Managers of Wealth

China's central bank has suspended some foreign exchange businesses of several foreign banks

The People's Bank of China (PBOC) sent a notice to the impacted foreign banks on Monday

Common Reporting Standards Come Into Effect For Many Offshore Funds on January 1, 2016

Due diligence procedures for identifying existing individual accounts with balances of at least $1 million will have to be completed by December 31, 2016

Switzerland to vote on whether to ban private banks from creating money

Swiss referendum aims to glimit speculation by granting central bank monopoly over creation of both physical and electronic money, and requiring private banks to hold 100% cash reserves againt deposits.

'Top Ten' Estate Planning and Estate Tax Developments of 2015

In an ever eagerly anticipated annual tradition, Ronald Aucutt, a McGuireWoods partner and co-chair of the firm’s private wealth services group, has identified the following as the top ten estate planning and estate tax developments of 2015.

Switzerland, Italy Agree Tax Deal For Cross-Border Workers

Employees will pay up to 70 percent of the income tax that would ordinarily apply to employment income in the state where they work.

Safra, Coutts Boost Swiss Bank Program Fines Near $1 Billion

The Swiss Bank Program, which was announced on Aug. 29, 2013, provides a path for Swiss banks to resolve potential criminal liabilities in the United States.

FCA should ease burden on smaller advisers

The Treasury and FCA review is looking at the advice gap

Swiss market regulator bans 6 ex-UBS bankers

Proceedings against one further UBS employee continue.

Changes to the BVI Eligible Introducer Regime and Public Filing of Registers of Directors - TMF

The British Virgin Islands (BVI) are a leading international finance centre; well known for complying with the highest international regulatory standards.

Hardouvelis to be probed over wealth declaration

The case concerns a period before he became minister, when he was an economic adviser to interim Prime Minister Lucas Papademos.

Ex-Morgan Stanley Adviser Avoids Prison Over Theft of Data

The lawyer begged the judge not to send his client to prison, saying Marsh has rediscovered his faith, is volunteering at a soup kitchen and working as a consultant to a startup software company.

East Anglia law firm regional winner at Wealth & Finance magazine’s Finance Awards

Regional law firm Birketts has added to its 2015 awards haul by winning the “Best for Business Law – East England” title at Wealth & Finance magazine’s Finance Awards.

Five of world's biggest investment banks pay no UK corporation tax

JP Morgan, Bank of America Merrill Lynch, Deutsche Bank AG, Nomura Holding and Morgan Stanley make billions in profit in Britain – but analysis reveals their UK arms paid not a penny of business levy in 2014

States of Jersey Common Reporting Standard - Deloitte

Draft Guidance Notes Released

China regulator to revoke banks' private fund management qualifications

The banks had registered to conduct private fund management with China's asset management association earlier this year, data from the association show.

Ex-Libor trader Tom Hayes has sentence cut on appeal

This court must make clear to all in the financial and other markets in the City of London that conduct of this type

SEC Proceeding With Amended Case Against Stevie Cohen

The civil case led by the SEC has been on hold since July 2013

Jersey Residential Property Update | December 2015

The Appleby Property team has produced a number of articles for the local press in the past few months. In case you missed the articles first time around, this update provides a link to them. We hope you will find these articles interesting and informativ

Wealth Management Thematic Review December 2015

The review set out to investigate how wealth management firms and private banks have implemented the regulator’s previous work in this area.

Australia ramps up focus on offshore tax evasion

It has also compiled a list of 100 advisers and promoters operating globally that have a direct link with people who may have evaded taxes.

Legal,Regulation,Tax & Compliance