
09/21/2021
Data Protection: Key Findings From The ECPB's Whatsapp Ireland Decision
WhatsApp was issued a €225 million fine, the largest ever fine from the DPC, and the second-highest under GDPR rules.
09/21/2021
Global law firm strengthens client offering in Turkey through alliance
This alliance stems from a shared vision.
09/21/2021
Law that creates work-from-home right for UK employees to be confirmed on Thursday
This will allow anyone to make a request from the start of their job, with the move aimed at enabling women, disabled people and carers to balance their work and life commitments.
09/21/2021
FINRA Fines Ex-Merrill Rep Who Hid Felony Drug Charges
Since he is no longer registered as a broker or advisor, the suspension will be imposed only if he reassociates with a member firm.
09/21/2021
Comprehensive changes needed for some businesses to fully comply with Enhanced and Simplified Due Diligence Measures and Exemptions
The findings highlight a range of statutory obligations and regulatory requirements that were either not complied with or were only partially complied with.
09/20/2021
Bermuda employers turning to SafeKey to unlock return to new “normal”
The President characterised this initiative as one necessary to counter "a pandemic of the unvaccinated", stating, "This is not about freedom or personal choice.
09/20/2021
The new pensions offences coming into force
These offences may affect anyone dealing with an employer with a defined benefit scheme, including counterparties, lenders and advisers, unless they have a “reasonable excuse”.
09/20/2021
Changes to the Notifiable Events Regime: How Will They Affect You?
Although the changes are not expected to come into force until 2022, transactions happening now might be relevant to whether future transactions pass the 25% threshold
09/19/2021
FCA bans financial adviser convicted for grooming
The FCA has banned director Jon Frensham (formerly known as Jonathan James Hunt) from performing any regulated activity.
09/19/2021
US Tax Reform is Coming: What it Could Mean For You?
The top long-term capital gains rate would be increased from 20% to 25% for taxpayers in the highest ordinary income tax bracket, effective for sales after September 13, 2021
09/17/2021
Financial Regulation: Daily Update
A feedback statement, setting out next steps, will follow in 2022.
09/17/2021
UK data protection law reform advocates ‘privacy management’
The government is also proposing to tackle “over-reporting” of personal data breaches by increasing the threshold for notifying the ICO of such incidents.
09/17/2021
Watchdog fines companies for sending 354 million nuisance messages
These companies should have known better.