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Irish Regulatory Framework for Real Asset Depositaries

It sought feedback from industry on the proposed regulatory framework and earlier this year issued its long awaited guidance1 on the regime.

Jersey employers take note: statutory redundancy and minimum wage increases

This is an entitlement enshrined under the Employment (Jersey) Law 2003, as amended and is an obligation imposed on all employers to pay to their employees in the event of redundancy.

Isle of Man FSA bans two directors from regulated activity

The directors of IF Ltd, Mr Christopher Stirk and Mr Christian Burton do not hold the requisite licences in their own names to undertake any regulated activities in or from the Isle of Man or hold themselves out as doing so.

INSOL Channel Islands Conference 2021 – Round-up of key points

The seminar, which provided a welcome opportunity for insolvency practitioners and advisers to reconnect in person, showed why Jersey and Guernsey remain leading locations for structuring complex financial transactions and for the secured lending market.

ESMA Consults on Proposals for a Review of the MiFID II Best Execution Reporting Regime

These proposals aim at ensuring effective and consistent regulation and supervision and enhancing investor protection.

Irish Regulatory Framework for Real Asset Depositaries

The Central Bank’s guidance states that a DAoFI may only be appointed to act for authorised AIFs which are qualifying investor AIFs

Financial Regulation: Daily Update

The roadmap sets out four recommendations, underpinned by 13 specific actions, to support defined contribution pension schemes with investing and to develop the long-term asset fund structure.

Dubai Abolishes DIFC-LCIA Arbitration Centre and Moves to Revamp DIAC Arbitration

For parties entering into new arbitration agreements, it would seem important to immediately refrain from specifying the DIFC-LCIA Rules.

Dubai decree changes Dubai disputes landscape

The DIFC-LCIA arbitration centre is effectively a partnership between the DAI and the London Court of International Arbitration.

China's market regulator proposes amendments to e-commerce law

The amendments are open for public review till 14 October.

Dramatic rise in fraud and scam complaints

Financial Ombudsman Service warns of fraud danger as it continues to help high numbers of customers.

OFAC Sanctions Cryptocurrency Exchange to Combat Ransomware Payments, Releases New Ransomware Guidance

OFAC simultaneously announced that it was imposing sanctions on Suex OTC, S.R.O. (“SUEX”), a Russia-based cryptocurrency exchange registered in the Czech Republic, for its role in facilitating payments connected with ransomware extortion.

Governance and succession: Family offices and the Chinese diaspora in Asia

A Chinese diaspora—the migration and dispersion of Chinese from their homeland—has permeated the globe; sizable Chinese communities can be found from Vancouver to London to Singapore.

Hong Kong Stock Exchange Proposes Prudent Approach on SPACs

As the Exchange says, the proposals would represent a SPAC listing regime in Hong Kong more stringent than that of the United States.

Ireland Update: Central Bank of Ireland Proposes Amendments to Certain Pre-Approval Controlled Functions

The existing PCF-12 Head of Compliance role will be retained and this will be the default role for the Head of the Compliance

Central Bank of Ireland Review Identifies Market Abuse Deficiencies

In July 2021, the CBI issued a Dear CEO Letter (the "Letter") setting out its findings and expectations arising from the review.

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.

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

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.

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.

Government Regulation