08/27/2012
SEC charges former Sky Bell hedge fund manager Gary Marks for misrepresentations
In its complaint, the Securities and Exchange Commission (SEC) accused Marks of recommending various funds of funds through Sky Bell Asset
Legal,Regulation,Tax & Compliance
08/27/2012
Standard Life: Advisers struggle to explain post-RDR charges
Survey of insurer’s ‘account managers’ suggests disclosure is key RDR concern for advisers.
08/26/2012
Regulators should avoid product control, Citigroup CEO says
CEO says dividing Citibank would be an ‘artificial separation’
08/26/2012
Merrill brokers’ pay deal goes to US judge for approval
The judge said she will rule later on preliminary approval.
08/26/2012
US investigates UniCredit over sanctions
Unicredit has confirmed it is co-operating with a US investigation into a possible breach of sanctions.
08/26/2012
Zero Tolerance For Helping Tax Evaders, Says UBS
"The bank requires that all employees in the cross-border asset management business abide by legal fundamentals, including the German-Swiss tax deal […] Whoever transgresses is severely sanctioned”, Mr Weber told German newspaper Handels
08/23/2012
Husband Sues Advest, Credit Suisse, And Two Stockbrokers Over Wife's Unauthorized Withdrawals
Respondents requested the expungement of the matter from Respondents Bilski’s and Clish’s Central Registration Depository records (“CRD”).
08/23/2012
Intesa Luxembourg banker probed in tax evasion case
The magistrates have now put the chief executive of Intesa's Luxembourg unit Societe Europeenne de Banque (SEB), Marco Bus, and an Italian broker and former Intesa employee, Alessandro Jelmoni, under investigation.
08/22/2012
German Windfall Wealth Tax Said To Be Constitutional
According to legal expert Joachim Wieland, the deciding factor in the matter is whether or not the state has an exceptional financial need for such a one-off levy, for example to save the country’s banks, to bail out other countries, or to reduce bo
08/22/2012
FSA cracks down on fine wine funds after pensioners sold pups
The products span from life policy investments, to alternative asset classes, such as fine wine, art, Indonesian timber, green energy funds and wind farms.
08/22/2012
Baer Makes ‘Generous Assumption’ for U.S. Tax Matter, FuW Says
Julius Baer seems to have widespread shareholder support for acquiring Bank of America Corp.’s non-U.S. Merrill Lynch units, the Zurich-based newspaper reported, citing an interview with Enkelmann, who added that a “good portion” of the
08/22/2012
MPs seek British version of U.S. tax disclosure rules
The proposed legislation takes as inspiration the new U.S. Foreign Account Tax Compliance Act (FATCA), which is designed to stop Americans from hiding money from the taxman offshore, the report says.
08/22/2012
Ex-RBS Trader Claims Bank Omitted Key Records on Rate-Setting Practices
Mr. Tan has argued throughout the case, which commenced late last year, that is common practice for senior bank employees to make requests to RBS's rate setters about appropriate rates.
08/22/2012
Singapore says banks warned against European tax evaders
"MAS does not tolerate any flow of illicit funds through our financial system," she said in an emailed statement to Reuters.
08/22/2012
JPMorgan 'London Whale' trader has lawyers in France, US
The trader at the center of the criminal investigation surrounding JPMorgan's $5.8 billion trading loss has hired a lawyer in Paris, two sources familiar with the investigation said on Thursday.
08/21/2012
RBS under investigation by US authorities
The bank also said that it had initiated discussions with UK and US authorities to discuss its historical compliance with the relevant regulations and laws, “including US economic sanctions”
08/21/2012
Ledingham Chalmers boosts private client with bolt-on
The bolt-on followed a year in which Ledingham Chalmers’ private client practice grew by 10 per cent. The firm hired Adam Cochran partner Douglas Watson as a partner in April 2011 to boost this practice area.
08/20/2012
Ex-Credit Suisse Client, 83, Admits Hiding $5.7 Million
An 83-year-old Massachusetts man who held Swiss bank accounts at Credit Suisse Group AG (CSGN) and Wegelin & Co.
08/20/2012
Ex-Dresdner Kleinwort Banker Gets 40 Months in Jail
They were each ordered to pay £767,000 representing the benefit obtained by each of them from insider dealing.
08/19/2012
No sign German bank data came from UBS - chairman Weber
NRW prosecutors said last week they were pursuing tax evaders who secretly stashed cash in Switzerland, after obtaining new bank data from a presumed whistleblower.