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

UAE Central Bank Issues Guidance on Anti-Money Laundering Risks in the Payment Sector

The guidance is part of the rapidly evolving rules on anti-money laundering and aims to promote UAE as a jurisdiction compliant with best practices.

All I want for Christmas is… increased fining powers and a high degree of costs immunity

We consider how these developments will impact the legal profession and its professional indemnity insurance inside and outside of the Christmas period.

Time to Register on the Register of Overseas Entities

This new legislation applies to any company or similar entity that is incorporated outside of the UK and broadly apply to any freehold or leasehold property in the UK. Please read our previous update for further information.

Cayman Islands modernises merger and consolidation schemes of arrangement

A Cayman Islands scheme of arrangement can be proposed between a company and its Shareholders or any class of them for the reconstruction of any company or companies or the amalgamation of any two or more companies.

FCA plans to broaden retail access to LTAFs ‘may not go far enough’

LTAFs are intended to help better manage the liquidity risk of long-term illiquid assets

Irish central bank sets deadline for outsourcing register reporting

There are different templates for different sub-sets of the financial services sector.

Bias risk means diversity must be built into health research

Determined to combat health inequality, Javid set up an independent review in a bid to establish the extent and impact of potential ethnic and other biases in the design and use of medical devices.

NYDFS Flexes Enforcement Muscle In Crypto Markets With $30 Million AML and Cybersecurity Fine and Draft Cybersecurity Amendments

NYDFS also required Robinhood Crypto to retain an independent compliance consultant for 18 months.

Latham & Watkins Advises Cloudways in Acquisition by DigitalOcean

A multidisciplinary deal team led by members of the M&A Practice and Technology Industry Group represent the cloud hosting and SaaS provider for SMBs.

New rules on outsourcing in the Luxembourg insurance sector

The Luxembourg CAA has published a Circular clarifying requirements when in scope entities outsource “important operational activities” to third parties.

The Protected Disclosures (Amendment) Act 2022 – Prepare for Implementation

It was signed into law on 21 July 2022 and is due to come into force shortly.

Attorneys Analyze Financial Crime Regulation of Crypto Assets Website Content

Stakeholders in the crypto asset industry should evaluate where regulations are anticipated and proactively put in place compliance controls to lessen the likelihood of involvement in money laundering or sanctions breaches.

Investment to-do list: Governance steps for trustees in relation to ”backward-looking” reports

The DWP has recently published statutory guidance setting out its expectations of trustees

Guernsey liquidations

The purpose of these general meetings is for the liquidator to provide an account of their conduct of winding up during the year.

UK advances multinational top-up tax despite mostly a lack of progress elsewhere

The draft legislation provides for the multinational top-up tax to apply effectively from 2024.

Filing Extension for Economic Substance Declarations for In-scope Entities Which Earned No Gross Revenue

The Registrar has recently initiated desk-based reviews, requests for information and onsite inspections of entities to ensure compliance with the economic substance requirements.

CV fraud case highlights need for due diligence in recruitment

The High Court initially granted the confiscation order against Andrewes.

CIMA publishes revised regulatory procedures for the deregistration of Cayman Islands regulated funds

Under the new deregistration procedures, although CIMA should be notified of a fund's intention to deregister within 21 days of that determination, the fund must complete and file its final audit

Market guidance issued on NSIA – but is it enough to smooth the road-bumps?

One practical issue with the NSIA is that its broad jurisdictional scope has driven a significant number of precautionary notifications

Amendments to the BVI Business Companies Act 2004

Legal Update

Government Regulation