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Financial Services UK
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February 17, 2017
Al Sanea Co. Liquidators Nab $153M Daiwa Negligence Win
A European unit of Daiwa Securities Group Inc. was ordered to pay $153 million to a defunct investment firm owned by Saudi billionaire Maan Al Sanea, after London’s High Court found Daiwa negligently breached its duty of care in handing over more than $200 million in company funds to Al Sanea with scant regard for its purpose.
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February 17, 2017
Jenner & Block Hires City Litigation Atty From White & Case
Jenner & Block has raided White & Case for a second time to boost its fledgling London practice, recruiting a City litigation attorney, the U.S.-based law firm said Friday.
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February 17, 2017
EBA Clashes With EU Commission Over Swipe Fee Regs
The European Banking Authority rejected proposals Thursday from the European Commission to change its guidance for firms required to separate their payment card schemes and processing entities under new credit card swipe fee regulations, saying they were too "restrictive" and went beyond the original mandate.
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February 17, 2017
ECB Eyes Adding Expected Losses To Bank Reporting Rules
The European Central Bank plans to change the templates banks use to report information to regulators to include financial losses anticipated in the future, the bank said Friday.
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February 17, 2017
Slaughter And May Nabs Ex-Herbert Smith Pensions Head
International law firm Slaughter and May announced Friday that it has made a lateral partner hire with the addition of Herbert Smith Freehills LLP’s former high-flying pensions head.
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February 17, 2017
EXCLUSIVE: UK Seeks Bank Shield From EU Tax Avoidance Law
The U.K. is pushing for an extended exemption for financial services from European Union tax-avoidance reforms aimed at preventing multinational firms from exploiting disparities between national tax regimes, two EU officials familiar with the situation told Law360 Thursday.
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February 17, 2017
Simmons Snags Ex-Cleary London Capital Markets Partner
International law firm Simmons & Simmons LLP has further expanded its capital markets group with the addition of a former Cleary Gottlieb Steen & Hamilton LLP partner at its London office, the law firm announced Friday.
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February 16, 2017
EU Antitrust Watchdog May Probe Loan Syndication Market
The European Union's antitrust watchdog said Wednesday it may launch a review of competition issues involving loan syndication, when multiple lenders join together to provide one loan, as financial services continues to be a priority for the enforcer in 2017.
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February 16, 2017
EU On Collision Course With Trump Over Bank Reforms
The European Union is at odds with the Trump administration over financial regulation, and lawyers tell Law360 a U.S. rollback of laws installed since the last financial crisis could destabilize a fragile global banking sector.
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February 16, 2017
PRA Mulls Rulebook Changes To Credit Risk Mitigation
Britain’s financial regulator on Thursday outlined a raft of changes to its rulebook covering credit risk mitigation in anticipation of impending European Union capital requirements for banks and financial institutions.
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February 16, 2017
Retailers Face Long Road To MasterCard Swipe Fee Appeal
A group of major U.K. retailers trying to overturn their loss in an antitrust swipe fee claim against MasterCard Inc. will have to embark on the longer process of going directly to London's Court of Appeal, after the trial judge refused Thursday to let them challenge his ruling.
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February 16, 2017
Regulators Get Draft Rules For Payment Services Complaints
National regulators across Europe will be expected to carry out continual analysis of complaints about suspected noncompliance with the European Union’s impending payment-sector reforms, under new guidelines proposed Thursday by the bloc’s top banking watchdog.
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February 16, 2017
EU Split On Tax Avoidance Rules For Banks, Official Warns
Europe’s governments will be urged Tuesday to agree to new rules preventing corporate tax avoidance, amid disagreement over a possible exemption for financial services, a European Union official familiar with the matter told Law360 on Thursday.
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February 16, 2017
Hurdles In Way Of EU-Wide 'Bad Bank' Plan, Fitch Says
Plans to create a European Union-wide asset management company to clear the mountain of non-performing loans choking the bloc’s financial system should be ditched in favor of so-called bad banks at a national level, ratings agency Fitch said Wednesday.
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February 16, 2017
BOE Delays Key UK Currency Benchmark Reform
The Bank of England said Thursday it will delay the rollout of proposed changes to the calculation of a key benchmark for interbank lending in pound sterling by three months as it consults on new methodology.
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February 16, 2017
UK Opts Out Of MIFID II Third Country Branch Rules
Britain has decided to opt out of European Union rules that permit member states to choose whether they require a non-EU financial institution to establish a branch in their jurisdiction when it provides investment services, the country’s finance department said Thursday.
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February 16, 2017
UK Financial Watchdog To Toughen Up Governance Code
The U.K.’s top corporate governance watchdog will fundamentally rethink leadership rules for banks and businesses, and aims to beef up enforcement powers against directors, the regulator announced Thursday.
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February 16, 2017
Visa Settles With 13 Retailers In £500M UK Swipe Fees Trial
Visa Inc. settled on Wednesday with 13 of the 14 retailers in a £500 million ($625 million) swipe fees antitrust damages case before judgment in its recent trial had been delivered, London’s High Court heard on Thursday in a separate interchange fees suit.
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February 15, 2017
Canada-EU Trade Deal Serves Warning Ahead Of Brexit Talks
The sweeping trade pact with Canada the European Parliament approved Wednesday after years of negotiations offers a poor model for a Brexit deal and should serve as a warning to City lawyers that the two-year time table for U.K.-European Union trade talks now looks, at best, optimistic.
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February 15, 2017
MasterCard Settles More UK Swipe Fee Claims For $10M
MasterCard Inc. has chipped away further at its mountain of interchange fee antitrust damages claims in Europe after settling with various U.K. firms for a total of $10 million during the final quarter of 2016, the firm announced on Wednesday.