Something's rotten in the state of Denmark's tax collection, and authorities blame a London banker turned Dubai-based hedge fund manager. But in an exclusive with Law360, the accused trader says he merely exploited a perfectly legal loophole in the tax system.
The Libra Association has brought aboard a former Credit Suisse managing director and banking regulator to serve as general counsel for its operating subsidiary Libra Networks LLC as the organization pushes forward on its digital currency initiative.
Britain's Financial Conduct Authority said Wednesday it has charged a stockbroker with money laundering following a joint investigation with the City of London Police.
AIG fought back against a financier's suit claiming the insurer is on the hook for more than £1.6 million ($2 million) because a law firm customer collapsed before turning over funds it was hired to collect, saying the collection work didn't qualify under the policy as litigation practice.
Two men accused by the Financial Conduct Authority of giving unauthorized and misleading pensions advice cannot delay handing over £2.5 million ($3.3 million) each in the regulator's case against them, a judge said on Wednesday, as they appeal the underlying ruling.
A former Credit Suisse director can increase the amount he is seeking in his multimillion-pound lawsuit against his former employer for damages suffered after he was imprisoned in Romania on espionage charges over his work for the Swiss lender, a London judge ruled Wednesday.
Two Danish insurers have been ordered by a London court to hand over a total of £420,000 ($560,000) as security for costs in a lawsuit that they have brought against a British company over the alleged poor handling of motor claims.
The European markets regulator said on Wednesday that derivatives traders in Britain will have to clear their swaps within the European Union after the Brexit transition period ends on Dec. 31.
A British man accused of helping a businessman hide his U.K. assets pleaded not guilty to obstructing a Financial Conduct Authority fraud investigation when he made a virtual appearance at a London court on Wednesday.
Britain's financial lifeboat scheme said on Wednesday that it has had to raise an extra £92 million ($122 million) in supplementary levies in 2020 to meet the demands of a finance sector hit hard by the COVID-19 crisis and a rise in claims about poor pensions advice.
The European Commission must improve the way in which it tenders for new contracts, the European Ombudsman has said, criticizing the executive body for failing to check the impartiality of BlackRock before hiring the asset manager to help develop green banking rules.
The Solicitors Regulation Authority has warned law firms against compromising on anti-money laundering standards because of the COVID-19 lockdowns, and has urged bosses not to ax staff in compliance departments.
European Union lawmakers have given the final green light to new rules that will allow consumers to bring collective actions against companies that have engaged in misconduct in a move to boost the bloc's consumer protection regime.
A New York federal judge wasn't happy with the amount of hours or law firms on the attorney fee bill she received in the wake of a $187 million deal with JPMorgan and other major financial institutions over claims of interbank rate rigging, but on Tuesday she granted $45 million in fees anyway.
Barclays' consumer credit arm is being sued at the High Court by 16 holidaymakers seeking to block the bank from collecting on timeshare loans that were allegedly improperly sold to vulnerable customers in high-pressure sales pitches that misrepresented the value of their investments.
Film distributor Entertainment One won permission Tuesday to add allegations to its £18 million ($24 million) suit against Monex claiming that the foreign exchange firm's top bosses knew of bribes being paid to secure foreign exchange trading business.
Appellate judges in London on Tuesday barred an investment adviser accused of scamming investors as part of a £15.25 million ($20 million) Ponzi scheme from using frozen funds to pay off his BMW or refurbish a Spanish holiday home as he awaits trial.
The European Commission is seeking feedback from industry stakeholders on rules it plans to unveil in the second half of next year that it hopes will make it harder to use cryptoassets to evade taxes.
A judge refused on Tuesday to pare down accusations that a Thai lender conspired to seize control of a $700 million major wind energy company from its owner, saying the bank will have to argue at trial that it has no presence in England.
A KPMG partner accused of misconduct while arranging the sale of a British bed manufacturer to U.S. buyout firm HIG Capital in 2011 told a tribunal on Tuesday that he is the victim of a "witch hunt" by the audit watchdog.
The European Supervisory Authorities published proposals Monday that will allow U.K. counterparties to a derivatives transaction to be replaced with others based in the European Union without triggering margin and clearing requirements after the end of the Brexit transition period.
The Financial Conduct Authority said it will hold senior bosses of Lloyd's of London insurers directly to account if it finds evidence that customers with claims from the pandemic have been treated unfairly.
A government-backed taskforce set up to help people from diverse backgrounds get top jobs in the financial services sector was launched on Tuesday, in a move to encourage companies to widen the mix of people at senior levels.
European insurers hit back at the European Commission on Tuesday over proposed changes to the value-added tax regime in the bloc, saying the system is outdated and threatens the EU's capital markets union.
