11/19/2021
EU formally adopts public CbC reporting
Subsidiaries or branches below the revenue threshold also will be required to publish their tax information if they are deemed to exist only to help the group avoid the new reporting requirements.
Government Regulation
11/19/2021
Enforcement of local and foreign arbitral awards in South Africa
The development of an online filing system and the creation of an AFSA Southern African Development Community (SADC) division with a panel of International commercial arbitrators are a welcomed advancement.
11/19/2021
SFC suspends licence of an officer for internal control failures
On 1 November the SFC publicised that it had suspended the licence of Eric Liu Ching Ming (of Fulbright Securities Limited) for six months.
11/19/2021
HKMA takes disciplinary actions against four banks
In addition, all four banks contravened the requirement of establishing and maintaining effective procedures for carrying out their duties in relation to ongoing CDD under the AMLO,
11/18/2021
Enforcement of local and foreign arbitral awards in South Africa
The need to do this typically arises where the opposing party in arbitration against which the award has been issued refuses to comply with the arbitral tribunal’s decision.
11/18/2021
Finma sanctions two private banks for 'seriously violating supervisory law'
FINMA opened enforcement proceedings against Banca Zarattini in August 2019 to investigate information it had received regarding possible violations of money-laundering rules.
11/17/2021
Amendments on bankruptcy - Federal Decree Law No. 35
The newly passed amendment provides clarification and market confidence boost on the liabilities of individuals in the case of corporate bankruptcy obligations
11/17/2021
FATF Consolidated assessment ratings
This table provides an up-to-date overview of the ratings that assessed countries obtained for effectiveness and technical compliance (last updated on 16 November 2021).
11/16/2021
USA terminates ZKB’s deferred prosecution agreement
The agreement started in 2018, following a seven-year tax dispute.
11/16/2021
Recent update to BVI Legislative review - Probates (Resealing Act) 2021
The new Act expands that list to the other Commonwealth jurisdictions, plus non-Commonwealth jurisdictions that use the common law rather than civil law.
11/14/2021
FPC: Cloud Adoption
The regulators have now taken an action to review the need for additional policy measures
11/14/2021
EBA issues requirements on institutions’ Pillar 3 disclosure of interest rate risk exposures
The standards will amend the comprehensive ITS on institutions’ public disclosures
11/14/2021
Voluntary disclosure of sovereign exposures
The Committee has not reached a consensus to make any changes to the regulatory treatment of sovereign exposures
11/14/2021
Revisions to market risk disclosure requirements
The revised standard introduced a "traffic light" approach for capital requirements
11/14/2021
EBA publishes final draft technical standards on individual portfolio management by crowdfunding service providers
When investing in a portfolio of loans offered by crowdfunding service providers, investors may face potential information asymmetries.
11/14/2021
AML/CFT Handbook consultation support – first release
These proposed changes will simplify the use our handbooks, making it easier to find the information required for all supervised persons in one place.
11/14/2021
The Nonqualified Financial Property Limitation
Investments in qualified opportunity funds (QOFs) offer a number of distinct tax benefits
11/12/2021
NEC defects dispute must go to adjudication before the court
The decision of the Outer House of the Court of Session is relevant to NEC construction contracts that contain the ‘W2’ option for dispute resolution.
11/12/2021
US Financial Regulators Release Much-Anticipated Report on Stablecoins
The Report signals the Biden administration’s concerns about the rapidly developing digital asset markets and their lack of appropriate federal regulation.
11/12/2021
New rules for foreign subsidies - The European Commission’s approach to level the playing field
The Proposal builds on a Commission White Paper published for consultation in June 2020.