Posted in Financial Law

SEC Approves PCAOB Standard Expanding Independent Auditor’s Reports

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).


Posted in Financial Law, Insurance Law

Insurance Is the Hot New Way to Avoid Taxes

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


Posted in Financial Law, Miscellaneous

President Trump signs Executive Order setting the stage for Dodd-Frank rollback

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.


Posted in Brexit, Financial Law, Miscellaneous

French financial regulators join forces to attract banking and financial institutions to France post-Brexit

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 ( for investment firms, payment institutions, electronic money institutions and insurance firms to ask Brexit questions.