Just pay me in dollars: the long, slow toppling of the magic circle’s buying power

A strong dollar and weak pound means UK firms’ buying power has diminished, allowing the US rivals from across the market to rise up the rankings

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Privacy Shield open for self-certification on Aug 1

On August 1 US organisations can finally begin to submit self-certification requests to the Department of Commerce under the new EU-US “Privacy Shield.” This opens a new era for the lawful transfer of personal data from the European Union westward across the Atlantic. The Commerce Department has published a practical guide, “How to Join Privacy Shield: Guide to Self-Certification,” […]

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Tax Issues around Brexit

Our European tax team recentlydelivered a breakfast seminar exploring the tax issues and challenges posed by the result of the EU Referendum. The team covered a range of issues, including: the European framework, including overview of the EU, EEA, Eurozone and other European groupings; the process of the UK’s withdrawal from the EU; and the […]

Time waits for no financial services institution

By Guy Wilkes Financial service firms cannot wait for the outcome of the leave negotiations before putting their restructuring plans into effect After the initial excitement and panic following the referendum result lawyers were quick to reassure their clients that nothing had changed overnight. The Financial Conduct Authority (FCA) similarly sought to reassure people that […]

India shuts down Mauritius route

Time to rethink investment structures On May 10 the Indian government issued a press release announcing the signing of a protocol to amend the India-Mauritius tax treaty.1 As a result of these amendments, Mauritius tax residents will no longer be exempt from Indian capital gains tax on sales of shares of Indian resident companies that […]

Insurance: new assessment method for GSIIs

The International Association of Insurance Supervisors (“IAIS”) has published its updated assessment methodology for designating global systemically important insurers (“G-SIIs”) (the “Revised Methodology”). As part of the review cycle of the IAIS and following consultations in 2015 the Revised Methodology now comprises five phases and adopts absolute reference values for certain indicators. Additionally, the Revised Methodology incorporates a […]

Latest Briefings

Coronavirus Update: Working From Home (again)

A government campaign was launched in early August to actively encourage employees to return to the workplace in an attempt to boost the wider economy and revitalise city centres that had been left empty after months of lockdown. However, within two months, the pandemic appears to have taken a turn for the worse and the government announced yesterday that once again people should work from home wherever possible.

Ukraine relaunches privatisation

September 2020 – Yesterday, 22 September, the President of Ukraine signed the Law which amends the Law of Ukraine “On privatisation of state and communal property” (the “Law”), introduces parliamentary control over the privatisation of state property and “unfreezes” the preparatory procedures to privatise large-scale state-owned objects. The Law was adopted by the Ukrainian parliament on 8 September 2020 and will become effective after its official publication.

Cyprus introduces film production incentives

Producers and media companies are invited to utilise the Cyprus landscape and infrastructure and enjoy a variety of legal, corporate and tax incentives for filming in Cyprus under the new Cyprus Filming Scheme.

Legal guide to pre-enforcement steps under Jersey and Guernsey law

The temporary Covid-19 protections offered by the UK government to businesses to prevent them from being subject to winding up petitions or wrongful trading actions are currently due to expire at the end of September (although an extension is very possible).

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Freshfields on call for Deloitte in breach of duty claim

Freshfields Bruckhaus Deringer is on call for Deloitte’s north-west European arm as the accounting firm faces a claim that it did not take the appropriate measures when a forensic services director was asked to retire. The claimant, David Joseph, was given a notice of retirement by Deloitte in July 2019 and thereafter, he exercised his […]

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