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  • Germany: Robo-Advice in the scope of BaFin

    The Federal Financial Supervisory Authority (BaFin) recently issued an article with respect to BaFin´s own understanding on “Automated Investment Advice in Supervisory Practice" BaFin outlines its understanding of licensing requirements for investment advice rendered on robo advisory platforms The provision of investment advice is generally deemed as being the provision ...
  • Regulatory tax paid by insurance brokers in Romania reduced by 50%

    The Romanian Financial Supervisory Authority (“FSA”) recently announced a 50% reduction of the regulatory tax on the income of insurance brokers in Romania. As such, from 1 October 2017, insurance brokers will pay a monthly tax of 0.1% of their gross income. According to the FSA, this decision follows the ...
  • Action Required by Investment Managers in Respect of Research Costs

    Time is running out for those investment firms wishing to pass on the costs of investment research to UK authorised funds (UCITS, NURS, QIS) when the Second Markets in Financial Instruments Directive (“MiFiD II”) comes into force on 3 January 2018. If the costs of research are to be passed ...
  • Current BEPS Action Items for Asset Managers

    For asset managers including managers of Alternative Investment Funds ("AIFs") the Base Erosion and Profit Shifting project ("BEPS") is a particular issue. Many outcomes will likely affect this industry, but those regarding permanent establishments ("PE"), tax treaty shopping and transfer pricing deserve immediate attention. Why now? The Multilateral Instrument ("MLI"), ...
  • Individual responsibility - extending SMCR to the entire industry


    CMS UK held a seminar on 4 September on 'Individual responsibility - extending SMCR to the entire industry', led by Simon Morris and Alison McHaffie.

    The seminar covered:

    1. What’s going on?
    2. What will it look like?
    3. The implementation project
    4. Senior managers
    5. Certified & other staff – and what fit and proper means
    6. The rules – and what they mean

    The seminar slides are available to view/download via the link in the title.

  • Hungary: Data Protection Aspects of Blockchain

    NAIH, Hungary’s Authority for Data Protection and Freedom of Information, issued a guidance on blockchain data protection. The guidance answers the questions of a private individual in a specific case, and NAIH published it because of public interest and the newness of the technology. The guidance provides a short description ...
  • A new way to pay: the Payments Strategy Forum launches a consultation on the future of UK payments

    In support of their November 2016 strategy to change UK payments systems, the Payments Strategy Forum (“PSF”) has published a public consultation titled a "Blueprint for the Future of UK Payments" The consultation paper notes that although UK payments systems are some of the best in the world, they are ...
  • The New Individual Responsibility Regime - Extending it across the Financial Services Industry

    On 26 July 2017, the FCA published consultation paper CP17/25 on the extension of the Senior Managers and Certification Regime (see our earlier report, which summarises the key proposals here). Our brochure looks at each of the key elements of the new regime, assessing how they will apply to non-banking ...
  • Singapore’s First Cybersecurity Bill: 3 Key Concepts for Your Organisation

    This article has been produced with Holborn Law, which operates in association with CMS. Singapore’s long-awaited draft Cybersecurity Bill (the Bill) was issued by the Ministry of Communications and Information (MCI) and the Cyber Security Agency of Singapore (CSA) for public consultation which closes on 3 August 2017. As a ...
  • 3 things you need to know about Singapore’s proposed changes to Data Protection

    This article has been produced with Holborn Law, which operates in association with CMS. On 27 July 2017, the Personal Data Protection Commission of Singapore (PDPC) issued a public consultation paper on managing personal data in the digital economy. The consultation paper seeks to greater facilitate the use of personal ...