James Vertigen

I’m intrigued by the logic of identity verification. Currently, I’m involved in a project that requires a registered company to be verified as validly existing. Companies House shows all the relevant information; and, the Directors are liable if they give or allow false information to be used. This seems reasonably cast iron in terms of veracity. However, that’s not sufficient for a particular organization. They want us to produce two letters from two, independent third parties. Those letters must be addressed to the registered office of the company. I thought about this. Where do the two third parties get their information? Could it be …. Companies House? On that basis, everyone is actually using Companies House information, it’s just that one organization wants at least two others in the line. Is it a numbers thing - three organizations can’t be wrong? (Of course, they can be.) Ultimately, how does anyone prove, irrefutably and in this context, that a statement is factually correct? Our registered office is where we say it is, but there’s nothing irrefutably certain about that - we might be making it up, and using elaborate means to convince everyone! It seems that the verification process is built on sand!

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UBS HAS COMPLETED THE ACQUISITION OF CREDIT SUISSE. The largest Swiss bank UBS marked a significant milestone in integrating Credit Suisse by completing the merger of the two legal entities, UBS AG and Credit Suisse AG. Credit Suisse's registration in Zurich has been officially canceled, with all its assets and liabilities transferring to UBS. The active support of regulatory authorities facilitated the timely completion of this process. The merger will streamline the migration of clients and operations from Credit Suisse to integrated UBS platforms, while adhering to business, client, and product requirements. Although clients of Credit Suisse AG become clients of UBS AG post-merger, during the transitional period, they will interact with UBS using Credit Suisse's platforms and tools, except in specifically notified cases. The transition to a single U.S.-based holding company is scheduled for June 7, 2024, while the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG, as before, is expected in the third quarter of 2024 pending the remaining regulatory approvals. The bank emphasized its commitment to customer service, strategy execution, personnel investment, and continued support for local economies where it operates. #UBS #CreditSuisse #merger #acquisition #banking #finance #Switzerland #integration #businessnews #financialservices #clients #regulatoryapproval #economy #strategy #customercommitment #milestone

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🌐 Navigating the complexities of Crypto-Assets compliance? Our latest 3in3 dives into pressing questions for your business: 1️⃣ How will MiCAR compliance give you an edge in the Swiss Crypto Valley? 2️⃣ When will you onboard crypto clients with a distributed ledger analysis? 3️⃣ How can traditional tax criteria be applied to crypto assets to meet tax obligations? Dive into our comprehensive guide for aligning with EU regulations, leveraging digital ledger technologies, and navigating tax compliance for crypto assets. ➡️ Download now: https://go.ey.com/3vWaB8e Join me and my colleagues Darko Stefanoski and Thomas M. Fisler #CryptoAssets #MiCAR #3in3

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Honored to have been featured on cash.ch, where we discussed how private equity can be a ‘fourth pillar’ to enhance retirement planning for Swiss citizens. Thank you, Manuel Boeck for the opportunity to address such a critical topic. At Petiole, we’re committed to helping investors secure their future with accessible and impactful solutions. Read more about our approach to achieving strong returns and supporting Switzerland’s retirement needs. https://lnkd.in/dmHjeMkY

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Everything you need to know about the Digital Securities Sandbox ➡. Except for... ...some of the perceived drawbacks / limitations, which I've summarised below. 1. The DSS is arguably too narrow in scope, both in terms of activities (being limited to the activities of a trading venue and/or a CSD) and assets (excluding derivatives, which account for the majority of trading volumes in cryptoasset markets, and unbacked cryptoassets, which are driving a large proportion of the real technological innovation). 2. The sandbox approach to legislative change risks the UK falling further behind other jurisdictions which have already legislated to provide legal and regulatory clarity, such as France, Luxembourg and Switzerland. A cause of some frustration given that the regulators' consultation papers have already identified the legislative provisions most likely to require adaptation. 3. Cost and commercial viability are likely to be significant issues, both in terms of the application costs and the transaction volume limits, meaning it will likely be challenging for applicant businesses to make money or scale. So there is concern that this will simply entrench the dominance of existing industry players and their business models, rather than facilitating real innovation. In fairness, the DSS, as the first FMI sandbox to be introduced under the new powers in FSMA 2023, has been created for a specific purpose for a specific type of market participant, so the hope is that the (next) Government will keep up the pace of UK regulatory change by introducing further FMI sandboxes in short order. What do you think?

