US, the proposal would mandate auditors to draft a whole new section (“CAM”, critical audit matters) that should be handled with the audit committee and that should relate to especially challenging, subjective or complex auditor judgment (non-exhaustive list of factors included).
Plot: an investor wants revenues and no taxes to pay. He purchases a private-placement life-insurance policy. The insurance company plans investments in alternative assets such as hedge funds, where profits are taxed as “capital gains”, but, since these involve an insurance company (subject to certain restrictions), the dough is tax-free.
Happy ending: No levies on death benefits
Fintech are filing more patents, although this could be due to an increasing number of companies entering the market.
Yet, an additional resort of such entities is a Trade Secret, since the Alice v CLS Bank poses additional requirements on abstract ideas in order to be patentable inventions.
Republicans are, allegedly, pushing to remove the split between commercial con investment banks, which actions may (or not) interfere with the repeal of the Dood-Frank Act.
The Netherlands: a client who has engaged in a mortgage and wishes to pay back the whole amount in advance must not pay a penalty fee higher that the economic loss of the bank, so said the AFM (Dutch authority on Financial markets). Yet, many banks didn’t accurately and clearly calculated such fees.
This will be the first focus of the repeal of the Dodd Frank Act, based on, allegedly, too onerous requirements.
This policy caught law firm off-guard, especially since it is uncommon in EU (unlike US).
All the promises to make life harder for bankers and Wall Street bankers had faded away since a long time.
On a similar note, Trump also signed a presidential memorandum to delay implementation of the Labor Department’s Fiduciary Duty Rule. If implemented, such rule would expand the definition of “investment advice fiduciary” under the Employee Retirement Income Security Act of 1974 (ERISA) and, in turn, qualify all financial professionals who work with retirement plans (or provide retirement planning advice) to the level of fiduciary.
Clearly, if this is not signed, lots of people would be allowed to work with such products without the normal duties of a financial adviser.
The AMF and the ACPR have announced that investment firms, payment institutions, electronic money institutions and insurance firms, currently under the supervision of the ACPR and wishing to pursue their current activities in France, would be subject to a simplified and accelerated procedure to obtain authorisation in France.
An English-speaking case manager would be assigned to each firm, plus a dedicated e-mail address (email@example.com) for investment firms, payment institutions, electronic money institutions and insurance firms to ask Brexit questions.