Banks in the European Union must ramp up their "bail-in" buffers because national governments do not have the resources to support failing firms, a report from Standard & Poor’s Global Ratings warned on Thursday.
The British government must explain its claim that Bank Mellat was a “tool” of the Iranian government in the country’s attempt to continue its nuclear weapons program and avoid sanctions, a High Court judge said Thursday, ruling that HM Treasury should amend its defense against a $4 billion lawsuit brought by the Iranian lender.
The U.K.’s state-backed terrorism reinsurer is exploring the possibility of issuing insurance-linked securities, a multibillion-dollar industry that could help shift the risk of attacks onto global capital markets.
Bradford & Bingley PLC can pay back to U.K. taxpayers a loan dating from the financial crisis after the government cleared the resale of some of the state-owned mortgage lender's assets to a Barclays-led investors group for £5.3 billion ($7.37 billion), the U.K. Treasury said Thursday.
More than two dozen current HSBC employees have urged a Brooklyn federal judge to go easy in sentencing their former colleague who was convicted of a foreign currency exchange fraud, a somewhat unusual situation since HSBC itself settled criminal claims over the scheme with the U.S. Department of Justice.
The U.K. Treasury on Wednesday sought permission from the High Court to amend its defense to an Iran-based bank suing the British government for $4 billion in damages resulting from illegally enforced sanctions, claiming it was a tool of the Iranian state in its attempt to continue to pursue the country's nuclear weapons program.
Chancellor Philip Hammond on Wednesday told U.K. lawmakers that he will look into what involvement the Treasury department had in the approval of last year's flotation on the London Stock Exchange of a Russian energy company that is now subject to U.S. sanctions.
The British government said that U.K. regulators will take the lead on “domesticating” European technical rules governing the financial services and insurance sectors to ensure that laws are in place ready for Brexit.
A New Haven federal jury on Wednesday acquitted a former UBS trader accused of scheming to manipulate the precious metals futures market with “spoofing,” a trading tactic that involves the use of allegedly deceptive bids or offers to feign the appearance of supply or demand.
The British government said Wednesday that it will “bite back” against loan sharks by increasing the amount of money seized from them and providing more funds to tackle unlawful lending and protect vulnerable consumers.
Britain’s chief negotiator told a parliamentary committee on Wednesday that while an agreement on the future relationship between the U.K. and the European Union will not be legally binding when lawmakers vote on the terms of Brexit later this year, he expects the European Council will abide by its terms as if it were.
A group of global securities regulators has pushed public companies to step up the quality of their financial reporting, calling for members of a board's audit committee to meet minimum expertise requirements and urging businesses to make sure auditors aren't beholden to management.
An investigator for the U.K. Financial Conduct Authority testified in a marathon hearing in Manhattan federal court Tuesday that his boss at the financial regulator seems to have made a misrepresentation in the case of two former Deutsche Bank traders accused of rigging the London Interbank Offered Rate.
A decision by the U.S. Supreme Court on Tuesday to find foreign corporations exempt from liability under the Alien Tort Statute is likely to lead to pressure on Congress to pass a law spelling out when non-U.S. companies can be sued for overseas human rights abuses, even if the prospects for such legislation appear dim.
A U.K. appeals court on Tuesday said the son-in-law of a former Kazakhstani bank boss accused of plundering billions of dollars from the bank must appear in London to be cross-examined about his assets despite his fears of being extradited to several former Soviet republics.
A group of individuals behind rogue investment firm Capital Alternatives Ltd. applied Tuesday for the right to appeal a High Court decision ordering them to pay £16.9 million ($24 million) in restitution for their roles in four unauthorized collective investment schemes.
The European Commission said on Tuesday that consumers in the European Union continue to face obstacles as they try to decide which investment funds, investment-driven life insurance and private pensions to buy.
An influential parliamentary committee demanded answers from TSB PLC on Tuesday after the bank admitted it had suffered a data breach that allowed some customers to see other people's accounts and left others unable to get at their money.
An individual cannot be both a chairman of a bank’s board of directors and carry out an executive role on the senior management team, a European Union court said on Tuesday as it sided with the European Central Bank in a dispute brought by French banking group Credit Agricole.
Playboy Club London appealed to the U.K. Supreme Court on Tuesday, asking it to overturn an appellate court ruling that an Italian bank did not owe the casino and nightclub over two counterfeit checks used by a bank client when gambling.
So far, U.K. regulators have taken a fairly cautious approach to regulating digital currencies and the use of distributed ledger technology. Fortunately, the U.K. government will likely provide regulators with a political mandate and legislative foundation to enable a stable and flourishing cryptocurrency sector, says Henning von Sachsen-Altenburg of PricewaterhouseCoopers LLP.
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
Recently, a multitude of regulators within the European Union have issued warnings on initial coin offerings of cryptocurrency tokens. However, until they start applying existing rules to ICOs or successfully develop new rules, the industry will remain relatively unregulated, say Bob Penn, Sarah Lewis, Matthew Fisher, Danilo Santoboni and Ulrike Schuster of Cleary Gottlieb Steen & Hamilton LLP.
The American Bar Association continues to oppose legislation that would impose certain European Union and U.K. anti-money laundering requirements on U.S. lawyers. The ABA should further consider its approach to this issue as there is a viable middle ground that protects privileged communications and confidential information while advancing the interests of the legal profession, says Matthew O’Hara of Freeborn & Peters LLP.
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
The U.K.'s Treasury Committee recently launched a new inquiry into digital currencies and distributed ledger technology. Regulation is undeniably needed in this area, but ultimately the government is trying to play catch-up with an established, if unpredictable, market, says Anna Gaudoin of WilmerHale.
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.