The impending overhaul of European Union securities laws will cause revenues at corporate and investment banks to fall by 2.6 percent a year, a report by a consultancy firm has revealed.
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.
Counsel fees, issue fees, risk of loss and the “additional” cost of a barrister mark significant differences between the U.K. and U.S. legal processes. The good news is that the bond between the U.K. and the U.S. arising out of our common history and law renders retaining and working with U.K. counsel seamless and rewarding, says Richard Reice of Hoguet Newman Regal & Kenney LLP.
Since the vote to leave the EU, ending the jurisdiction of the Court of Justice of the European Union has been the U.K. government's redline position. On the other hand, the EU has pressed hard to maintain the role of the CJEU as the guarantor of EU citizens' rights, say Cyrus Benson and Ceyda Knoebel of Gibson Dunn & Crutcher LLP.
The prosecution of HSBC’s former global head of foreign exchange spot trading — whose trial began on Monday in the Eastern District of New York — will test whether the government can turn sharp dealing and deception in the unregulated institutional spot forex market into criminal fraud, says Scott Schirick of Pryor Cashman LLP.
One way that contractors and subcontractors limit liability is through the use of exclusion clauses in a contract. Two recent U.K. cases involving the interpretation of such clauses make for interesting reading, particularly for institutions that may be seeking to claim back costs relating to poorly installed materials or unsafe systems, says Iain Campbell of Hill Dickinson LLP.
The increasing attention to Libor's phaseout is sending a strong signal to derivatives markets and derivatives market participants to prepare for this major financial change. The phaseout will also raise intriguing regulatory issues, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Last month, the U.K. government announced its plan to implement a data protection bill that will avoid disadvantageous divergence with the EU's data protection regime. Companies in the U.K. should take this opportunity to clean up their data protection practices, and may need to look at other protective measures depending on the U.K.'s data protection adequacy, say Sarah Delon-Bouquet and Roman Madej of Bryan Cave LLP.
The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.
Responding to regulatory requests is a normal part of a bank’s operations, but a poorly written or confusing response may cause an agency to make assumptions about a bank that are not true. Tilcia Toledo of FTI Consulting Inc. offers 10 ways financial institutions can avoid sending negative messages in their responses.
In Chesterton v. Nurmohamed, a U.K. appeals court recently found that disclosing a breach of a worker's contract may satisfy the public interest requirement for whistleblower protection if a sufficiently large number of other workers are affected. This decision may cause some concern for well-known employers, say Emma Vennesson and Katherine Newman of Faegre Baker Daniels LLP.
As judges become better educated about the complexities of collecting electronically stored information, in particular the inefficacy of keyword searching, they are increasingly skeptical of self-collection. And yet, for many good reasons (and a few bad ones), custodian self-collection is still prevalent in cases of all sizes and in all jurisdictions, says Alex Khoury of Balch & Bingham LLP.