News Stocks 

A Canadian investment bank is quietly pursuing a critical regulatory approval that would solve one of the biggest pain points for the US marijuana industry

“One of the biggest pain points preventing multibillion-dollar institutions from investing in the US cannabis industry may soon be solved” writes Jeremy Berke for businessinsider.com. For comparison, the cigarette industry in the US is worth roughly $80 billion, according to the investment bank Cowen.Canaccord Genuity, a mid-size Canadian investment bank, is seeking approval from the Financial Industry Regulatory Authority (FINRA) to act as a custodian for US investors, according to a source familiar with the matter.Because cannabis is federally illegal in the US, the government could, in theory, prosecute banks…

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PwC to pay $335 million over failed audits of Alabama’s Colonial Bank: U.S. regulator

“The settlement is significantly lower than the $625.3 million a federal judge ordered the firm to pay the regulator in July” writes Midwest Communications Inc for 95kqds.com. WASHINGTON (Reuters) – A top U.S. banking regulator said on Friday that PricewaterhouseCoopers will pay $335 million to settle claims of “professional negligence,” after saying the auditor should have identified problems leading to the 2009 collapse of Alabama-based Colonial Bank. Source: 95kqds.com

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UBS sets aside $516 million for French tax case

“UBS Group AG UBS, -1.26% has taken $516 million in provision for a tax case in which French judges ordered the bank to pay a hefty fine for helping wealthy clients in France evade taxes” writes Pietro Lombardi for marketwatch.com. Last month the bank confirmed its dividend after French judges ordered it to pay a 3.7 billion euro ($4.19 billion) fine, as well as EUR800 million in damages to the French government for lost tax revenue.UBS has appealed the French court’s decision and has said it followed its legal obligations.The…

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UBS sets aside 450 million euros for French tax case

“ZURICH (Reuters) – Switzerland’s biggest bank, UBS, on Friday reported a nearly $400 million boost to its litigation provisions after a French court slapped it with a 4.5 billion euro ($5.09 billion) penalty last month” writes Midwest Communications Inc for 95kqds.com. The appeals process is expected to take years, and could see the bank and prosecutors go through at least two more verdicts. Source: 95kqds.com

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GBP News 

British pound steadies after UK parliament gives nod to Brexit delay

“Trump said whether a trade deal can be reached with China would probably be known in the next three or four weeks” writes Sukree Sukplang for cnbc.com. British lawmakers approved a motion setting out the option to ask the EU for a short delay if parliament can agree on a Brexit deal by March 20, or a longer delay if no deal can be agreed in time.Against the euro, the pound retreated to 85.25 pence from Wednesday’s 22-month peak at 84.725.The euro eased to $1.1307 from Wednesday’s one-week high of…

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GBP Markets News Regulators 

Asia markets climb as Bank of Japan keeps monetary policy steady

“Asia Pacific markets mostly traded higher as investors reacted to the Bank of Japan’s monetary policy decision and economic outlook” writes Kiyoshi Ota for cnbc.com. Chinese mainland shares also traded higher: The Shanghai composite was up 1.29 percent while the Shenzhen composite added 1.74 percent. Source: cnbc.com

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German Bank Association: New Regulation for DLT-Based Securities May Be Necessary

“According to Bankenverband, corporate actions and securities trading may also be subject to change because of DLT-based securities” writes Adrian Zmudzinski for cointelegraph.com. The Association of German Private Banks (Bankenverband) foresees that a need for new regulation may arise from the emergence of distributed ledger technology (DLT)-based securities.Per the post, if securities are issued using new technologies, then there is a need for new safekeeping and settlements processes.As Cointelegraph recently reported, German regulators and lawmakers have thus far failed to create a workable legal framework that would provide legal certainty…

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Russia’s top banks plot temporary sanctions workaround: sources

“But Russian banks still fear they could come under sanctions and so have begun to draft a contingency plan” writes Midwest Communications Inc for 95kqds.com. Other Russian banks would then set up or upgrade existing correspondent accounts with that bank to shift currency around.Other options include the central bank providing forex currency to a ‘clean bank’ which in turn would then distribute it to peers via correspondent accounts, sources said.And a spike in currency transactions by the banks which had not been sanctioned and were dealing with the foreign correspondent…

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