July 2018 - Newsletter - Financial Services Institutions Briefing
Welcome to the latest edition of our Financial Services Institutions Briefing.
Readers will not be surprised that Brexit and preparations for it hang heavily over the financial services sector as we go to print. We have two Brexit themed articles this month.
The first is by Vanessa Walters, a senior associate in our financial services group. Vanessa reports on recent HM Treasury and Financial Conduct Authority updates on the Brexit process. The updates describe preparations for the UK (a) leaving the EU without any withdrawal agreement or implementation period having been agreed (b) leaving the EU with an agreed withdrawal agreement and implementation period.
The second is by Rose Carey, a partner in our Immigration Group. Rose reflects on the concerns from employees in the UK financial services sector about their ability to retain talent and continue to recruit talented workers from the European Union.
On a rather more positive note, Dominic Lawrance, partner, and Catrin Harrison, associate, from our Private Client team look at the attractions of offshore life insurance policies for UK resident non domiciliaries. As they mention, historically UK resident non domiciliaries have tended to hold liquid assets within a directly held investment portfolio or via an offshore trust. Dominic and Catrin examine in detail the often overlooked third option of offshore life bonds.
Regulators are turning their attention to increasing use of cloud outsourcing and cloud service providers. In December 2017, the European Banking Authority published a report setting out its recommendations. The recommendations apply from 1 July 2018 and Christina Fleming, an associate in our commercial team, looks at the report and its implications.
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We hope you find this edition interesting and useful. If you have any comments on any of the articles or suggestions for future topics please do get in touch.
For more information please contact Jonathan Bayliss on +44 (0)20 7427 firstname.lastname@example.org. or at
News & Insights
Brexit: Switzerland and the UK Guarantee Citizens' Existing Rights
An overview of Switzerland's agreement with the UK on the rights of citizens following Brexit.
FCA proposing to tighten up rules for loan-based crowdfunding platforms
Later this year, the FCA is due to publish its policy statement on the changes to the regulatory framework for crowdfunding platforms.
Place of taxation of brokerage commissions
The new version of Article 21 the Cantonal and Communal Income Tax Harmonisation Act (CCITHA) will enter into force on 1 January 2019.