European Union leaders on Saturday formally set tough negotiating guidelines for two years of Brexit talks with the U.K., casting doubt on British government hopes for a quick trade deal to secure access for U.K. banks and businesses to the EU marketplace.
Advocate General Nils Wahl of the European Union’s highest court has said that bank loan terms requiring repayments to be in the same currency as the loan cannot be considered unfair to consumers.
Monaco billionaire Alexander Vik lost his application Friday to set aside a court order demanding he pay £36.2 million ($46.9 million) in costs to Deutsche Bank, as it continues attempts to collect more than $300 million after winning a 2013 decision against a fund owned by the entrepreneur.
Leeds United Football Club's former managing director has applied in London’s High Court to sell his £450,000 ($582,000), currently enjoined farmhouse to his parents, to fight a Dubai-based private equity firm's allegations that the onetime employee embezzled $5 million in company funds.
European banks will need to shell out €425 million ($463 million) in fees in 2017 after the European Central Bank said Friday it has hiked an annual supervision levy on Eurozone lenders by 10 percent to pay for a review of the internal models typically used by large institutions to gauge risk.
Fieldfisher LLP’s structured finance team in Paris has been strengthened with the hire of a partner specializing in high-end, complex transactions from Freshfields Bruckhaus Deringer LLP, the law firm announced Friday.
Morgan Lewis & Bockius LLP announced Friday it has hired two partners from Norton Rose Fulbright LLP, becoming the second law firm in as many days to boost its white collar offering in London.
Banks that receive critical services from another entity in their corporate group will need to report the identity and financial situation of the providers they have chosen to keep their operations running if they go bust, under amended rules published by the U.K.’s Prudential Regulation Authority on Friday.
Key legislation targeting money laundering and tax evasion has passed into U.K. law after it was granted royal assent late Thursday, having been accelerated through Parliament following Prime Minister Theresa May’s decision to call a snap general election.
A Bank of England interest rate for interbank lending in pounds sterling has been chosen by a group of major dealers as an alternative to the scandal-plagued Libor, the central bank announced on Friday.
New European Union financial rules cleared one of the last remaining hurdles before entering U.K. law on Friday as the Bank of England’s watchdog finalized how the rulebook will be implemented by Britain’s financial services sector when it takes force in 2018.
The European Parliament announced Thursday it has closed the legal loopholes that have allowed big businesses to exploit disparities between national tax regimes, in a key vote on amendments that have now been sent to the European Council for final approval.
The final group of shareholders suing Royal Bank of Scotland PLC over its fundraising before its 2008 taxpayer bailout still plans to take the case to trial in May, even though claimants that represent 40 percent of the value of their suit settled with RBS, a spokesman said on Thursday.
Counsel for Deutsche Bank AG in London's High Court Thursday steadfastly refused to hand over client information demanded by Malaysian bank CIMB Berhad as the German lender seeks $10 million it says it is owed after paying out on a CIMB letter of credit given to a Hong Kong-based trading firm suspected of fraud.
The European Commission has referred Ireland to the EU’s highest court where it faces fines for failing to bring its financial reporting laws in line with the EU’s directive on accounting, the commission announced on Thursday.
A requirement for listed companies to make sure their preliminary financial results announcements have been formally audited could be reintroduced as part of draft plans floated by the U.K.’s accounting regulator on Thursday.
Britain’s financial services sector will not get any special treatment in the upcoming Brexit negotiations under guidelines agreed to Thursday by European Union ministers for talks with Britain on its withdrawal from the bloc, according to the Maltese minister who chaired the officials' meeting.
Global law firm Paul Hastings LLP announced Thursday that a corporate crime and investigations attorney will join the firm’s London office on May 2.
DLA Piper LLP announced Thursday that it has bolstered its corporate practice by hiring three K&L Gates LLP partners specializing in private equity matters to its Frankfurt office.
A major international insurance broker launched updated software on Thursday to help insurers meet tough reporting deadlines under the European Union’s controversial capital rulebook.
When combined, the penalties of all agreed-to deferred prosecution agreement settlements in the United Kingdom total roughly 530 million pounds, but public fines are often just the tip of the iceberg. Though a good compliance program may be the best defense against corporate wrongdoing, executives should nonetheless take steps to cooperate with prosecutors and embrace independent scrutiny, says Jonathan Middup of Ernst & Young LLP.
British Prime Minister Theresa May's unexpected calling for a snap general election may prove to be a political masterstroke, or a serious miscalculation if her opponents are to be believed. The election is an opportunity for the government to state what shape Brexit is likely to take and for voters to give their verdict again, but nothing about Brexit is inevitable until it happens, says Robert Bell of Bryan Cave LLP.
The British Virgin Islands, like other offshore financial centers, has struggled against public perception that it is a treasure island for corrupt politicians and fraudsters. But global monitors now rank the BVI alongside the U.K. and the U.S. in compliance with international standards, and more constructive changes are on the way, say Rachael McDonald and Sarah Galletly of Mourant Ozannes.
Businesses across the world regularly choose English courts to resolve international disputes, but some concern has been raised as to whether or not the popularity of English courts will be adversely affected when the United Kingdom leaves the European Union. However, any potential changes are unlikely to undermine the advantages of litigating in English courts, say Deirdre Walker and Andrew Sheftel of Norton Rose Fulbright LLP.
While multinational and EU businesses are beginning to ponder the substance and the scope of the requirement to provide “data portability” under Article 20 of the General Data Protection Regulation, U.S. financial institutions and data aggregators have been actively debating and shaping the contours of data portability for close to a decade, says Chris Hydak, an attorney at USAA.
If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.
The U.K.'s triggering of Article 50 has possible ramifications for banks, asset managers, insurers and other financial service providers in the European Economic Area, but there can be little doubt that the U.S. and the U.K. will continue to trade successfully as they have done for centuries, say attorneys with Haynes and Boone LLP.
Nine months after the U.K. voted to leave the European Union, the formal exit process has finally started. The negotiating rhetoric and posturing on both sides will be one confusing aspect of the next two years, say former U.K. Treasury Solicitor Sir Paul Jenkins and members of Morrison & Foerster LLP.
The newly created right of French employees to disconnect from their digital devices after work is somewhat undefined despite high publicity. Work-related stress is an issue in the U.K. as well, but the prospects of new legislation similar to the French "right to disconnect" seem remote, say attorneys with Bryan Cave LLP.
Most people have never had an opportunity to personally take part in a legal case that directly challenges laws or policies they don’t agree with. Now that crowdfunding is available for legal cases, people can engage directly with legal change in the community and be a check on the powerful, says Julia Salasky, CEO of CrowdJustice.