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Deutsche Bank: Two Major Changes in Switzerland: Deutsche Bank is reorganizing its «Private Clients Bank Central Europe & USA» division. This has a direct impact on Switzerland.  #DeutscheBank #privatkundenbank

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AIFMD II enters into force today, with a two-year transposition phase. My colleagues (Simon Currie, Samuel Stenning and Benjamin Beswick) and I summarise the key changes for both EEA and non-EEA managers: #wearemorganlewis, #AIFMD

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How will your foreign pensions, retirement accounts and life insurance be treated when you pass away? 🤔 This is a crucial question for most expats living in Switzerland… although nobody is particularly excited about the idea of getting down to it 😅 - Will the benefits be subject to Swiss forced heirship rights? - "Oh, and by the way, what are forced heirship rights, again...?" 🙄 - Will they be subject to inheritance tax? 💸 (Everybody knows what this one is 😢) The Geneva Court of Justice recently pointed out that Geneva inheritance tax may be due on a foreign life insurance benefit with a beneficiary clause even if this benefit is “technically” not part of the estate. - "Sorry, can you repeat that... slowly?" 😵 The same kind of difficulties arise with some foreign pensions and retirement accounts. Unfortunately, there are no ready-made answers to these questions. Each foreign insurance policy or scheme must be examined on a case-by-case basis to assess whether it will be subject forced heirship rights, and to inheritance tax (or income tax). 🔎 And it's best to do this before death 👻, when adjustments can still be made to optimise matters 😉 🍰 See : ATA/415/2024 of 26.03.2024 on JTAPI/1310/2022 Schellenberg Wittmer #expat #pension #lifeinsurance #estateplanning #taxplanning

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Did you know that from 1 November 2024 there will be new rules for market participants involved in securitisation transactions? Click for a short read..... James Barrett Joseph Grosvenor #banking&finance #securitisation #financialservices #smarterregulatoryframework

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Homburger acts as counsel to SIX Group in connection with the contemplated acquisition of Aquis Exchange, which was announced on November 11, 2024. The Homburger team is co-led by Jürg Frick and Kramer Stefan (both Banking / Finance) and includes Benjamin Leisinger, Stefan Bindschedler, Alexander Wherlock, Sofiya Shavlak and Riccardo Pompeo (all Banking / Finance) as well as Stefan Oesterhelt (Tax). Read the full article >> https://lnkd.in/dN8nZKTr #Legalcommunitych #legaladvisor #acquisition

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30 years ago today I started a new job as an in-house lawyer at The Securities and Investments Board - the same company limited by guarantee that became the Financial Services Authority and is now the Financial Conduct Authority. It was my first job in financial regulation. Things were very different then in some ways: From my new office in Bunhill Row I had a view into this City University student hall of residence, which then stood on the site of what are now Slaughter and May's offices. I was allowed to smoke in my office (which I did to excess). Mobile phones were much larger (they became much smaller, then larger again...). 'Self-regulation' in the City was still in vogue. Principles-based regulation was then a genuinely new idea whose time had (sort of) come, and so was the notion of individual senior executive accountability in financial institutions.... I've learned that grand multi-year career plans are not for me: My original plan had been to get a couple of years' experience inside a regulator and then go back to the bar to practice administrative law. I ended up staying at the SIB/FSA for nearly a decade - it gave me so many opportunities from helping devise the (then) new investigation and enforcement powers under the Financial Services and Markets Act 2000 and a new civil power to fine for "market abuse" (which inspired what is now the EU Market Abuse Regulation) to working on the first investigations and enforcement actions under the Act. When the time came to move on it was not back to the bar but into the solicitors profession and big city law firms. Without those years at the regulator I would never have been able to build the practice I have advising on regulatory compliance, investigations and enforcement, or to have had the privilege and pleasure of working with such a wide range of interesting clients - from global financial institutions to individual senior executives. I have seen a lot in 30 years - the collapse of Barings Bank, the Asia financial crisis, ostrich farming, pensions misselling, mortgage endowment misselling, the dot-com bubble, PPI misselling, the Global Financial Crisis, rogue trader scandals, COVID, Brexit to name just a few! It has been and continues to be fascinating to me - not just to have a role in helping respond to some of these issues but also to contribute to learning from them to improve how financial markets are regulated. I hold a strong belief that lawyers providing independent legal advice and representation to their clients (whether they be regulators or regulated) have a crucial role to play in improving how financial markets and institutions are governed. So I will be forever grateful for that first opportunity to work in financial regulation at the SIB and, in particular, to the incredibly talented and supportive people there that gave me that opportunity, with whom I had so much fun working and from whom I learned so much. You know who you are - thank you! Happy New Year!

