Posts by Robert Hudson
Expert Witness Opinion: New Legal and Regulatory Responses to Deter Dividend Arbitrage in Germany, France and the Netherlands
(5 Minute Read) 28/04/25 Objectivus Expert Witness Services In recent years, dividend arbitrage strategies, particularly those known as “Cum-Cum” transactions, have come under increased scrutiny across Europe. These arrangements typically involve non-resident investors temporarily transferring shares prior to ex-dividend date to legal entities with access to tax treaties, allowing them to benefit from lower…
Read MoreRegulatory Updates March 2025
Our regulatory newsletter aims to provide insight into the previous month’s changes and updates which may consequently have an impact on your firm’s business. At Objectivus, we are positioned to provide context and support for firms working to understand such changes. In this issue we cover: Market Bulletin 54: Leaks of Inside Information…
Read MoreThe FCA’s 2025-2030 Five Year Strategy
Over the next five years, the Financial Conduct Authority (FCA) will operate under a strategic vision that focuses on becoming a smarter regulator, supporting economic growth, deepening trust in financial services, and improving the lives of consumers. This strategy responds to major economic, technological, and societal shifts and is aimed at positioning the UK…
Read MoreRegulatory Updates February 2025
Our regulatory newsletter aims to provide insight into the previous month’s changes and updates which may consequently have an impact on your firm’s business. At Objectivus, we are positioned to provide context and support for firms working to understand such changes. In this issue we cover: Dear CEO letter to Asset Managers FCA…
Read MoreExpert Witness Opinion: The Distinction Between Cum-Ex Dividend Arbitrage and WHT Reclaim Schemes (Part III)
(4 Minute Read) 06/02/25 Objectivus Expert Witness Services Part III (of III) Part 3: Regulatory Oversight and Policy Response In this final instalment of our three-part series, we assess the (in)aptitude of the regulatory bodies during the peak period to properly monitor dividend-related trading strategies and therefore limit their financial impact on the tax…
Read MoreFCA Updated Changes to the Consumer Duty
The FCA have announced this morning, that as of today, the regulator no longer requires firms to have a “Consumer Duty Champion”. Firms can choose to retain a Champion should they wish to do so, however the mandated obligation to have one has been removed. This change aims to provide greater flexibility for firms with…
Read MoreExpert Witness Opinion: The Distinction Between Cum-Ex Dividend Arbitrage and WHT Reclaim Schemes (Part II)
(4 Minute Read) 27/02/25 Objectivus Expert Witness Services Part II (of III) Part 2: Expert Witness Opinion: Litigation and Regulatory Enforcement Having explained in Part I the difference between Cum-Ex and WHT Reclaim trading strategies, we now turn to the evolution of legal opinions and the gradual adaptation of tax laws across most EU…
Read MoreRegulatory Updates January 2025
In this issue we cover: Money Laundering Gaps Remain Portfolio Letter Wholesale Brokers Changes to Open Banking Money Laundering Gaps Remain The FCA provided an updated analysis following a Thematic Review conducted in 2019. The review focused on wholesale brokers due to the nature of the role they play in facilitating deals in…
Read MoreExpert Witness Opinion: The Distinction Between Cum-Ex Dividend Arbitrage and WHT Reclaim Schemes (Part I)
(4 Minute Read) 20/02/25 Objectivus Expert Witness Services Part I (of III) This new series of posts delves into the nuances between the two major dividend-related trading strategies that have purportedly cost European taxpayers €150bn over a two-decade period. The articles will separately study each trading strategy, the legal challenges and ongoing litigation, and finally…
Read MoreFCA Crackdown on Financial Firms
Weak financial crime controls continue to be a problem for the regulated sector, as demonstrated by the significant fines imposed upon three firms in the last year alone. Arian Financial (£289K), Starling Bank (£28m)and CB Payments (£3.5m) were identified and fined by the FCA of having failed to conduct operations with effective and proper…
Read MoreExpert Witness Case Study: The Objectivus Approach to Expert Advice (Part IV)
(4 Minute Read) 10/02/25 Objectivus Expert Witness Services Part IV (of IV) Expert Witness Opinion: The Objectivus Approach to Expert Advice To conclude our series of posts on financial expert witnesses, we turn our attention to the approach taken at Objectivus, a firm ideally positioned to address the complexities and challenges of both expert advice…
Read MoreExpert Witness Case Study: Rethinking Expertise, Independence, and Testimony (Part III)
