Britain’s financial services sector should have its own cybersecurity watchdog because the industry is not doing enough to counter the growing threats, an influential lawmaker said Thursday.
U.S. insurance giant AIG's European unit was left only partially victorious Wednesday in its long-running suit to aggregate 214 indemnity claims arising from failed property investments, after the U.K. Supreme Court ruled that the claims must be split into two groups.
The U.K. Supreme Court’s decision Wednesday to vindicate the Financial Conduct Authority’s claim that it did not identify a former JPMorgan Chase & Co. executive in a controversial penalty notice is a shot in the arm for the British regulator but could strip away rights of other individuals facing future action, lawyers say.
A U.K. parliamentary committee urged the government on Wednesday to prioritize securing mutual recognition and enforcement of court judgments with the EU as part of the Brexit negotiations that will begin at the end of the month.
Europe’s financial regulatory teams must concentrate on pressing firms to slash debt levels and help cut down the bloc’s €1 trillion ($1.05 trillion) mountain of bad loans, the European Banking Authority said Wednesday.
The head of Europe’s top securities watchdog on Wednesday backed European Commission plans for sweeping new rules to wrap up clearinghouses that run into trouble and prevent governments from having to rescue firms that play a key role in the over-the-counter securities market.
The European Commission on Wednesday proposed legislation to give national antitrust authorities new powers to more effectively police banks and businesses, including allowing access to personal phones, laptops and tablets.
Banks based in the U.K. that apply for an EU license after Brexit will be granted a transitional period by the European Central Bank to allow them to continue using internal models to calculate capital requirements — but there will be no “race to the bottom” on regulation, a senior official said Wednesday.
Small nonbank financial firms will be granted an extra two years to comply with the European Union’s rulebook for derivatives markets under proposals quietly issued by the EU’s executive arm on Friday.
A U.K. government campaign to achieve greater gender equality in the top ranks of financial services companies now extends to almost half the financial sector, the Treasury department said on Wednesday, as it revealed the program had been adopted by a further 33 firms.
A major insurance lobby downplayed fears on Wednesday that the rise of big data will massively bump up costs for some policyholders by allowing their individual risks to be pinpointed with greater precision.
The Financial Conduct Authority won a landmark case in the the U.K. Supreme Court on Wednesday over the identification of individuals in its public censure notices, overturning decisions in the lower courts that had threatened to complicate the FCA’s ability to enforce market rules.
British lawmakers called Tuesday on the government to investigate a media report that top British banks were used to process £740 million ($922 million) from a Russian money laundering scheme.
European ministers on Tuesday voted their approval for regulators to take a tougher stance on the rapid advancement of financial technology.
Europe should consider hitting more banks with civil penalties for criminal misconduct to help it close the huge gap on fines levied across the Atlantic, according to a report published Tuesday by the European Parliament.
Goldman Sachs will move hundreds of jobs out of London as it begins implementing its contingency plans ahead of a Brexit deal, the chief executive of its international arm said Tuesday.
Leaders of the remaining 27 European Union states will meet April 29 to agree to Brexit negotiating guidelines, a month after U.K. Prime Minister May plans to trigger the formal process for Britain's leaving the bloc, the president of the EU’s political arm said Tuesday.
The European Commission announced Tuesday it is taking stock of the effectiveness of the European Supervisory Authorities as it launched a consultation into whether changes to their current mandate and operations are needed.
The U.K. government believes that the European Central Bank may be powerless to force euro-denominated contracts clearing out of London after Brexit, according to documents released Tuesday.
The directors of the Bank of England, a top U.K. financial regulator, have launched a sweeping review after its deputy governor resigned for failing to reveal a potential conflict of interest for almost four years, the bank’s governor said Tuesday.
Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.
The U.K. Financial Conduct Authority recently published CP 17/5 — "Reforming the availability of information in the U.K. equity IPO process." Ashurst LLP attorneys Nicholas Holmes and Caroline Chambers explain the details of the consultation paper and what it means for stakeholders.
One of the more litigated issues in transactional law is whether parties to a writing evidencing preliminary intent to proceed with a proposed transaction actually contracted and, if so, to what extent. Two recent cases, one from England and one from New York, illustrate the difficulty this issue can present to deal professionals and their counsel, says Glenn West of Weil Gotshal & Manges LLP.
The revised Markets in Financial Instruments Directive means change to significant parts of the U.K. legislative and regulatory structure, and no firm will be unaffected. Those that have not by now produced their gap analysis and action plan may struggle to ensure they are compliant by January 2018, say Emma Radmore and Andrew Barber of Bond Dickinson LLP.
The most successful Am Law 200 law firms have evolved from being partner-run to being run by a group of highly skilled professionals reporting to firm shareholders. The data collected from our recent survey indicates this model is generally conducive to increased profitability, says Anita Turner, senior director at Colliers International.
The approach by the English Court of Appeal in Saleh v. U.K. Serious Fraud Office is welcome from an asset-recovery perspective. Parties seeking to freeze or seize assets in a foreign jurisdiction should not be hamstrung by a blindly made order rendered without evidence or argument, says Lincoln Caylor of Bennett Jones LLP.
A deficiency of the U.K.'s current limited partnership legislation is that it does not set out what constitutes “management.” But investors will soon have comfort that they will not lose their limited liability status on the basis that undertaking any management activity constitutes management of the partnership, says Matt Lewy of Baker Botts LLP.
As it is unlikely there will be significant opposition to the Criminal Finances Bill in the House of Lords, it is likely to become law during the mid to late part of 2017. "Unexplained wealth orders" will be a new and powerful tool available to U.K. criminal authorities to seize assets, says Ian Hargreaves of Covington & Burling LLP.
Businesses are being bombarded with information about their responsibilities toward global human rights and other nonfinancial efforts. According to Covington & Burling LLP attorneys Christopher Walter and Hannah Edmonds, U.K. businesses should be actively monitoring five key developments.
On March 7, it will be one year since the U.K. Financial Conduct Authority's senior managers and certification regime came into force, heralding a new era of personal accountability in the financial sector. But it probably won't be until the subject of an enforcement action challenges the attribution of responsibility before the Upper Tribunal that the SMCR will be tested in any meaningful way, says Elly Proudlock of WilmerHale.