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Financial Services UK

  • December 5, 2018

    Foreign Banks Challenge Jurisdiction In Forex Rig Suit

    A slew of big foreign banks including BNP Paribas and HSBC Bank plc told a New York federal judge that a proposed class of investors accusing them of manipulating the foreign exchange market for at least six years haven’t proven jurisdiction over them.

  • December 5, 2018

    EU Lawmakers OK 2-Year Pause On New Mutual Fund Rules

    A key European Parliament committee has voted to give mutual funds a two-year exemption from controversial rules over information disclosures to investors under European Union rules governing packaged retail investment products.

  • December 5, 2018

    FSCS Extends Suit Against Trustee Over Failed Resort

    The Financial Services Compensation Scheme has filed a fresh suit against a Guernsey-based trustee in London’s High Court as part of efforts to reclaim cash the fund paid out to investors who lost their savings in a failed holiday resort project on the Caribbean island of St. Lucia.

  • December 5, 2018

    ESMA Restrictions Continue To Stifle Online Trading Co.

    Online trading platform IG Group said that it expects its revenue to decline as European Securities and Markets Authority restrictions on selling speculative trading products continue to sting the sector, leading to a fall in new customers.

  • December 5, 2018

    FCA Sued Over Handling Of RBS Restructuring Unit Probe

    A U.K. businessman who unsuccessfully tried to sue Royal Bank of Scotland for £128 million is taking Britain’s financial watchdog to court over its handling of an investigation into the bank’s restructuring unit, which has been criticized for mistreating small business customers after the 2008 financial crisis.

  • December 5, 2018

    Banks, Insurers Want Safeguards On Consumer Class Actions

    More than a dozen trade bodies, including those representing Europe's insurers and bankers, raised concerns on Wednesday that European Commission proposals introducing a harmonized framework for class actions across the bloc may lead to a surge in "unnecessary and wasteful" litigation cases for businesses.

  • December 5, 2018

    UK Antitrust Enforcer Deepens PayPal-IZettle Merger Probe

    Britain's antitrust enforcer announced Wednesday that it is deepening its investigation into PayPal's $2.2 billion takeover of a Swedish rival after the U.S. payment company failed to address the watchdog's concerns that the deal could stifle competition.

  • December 5, 2018

    Brexit Pushes BoE To Delay Cyber Stress-Test Plans

    The Bank of England has agreed to delay work on its first test of how banks respond to cyberattacks and IT failures to allow them to focus on preparing for Brexit, records published Wednesday reveal.

  • December 4, 2018

    Banco Popular Investors Fight To Seek Info In NY Over Sale

    A group of former investors in Banco Popular Español SA and two fund managers urged the Second Circuit on Monday to revive their bid for information from Spain's largest bank for use in legal proceedings over Banco Popular’s 2017 sale, saying there was no doubt the bank meets a requirement that it be "found" in New York.

  • December 4, 2018

    Singapore Regulator Releases Guide For Token Offerings

    The Monetary Authority of Singapore on Monday released a guide describing how digital token offerings fall under the purview of the nation’s securities laws, weeks after a bill aimed at streamlining payment services regulation was introduced in the Singapore Parliament.

  • December 4, 2018

    EU Mulls Post-Brexit Clearinghouse Supervision Changes

    European Union member states have agreed to a set of proposals on how to approach the supervision of EU and third-country clearinghouses after Brexit, the European Council has announced.

  • December 4, 2018

    FCA Fines Former CEO Of Bangladeshi Bank

    The Financial Conduct Authority said Tuesday that it has hit the former chief executive of the U.K. subsidiary of a Bangladeshi-state owned bank with a fine of over £76,000 ($97,000), pending an appeal, for his involvement in a breach of anti-money laundering safeguards by the firm.

  • December 4, 2018

    MasterCard Facing $650M Fine In EU Swipe Fee Probe

    MasterCard Inc. said Tuesday it expects to see a $650 million fine from Europe's antitrust enforcer as it nears a deal to wrap up the watchdog's investigation over fees charged to European-area retailers that accept tourists' credit and debit cards.

  • December 4, 2018

    FCA Records Flood Of Inquiries About Pension Scams

    The number of inquiries about pensions fraud leaped fivefold after two U.K. regulators launched a joint campaign to raise awareness of the problem, the Financial Conduct Authority said Tuesday.

  • December 4, 2018

    168 Arrests Made In Global 'Money Mule' Sting, Europol Says

    One hundred and sixty eight arrests have been made across Europe as part of a global swoop on money laundering "mules," the European Union’s police agency Europol announced Tuesday.

