A unit of HSBC Holdings PLC told a New York federal judge Tuesday that billions of dollars of legal claims stemming from the failure of mortgage-backed securities it oversaw could not be resolved through class actions, saying the disputes need to be resolved on a loan-by-loan basis.
Britain’s pensions consultants have failed to fend off a likely antitrust probe later this year, as the U.K.’s financial watchdog on Wednesday rejected a series of industry pledges designed to prevent an investigation and recommended that investment advisers be absorbed into its regulatory remit.
Counsel for a unit of Credit Suisse Group called a Norwegian construction entrepreneur's €8.25 million ($9.37 million) damages claim over a failed £1 billion ($1.29 billion) skyscraper project incoherent in London's High Court Wednesday, as the Swiss bank argued for the case to be thrown out.
International law firm Herbert Smith Freehills LLP on Wednesday announced the addition of corporate lawyer Haitham Hawashin as a partner in Dubai.
The European Securities and Markets Authority confirmed on Wednesday it is on track to deliver the technology platforms and systems needed under onerous financial markets rules set to come into force in six months.
The Bank of England has made good progress in overhauling the way it runs itself in the last three years, but the central bank must tackle some “challenging elements” before it can fully "empower" its staff and deliver long-term data projects, the National Audit Office said on Wednesday.
The Co-operative Bank struck a £700 million ($898 million) rescue deal with its U.S. hedge fund investors on Wednesday, saving the British lender from being wound down by the Bank of England.
A new European Union framework for a more integrated covered bonds market should be limited to a "principles-based" approach instead of a mandatory bloc-wide model that would have undesirable consequences, EU lawmakers have said.
A senior official at the European Central Bank warned on Wednesday that proposals by the U.S. to dismantle its sweeping financial regulatory framework were “worrying,” saying the move could threaten continuing global efforts to reform the banking sector.
Businesses may face a much higher bill than they are prepared for if they fall victim to cybercriminals and the second wave of damage they can inflict, Lloyd’s of London warned on Wednesday.
Britain’s Financial Conduct Authority proposed a major package of remedies on Wednesday designed to clean up the U.K.'s £7 trillion ($8.6 trillion) asset management sector, including conduct codes similar to rules governing banking and insurance.
After the initial shock of the U.K.'s vote to leave the European Union hammered Britain's equity capital markets, initial public offering activity has begun to pick up one year after Brexit and dealmakers say a potentially strong pipeline awaits in the second half of 2017.
Members of the European Parliament have proposed a number of amendments to the EU’s capital requirements regulation so that it better reflects recent developments to the forthcoming international financial reporting standard known as IFRS 9.
Two global financial markets standard-setting bodies on Tuesday reached out to the industry for more help in formulating guidance that will standardize the types of trade data to be collected and reported to regulators in the over-the-counter derivatives market.
Rules to help standardize cross-border insolvency practices across the European Union took effect on Tuesday, the first of two pieces of primary legislation that the European Commission hopes will make the bloc’s insolvency procedures more efficient and bolster efforts to create a capital markets union.
National regulators and trading venues in the EU have been given increased power to suspend trading in the event of extreme market stress, following the publication of a set of guidelines finalized by Europe's top securities authority on Tuesday.
The Bank of England said Tuesday it intends to raise its so-called leverage ratio for British banks by 0.25 points to 3.25 percent of a bank’s total balance sheet to provide a cushion against shocks to the financial system and ensure that monetary policy measures do not restrict lending.
The finance watchdog for the G-20 group of nations said on Tuesday it believes there are minimal immediate risks surrounding emerging innovations in financial technology, but added it is watching the situation closely.
The Financial Conduct Authority finalized rules on Tuesday that will ban the use of clauses in primary market contracts which restrict a client’s choice of future providers, after it concluded that the practice hampers competition and does not benefit the customer.
British lenders have been ordered to put aside an extra £11.4 billion ($14.5 billion) over the next 18 months by the Bank of England, which said Tuesday it was raising a key capital buffer designed to protect against financial shocks amid concerns over spiraling consumer lending.
Despite the advances of the European single market, there remains a confusing combination of EU and nation-specific rules governing the sale of fund products in Europe. Attorneys with Dechert LLP answer some commonly asked questions and explain how to sell alternative investment funds in the European Economic Area.
It was a privilege to spend a half-hour on the phone with the nation's foremost First Amendment lawyer. Floyd Abrams and I discussed his career, his new book and what he sees in his free-speech crystal ball. And he was a very good sport when I asked if it is constitutionally protected to yell inside a movie theater: “Citizens United is a terrible decision and should be set on fire,” says Randy Maniloff of White and Williams LLP.
Under the U.K. Criminal Finances Act 2017, the procedures for reporting suspicious financial activity have changed. Law firms, accounting firms and banks must now take on a more active role in identifying sources of information relevant to determining whether a money laundering offense has taken place, and must respond to information requests from other regulated firms, say attorneys with Dechert LLP.
The U.K. Criminal Finances Act 2017 introduces major changes to the regime for suspicious activity reports. To minimize the risk of serious business disruption, financial services firms, accounting firms and law firms doing business in the U.K. must be prepared to take a more considered approach to analyzing whether a suspicious activity report is genuinely required, say attorneys with Dechert LLP.
After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.
Early attention to the antitrust considerations of a given transaction can go a long way toward promoting the chances of a timely or early clearance. However, promoting a speedy and efficient review in the EU requires different procedures compared to when a U.S. filing is needed, say attorneys with Bryan Cave LLP.
Following the results of the United Kingdom's general election earlier this month, a much softer form of Brexit is now more likely. However, a softer Brexit would likely mean giving up some of the freedoms that motivated the U.K. to leave the European Union in the first place, says Markus Gehring of the Centre for International Governance Innovation.
Last month, the American Bar Association published revised guidance regarding an attorney’s duty to protect sensitive client material in light of recent high-profile hacks. The first step in compliance is understanding how your data is being stored and accessed. There are three key questions you should ask your firm’s information technology staff and/or external solution vendors, says Nick Holda of PreVeil.
In Marex Financial Ltd. v. Carlos Sevilleja Garcia, the England and Wales High Court considered whether a claim in tort exists against a person who, anticipating a final judgment and freezing order, dishonestly asset-strips a corporation to ensure it cannot pay its judgment debt. This decision may lead to the creation of a valid tortious claim in asset dissipation, says Lincoln Caylor of Bennett Jones LLP.
While most of the world is talking about the IT problem that grounded British Airways planes, pension lawyers have been discussing British Airways v. Airway Pension Scheme Trustees, and the danger of leaving the power to direct scheme benefits in the hands of someone who does not have to pay for it, says Rosalind Connor of ARC Pensions Law.