Managers of Wealth

Financial Regulation Update

Firms that have concerns about their ability to meet their obligations due to Covid-19 should contact the FCA through their regular supervisory channels as soon as possible.

Deutsche Bank pays nearly $125m to resolve US bribery and fraud claims

The order further finds that these payments were inaccurately recorded as legitimate business expenses and involved invoices and documentation falsified by Deutsche Bank employees.

Private Funding of Legal Services Act, 2020: the codification and expansion of litigation funding in the Cayman Islands

The Act abolishes the offences of champerty and maintenance and provides welcome certainty for litigants looking to manage the expense of litigating in the Cayman Islands.

British hedge fund tycoon hit with £1.5bn fraud charge by Danish authorities

The Danish tax authority says it was deceived into paying multiple refunds on dividends to British firms between 2012 and 2015.

UK Inheritance Tax Reform: rates, reliefs and responsibility

The OTS’s report has flagged that the effective rate for very large estates (i.e. estates over £7m) is, in fact, in the region of 10% once all relevant reliefs and exemptions are properly applied.

‘Significant number’ of firms could fail this year

It says it has been “rapidly increasing” the data it collects on regulated firms and last year sent a survey to 23,000 firms to get a picture of their financial resilience during the pandemic.

UK Inheritance Tax Reform: lessons from Europe

As for the connecting factors based on where to charge IHT, most European countries use either the situs of the assets or the residence of the donor (and more rarely the residence of the donee) as the connecting factor to charge succession or donation tax

US antiquities trade to face far stricter oversight in 2021

The new regulations target antiquities dealers, but could soon apply across the art market.

Financial Regulation Update

The FCA noted that this survey was conducted before the extension of the government’s furlough scheme, the positive vaccine developments and the announcement of new rules and restrictions.

Brooks Macdonald removes VAT from its managed portfolio service

The change will apply to Brooks Macdonald's custody MPS and those held on third party platforms (platform MPS).

Zurich airport opens testing facility

The self-test kits cost SFr195 (approximately €180) and are sold on site, with no prior appointment necessary.

Brad Adderley Joins Bermuda's Risk Transfer Hall Of Fame

The Hall of Fame has commemorated executives who have retired or passed away, as well as those who are still working.

Environmental, Social & Governance Law 2021: Ireland

In the first edition of the International Comparative Legal Guide to Environmental, Social & Governance Law 2021, Peter Stapleton, Ronan Cremin and Jennifer Dobbyn provide a comprehensive insight into ESG law in Ireland.

More travelers look to second passports, dual citizenship to skirt pandemic restrictions

Second passports and dual citizenships have long been a hallmark of ultra-high net-worth individuals

Tax and fairness: the debate has changed

With the prospect that the Chancellor of the Exchequer would raise taxes in his 3 March 2021

Ofgem: Direction exempting market participants from obligation to register under REMIT

The Direction applies from 4 January 2021 and until further notice.

Latham Named Banking Group of the year

Firm honored by Law360 for prowess in representing banks in complex, cross-border litigation, transactions, and regulatory matters.

Renowned Law Firm Set to Expand in 2021

The combination of four leading plaintiffs' firms gives Milberg expanded ability to prosecute cases not only domestically, but worldwide.

Push from OECD towards CRS compliance and change in HMRC approach to DAC 6

The focus of the sessions will be on CRS audit readiness and will be an opportunity for service providers to swap notes and gain an insight into how industry is preparing for the likely introduction of CRS audits in both islands.

The Year Ahead: Developments in Global Litigation and Arbitration in 2021

Our report features economic analysis from The Economist Intelligence Unit, and legal analysis from our team of more than 1,000 disputes specialists across 77 offices.

Legal,Regulation,Tax & Compliance