A U.K. regulator has unveiled the biggest changes since the 1960s to Britain's payments systems, the infrastructure which moves money between bank accounts, in a final blueprint published on Friday.
The last week has seen a group of shipping companies sue Oman Insurance Co. PSC, RBC Trustees lodge a claim against UBS Employee Benefits Trust, and offshore law firm Appleby bring a confidential information suit against BBC and the Guardian. Here, Law360 looks at those and other new claims in the U.K.
Prosecutors seeking to convict two former Deutsche Bank traders on Libor rigging charges told a New York federal court Thursday that the case doesn't rely on proving the pair meant to deceive the U.K. banking organization that actually set the global lending benchmark.
A set of policy changes to improve the advice sector for retail investments, including a new definition and more guidance from a dedicated regulatory unit, will be rolled out in January of next year, the Financial Conduct Authority said Friday.
Lloyd’s of London called for "urgent" certainty about post-Brexit business relations on Friday as Britain and the European Union moved towards a critical new phase of trade negotiations.
French bank BNP Paribas “dropped the ball” and breached its duty to a group of New York hedge funds when it negligently arranged a $650 million Islamic finance transaction that was invalid and unenforceable under Saudi Arabian law, a U.K. High Court judge ruled Thursday.
The European Union on Friday took a step closer to creating a single law for enforcers to seize funds connected to crime across the bloc no matter the member state.
Britain’s Prudential Regulation Authority on Friday finalized changes to the the way it sets regulatory fees and levies for British investment firms and insurers under rules that comes into force later this month, and which are intended to more accurately reflect the risk that firms present.
Nearly half of U.K. financial institutions say they are unaware of their compliance obligations, with less than 30 days to go before a massive new rulebook for trading laws affecting firms across the globe becomes law, a report released late Thursday reveals.
British Prime Minister Theresa May and European Commission President Jean-Claude Juncker sealed a predawn deal in Brussels that opens the door for a second phase of talks on a post-Brexit trade agreement between the U.K. and European Union, the commission said Friday.
Jane Rogers, co-head of the global finance practice at Ropes & Gray, talks to Law360 about the growth of the firm's London team since it launched in 2010, and how they have been responding to market changes such as the convergence of deal terms across the U.S. and Europe, amid persistent regulatory drivers.
The European Council rubber-stamped two new sets of banking rules on Thursday, allowing for the ranking of unsecured debt instruments during insolvency proceedings and a transition period for banks struggling to adapt to new accounting standards.
The impending overhaul of European Union securities laws will cause revenues at corporate and investment banks to fall by 2.6 percent a year, a report by a consultancy firm has revealed.
The European Union's top financial regulators said Wednesday they are drafting new laws that will require firms to manage terrorist financing and money laundering risks at group-level, aiming to close loopholes open to subsidiaries in third countries.
Global banking regulators announced Thursday that the final set of capital reforms for the sector, which were drawn up after the 2008 financial crisis, have been agreed upon.
A "no-deal" Brexit, in which Britain tumbles out of the European Union in 2019 without a trade agreement, would be bad news for the financial services and insurance industries along with many other U.K. sectors, a critical House of Lords report revealed Thursday.
Contingency plans drawn up by banks in the U.K. as they prepare to face Brexit are inconvenient, expensive and damaging to London’s reputation as a leading financial center, the chief executive of Standard Chartered PLC said Thursday.
As head of Osborne Clarke LLP’s regulatory group in the U.K., Catherine Wolfenden oversees a growing team of lawyers set up to help clients deal with internal investigations and enforcement actions from agencies such as the Serious Fraud Office and the Financial Conduct Authority, as well as general compliance.
Rules governing how the U.K.’s biggest banks are expected to manage model risk in annual stress tests that gauge their ability to weather another financial crisis could be extended to the wider banking sector under proposals published by the Prudential Regulation Authority on Wednesday.
The extraterritorial reach of new European financial regulation again threatens to impact the U.S. and other foreign markets as incoming disclosure requirements for specialized financial products can apply much further afield, lawyers warn.
The recent conviction of former HSBC foreign exchange executive Mark Johnson has shocked market participants and could lead to a reduction in liquidity for block trades in the foreign exchange and other over-the-counter markets, say members of The Brattle Group and AGN Advisory.
Last month, the U.K. Financial Conduct Authority publicly censured Capita Financial Managers with respect to the collapsed unregulated collective investment scheme known as the Connaught Income Fund. This serves as a salutary reminder that those in the fund administration and outsourcing fields take on a high level of responsibility and liability, says Greg Lascelles of Covington & Burling LLP.
Both the Dodd-Frank Act in the U.S. and rules under the Financial Conduct Authority in the U.K. provide whistleblower protections for financial industry employees who report fraud and regulatory breaches. Whereas the specific protections in the U.S. and U.K. differ somewhat, many of the protection mechanisms are remarkably similar, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
Clients of "Paradise Papers" law firm Appleby Global should now expect that tax authorities in the U.S., the U.K. and elsewhere will closely scrutinize the leaked documents for evidence of tax evasion. And individuals with inside information that sheds further light on these cases stand to reap sizable rewards by filing qui tam actions, says Adam Pollock of Ford O'Brien LLP.
Until recently, there has not been any regulation harmonizing control toward foreign direct investments at the European Union level. However, a proposal introduced in September may be an appropriate first step toward developing an adapted, cohesive regime regarding foreign investments, say Isabelle MacElhone and Samantha Chavane de Dalmassy of Reed Smith LLP.
The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.
In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.
Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.
As Libor’s discontinuation comes closer, lawyers will grapple with interest rate language in current and proposed commercial loan documents. Charles Guerin of Munsch Hardt Kopf & Harr PC offers some suggestions to help meet parties’ expectations, match industry practice and avoid disputes.
Criticized for lacking teeth during the financial crisis, U.K. regulators are now intent on establishing the personal accountability of individuals at all levels, not just in the boardroom, says Francis Kean of Willis Towers Watson.