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Financial Services UK

  • May 16, 2017

    Bid To Move Clearing Risks Financial Stability, City Warns

    London must remain the top global hub for clearing euro-denominated derivatives after Brexit, as to uproot the trillion-dollar-a-day industry would throw global markets into chaos, the City’s new financial sector policy chief said Tuesday.

  • May 16, 2017

    Top EU Court's Singapore Trade Deal Ruling Gives Brexit Hint

    The European Union’s top court on Tuesday told the EU that member states must sign off on aspects of a free trade deal with Singapore, in a decision that stands to impact the progress of negotiations with the U.K. as it exits the bloc.

  • May 16, 2017

    ECB Toughens Leveraged Finance Rules For Banks

    European banks must put in place a single internal definition for transactions classed as leveraged finance deals and create suitable monitoring processes for such transactions under guidance published by the European Central Bank on Tuesday.

  • May 16, 2017

    Noel Edmonds Says Lloyds Dragging Its Feet On HBOS Claim

    Television celebrity Noel Edmonds accused Lloyds Banking Group PLC on Monday of dragging its feet over compensation payouts to him and other victims of a fraud scam carried out by staff at its subsidiary HBOS PLC.

  • May 16, 2017

    New EU Payment Rules Threaten Bank Revenues, S&P Says

    Banks could see their earnings suffer because of new European Union financial payments rules that risk weakening their proximity to customers and their ability to cross-sell products, ratings agency Standard & Poor’s warned on Tuesday.

  • May 16, 2017

    EU Finally Adopts Capital Markets Union Prospectus Rules

    The European Council officially rubberstamped new rules on Tuesday that will slash the red tape that financial institutions face when issuing debt and equity securities to investors, as part of the EU’s drive toward a capital markets union.

  • May 16, 2017

    EU Waves Through €1T Money Market Fund Rules

    Tough new rules covering the €1 trillion ($1.07 trillion) money market funds sector were formally adopted by European Union lawmakers on Tuesday, bringing greater oversight to areas of shadow banking.

  • May 16, 2017

    Banks Push EU Commission To Support Screen-Scraping Ban

    A key European banking industry group called on the European Commission on Tuesday to uphold payment systems rules drafted by regulators that are designed to protect data privacy, including a ban on so-called screen-scraping.

  • May 15, 2017

    SFO Seeks Docs From SocGen-LIA Dispute Amid US Probe

    The U.K.'s Serious Fraud Office has asked Société Générale SA to hand over materials it received during its recently settled dispute with the Libyan Investment Authority, at the behest of U.S. bribery investigators, attorneys told a London court Monday.

  • May 15, 2017

    Security Experts Tracking Bitcoin To Unmask Cyberhackers

    Enforcement officials and security experts in London said Monday they are tracking flows of bitcoin in connection with a massive global cyberhack that paralyzed Britain's health care network last week, putting more unwanted focus on the unregulated cryptocurrency that has struggled for legitimacy.

  • May 15, 2017

    UBS Says Not Responsible For Bribes In $400M Swaps Deals

    The High Court was wrong to hold UBS AG responsible for bribes paid by a financial advisory service to the director of a German water utility in order to push through complex derivatives trades worth a notional $400 million, counsel for the Swiss bank told the Court of Appeal on Monday.

  • May 15, 2017

    Accounting Body Issues Guidance For Vetting Bank Capital

    Britain’s top accountancy body on Monday published a framework for the vetting of bank capital numbers to provide greater certainty over key banking regulatory ratios designed to measure a firm’s financial strength.

  • May 15, 2017

    Pillsbury Boosts London Finance Team With Double Hire

    Pillsbury Winthrop Shaw Pittman LLP has expanded its U.K. finance practice with the addition of two finance lawyers as partners to its London office, the international law firm said Monday.

  • May 15, 2017

    Brexit Will Trigger European Regulatory Changes, ECB Says

    A top European Central Bank official warned on Monday that it will be forced to rewrite equivalence rules to stop financial services firms from exploiting the fallout over Brexit to secure looser regulatory obligations from countries eager to accommodate them.

  • May 15, 2017

    JPMorgan Buys Dublin Office, Eyeing EU Access Post-Brexit

    U.S. bank JPMorgan Chase & Co. agreed on Monday to buy an office building in Dublin big enough to accommodate 1,000 staff — the first sign of a major firm expanding in Ireland to allow it to remain within the European Union's regulatory framework after Brexit.

  • May 15, 2017

    ECB Sets Criteria For Appointing Bank Board Members

    The European Central Bank said on Monday it will consider actions taken by banks to mitigate potential conflicts of interest when deciding whether new board members are “fit and proper” to hold their positions at Europe’s biggest lenders.

  • May 15, 2017

    FCA Warns Firms To Prepare For Fresh Cyberattack

    Britain’s financial regulator urged firms on Monday to brace for a second wave of the ransomware cyberattack that has hit 150 countries around the globe.

  • May 14, 2017

    G-7 Plans Stronger Cyber Protection, Dirty Money Cleanup

    The Group of Seven leading industrial nations with democratric governments have pledged to strengthen their fight against cybercrime and redouble efforts to stamp out money-laundering, according to a post-meeting communique issued Saturday.

  • May 12, 2017

    Gibraltar Penalizes 2 Directors Over Unregulated Pensions Advice

    The Gibraltar Financial Services Commission said Friday it reached an agreement with two directors of a company that was providing professional trustee services to pension insurance schemes without regulatory approval, with the executives agreeing to step down from their roles and not reapply for regulatory authorization for two years, following an investigation of the pair's "fitness and proprietary."

  • May 12, 2017

    EBA Finalizes Expected Credit Risk Management Rules

    Europe’s banking watchdog published final guidelines on sound credit risk practices and accounting for expected losses at banks on Friday, as the industry braces itself for onerous new accounting measures.