WMA Bulletin 23rd August 2016 WMA Bulletin is a fortnightly snapshot delivering the latest news and current affairs from within the wealth management industry and WMA. Download the PDF version here.
What's going on in our industry? HMRC publishes new Automatic Exchange of Information Schema and Guidance HMRC has recently published new Automatic Exchange of Information Schema and Guidance. This incorporates the reporting requirements under the Common Reporting Standard (CRS) under which the first reports are due no later than 31st May 2017. WMA will be hosting a meeting/call with member firms in September to identify any key issues or concerns which we will then take up with HMRC. HMRC has also now published a list of Reportable Jurisdictions under the CRS.
Euroclear publishes consultation paper on proposed Processing Changes in respect of Dividends with Options Further to the article in the last edition of WMA Update, Euroclear has now published its consultation paper on proposed processing changes in respect of dividends with options. The deadline for comments is 7th October 2016. The WMA Operations Committee will consider the consultation at its next meeting on 1st September 2016.
HMRC Discussion Document: Strengthening Tax Avoidance and Deterrents On 17th August 2016 HMRC published a discussion document entitled Strengthening Tax Avoidance Sanctions and Deterrents in which the Government is seeking views on proposals for sanctions against those who enable or use tax avoidance arrangements which are later defeated. The deadline for comments is 12th October 2016.
Internal Data Theft The below two articles have been published recently raising awareness about data thefts that can be perpetrated by employees which members may want to read: - Arrest Made In Sage Data Breach - Credit Suisse is accusing the 5 bankers who left for Jefferies of stealing confidential information