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Financial Services UK

  • September 19, 2018

    UK Data Watchdog Fines Equifax For Cybersecurity Breach

    Britain's data watchdog fined credit reference agency Equifax Ltd. £500,000 ($656,000) on Thursday for failing to protect the personal information of up to 15 million U.K. citizens during a cyberattack in 2017.

  • September 19, 2018

    EU Banks Prepping For New Loss-Absorbing Rules, EBA Says

    The European banking sector is preparing for new funding requirements by increasing its reliance on market-based funding and client deposits, according to analysis published by the bloc’s banking watchdog Wednesday.

  • September 19, 2018

    MPs Call For Regulation To Tame 'Wild West' Crypto Market

    British lawmakers called on the government and City watchdogs on Wednesday to regulate the “wild west” market in crypto-assets to protect consumers while also positioning the U.K. as a global center for virtual currencies.

  • September 19, 2018

    Asset Manager Denies Inking Interest-Only Deal On $50M Loan

    A Luxembourg-based asset manager has denied in U.K. court documents that a company set up by Russian billionaire and businessman Mikail Shishkhanov can avoid repaying a $50 million loan, claiming that an alleged oral agreement between the parties that the loan is not repayable does not exist.

  • September 19, 2018

    Regulators Tell Firms To Report Plans To Switch From Libor

    Banks and insurers must report how they are preparing to transition away from the scandal-hit London Interbank Offered Rate, the Financial Conduct Authority and Prudential Regulation Authority said on Wednesday in a bid to ensure boards understand the risks that come with the transfer.

  • September 19, 2018

    New IOSCO Rules Target Equity Capital-Raising Misconduct

    The International Organization of Securities Commissions published new guidelines on Wednesday for national regulators aimed at preventing misconduct at banks and other intermediaries as they manage equity capital increases for companies.

  • September 19, 2018

    KPMG Admits Mishandling BNY Mellon Reports: UK Watchdog

    KPMG and a partner at the auditing giant have admitted to misconduct when they produced reports for the Financial Conduct Authority on BNY Mellon’s compliance with rules designed to safeguard more than £1 trillion ($1.3 trillion) of client assets at the bank, the U.K.'s accounting watchdog said Wednesday.

  • September 19, 2018

    Danske Chief Resigns After Bank Reveals AML Failure

    Danske Bank’s chief executive officer announced his resignation on Wednesday after an investigation commissioned by the lender revealed that its Estonian branch may have laundered billions of euros between 2007 and 2015.

  • September 18, 2018

    Ex-Deutsche Traders Rip Libor Fraud Claims As Trial Begins

    Two former Deutsche Bank AG traders on Tuesday urged a Manhattan federal jury to reject accusations of rigging the London Interbank Offered Rate, claiming prosecutors are attempting to hold them to an unfair standard which was nonexistent during the time in question.

  • September 18, 2018

    Banks Want Out Of Mexican Bond Price-Fixing Case

    A crop of major banks and affiliated entities have asked a New York federal court to toss a consolidated case alleging that they conspired to fix the prices of Mexican government bonds, saying the pension funds that brought the suit haven't adequately claimed that the financial institutions had a "conspiratorial agreement."

  • September 18, 2018

    NatWest Markets Fined $750K Over Swap Reporting Failure

    NatWest Markets PLC will have to pay $750,000 to the Commodity Futures Trading Commission to settle charges after the derivatives regulator found that thousands of swap transitions had been misreported.

  • September 18, 2018

    Bad Loans Suppress Cross-Border Lending, ECB Warns

    Nonperforming loans are weighing down European Union banks and preventing them from lending to other countries within the bloc, the European Central Bank warned on Tuesday as it reminded lenders of the benefits of financial integration under the banking union.

  • September 18, 2018

    Ex-UBS Trader Deportation Halted Pending Judicial Review

    A former UBS AG trader who was jailed for fraud after causing the biggest loss in British banking history has been granted a reprieve from deportation at the last moment as he seeks a judicial review of his case.

  • September 18, 2018

    FCA Points Way To Combating £1B Payments System Fraud

    The Financial Conduct Authority has published guidance to help the financial services sector combat payments fraud, which costs £1 billion ($1.3 billion) a year, by requiring them to roll out tougher procedures on customer authentication and to report breaches, in an overhaul of payments services legislation.

