Financial Services UK

  • December 8, 2017

    Regulator Finalizes Radical Change to UK Payments System

    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.

  • December 8, 2017

    UK Litigation Roundup: Here's What You Missed In London

    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.

  • December 8, 2017

    US Says It Needn't Show Deutsche Traders Duped Libor Body

    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.

  • December 8, 2017

    FCA Says Investment Advice Policies To Change In 2018

    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.

  • December 8, 2017

    Lloyd's of London Demands Clarity On Brexit Trade Deal

    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.

  • December 8, 2017

    BNP 'Dropped The Ball' In $650M Sukuk Finance Deal

    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.

  • December 8, 2017

    EU Council Makes Progress On Harmonized Freezing Orders

    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.

  • December 8, 2017

    PRA Updates Fee Rules For Insurers, Investment Firms

    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.

  • December 8, 2017

    UK Firms Not Ready For MiFID II Compliance, Report Warns

    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.

  • December 8, 2017

    EU, UK Open Door To Trade Talks With Brexit Breakthrough

    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.

  • December 7, 2017

    7 Questions For Ropes & Gray’s Jane Rogers

    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.

  • December 7, 2017

    EU OKs Regs For Creditor Ranking, Accounting Rule Phase-In

    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.

  • December 7, 2017

    Report Warns Of MiFID II Revenue Drop For Investment Banks

    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.

  • December 7, 2017

    EU Targets Money Laundering At Foreign Subsidiaries

    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.

  • December 7, 2017

    Global Regulators Finally Sign Off On Basel IV Banking Rules

    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.

  • December 7, 2017

    No-Deal Brexit Is 'Worst Outcome,' UK's Upper House Warns

    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.

  • December 7, 2017

    Standard Chartered Boss Says Brexit Already Hurting London

    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.

  • December 6, 2017

    7 Questions for Osborne Clarke’s Catherine Wolfenden

    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.

  • December 6, 2017

    Stress Test Rules For Big Banks To Be Broadened, BOE Says

    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.

  • December 6, 2017

    US Firms Must Beware New EU Investment Disclosure Laws

    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.

Expert Analysis

  • The Johnson Conviction And Fallout For Forex Market

    Paul Hinton

    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.

  • Takeaways From The Capita Financial Managers Sanction

    Greg Lascelles

    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.

  • Navigating Whistleblower Protections Across The Atlantic

    Lynne Bernabei

    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.

  • Regulators, Whistleblowers And The Paradise Papers

    Adam Pollock

    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.

  • The Future Of Foreign Direct Investments In The EU

    Isabelle MacElhone

    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.

  • Financial Institutions Must Invest In FATCA Compliance

    Ashly Elmore Drew

    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.

  • Initial Coin Offerings May Face A Global Crackdown

    Paul Anderson

    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.

  • MiFID II Research Unbundling — Crisis Averted?

    Rob Moulton

    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.

  • Negotiating Interest Rate Provisions As Libor Demise Looms

    Charles Guerin

    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.

  • Regulatory Crosshairs Focus On Individual Accountability

    Francis Kean

    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.