The European Central Bank said Thursday it does not have the power to investigate allegations of money laundering at the bloc's banks, as pressure mounted on it to intervene after scandal engulfed a Latvian bank under its supervision.
An influential parliamentary panel announced plans Thursday to scrutinize the U.K.’s regulatory response to digital currencies and consider what actions could be taken to protect consumers and businesses using the virtual coins.
The U.K.'s antitrust watchdog said Wednesday it planned to release its initial conclusions on the state of competition among investment consultants in July after deciding to continue to focus mainly on services aimed at pension schemes.
The Federal Deposit Insurance Corporation alleged that 16 global banks collectively manipulated the benchmark London Interbank Offered Rate, accelerating the collapse of Puerto Rico’s Doral Bank, according to a lawsuit filed Tuesday in New York federal court.
The switch from Libor to alternative benchmark interest rates could cost banks millions of dollars, management consulting firm Oliver Wyman warned in a report on Wednesday.
The International Organization of Securities Commissions floated new guidelines on Wednesday for national regulators aimed at preventing misconduct at banks and other intermediaries as they manage equity capital increases for companies.
Katten Muchin Rosenman UK LLP has tapped two new partners from Lloyds Banking Group PLC and Jones Day to lead its London banking and financial services practices, bringing with them expertise in commercial real estate and investment regulations.
A parliamentary committee approved the appointment of Charles Randell as chairman of the Financial Conduct Authority on Wednesday, despite what he called an earlier "error of judgment" that involved him in a tax avoidance scheme.
A European parliamentary committee approved a proposal on Wednesday that would help European Union regulators clamp down harder on financial transfers linked to terrorism.
British lender Lloyds Banking Group PLC and accountants PricewaterhouseCoopers LLP will go to trial at the High Court in London on April 10 to deny allegations that they colluded to force a car auction company into administration.
An online financial broker has denied claims by marketing firm Investoo that it owes around €1.8 million ($2.2 million) in unpaid and disputed fees, arguing in new U.K. court documents that it was entitled to break off a deal after becoming concerned about the company's sales tactics.
An influential parliamentary committee on Wednesday set a March 30 deadline for evidence to be submitted to its inquiry into lending by banks to small and midsized enterprises, including whether new regulations should be adopted to cover gaps in oversight.
U.K. betting company William Hill PLC’s online business got hit with a penalty package of at least £6.2 million ($8.7 million) by the British Gambling Commission on Tuesday due to senior management’s failure to protect consumers and prevent money laundering, the regulator said.
The U.K.'s chief Brexit negotiator on Tuesday signaled the country's support for pan-European state aid and merger control rules, positing competition and high regulatory standards as key to Britain's future relationship with the European Union.
The U.K. government appealed to the Supreme Court on Tuesday to resolve a number of issues it says need legal clarification in a long-running case brought by Prudential Assurance Ltd. over tax claimed to be unduly levied on cross-border portfolio investment income.
The Financial Conduct Authority’s incoming chairman told a Treasury Committee hearing Tuesday that he wants to conduct his own evaluation of the watchdog’s handling of controversial cases like the Royal Bank of Scotland PLC’s alleged mistreatment of business clients.
Banks and regulators must be aware of the potential risks posed by emerging technologies, a forum of global watchdogs said on Monday, urging authorities to staff up with fintech experts.
HSBC Holdings PLC could be hit with fines exceeding $1.5 billion from investigations around the world into allegations of tax evasion and money laundering at its Swiss private-banking subsidiary and other operations, according to the bank's annual report published Tuesday.
Parliament’s Treasury Committee on Tuesday published an in-depth report on the Royal Bank of Scotland PLC, revealing "systematic" inappropriate treatment of small and midsized businesses, thwarting efforts by the Financial Conduct Authority to keep the document under wraps.
Barclays PLC scored an early victory in its £1.1 billion ($1.5 billion) legal fight with credit card provider CCUK Finance Ltd. on Tuesday when a High Court judge ruled the British lender can pursue a multimillion-pound payment protection compensation counterclaim against the firm.
The English High Court's recent decision in the Dana Gas case has upheld the enforceability of Islamic finance products entered into by Middle East-based entities by rejecting the argument that lack of Shariah compliance can invalidate sukuk obligations, say David Miles and Christoph Schulz of Covington & Burling LLP.
With a recent order from the U.S. Commodity Futures Trading Commission, swap trading market participants are now able to satisfy trading mandates in both the U.S. and the EU. Without this combined effort of regulators, swap dealers and traders would have faced a fragmented market this year, say Stephen Humenik and Uttara Dukkipati of Covington & Burling LLP.
As regulators become increasingly interested in cryptocurrencies and initial coin offerings, parties involved in the industry must pay close attention to the distinction between the regulatory frameworks of different jurisdictions, say attorneys with Morgan Lewis & Bockius LLP.
One of the challenges American practitioners face in contemplating General Data Protection Regulation compliance is that the underlying principles and language of European data privacy law feel foreign. U.S. companies can prepare by adopting a 10-step framework, says Seth Berman of Nutter McClennen & Fish LLP.
U.K. banks, asset managers, consultancies and law firms have embarked on a hiring spree in response to the second Markets in Financial Instruments Directive introduced this month. In the long run, the U.K. will need to focus on its strengths to retain its position as a top location for international investment, says Rosalyn Breedy of Wedlake Bell LLP.
While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.
European arrest warrants were designed to speed up and simplify extradition within the European Union, but they are often abused and give EU member states a relatively easy way to apply serious pressure to individuals and companies which they are in dispute with, says Robert Hickmott of Quinn Emanuel Urquhart & Sullivan LLP.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.
Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.
While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.