A South African investment fund has said a Canadian export credit agency and leasing vehicle was wrong to terminate the fund's aircraft lease, arguing in U.K. litigation that unfounded allegations of corruption against the owners of its parent company did not mean it had breached the terms of a loan agreement.
A U.K. appeals tribunal on Wednesday upheld a Financial Conduct Authority order banning a former UBS AG trader from holding any role in the financial services industry, but warned that it found the regulator’s pursuit of individuals in the Libor manipulation probe “troubling.”
Allen & Overy LLP announced on Wednesday that it has hired a partner specializing in financial services regulation to rejoin its London office after a two year stint at Cleary Gottlieb Steen & Hamilton LLP.
The Financial Conduct Authority has defended its handling of a complaint over delays it applied to a consumer credit license application, rejecting recommendations from the Financial Regulators Complaints Commissioner that it pay the complainant £5,000 in compensation.
New York’s banking regulator said Wednesday that Deutsche Bank AG has agreed to pay a $205 million penalty as part of a settlement resolving state banking law violations stemming from an investigation into the German bank’s foreign exchange trading business.
Credit Suisse has settled its lawsuit against an aircraft services company, demanding that the firm hand over a private jet which the Swiss lender says it is owed after the aircraft’s owner, Challenger-Mondel Ltd., defaulted on a $30 million loan.
The European Commission has approved a Cypriot government plan to inject €3.5 billion ($4 billion) into the country’s second-largest lender to facilitate its liquidation, which will see some of its assets and deposits sold off to fellow national lender Hellenic Bank PCL.
The Bank of England will for the first time use its legislative powers to levy fees on the clearinghouses, central securities depositories and payment services providers that sit under its supervision, the authority announced Tuesday.
Millions of people in the U.K. and across the European Union face financial uncertainty because of failures to solve cross-border contract continuity issues after Britain leaves the EU in March 2019, an influential industry lobby group warned on Wednesday.
Trading desks across the European Union must use identity codes from each of their clients to report all trades in financial market instruments starting July 3, the EU’s securities regulator said on Wednesday.
The Second Circuit on Tuesday ordered former HSBC foreign currency exchange executive Mark Johnson released from prison on bail pending appeal of his conviction for defrauding Cairn Energy PLC in a $3.5 billion currency deal, hours after he argued that his post-conviction international travel and compliance with court orders show he’s not a flight risk.
MasterCard has managed to resolve one of the myriad antitrust cases against it over its old interchange fees, with the United Kingdom's Competition Appeal Tribunal on Monday tossing a case from British Airways after the two sides came to an undisclosed settlement.
The European Banking Authority said on Tuesday that it has successfully mediated its first settlement between two resolution authorities in a dispute about the recovery planning of two separate banking groups in the European Union.
The European Union’s highest court on Tuesday gave national regulators across the bloc guidance on when the public should be allowed access to their files on supervised firms, clarifying a rule within the MiFID regime on the sharing of confidential information.
Shoosmiths LLP has strengthened its banking and finance team with the hire of a new project and real estate finance partner in Birmingham, U.K., the firm has said.
A Scottish businessman on Tuesday leaked an internal Lloyds Banking Group PLC report detailing what senior managers knew about fraudulent dealings at HBOS ahead of its 2008 merger with the bank, calling it a “gift to all victims of bank crimes.”
A British parliamentary committee said Tuesday that it is satisfied with Visa Inc.’s explanation that a June 1 systems failure blocking 2.4 million U.K. transactions was due to a technical glitch and not a cyber breach, but pressed for details on steps preventing a recurrence.
European Union banks trading with financial firms based in “high-risk” countries outside of the bloc will be required to follow more stringent due diligence measures, the European Parliament and Council said Tuesday.
The jury should take “huge care” when assessing the Serious Fraud Office’s case against four former Barclays PLC traders and a Deutsche Bank trader for alleged Euribor rigging, one of the defendants’ lawyers said Tuesday during her closing, arguing the agency has given a “misleading” and unbalanced picture.
A London appeals court on Tuesday upheld a ruling allowing Bank of New York Mellon Corp. to freeze $22.6 billion of assets in Kazakhstan’s oil fund as part of a dispute over the country’s refusal to pay a $506.7 million arbitration award granted to a Moldovan investor.
While political uncertainty is pushing U.K. corporations toward defensive consolidation, inward mergers and acquisitions investment into the U.K. remains strong, with American acquirers leading the way. Factors contributing to this trend include Brexit, U.S. tax changes and saturation of the U.S. target market, say Simon Rous of Ashfords LLP and Laurie Sanders of Osborn McDerby LLP.
Justice Geraldine Andrews' judgment in Serious Fraud Office v. Eurasian Natural Resources Corp last year is a reality check, but not a change in the law. With the case's appeal currently pending, it is becoming more clear that British lawyers have been lulled into an ever-expanding definition of litigation privilege which is not supported by the law, say Davis McCluskey and Georgina Jones of Taylor Wessing LLP.
The European Parliament recently voted in favor of the fifth money laundering directive, 5MLD, which creates stricter rules and increases transparency around financial transactions and legal entities. 5MLD will create uniformity across the European Union and close any possible loopholes that may have existed previously, say Keily Blair and Andrea Holder of PricewaterhouseCoopers.
Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.
The U.K. Court of Appeal recently ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition. The decision demonstrates the difficulty of challenging a nondefaulting party's valuation, provided that its process is reasonable, say attorneys at Signature Litigation LLP.
Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.
The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.
Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.
The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.
Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.