• JD Supra United Kingdom

Publisher:
JD Supra
Publication date:
2019-04-29

Latest documents

  • Financial Challenges Facing English Football Clubs During COVID-19

    With the football transfer window having closed on another round of multimillion-pound transfers, the perception continues that football is a sport awash with cash. However, as football plays on behind closed doors, one need not look too far beneath the surface to uncover clubs across the country struggling to cope with the financial impact of COVID-19.

  • Markets-Based Money Laundering: Spotting the Signs Early

    The Russian Laundromat case – in which several Russian individuals bought securities through Deutsche Bank’s Moscow office and concurrently sold the same through the bank’s London office – is one of few cases of money laundering involving the markets to make headlines in recent years. These ‘mirror trades’ transferred billions in roubles originating in Russia to dollars paid into offshore companies based in Cyprus and the British Virgin Islands between 2011 and 2015. The case resulted in the largest fine ever handed out by the FCA (£163 million) and revealed how large market players without adequate controls may be exploited to launder billions of pounds using relatively simple techniques.
 
 Please see full Publication below for more information.

  • COVID-19: UK Insolvency Reform - Scrutiny of Administration Pre-Pack Sales

    EXECUTIVE SUMMARY - On 8 October 2020, the UK Government's Insolvency Service issued a report on the state of pre-pack sales following the administration of insolvent UK companies (Pre-Pack Sales) and published draft regulations to require enhanced scrutiny of Pre-Pack Sales to connected parties during the administration process (the Draft Regulations).

  • Legislative Update: Enactment of the UK Corporate Insolvency and Governance Act

    On June 25, 2020, the new UK Corporate Insolvency and Governance Act ("Act") became law after it was given Royal Assent by Queen Elizabeth II. The changes introduced by the Act will have a significant impact on the future direction of the UK restructuring market.

  • Funds and asset management regulatory news, October 2020 # 3

    ESMA guidelines on liquidity stress testing in UCITS and AIFs: FCA comment - 
 
 Among other things covered in its latest Regulation round-up, the UK Financial Conduct Authority (FCA) comments on the European Securities and Markets Authority's guidelines on liquidity stress testing (LST) in UCITS and alternative investment funds (AIFs).

  • Insurance regulatory news, October 2020 # 3

    Building guarantee policies: PRA PS21/20 on extending policyholder protection -
 
 The UK Prudential Regulation Authority (PRA) has published a policy statement, PS21/20, which contains a rule change to increase protection for eligible policyholders of building guarantee policies (BGP). It makes amendments to the Policyholder Protection Part of the PRA Rulebook.

  • COVID-19: Impact on HMRC's Compliance Activities

    Recently published data casts a light on the ongoing impact of Covid-19 on tax revenue generated from HMRC’s compliance activities, and tax appeals going through the courts.  
 
 HMRC’s compliance yield - 
 
 It is well documented that tackling tax non-compliance has been, and remains, a key priority for HMRC, as demonstrated by the increase in both the tax regulatory burden placed on taxpayers and HMRC’s powers to investigate and enforce non-compliance in recent years.

  • Insurance regulatory news, October 2020 # 3

    Building guarantee policies: PRA PS21/20 on extending policyholder protection -
 
 The UK Prudential Regulation Authority (PRA) has published a policy statement, PS21/20, which contains a rule change to increase protection for eligible policyholders of building guarantee policies (BGP). It makes amendments to the Policyholder Protection Part of the PRA Rulebook.

  • Payments regulatory news, October 2020 # 2

    ISO 20022 migration: BoE revised approach The Bank of England (BoE) has updated its webpage on ISO 20022 with the following information. - 
 ISO 20022 migration: BoE revised approach -
 
 The Bank of England (BoE) has updated its webpage on ISO 20022 with the following information.
 
 The real-time gross settlement (RTGS) Renewal Programme has consulted with CHAPS direct participants, other central banks and members of the payments industry on its plans for ISO 20022 migration.

  • VAT and Termination Payments – A New Dawn for HMRC Brings a Dark Night for Taxpayers

    HM Revenue and Customs (HMRC) has adopted a new position regarding VAT on contractual termination payments and cancellation fees.

Featured documents

  • UK Government Announces 2009-10 Budget Tax Changes

    The newly-elected UK Government announced its first Budget on June 22. Key provisions include....
 
 Please see full alert below for more information....

  • FSA Bans Three Stockbroker Directors

    On July 28, the UK Financial Services Authority (FSA) banned Stephen Coles, Luke Ryan and Michael Yamoah, the three directors of Simply Trading Group Limited (STG) (a small private client advisory stockbroker) from holding any financial services senior management positions.
 
 Coles, Ryan...

  • Structured Thoughts: News for the financial services community - Volume 1, Issue 15 - November 2010

    Joint Report of the 3L3 Task Force on PRIPs
 
 On 6 October 2010, a task force of the three Level 3 Committees, comprising the Committee of European Securities Regulators (“CESR”), the Committee of European Banking Supervisors (“CEBS”) and the Committee of European Insurance and...

  • IRS Publishes Proposed Regulations Requiring Information Reporting on U.S. Bank Deposit Interest

    On January 6, 2011, the Internal Revenue Service (the IRS) issued proposed regulations that would require certain U.S. offices of financial institutions to file annual reports of interest paid to nonresident alien individuals. The proposed regulations withdraw proposed regulations issued in 2002,...

  • Who is covered by the UK FSA Remuneration Code?

    In common with other EU jurisdictions, the UK has implemented new rules on remuneration in the financial services sector. These are contained in the Remuneration Code (the “Code”) issued and governed by the UK Financial Services Authority (the “FSA”).

 

 Importantly, and in...

  • Case Law Update: Misselling Financial Products

    In a recent case, Cassa di Risparmio della Repubblicca di San Marino SpA (“CRSM”) v Barclays Bank Ltd (“Barclays”), CRSM brought claims in fraud, negligent misrepresentation and breach of contract against Barclays arising out of a bespoke, synthetic CDO deal.
 
 In a careful judgment, the...

  • FSA Censures BDO LLP for Failings as a Sponsor

    On June 1, the UK Financial Services Authority (FSA) announced that it had censured BDO LLP for failings while acting as a sponsor during the takeover by Shore Capital Group PLC of Puma Brandenburg Limited. This is the FSA's first public censure of a sponsor in relation to the Listing Rules.
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  • FSA Publishes Financial Crime Measures

    On June 27, the UK Financial Services Authority (FSA) published a financial crime consultation paper (CP11/12 – Financial Crime: A Guide for Firms) which proposes a new FSA guide designed to help firms reduce the risk of their businesses being used to facilitate financial crime, as well as other...

  • FSA Fines Willis Limited £6.895 Million for Anti-bribery and Corruption Systems and Controls Failings

    The UK Financial Services Authority announced on July 21 that it had fined Willis Limited £6.895 million (approximately $11.2 million) for failings in its anti-bribery and corruption systems and controls. This is the biggest fine imposed by the FSA in relation to financial crime systems and...

  • The New UK Insolvency Regime for Investment Firms

    In this DechertOnPoint, we summarise HM Treasury’s work to establish effective resolution arrangements for investment banks and firms, which resulted in the introduction of a special administration regime (“SAR”) earlier this year.

 

 Introduction

 

 The...