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

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

Latham & Watkins Advises on THG's US$1 Billion Capital Raise

London corporate team represents the bookrunners in a capital raise by UK ecommerce and technology company THG.

Access to cash FCA and PSR joint statement

The overall decline in the use of cash makes it more expensive to maintain the existing infrastructure that supports it.

Guernsey Update: New Plans for Bringing Partnerships in Scope of Economic Substance Rules

These changes will be most relevant to the funds industry in Guernsey

Financing a Cayman Islands merger take-private

Privatisations by way of a Cayman Islands statutory merger are often financed by loans.

Collas Crill Explains... Ongoing Obligations of Private Funds in the Cayman Islands

This guide provides newly registered private funds with an overview of these obligations to ensure not only that they remain within complete compliance but can plan accordingly around the specific criteria and deadlines.

Luxembourg CSSF Publication Of Guidance On Teleworking

The CSSF also confirms that the circular does not create any precedence for employees to claim a right to remote working

Share-Capital Reductions in Ireland

Where a director makes the above declaration without reasonable grounds, certain parties (including creditors or liquidators) may apply to court to hold directors who made the declaration personally liable for all or any of the company’s debts.

Shall we summer in Saint Tropez, darling? Ban for non-essential travel into the EU to be lifted soon

The Commission proposes to lift travel restrictions for people who have received the last recommended dose of an EU-authorized vaccine at least 14 days before arrival to the EU.

Asia Employment, Pensions and Incentives Update

Continuing our look at India’s four new codes, this month we take a look at the new Industrial Relations Code and unpick what it means for employers operating in India.

Points to note from TPR’s Climate Change Strategy

The vast majority of schemes, big and small, are already required to report on how they incorporate financially material factors (including ESG) into their investment strategy and on their stewardship activities.

Government Regulation