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To embed, copy and paste the code into your website or blog: Amid the uncertainty brought about by the end of the Brexit transition period and the ongoing COVID-19 pandemic, firms should be aware that the FCA will retain an active approach to financial crime and regulatory enforcement in 2021. This OnPoint sets out our views on likely enforcement trends and potential areas of focus for the FCA in 2021. We also cover immediate steps firms should be taking to ensure they are well prepared and that their systems and controls are up-to-date. Last year’s OnPoint on enforcement risk noted that th...

February 1, 2021 | 12:04 am Font Size CTA.JUDICIARY.GOV.PH/ THE Court of Tax Appeals (CTA) affirmed the cancellation of tax assessment on Grand Plaza Hotel Corp. for 2008 worth P506 million. In a resolution dated Jan. 19, the court, sitting en banc, denied for lack of merit the appeal of the Bureau of Internal Revenue (BIR). The BIR claimed that while there is no disputed assessment, the en banc erred in ruling that the court in division assumed jurisdiction over the company’s petition. It was also filed out of time, even if it falls under “other matters,” the bureau said. It a...

Governance Factor; Beyond the Board Corporate governance has long been a focal point for large corporates, listed companies and regulated entities, with numerous studies connecting good corporate governance with higher profitability. However, as the March 2021 effective date of the EU’s Sustainability-Related Disclosure Regulation approaches, corporate governance is becoming increasingly important to companies of all sizes. This is, in part, due to investee companies needing to follow good governance practices, as a baseline, in order to be classified as a “sustainable investment.” Corp...

To embed, copy and paste the code into your website or blog: In our Quarterly Review, we bring you important UK developments relating to business crime, investigations, and regulatory enforcement from the last three months.  Everything we include in our quarterly digest has a potential impact on business in the UK – both large and small. This has been an evolving spectrum of law and regulation for 30 years, and, as we come to the end of this extraordinary and difficult year, we can only speculate on the extent to which the pandemic will change the way we do business and the consequences on...

FCA fines and prohibits hedge fund CIO for market abuse Submitted 15/12/2020 - 5:27pm The FCA has fined Corrado Abbattista, formerly a portfolio manager, partner and Chief Investment Officer at Fenician Capital Management, GBP100,000 for market abuse and prohibited him from performing any functions in relation to regulated activity. Following an investigation, the FCA found that Abbattista, an experienced trader, engaged in market abuse by creating a false and misleading impression as to the supply and demand for equities between 20 January and 15 May 2017.  Mark Steward, Executive Director ...