Greater disclosure requirements for US investment advisers
Investment advisers in the US will need to provide more information to the Securities and Exchange Commission (SEC) as the regulator steps up its monitoring of the asset management industry.
Tax & Regulation
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Liechtenstein approves double tax agreement with the UAE
Liechtenstein has approved a double taxation agreement (DTA) with the United Arab Emirates, as well as Iceland and Andorra.
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Ex-Julius Baer ‘whistleblower’ cleared of secrecy law breaches
A former Julius Baer banker accused of passing sensitive data to WikiLeaks has been given a 14-month suspended sentence after a Zurich court turned down prosecution demands that Rudolf Elmer be convicted of breaching Swiss bank secrecy laws despite being based in the Cayman Islands, according to media reports.
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UK IFA ordered to pay client over Arch Cru pension transfer
UK-based IFA firm Tenet must compensate a client for advising him to transfer his pension into the doomed high-risk Arch Cru fund, which lost investors up to £361m ($462m, €408m).
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HMRC plans tougher penalties for offshore tax evaders
The UK tax office has announced plans to increase the penalties on anyone who has not paid outstanding taxes from offshore investments ahead of the start of a new data sharing agreement with the crown dependencies and territories in October.
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Campaign group calls for Fatca exemption for US expats
American Citizens Abroad (ACA), a campaign group for US citizens living overseas, has called on the US Treasury Department to amend Fatca regulations which would allow US expats to hold bank accounts exempt from the stringent reporting standards.
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UK ombudsman pledges to tackle scammers of £755m fraud
The UK’s Financial Ombudsman Service (Fos) has set out the scale of fraud carried out in the country’s financial services sector, pledging to work with other regulatory bodies such as the Financial Conduct Authority to crackdown on scams.
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China’s regulator continues fund house crackdown
The China Securities Regulatory Commission (CSRC) put 73 private fund firms under administrative supervision measures in the first half of this year after illegal or irregular activities were found.
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UK to tighten IHT rules on non-dom offshore properties
The British government plans to extend its inheritance tax (IHT) rules to cover properties held by non-domiciled residents in an offshore entity.
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Advisers face hefty fines in HMRC tax avoidance crackdown
Tax advisers and accountants in the UK who help clients avoid paying tax could face fines of 100% of the tax avoided, according to new proposals being considered by HM Revenue and Customs (HMRC).
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China’s Noah sets up Jersey managed trust for HNW investors
The Shanghai-based wealth manager Noah Holdings has set up a trust with international service provider JTC in Jersey to address the increasing succession planning needs of its high net worth clients in China.
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Jersey IFA investigated for selling Providence Investment Funds
Jersey’s financial services regulator has launched an investigation into the sale of the Providence Investment Funds to clients of Jersey-based independent financial adviser firm Lumiere Wealth.