(5 Minute Read) 03/02/25 Objectivus Expert Witness Services Part III (of IV) Expert Witness Case Study: Rethinking Expertise, Independence, and Testimony In this third part of our series on financial expert witnesses, we delve into critical questions surrounding the qualifications, independence, and courtroom practices of experts. What constitutes true expertise? How independent can experts really…
Read MoreInfinox Fined £99,200 for Transaction Reporting Failures
Infinox Capital Limited (Infinox) has been fined £99,200 by the Financial Conduct Authority (FCA) for failing to submit 46,053 transaction reports, potentially allowing market abuse to go undetected. These unreported transactions occurred between October 1, 2022, and March 31, 2023, involving single-stock contracts for difference (CFDs) traded through a corporate brokerage account, which represented a…
Read MoreRegulatory Updates December 2024
In this issue we cover: Consumer Duty Narrows Focus CP24/28 Operational Incident and Third Party Reporting Impact of FCA’s Recent MiFID Organisational Regulation Updates FCA’s Crucial Crypto Regulation Consultation Consumer Duty Narrows Focus The FCA launched a new online resource to outline its Consumer Duty strategic priorities for the upcoming year. This initiative…
Read MoreExpert Witness Case Study: Refining the Role of Experts in Complex Litigation (Part II)
(4 Minute Read) 27/01/25 Objectivus Expert Witness Services Part II (of IV) Expert Witness Case Study: Refining the Role of Experts in Complex Litigation In the second part of the Objectivus review of expert witness practices, we turn our focus to the scope of expert evidence, its timing, and its presentation in court. Whilst financial…
Read MoreExpert Witness Case Study: Is it Possible to be an Expert in Everything? (Part I)
(5 Minute Read) 21/01/25 Objectivus Expert Witness Services Part I (of IV) The role of an expert witness is critical in modern litigation, particularly in cases involving financial regulatory disputes, fraud, or complex transactions. However, as the scope and complexity of such cases expand, a fundamental question arises: can one individual realistically serve as an…
Read MoreUK Crypto Regulation: How We Got Here and What Lies Ahead
At Objectivus, we continuously monitor the evolving regulatory landscape, we are well placed to support you in meeting today’s compliance requirements and preparing for what lies ahead. Today we focus on the complexities of cryptoasset regulation. As global adoption grows, regulators have had to adapt quickly to the challenges posed by this rapidly advancing technology.…
Read MoreRegulatory Updates September 2024
In this issue we cover: “Naming and Marketing” Rules Flexibility Principal Firms Enhanced AR Oversight FCA Speech on Firms Need to Adaptation FCA Annual Report – Improved Authorisations “Naming and Marketing” Rules Flexibility Temporary flexibility for the latest SDR and investment labels regime delivered by the FCA, PS23/16, is designed to protect investors and strengthen…
Read MoreNavigating the FCA’s New Payment Options for Investment Research: A Guide for Firms
The FCA published Policy Statement PS24/9, “Payment Optionality for Investment Research”, introducing a new payment option for firms to access and fund investment research. This new regulation builds on the FCA’s ongoing reforms aimed at strengthening the UK’s position in global wholesale markets, aligning payment structures with international standards, and offering greater flexibility to…
Read MoreRegulatory Updates August 2024
In this issue we cover: Consumer Duty: 1 Year On and Lessons Learnt Overseas Funds Regime (OFR): Roadmap to Implementation The Future of Digital Reporting Sustainability Disclosure and Labelling Regime Updates Consumer Duty: 1 Year On and Lessons Learnt The Consumer Duty is an evolving challenge for firms in continuing to bring better outcomes…
Read MoreRegulatory Updates July 2024
In this issue we cover: Derivatives Trading Obligation and Risk Reduction Services Finalised Payment for Investment Research Movements in the Overseas Funds Regime Consumer Duty One Year On Derivatives Trading Obligation and Risk Reduction Services The FCA’s consultation paper CP24/14 includes certain US SOFR-based overnight index swaps within the derivatives trading obligation (DTO), which are…
Read MoreFCA Consults On Changes To Its PEP Guidance
On 18 July 2024 the FCA published Guidance Consultation GC24/4 ‘Proposed amendments to FG17/6 – Guidance on the treatment of politically exposed persons (PEPs)’. Hand-in-hand with its release of GC24-4, the FCA also published its multi-firm review on how effectively firms are following current guidance on the treatment of PEPs for anti-money laundering purposes. For…
Read MoreFirms Told To Do More When It Comes To PEPs
That’s the message from the FCA yesterday, following the publication of their multi-firm review on how effectively firms are following current guidance on the treatment of PEPs for anti-money laundering purposes. The FCA found that most firms did not subject PEPs to excessive or disproportionate checks and none of the firms had a policy of…
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