Managers of Wealth

Financial Regulation Update

The regulator highlights that complaints volumes are at the lowest levels recorded since 2016 H2

CSSF publishes passporting requirements applicable to UK investment funds and fund managers after the end of the transition period

Following the departure of the UK from the EU on 31 January 2020

Commission becomes world’s first regulator to introduce a green insurance capital regime

The Commission’s proposal would enable insurers to purchase green assets in the knowledge that long-term green assets are considered suitable to meet long-term liabilities whilst maintaining policyholder protection.

FCA establishes Temporary Registration Regime for cryptoasset businesses

The FCA is advising customers of cryptoasset firms which should have applied to the FCA, but have not done so, to withdraw their cryptoassets or money before 10 January 2021.

Financial Regulation Update

The Statement may be subject to change in the event of a free trade agreement being reached and mutual equivalence decisions being taken.

FCA fines Barclays £26 million over treatment of customers in financial difficulty

Barclays has pro-actively redressed these customers, paying over £273 million to at least 1,530,000 customer accounts since 2017. The redress programme is close to completion.

Investing in policies for people will help shape a better economy for the postcrisis world

The virus has taken more than a million lives, and hundreds of millions more have been altered forever by rising poverty, massive job losses, and interruptions to education.

UK Immigration Post-Brexit

Those wishing to work or stay in the UK for longer will need to apply for a visa under the new immigration system.

UK Wealth Tax Report

A ‘wealth tax’ is broadly a charge on a person’s assets, in contrast to the majority of taxes that are charged when cash or assets move between parties.

Covid-19: FCA guidance consultation on proving Covid-19 presence in BI insurance claims

Feedback is requested by 18 January 2021.

Federal Council brings part of DLT bill into force

The amendments to the Code of Obligations, the Federal Intermediated Securities Act and the Federal Act on International Private Law that are envisaged in the DLT bill will now enter into force from 1 February 2021.

Lombard Odier becomes Signatory of the UN Principles for Responsible Banking

The Principles for Responsible Banking set out the banking industry’s role and responsibility in shaping a sustainable future

Zurich Splashes Out With Major U.S. Buy

The business to be acquired includes 2.4 million policies, USD 3.6 billion net written premiums in 2019 and 3,500 employees.

Safe Harbour: Protecting and preserving wealth using Cayman Islands’ trusts and foundation companies

Every settlor’s or founder’s circumstances are different.

Federal Council fleshes out proposals for sustainable Swiss financial centre

The framework conditions should be designed to ensure that the competitiveness of the Swiss financial centre is continuously improved and that the financial centre can make an effective contribution to sustainability.

Dutch Probe Looms for New UBS Boss

The renewed scrutiny of him stems from a legal challenge to the 2018 settlement – which ironically came out in the bank's favor.

Brits to be barred from EU after 1 January – here’s why

An EU commission spokesman last week said there were no plans to extend that to the UK. “This is a decision for the council to make,” he said.

Dutch court to probe UBS boss over ING money laundering problems

It said ING had acted to prevent further violations and acknowledged the serious problems at the bank.

Offshore fund finance in 2020, the year in review

Within that more global trend, we set out below some brief thoughts and highlights from each of our respective jurisdictions over the last 12 months.

Update on Jersey register of beneficial owners and significant persons

The Financial Services (Disclosure and Provision of Information) (Jersey) Law 2020, due to come into force on 6 January, establishes a new, central register of beneficial owners and significant persons of certain types of entities.

Legal,Regulation,Tax & Compliance