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Financial Services UK

  • September 19, 2018

    MPs Call For Regulation To Tame 'Wild West' Crypto Market

    British lawmakers called on the government and City watchdogs on Wednesday to regulate the “wild west” market in crypto-assets to protect consumers while also positioning the U.K. as a global center for virtual currencies.

  • September 19, 2018

    Asset Manager Denies Inking Interest-Only Deal On $50M Loan

    A Luxembourg-based asset manager has denied in U.K. court documents that a company set up by Russian billionaire and businessman Mikail Shishkhanov can avoid repaying a $50 million loan, claiming that an alleged oral agreement between the parties that the loan is not repayable does not exist.

  • September 19, 2018

    Regulators Tell Firms To Report Plans To Switch From Libor

    Banks and insurers must report how they are preparing to transition away from the scandal-hit London Interbank Offered Rate, the Financial Conduct Authority and Prudential Regulation Authority said on Wednesday in a bid to ensure boards understand the risks that come with the transfer.

  • September 19, 2018

    New IOSCO Rules Target Equity Capital-Raising Misconduct

    The International Organization of Securities Commissions published new guidelines on Wednesday for national regulators aimed at preventing misconduct at banks and other intermediaries as they manage equity capital increases for companies.

  • September 19, 2018

    KPMG Admits Mishandling BNY Mellon Reports, Watchdog Says

    KPMG and a partner at the auditing giant have admitted to misconduct when they produced reports for the Financial Conduct Authority on BNY Mellon’s compliance with rules designed to safeguard more than £1 trillion ($1.3 trillion) of client assets at the bank, the U.K.'s accounting watchdog said Wednesday.

  • September 19, 2018

    Danske Chief Resigns After Bank Reveals AML Failure

    Danske Bank’s chief executive officer announced his resignation on Wednesday after an investigation commissioned by the lender revealed that its Estonian branch may have laundered billions of euros between 2007 and 2015.

  • September 18, 2018

    Ex-Deutsche Traders Rip Libor Fraud Claims As Trial Begins

    Two former Deutsche Bank AG traders on Tuesday urged a Manhattan federal jury to reject accusations of rigging the London Interbank Offered Rate, claiming prosecutors are attempting to hold them to an unfair standard which was nonexistent during the time in question.

  • September 18, 2018

    Banks Want Out Of Mexican Bond Price-Fixing Case

    A crop of major banks and affiliated entities have asked a New York federal court to toss a consolidated case alleging that they conspired to fix the prices of Mexican government bonds, saying the pension funds that brought the suit haven't adequately claimed that the financial institutions had a "conspiratorial agreement."

  • September 18, 2018

    NatWest Markets Fined $750K Over Swap Reporting Failure

    NatWest Markets PLC will have to pay $750,000 to the Commodity Futures Trading Commission to settle charges after the derivatives regulator found that thousands of swap transitions had been misreported.

  • September 18, 2018

    Bad Loans Suppress Cross-Border Lending, ECB Warns

    Nonperforming loans are weighing down European Union banks and preventing them from lending to other countries within the bloc, the European Central Bank warned on Tuesday as it reminded lenders of the benefits of financial integration under the banking union.

  • September 18, 2018

    Ex-UBS Trader Deportation Halted Pending Judicial Review

    A former UBS AG trader who was jailed for fraud after causing the biggest loss in British banking history has been granted a reprieve from deportation at the last moment as he seeks a judicial review of his case.

  • September 18, 2018

    FCA Points Way To Combating £1B Payments System Fraud

    The Financial Conduct Authority has published guidance to help the financial services sector combat payments fraud, which costs £1 billion ($1.3 billion) a year, by requiring them to roll out tougher procedures on customer authentication and to report breaches, in an overhaul of payments services legislation.

  • September 18, 2018

    Iranian Bank, UK Gov't Scrap Over $4B Sanctions Row Docs

    An Iranian bank suing the U.K. government for $4 billion in damages resulting from illegally enforced British sanctions asked a judge in London on Tuesday to decide whether it can avoid disclosing thousands of documents about transactions at the heart of the case before a trial next year.

  • September 18, 2018

    Visa, MasterCard Asked To Help Monitor Fee Cap Compliance

    Visa and MasterCard must reveal by the end of the day details of transactions that will help the U.K.'s payments regulator investigate whether any credit card issuers are circumventing rules on interchange fee caps, the Payments Systems Regulator said on Tuesday.

  • September 18, 2018

    Swiss Extradition Request For Ex-HSBC Whistleblower Denied

    Spain's High Court rejected a request on Tuesday from Switzerland for the extradition of a former HSBC Group Holdings PLC employee who has been convicted for leaking details of thousands of clients of HSBC's private bank to tax authorities.

  • September 17, 2018

    Barclays, KPMG Escape Stone Co.'s Insolvency Plot Claims

    A London judge has struck out a quarrying company’s lawsuit accusing Barclays Bank PLC and accountants KPMG LLP of plotting to force it into administration, finding there was no evidence the bank had a long-term plan to bring the company down.

  • September 17, 2018

    ECB Has 'No Plans' To Issue Digital Currency, Exec Says

    The European Central Bank has “no plans” to issue its own digital currency because demand for physical cash in the eurozone remains high and there is “no concrete need” for a new form of electronic money, the institution’s president has said.

  • September 17, 2018

    BOE Launches Public Register For UK Money Markets Code

    The Bank of England on Monday made public a list of all of the financial institutions that have signed up to the new code of conduct for the deposit, repo and securities lending markets, in a move intended to put pressure on firms that have yet to commit to the code.

  • September 17, 2018

    UK Firms Must Diversify In The Boardroom, Watchdog Says

    The Financial Reporting Council urged U.K. businesses on Monday to treat diversity as part of their business strategy,  as it unveiled research that found only one in three FTSE 100 companies have policies on ethnic diversity in boardrooms.

  • September 17, 2018

    UK Supreme Court To Hear Financial Adviser Liability Suit

    A British family suing a financial adviser over a failed property investment can take their lawsuit to the Supreme Court after Britain’s top appellate court granted them permission to appeal against a lower court’s verdict that the company could not be held liable for their losses.

Expert Analysis

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • When To Use Options Analysis In Damages Assessments

    Ronnie Barnes

    In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.

  • Opinion

    UK 'Unexplained Wealth Orders' Will Discourage Investors

    Simon Bushell

    The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.

  • 2nd Circ. Restricts The FCPA's Reach

    Brad Karp

    The Second Circuit’s opinion last week in U.S. v. Hoskins limits the U.S. Department of Justice’s ability to prosecute foreign individuals or companies for Foreign Corrupt Practices Act violations. The opinion also flatly contradicts the U.S. Securities and Exchange Commission’s 2012 FCPA resource guide, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Brexit: Bracing For A No-Deal Scenario

    Ross Denton

    Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.

  • Considering Contract Termination Under English Common Law

    John Laird

    The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.

  • UK Corporations Face Growing Risk Of Class Actions

    Gregg Rowan

    Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.

  • Tax Enforcers Unite Against International Tax Crime

    Kyle Womboldt

    In light of the launch of the Joint Chiefs of Global Tax Enforcement alliance against transnational tax crime and money laundering, it is more important than ever for corporations and professional services firms to carefully manage their exposure to higher risk clients and business activity, say Kyle Wombolt and Jeremy Birch of Herbert Smith Freehills LLP.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

    Ben Pilbrow

    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.

  • Opinion

    A Revolution For 3rd-Party Funding In The UK

    Guy Harvey

    Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.