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.
There is no silver bullet to stop criminals abusing the financial system, and banks must invest in staff before putting all their faith in new technologies to uncover suspicious activity, a top British regulator said Wednesday.
Britain’s government on Wednesday unveiled a major plan to protect and grow its enormous asset management sector post-Brexit, as it bids to promote competition and encourage new technologies to make the U.K. more attractive for funds.
A New York state appeals court has sunk two suits brought by Deutsche Bank National Trust Co. over thousands of allegedly defective loans in two residential mortgage-backed securities trusts it oversees as trustee, concluding Tuesday that its remaining breach-of-contract claims against Barclays PLC and HSBC were brought too late under its home state’s statute of limitations.
The European Union's Economic and Financial Affairs Council released Tuesday a list of 17 nations it says are "uncooperative on tax matters," opening them to possible economic sanctions.
The European Union’s top court has been asked whether EU rules governing the recognition of court judgments in member states across the bloc should apply to a bankruptcy dispute involving the Belgian subsidiary of BNP Paribas.
Britain’s Financial Conduct Authority withheld publication of a critical report into the treatment of RBS business customers over fears it would be sued by the bank and its senior bosses, it was revealed Tuesday.
The Financial Reporting Council published proposals for a "shorter and sharper" code of corporate governance on Tuesday, designed to entice global investors to the U.K.'s capital markets after Brexit.
European lawmakers have agreed to deploy tougher controls on cash at European Union borders in response to growing fears of terrorism and to close loopholes that allow criminals to move "dirty" money and goods with little scrutiny.
The threat of disruption to financial services contracts worth trillions of dollars that would be caused by a messy Brexit will force both the U.K. and European Union to reach a swift agreement on continuity, a senior British minister said Tuesday.
The European Central Bank said on Tuesday that it will directly supervise the German branch of Barclays PLC from January 2018 because of a sharp growth in the unit's total assets, making it systemically significant.
The European Commission said Tuesday it has adopted an equivalence decision that recognizes some trading venues authorized by the Commodity Futures Trading Commission in the U.S. as compliant with EU derivatives regulations.
The Financial Conduct Authority has opened an investigation into Provident Financial PLC’s vehicle financing unit over its treatment of vulnerable customers, the firm said in a statement on Tuesday.
The Basel III program to reinforce bank capital buffers is expected to be officially signed off on Thursday at a press conference held by global regulators, according to a bank official.
Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.
While many aspects of the EU's General Data Protection Regulation may be causing consternation in boardrooms around the world, one particularly innovative provision could benefit individuals and businesses alike by leveling the competitive playing field — the right to data portability, say José Vega and Amy Puckett of Bradley Arant Boult Cummings LLP.
More than 1 trillion euros' worth of nonperforming loans are concentrated in the periphery of the European Union, causing banking regulators and market participants to petition the European Union for help. However, EU laws could complicate a public intervention, say Omar Shah and Leonidas Theodosiou of Morgan Lewis & Bockius LLP.
By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.
This autumn, the U.K.'s Financial Conduct Authority is consulting on extending the Senior Managers and Certification Regime from dual to solo-regulated firms in 2018. The most significant rule changes involve an increased focus on holding senior managers accountable, say attorneys with Baker McKenzie LLP.
Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.
A recent U.K. white paper indicates a sensible retreat from the government's previous redline of taking back control from the Court of Justice of the European Union. The government has recognized that in order to ensure legal certainty and equal treatment for businesses and individuals, the CJEU must continue to play a considerable, if indirect, role in the U.K., says Mathew Rea of Bryan Cave LLP.
U.K. Prime Minister Theresa May's speech in Florence last month was intended to create momentum in the ongoing Brexit negotiations, but has been criticized as vague and insubstantial. It seems that for the time being, the U.K. government's attitude toward Brexit negotiations is to wait for a solution to turn up, says David Mundy of Bircham Dyson Bell LLP.
Companies that become subject to parallel investigations in the U.S. and the U.K. must be mindful of the fact that taking the same approach to disclosure and cooperation in both jurisdictions may not lead to the most favorable outcome, says Robert Amaee, head of Quinn Emanuel's white collar and corporate investigations practice in London.
Last week, the U.K.'s Criminal Finances Act came into force, introducing new criminal offenses intended to help prosecutors prove when senior members of a company are actively involved in illegal activity. As the government continues to roll out new offenses, insureds should ensure that their directors and officers insurance policies keep pace, says Carey Lynn of JLT Specialty Limited.