**House of Lords calls for more attention to be given to UK-Ireland relations ahead of Brexit talks December 11, 2016 NULL
Spreadbetters hit again as German regulator announces a clampdown December 8, 2016 Times got tougher for spreadbetters today as the German regulator revealed plans for more red tape for the market. Bafin's announcement that it is preparing to apply more rules to the market for contracts for difference (CFDs) comes just two days after the Financial Conduct Authority (FCA) unveiled similar plans. In particular, Bafin is concerned price fluctuations might [...]
Yesterday’s Article 50 motion legally important but not that important, top court reminds December 8, 2016 Yesterday's parliamentary vote to stick to the March 2017 deadline for triggering Article 50 carries little legal clout, lawyers in the country's top court stated today. On the final day of the Article 50 appeal to the Supreme Court, James Eadie, one of government's lawyers, presented the 11 Supreme Court justices with a copy of the motion and [...]
Government to consider widening the list of crimes companies could be held criminally responsible for December 8, 2016 Government could broaden the types of crimes companies can be held responsible for, the attorney general told MPs today. Answering questions on government's policy on corporate criminal liability, Jeremy Wright said government would soon be calling for evidence to look into further reform, and potentially whether it should widen the crimes companies could be found [...]
A former French budget minister has been sentenced for three years for tax fraud December 8, 2016 A former French budget minister who led a crackdown on tax evasion has today been jailed for three years for tax fraud. Jerome Cahuzac, who was a cosmetic surgeon before being appointed by President Francois Hollande in 2012, was found guilty of tax fraud and money laundering, after being accused of hiding money in an offshore bank account. [...]
Now UniCredit has shed its interest in this Polish bank, as Italian banks scramble to safeguard themselves post-referendum December 8, 2016 Shares in UniCredit rose today after the Italian lender revealed it was ditching its stake in Polish Bank Pekao. Polish state organisations Powszechny Zaklad Ubezpieczen and Polish Development Fund have snapped up 33 per cent of the stake in Pekao from UniCredit for €2.4bn (£2bn), with the sale expected to complete in mid-2017, while UniCredit will list equity-linked [...]
Financial sector’s tax contribution hits a record £71.4bn December 6, 2016 The tax take from Britain's financial sector has hit record levels, underscoring its economic importance as talks between the government and the City enter a new phase in the run up to Brexit. Fifty financial services firms, largely UK-listed and including the Square Mile's banking titans, paid £71.4bn into HM Treasury's coffers for the year [...]
Mark Carney takes aim at so-called stateless companies, as he jumps to defend Bank of England policies December 5, 2016 The Bank of England governor has this evening launched an attack on so-called "stateless corporations", in a wide-ranging speech aimed at creating a fairer economy and tackling inequality. Speaking at Liverpool John Moores University, Mark Carney called for stronger measures to confront inequality in order to stop more people turning their back on [...]
Overseas banks miss out on bid to be excluded from banking levy scope December 5, 2016 Overseas banks have failed in their bid to be taken outside the scope of the UK's banking levy, a government consultation has revealed. The document, which was published today, noted various consultation submissions from foreign banks had asked government if it would reconsider the rules so the levy was on assessed on the balance sheets [...]
Too big to fail banks are a global affair, says Bank of England’s Sir Jon Cunliffe December 5, 2016 Handling too big to fail banks is a worldwide issue, particularly given the number of lenders which trade cross-border, a key Bank of England figure has said today. Writing for the European Economy online journal, Sir Jon Cunliffe, deputy governor for financial stability at the Bank, said international cooperation to create response plans for the failure of one of [...]