  • September 18, 2018

    Iranian Bank, UK Gov't Scrap Over $4B Sanctions Row Docs

    An Iranian bank suing the U.K. government for $4 billion in damages resulting from illegally enforced British sanctions asked a judge in London on Tuesday to decide whether it can avoid disclosing thousands of documents about transactions at the heart of the case before a trial next year.

  • September 18, 2018

    Visa, MasterCard Asked To Help Monitor Fee Cap Compliance

    Visa and MasterCard must reveal by the end of the day details of transactions that will help the U.K.'s payments regulator investigate whether any credit card issuers are circumventing rules on interchange fee caps, the Payments Systems Regulator said on Tuesday.

  • September 18, 2018

    Swiss Extradition Request For Ex-HSBC Whistleblower Denied

    Spain's High Court rejected a request on Tuesday from Switzerland for the extradition of a former HSBC Group Holdings PLC employee who has been convicted for leaking details of thousands of clients of HSBC's private bank to tax authorities.

  • September 17, 2018

    Barclays, KPMG Escape Stone Co.'s Insolvency Plot Claims

    A London judge has struck out a quarrying company’s lawsuit accusing Barclays Bank PLC and accountants KPMG LLP of plotting to force it into administration, finding there was no evidence the bank had a long-term plan to bring the company down.

  • September 17, 2018

    ECB Has 'No Plans' To Issue Digital Currency, Exec Says

    The European Central Bank has “no plans” to issue its own digital currency because demand for physical cash in the eurozone remains high and there is “no concrete need” for a new form of electronic money, the institution’s president has said.

  • September 17, 2018

    BOE Launches Public Register For UK Money Markets Code

    The Bank of England on Monday made public a list of all of the financial institutions that have signed up to the new code of conduct for the deposit, repo and securities lending markets, in a move intended to put pressure on firms that have yet to commit to the code.

Expert Analysis

  • BVI Companies May See More 'Just And Equitable' Petitions

    Andrew Willins

    Courts in the British Virgin Islands have mostly resisted the temptation to appoint liquidators in soft wind-downs. However, a recent decision in Delco Participation v. Green Elite has opened the door to more "just and equitable" liquidation petitions, say Andrew Willins and Eliot Simpson of Appleby.

  • UK Employees May Soon Gain The 'Right To Disconnect'

    Sarah King

    Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.

  • Cayman Derivative Cases Brought Overseas Still Face Hurdles

    Peter McMaster

    Two court decisions within the past year have simplified the process for bringing derivative claims outside the Cayman Islands on behalf of Cayman companies, as shareholders no longer need permission from a Cayman court. However, such claims still face two difficulties, say Peter McMaster and Anna Snead of Appleby.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

    Melanie Green

    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.

  • Structuring Investigations In Light Of UK Privilege Case

    Mark Beeley

    The English Court of Appeal's much-anticipated decision in Eurasian Natural Resources Corporation means that companies will continue to face difficulties in obtaining the information they need to investigate suspected wrongdoing, without losing the benefit of legal advice privilege under English law, say Mark Beeley and Rebecca Dipple of Orrick Herrington & Sutcliffe LLP.

  • UK's Proposed Investment Scrutiny Powers Are Far-Reaching

    Douglas Lahnborg

    The recently issued National Security and Investment White Paper proposes a significant expansion in the U.K. government's powers to scrutinize foreign investments. If the proposals are brought into force, the U.K. regime will be one of the most stringent in the world, say Douglas Lahnborg and Matthew Rose of Orrick Herrington & Sutcliffe LLP.

  • Relief For Cos. Conducting UK Internal Investigations

    Simon Airey

    After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.

  • SEC Action Brings Lessons For Quantitative Fund Managers

    Brian Daly

    The U.S. Securities and Exchange Commission last week announced settlements with Aegon and several of its affiliates for alleged misconduct involving faulty quantitative investment models. The case illustrates the pitfalls of implementing an ambitious investment program poorly, say Brian Daly and Anna Maleva-Otto of Schulte Roth & Zabel LLP.

  • Breaking Down The UK's Revised Corporate Governance Code

    Joseph Ferraro

    Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.