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Risky Business - PRA sets out expectations on firms engaging in cryptoasset activities Last week the PRA published a letter directed to the CEOs of banks and PRA-designated investment firms regarding their exposures to cryptoassets. This was one of a number of publications released at the same time and which included: the Financial Policy...
Cryptoassets and financial stability: BoE outlines key risks and approach In a new report published last week, the Financial Policy Committee (FPC) of the Bank of England began formalising its position on the risks to financial stability posed by the increasing size of the cryptoassets market. The FPC concludes that while...
Who will guard the 'gatekeepers': EU one step closer to regulating Big Tech The European Union's institutions came together at the midnight bell, on 25 March 2022 and reached provisional political agreement on the Digital Markets Act (DMA) that aims to strengthen the European Union's powers to regulate digital markets and make...
US-EU negotiators reach agreement on Privacy Shield reboot On 25 March, US President Joe Biden and European Commission President Ursula von der Leyen announced that, after a year of negotiations, the US and EU had reached an agreement in principle on a new Trans-Atlantic Data Privacy Framework (the Framework) to...
The potential Spanish permanent establishment of remote workers during and after COVID-19 The Spanish tax authorities have recently published a binding tax ruling (V0066-22 dated 18 January 2022) which concluded that, in certain circumstances, an individual working in Spain remotely during and after the COVID-19 restrictions should not create...
Ransomware attacks: Are you ready? New ICO guidance can help The ICO’s new ransomware guidance could not have come at a more pertinent time. This week  Joe Biden, told US business leaders it was their “patriotic obligation” to strengthen their digital defences against Russian cyberattacks and last month the...
A “tax plan” for the UK One big surprise in the UK’s March 2022 Spring Statement was the promise to cut the basic rate of income tax by one percentage point from April 2024. The Chancellor also announced that the national insurance contributions threshold would be aligned with...
Buckling up the UK’s digital seat belts: Online Safety Bill covering ‘basic protections for the digital age’ introduced to Parliament The UK took a major step on Thursday towards establishing the world’s first online safety laws with the introduction of the Online Safety Bill to Parliament for formal legislative scrutiny. With it the Government hopes to bring in a “new digital age which...
Cum/ex, the final decision: And in the end, short sales didn’t even matter The German Federal Fiscal Court (Bundesfinanzhof, BFH) published its long-awaited ruling on the legality of so-called "cum ex"-structures which may have led to multiple refunds of German withholding tax (WHT) that was paid only once. The ruling brings an...
Final report on the UK ring-fencing regime Back in January I wrote about the update which the independent panel reviewing the UK ring-fencing regime (the "Panel") had given about the progress of its work and its initial findings. Just over two months later the Panel has now published its Final...