November - Financial Services Institutions Briefing
As 2017 comes towards a close this is a time of significant change for EU financial sector businesses with the long anticipated implementation of MiFID II looming in the early days of January 2018.
MiFID II brings regulatory reforms with highly significant implications for those providing financial products and services to retail and professional clients within the EU. For the UK and EU the tortuous process of Brexit continues providing a climate of some political uncertainty which looks likely to persist for some time. We live in interesting times!
This edition of our briefing contains articles on a number of topical issues of interest to financial institutions.
Artists’ resale rights – Brexit’s positive impact
In the aftermath of Brexit, there may well be an opportunity for the UK to repeal the legislation implementing the Artists' Resale Right Directive. Many felt that when it was implemented into UK law in January 2012, it would herald the demise of London's standing as a leading international art sales centre. We explore the issues here and the potential outcome.
FinTech funding: when to get regulated
Too often, FinTech business overlook the importance of ensuring that their product is compliant with financial regulations, either opting to utilise the perceived regulatory safety of third party providers, rely on a narrow regulatory exemption, or simply ignore regulation altogether in an attempt to avoid legal costs.
The countdown to MiFID II for Discretionary Managers
Where has the year gone? While it may be unnerving to some to mention that it is about 4 weeks until Christmas, what is even more unsettling for those in the financial services sector is that MiFID II comes into effect in around 5 weeks’ time.
SMCR: 2018 extension to all FCA firms
The SMCR was born out of the recommendations of the Parliamentary Commission on Banking Standards following its review of the 2008 financial crisis and is part of the FCA’s focus on the culture and governance within the firms it regulates. This took effect for banks in March 2016 and will be extended to the remaining FCA firms by the end of 2018.
Product governance under MiFID II
Product governance refers to the systems and controls that firms must have in place to design, approve, market and manage products through their lifecycle to ensure that they meet legal and regulatory requirements. The regime in relation to product governance under MiFID II seeks to implement product related requirements and processes that establish a benchmark for financial instruments and distribution.
LPAs discretionary management
With a growing elderly population, investment managers will find that they are operating discretionary portfolios on the instructions of an attorney acting under a Lasting Power of Attorney for Financial and Property Affairs (LPA) (or Enduring Power of Attorney) with increasing regularity.
For more information please contact Jonathan Bayliss on +44 (0)20 7427 6699 or at firstname.lastname@example.org
Charity Training: Digital Transformation in the Charity Sector
We would be delighted if you could join us for the second session in our new series of bite-size webinars for charities.
Charity Training: Brand Protection
We would be delighted if you could join us for the first in our new series of bite-size webinars for charities.
EWS1 Forms - the latest episode
RICS have now published their highly anticipated guidance on when EWS1 forms will be required.
Knight Frank Wealth Report: The Global Perspective on Prime Property & Investment
Knight Frank partners joined Charles Russell Speechlys for a virtual panel-led discussion on the Knight Frank Wealth Report
Case Study: One Blackfriars Limited
An informative and positive judgment for administrators selling high-value property in distressed and complex scenarios.
InvestAfrica: Checking in or Checking out? Financing Africa’s Hotels in 2021
The discussion examined the strategies investors and financial institutions can implement to mitigate the effects of the pandemic.
Sustainable Finance and the end of greenwashing?
eprivateclient and Wealth Briefing cover the news of the hire of tax specialist Annika Fünfschilling in Zurich
Annika joined as a Senior Associate in the firm's Zurich office on 15 March 2021.
Charles Russell Speechlys develops Zurich offering with the hire of Annika Fünfschilling
Annika is an attorney-at-law and Swiss certified tax expert, and becomes the first Swiss-qualified lawyer working from the Zurich office.
Doing Business Responsibly: Food & Beverage
A return to growth will be a priority post-pandemic for F&B businesses, and doing business responsibly could help you to achieve it
Property Patter: The Spring 2021 Budget – what news for property?
Join us as we review some of the measures introduced by Rishi Sunak to provide a boost to COVID-hit businesses and workers.
Sophie Dworetzsky quoted in the Financial Times on the increase to corporation tax
Following the Chancellor's Budget this week, Sophie provides her expertise on the rise in corporation tax.
Thomas Moran has been quoted in the Evening Standard on the stamp duty surcharge on foreign homebuyers
Foreign buyers of property worth more than £1.5m will be subject to a 17 per cent tax rate from April 2021.
Property Professionals: Spring Budget Announcement
Join us as we discuss the highlights of the recent budget announcement.
Mixed news for corporation tax payers in today’s Budget
The announcement brings good news for the short term - and bad news in the longer term for corporation tax payers.
Hugh Gunson and Guy Bud write for Tax Journal on the guidance provided by the Upper Tribunal in Atholl House
The ‘intermediaries legislation’, commonly known as IR35, has proved an area of legal uncertainty and worry for taxpayers in recent years.
The latest phone hacking settlement achieved on behalf of six celebrity clients from Mirror Group Newspapers reported in the press
The news of the latest phone hacking settlements from MGN reported by The Telegraph, Sky News, Yahoo and New Law Journal
Julia Cox quoted by Citywealth on the shared home exemption
For those who purchased a second home during the past year, they might want to explore the shared home exemption.
Dominic Lawrance, Hugh Gunson and Catrin Harrison write for Tax Journal on Embiricos and the future of partial closure notices
A look at the Upper Tribunal's decision in Embiricos and the implications for those faced with a domicile enquiry.
Jeffrey Lee, Jessica Leung and Jessica Chow featured in Legal 500's Hong Kong Private Client Q&A
The Q&A provides an overview of Private Client laws and regulations applicable in Hong Kong.