  • December 4, 2018

    EU Adopts Action Plan To Tackle Money Laundering

    The European Council said on Tuesday that it has adopted non-legislative measures to tackle money laundering and terrorist financing within the bloc, including plans to map out risks and counter them with prudential supervision, after a string of recent failings by Europe’s banks.

  • December 4, 2018

    Investor Can't Avoid Suit Over BNY's Kazakh Assets Freeze

    A judge at a London court rejected on Tuesday an attempt by a Moldovan businessman to avoid a lawsuit brought against him and BNY Mellon by the Republic of Kazakhstan, ruling that the case concerns a “serious issue” that must be tried in court with all parties present.

  • December 4, 2018

    MEPs OK Rules To Speed Access To Crooks' Bank Accounts

    New rules that will give police and intelligence agencies better access to financial information across borders to help them investigate serious crime or terrorism have been approved by a European parliamentary committee.

  • December 4, 2018

    EU Ministers Approve Rules To Protect Failing Banks

    The European Council said on Tuesday that the bloc’s finance ministers have approved a package of rules aimed at protecting the banking sector, including measures to strengthen the Eurozone’s bailout fund and setting up an insurance fund for winding down failing banks.

  • December 4, 2018

    UK Can Unilaterally Reverse Brexit, ECJ Adviser Says

    Britain can unilaterally revoke its decision to withdraw from the European Union before the end of the exit agreement with no conditions, a senior legal adviser at the EU's highest court concluded on Tuesday.

Expert Analysis

  • UK And EU Crawl Toward Virtual Currency Regulation

    Jacqui Hatfield

    The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.

  • Prosecutors Avoid 5th Amendment Showdown In Libor Case

    Justin Shur

    Former Deutsche Bank trader Gavin Black was recently convicted of wire fraud and conspiracy in connection with Libor manipulation. However, absent from the government’s case were Black's statements made during internal investigations, which leaves open an important Fifth Amendment question, say Justin Shur and Eric Nitz of MoloLamken LLP.

  • Is Equifax Data Breach Penalty A Sign Of Fines To Come?

    James Castro-Edwards

    Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.

  • Ensure That Dispute Resolution Mechanisms Are Brexit-Proof

    Claire Stockford

    With only five months remaining for the U.K. to make a deal with the EU and the possibility of a "no-deal" Brexit looking increasingly plausible, now is the time to take proactive steps to protect your clients’ positions and to make sure that their contracts are effective and enforceable, say Claire Stockford and Caitlin McLean of Shepherd & Wedderburn LLP.

  • 5 Cyber Insurance Pitfalls To Avoid In The UK

    Richard Mattick

    Faced with the opportunity to purchase cyber risk insurance to mitigate the damage caused by cyber events, prospective policyholder companies need all the help they can get in order to navigate this increasingly complex part of the U.K. insurance market, says Richard Mattick of Covington & Burling LLP.

  • UK Unexplained Wealth Orders: More Bark Than Bite So Far

    Fred Saugman

    This month, the U.K. National Crime Agency successfully resisted a challenge to its first unexplained wealth orders. This is a victory, but the agency has some way to go to show that UWOs will be a meaningful tool in the U.K.'s anti-money laundering arsenal, says Fred Saugman of WilmerHale.

  • Tax Evasion Knows No Borders

    Kim Marie Boylan

    The former CEO of a U.K. bank recently pled guilty to charges under the Foreign Account Tax Compliance Act, following a U.S. Department of Justice sting operation spanning several countries. The conviction sends a clear message that U.S. authorities will prosecute not only U.S. account holders, but those who facilitate tax evasion, whatever their nationality, say attorneys at White & Case LLP.

  • GDPR Compliance Questions For Blockchain Firms

    Daniel Cooper

    The General Data Protection Regulation applies to blockchain networks that directly store personal information. However, blockchain technology can make compliance challenging, and also raises questions regarding who bears responsibility for compliance, say attorneys at Covington & Burling LLP.

  • Knowledge Management: An Unsung Hero Of Legal Innovation

    Rob MacAdam

    As technology evolves, law firms are increasingly looking for ways to improve communication, transparency and service for their clients. Firms should put knowledge management at the core of their value proposition to create a competitive advantage, says Rob MacAdam at HighQ.

  • Uncertainty Concerning The UK's Proper Purpose Rule?

    Nick Hoffman

    The U.K. Supreme Court's judgment in Eclairs v. JKX seemingly opened the door for a broad interpretation of the proper purpose rule, but despite the confusion, the rule will continue to operate as a useful legal safeguard for shareholders, say Nick Hoffman and Conal Keane of Harney Westwood & Riegels LLP.