On Nov. 28, IRS, Treasury proposed rule on foreign tax credits. Follows 2017 Tax Cuts and Jobs Act (TCJA), legislation passed in December 2017. Foreign Credits Made major changes to internal revenue code, on how US taxes foreign activity. Proposed tax credits for businesses, individuals, to allocate, apportion expenses. Repealed fair market value method of…
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FMA 2019 Supervision Priorities
On Nov. 28, FMA issued 2019 priorities for supervision, audit. FMA priorities for supervision, inspections in 2019 and facts, trends, strategies. Priorities Following thematic areas defined as 2019 priorities for supervision, inspections. First, financial market digitalization: supporting digital change, managing risks. Next, business model sustainability: anticipatory thinking, acting anti-cyclically. Corporate governance: strengthening resilience in changing…
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CBOI New Registration for AML
On Nov. 27, CBOI issued rules for firms to register for AML. New requirement for unregulated firms to register with CBOI re AML oversight. Per criminal justice (money laundering, terrorist financing), (amendment) act. If firm offers specified service, not otherwise authorised for business by CBOI. Guidance specifies leasing, factoring, safe custody and other services effected.…
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UKP Brexit Withdrawal Agreement
On Nov. 26, UKP planned evidence session on the economic impact. Follows UKP Jul. 2018 asked Treasury, FCA, BoE for impact analysis. Follows UK DEXEU, EC Nov. 2018 issued agreement on Brexit terms. Economic Impact The panel plans to take evidence on withdrawal agreement and the joint political declaration, issued a call for evidence on…
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EC Whistleblower Protection
On Nov. 20, 2018, EP approved draft rules to increase whistleblower protection. Guarantee that whistle-blowers in the EU can report breaches of EU law in area of tax evasion, corruption, environmental protection or public health and safety. Without fear of retaliation and intimidation, legal affairs MEPs agreed protection measures must also apply to those assisting…
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ESMA Market Abuse FAQs 2018
On Nov. 12, 2018, EU ESMA issued its updated FAQs on the implementation of MAR. Included new question 7.10, under managers transactions, and specifically the non-applicability of the ban to transactions of the issuer on its own financial instruments. Whether the prohibition in MAR, art. 19(11) encompass transactions relating to own instruments even if PDMRs…
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