European regulator launches EU-wide insurance stress test
A European pension watchdog has announced that it will conduct an EU-wide stress test of the region’s insurance companies – the first since the implementation of Solvency II.
Tax & Regulation
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FCA warns investment scam fraudsters targeting over-55s
The Financial Conduct Authority (FCA) has warned that Britons over-55 are being targeted by scammers, with nearly a half investing in unregulated products such as wine, diamonds and land, without getting professional advice.
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Complexity of Asia hinders fund passport schemes
Varying tax and regulatory issues across the region could disrupt the Asia Region Funds Passport initiative, according to Mostapha Tahiri, chief executive and head of asset and fund services for Asia at BNP Paribas Securities Services.
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Singapore regulator orders BSI Bank shut down
In the “worst case of control lapses and gross misconduct seen in the Singapore financial sector” Switzerland-headquartered BSI Bank is to be shut down, with six former and current members of staff referred to the public prosecutor, the first such move by the Monetary Authority of Singapore (MAS) since 1984.
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Singapore regulator stops operations of fund house
The Monetary Authority of Singapore said V Wealth Capital Pte can no longer conduct its fund management business in Singapore after failing to comply with a number of rules.
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Hong Kong regulator signs MoU with US counterpart
Hong Kong’s Securities and Futures Commission (SFC) has signed an agreement with the Financial Industry Regulatory Authority (FINRA) of the United States regarding the supervision and oversight of regulated entities operating cross border between the two jurisdictions.
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Efama blasts Priips document as ‘not fit-for-purpose’
Europe’s main asset management trade body has slammed the new consumer information requirements for those selling packaged retail and insurance-based investment products as a “danger” to investors.
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Ex-Keydata employee banned by FCA but escapes £200k fine
The Financial Conduct Authority (FCA) has banned and publicly censured the former compliance officer of disgraced investment firm Keydata.
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Argentina offers new tax amnesty
In a bid to capture undeclared funds and assets from Argentines at home and overseas, Argentina’s national government has confirmed that it will offer a new tax amnesty this year.
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US must sign beneficial ownership deal first, says Caymans
The Cayman Islands will not adopt a mechanism for the exchange of beneficial ownership information that is not agreed by the US, Cayman Islands’ premier Alden McLaughlin said.
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HSBC Australia to compensate structured product clients
HSBC Bank in Australia has reached a deal with the industry regulator to compensate clients who received “potentially deficient advice” on retail structured products sold between January 2009 and March 2013.
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Isle of Man opens the door to crowdfunding platforms
The Isle of Man has introduced new legislation to regulate crowdfunding platforms in a bid to attract more of the peer-to peer lending startups to the island.