The finance watchdog has said it is planning new initiatives to clarify rules governing sustainable finance as consumers grow more concerned about environmental investments.
Companies planning to list shares on Germany's DAX index will face tougher criteria, the exchange's operator said on Tuesday, with an overhaul that comes after the blue-chip index dropped payments company Wirecard when it collapsed with a €1.9 billion ($2.2 billion) hole in its books.
More corporate clients than ever have pursued third-party litigation funding in England this year, as the COVID-19 pandemic has forced businesses to think more conservatively and try to prioritize the cash on their balance sheets.
The recent decision in the Financial Conduct Authority's business interruption insurance case was a big deal for policyholders forced to shut because of COVID-19, but it also marked the first test of the Financial List's most unusual features five years since its launch.
Australia's recent decision to introduce a licensing regime for its litigation funders has stirred up attention across the industry, but experts say it appears unlikely that the U.K. will move beyond its current combination of light-touch regulation and court oversight.
As the Danish tax authority prepares for the first of a three-part U.K. trial involving cum-ex fraud, U.K. recipients of interview requests from the Danish prosecutorial agency should neither automatically accept, nor ignore the invitations, despite that agency's seeming lack of power to compel their attendance, says David Corker at Corker Binning.
The Law Commission's recently announced review of Britain's corporate criminal liability laws could lead to reform options such as the introduction of a strict liability offense, which would be sure to improve prosecutorial chances of corporate convictions, says Aziz Rahman at Rahman Ravelli.
With the pandemic serving as a catalyst for increased financial fraud, it's important to recognize that these scams are not only devastating for victims, they also pose a significant threat to law firms and individual solicitors who fail to do their due diligence, say James Darbyshire at the Financial Services Compensation Scheme and Heather Clark at Burness Paull.
When the U.K.'s transition out of the European Union ends on Dec. 21, its own sanctions regime will come into effect, and though it will initially be similar to the European Union's, important differences and potential future divergences mean that the U.K. rules should be considered separately, say attorneys at Linklaters.
The U.K. High Court's recent decision in Travelport v. WEX, dissecting a material adverse effect clause in the context of the pandemic's impact on the payments industry, highlights contractual ambiguity and provides practical drafting pointers for mergers and acquisitions lawyers in the U.K. and U.S., say attorneys at King & Spalding.
As open-banking fintech models proliferate, regulators in both the U.S. and the U.K. appear to be embracing technology, albeit in different ways, say attorneys at Latham.
The Eastern Caribbean Supreme Court's recent Crumpler v. Exential Investments decision, officially allowing legal financing in the British Virgin Islands, represents a continuation of litigation funding's acceptance across key jurisdictions for insolvency litigation during a time when these types of cases are set to spike, says Robin Ganguly at Burford Capital.
While cross-border discovery applications have markedly increased in the year since the Second Circuit’s ruling in del Valle Ruiz, post-decision concerns that U.S. companies would become conduits for extraterritorial document discovery have not been realized, say attorneys at Murphy & McGonigle.
Nicola Finnerty and Tom Surr at Kingsley Napley discuss the legal barriers U.K. investors face in reaping the rewards of cannabis legalization in Canada and the U.S., and what recent developments may mean for the future of U.K. cannabis enforcement.
Gerald Knapton at Ropers Majeski analyzes U.S. and U.K. experiments to explore alternative business structures and independent oversight for law firms, which could lead to innovative approaches to increasing access to legal services.
In the absence of U.S. regulation of environmental, social and governance investments, private funds should be aware of two new EU regulations that will apply to all sponsors managing or marketing funds in Europe, says Debbie Klis at Rimon Law.
The recent proposal by the Law Commission of England and Wales to recall prisoners who fail to settle their confiscation orders when they have already served a sentence for nonpayment would, in effect, punish them twice for the same act, says Brian Swan at Stokoe Partnership.
The U.K. government's plans to use regulations and funding to accelerate the transition to a green economy after the COVID-19 pandemic promise significant opportunities for companies and investors focused on clean technologies, says Samantha Deacon at Goodwin.
High Court decisions in National Bank of Kazakhstan v. Bank of New York Mellon and Riverrock Securities v. Bank of St. Petersburg serve as a useful reminder that the principle of comity may require English courts to exercise judicial restraint, even where their assistance has been sought by foreign courts, say Egishe Dzhazoyan and Kabir Bhalla at King & Spalding.
Financial crime, insider dealing and whistleblowing figured prominently in the U.K. Financial Conduct Authority's recent enforcement report, suggesting these areas may be a critical focus for the regulator going forward, say Tracey Dovaston and Michael Jacobs at Boies Schiller.