Managers of Wealth

EFG to nominate board of directors chair and two members

At this year’s Annual General Meeting, EFG’s Chair of the Board of Directors, John Williamson, has decided not to stand for re-election.

Crown Dependencies’ banking associations write open letter on coronavirus concerns

The banking associations added that they were working with each island government to ensure that support for businesses and individuals is available quickly.

FINMA Guidance: temporary exemptions for banks due to the COVID-19 crisis

For banks whose shareholders approved after 25 March 2020 dividends or other similar distributions relating to 2019, or who plan to seek such shareholder approval, the capital relief will be reduced by the amount of the said distributions.

Dividends: UBS unaffected by tightened Finma measures

UBS pursues the declared goal of distributing at least half of its profits to shareholders each year.

Luxembourg regulator suspends Rothschild ex-CEO for ten years

The bank said in its 2017 annual report that it had paid the fine after the CSSF had notified it of a possible fraud involving former Malaysia Prime Minister Najib Razak’s 1MDB investment fund.

Am Law 100 Firm Cuts Partner Pay Entirely, Reduces Associate Salaries By 25 Percent

Another Biglaw firm is tightening its belt because of COVID-19.

United States' progress in strengthening measures to tackle money laundering and terrorist financing

The United States is now compliant on 9 of the 40 Recommendations and largely compliant on 22 of them.

Guernsey legal and regulatory update

Guernsey's Revenue Service has introduced an online service for companies completing and submitting their corporate tax returns.

Working Through the Lockdown

In both social and business environments this is a community event being faced as a community.

COVID-19: Countrywide lockdowns make AGM attendance tricky - but what are the rules?

Lockdowns will make things more complicated for leaders preparing for their AGMs, but there are a number of options, depending on which country you are in.

COVID-19: FCA updates webpages on short selling bans, SCA, and information for firms

The International Association of Insurance Supervisors (IAIS) has published the March edition of its newsletter.

The Art Market Adjusts: The impact of the government's decreased oversight of private sale of antiquities and other artwork

My colleagues, Kenley Stark and Georges Lederman, discuss the impact of the coronavirus on the Government’s regulation and enforcement of laws concerning the art market.

Finma to reduce capital relief to banks approving shareholder dividends

The measure applies until 1 July, but can be extended if necessary.

Regulatory measures for firms in response to Covid-19

The PRA welcomes the decisions by the boards of the large UK banks to suspend dividends

The Art Market Adjusts: Protecting consigned artworks from creditors

As a result, in certain states, artists consigning their own works of art to galleries for sale will not have to file a UCC-1 Financing Statement as collectors do.

HMRC to raise standard of conduct among tax advisers

The government has confirmed that it will implement all but one of the recommendations made by Sir Amyas Morse in his review of the loan charge rules.

Governors and Heads of Supervision announce deferral of Basel III implementation to increase operational capacity of banks and supervisors to respond to Covid-19

The implementation date of the Basel III standards finalised in December 2017 has been deferred by one year to 1 January 2023.

Legal,Regulation,Tax & Compliance