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New UK Securitisation Regulation… Hot off the Press… This memo covers changes from the “status quo”, comparing and contrasting the new UK rules with the current EU and UK rules. In addition we have provided some helpful tables in the Annexes which set out comparisons of: Institutional Investor Due Diligence Requirements for EU, PRA and FCA regulated Institutional Investors The direct transparency requirements applicable to Originators/Sponsors/SSPEs subject to EU Securitisation Regulation/FCA Rulebook/PRA Rulebook Template reporting requirements by reference to location of Originator/Sponsor/SSPE and Investors

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Finally some good news for the listed funds sector. The FCA has today announced that closed-ended investment funds on the Main Market or AIM may choose not to follow the requirements of the PRIIPs Regulation and associated technical standards (e.g. the obligation to prepare a KID). This follows the Government's announcement that it will, later this year, lay legislation to exempt closed-ended investment funds from the requirements of the current PRIIPs Regulation. #CMSCorporate #CMSECM #CMSLaw #listedfunds

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🎙️ Swiss Trusteeship: A Benchmark in Excellence I really enjoyed a recent interview with PCD GROUP with two of our colleagues discussing Switzerland’s stellar reputation as a top jurisdiction for trust administration. The discussion provided clear, informative perspectives on why Swiss trustees are trusted globally for local expertise and reliability. If you’re interested in this topics! don’t miss it! #Trustadministration#Swisstrustees #Swissbanks

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📈Ogier's Funds team in Jersey has advised Geiger Counter Limited on its listing on Main Market of the London Stock Exchange. Geiger Counter Limited invests in the securities of companies involved in the exploration, development and production of energy and related service companies in the energy sector. The team was led by partner Niamh Lalor and managing associate Alexandra O'Grady with support from senior associate Stephanie Edge and associate Hugo Reid. 🔗Read the full press release via the link in the comment below 👇

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We were delighted to work with the City Corporation and to participate in their Brussels event on crypto regulation. Please find link below to my discussion with Nick Collier

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Please bookmark accordingly: the UK Accelerated Settlement Taskforce (AST) have launched a website - with generous assistance from KPMG UK - to keep the public updated on progress. A lot of work and frequent meetings are under way, which will culminate in a report to be issued later this year. I feel privileged to work within a great group of Workstream leads - and to co-lead the Legal/Regulatory Workstream with the inimitable Ashley Rowlands, Linklaters. #shorteningsettlementcycle #posttrade #Settlement #securities

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We recently filled three positions in the Legal team of Germany’s largest and most prominent banks, with the first mandate filled in 19 days from the start. Here's how we did it...     Our client faced two critical problems: finding the right talent for a newly established team and attracting top-tier compliance professionals in a super-competitive job market where most candidates aren't actively searching for a new job.   The stakes were high, and we knew we had to act fast. Here’s what we did. ✅ Took detailed requirements to fully understand the unique needs of each role. ✅ Leveraged our extensive network to provide high-quality candidate profiles quickly. ✅ Ensured seamless communication through weekly meetings, providing transparency and clarity every step of the way. ✅ Navigated the complexities of remote recruitment without missing a beat. Within an incredibly short timeframe, we successfully filled three critical roles: Human Rights Lawyer, LkSG Manager, and Compliance Lawyer. The first position was filled in 19 days, from taking the requirement to the candidate signing the contract. Our client described our team as “Professional, Committed, and Fast,” with a 9/10 likelihood of recommending our services. Even with the challenges of being based in London and our client in Frankfurt, our proactive approach made for a smooth and effective recruitment process. Success stories like these make us proud to be who we are and what we represent. If your organisation is facing similar challenges, we’re here to help! What’s the biggest challenge you’ve faced this year so far in hiring?   #RecruitmentSuccess #ClientSuccess #Hiring #TalentAcquisition #LegalRecruitment

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