A landmark London appeals court decision finding that Visa’s and MasterCard’s so-called swipe fees are too high could mean the two credit card companies are about to face a wave of costly claims in Britain, but the ruling has left some questions lingering.
Malta’s anti-money laundering watchdog has breached European Union law through “general and systematic” failings in its supervision of a private bank whose clients included high-net-worth individuals, the bloc’s banking watchdog has said.
Latham & Watkins LLP flexed its international muscle over the past year, advising on Spotify’s nontraditional placement on the New York Stock Exchange and Toshiba’s win in an antitrust suit that saw other defendants settle for nearly $200 million combined, landing the firm on Law360's Global 20 list.
Britain wants a bespoke regulatory regime with the European Union based on “expanded" equivalence for its financial services, which will mean less access to EU markets for banks and insurers, the U.K. government said in a formal proposal published Thursday.
A former Barclays trader has been found guilty of plotting to manipulate a key European interest rate benchmark at a London crown court, it was revealed on Thursday, as the jury was discharged after failing to reach a verdict on three other defendants.
U.K. banks must speed up preparations to move away from Libor, the head of the Financial Conduct Authority said Thursday, as he warned firms to approach the scrapping of the key interest rate benchmark as something that will happen — and not a "black swan."
Three of the world’s biggest auditors have resisted U.K. lawmakers’ plans to break up the “Big Four,” warning that the move could threaten the quality of audits and saying they need large international teams to carry out their work effectively.
Financial services firms wanting to relocate outside the U.K. were urged by Europe’s top securities regulator on Thursday to submit their applications to national regulators in case Britain leaves the European Union without agreeing a withdrawal deal or transition period.
Herbert Smith Freehills used its global reach to help clients connected to the investigation into Russia’s interference in the 2016 presidential election and to defend RBS in a high-profile action brought by thousands of investors over its £12 billion rights issue, landing the firm on Law360’s Global 20 list.
The government should not delay in introducing a temporary waiver for European banks that want to continue operating in the U.K. after Brexit, a senior official at the Bank of England warned on Wednesday.
Relatives of the deceased former owner of the Lotus Formula One racing team brand have launched legal proceedings against RBS and the insolvent holding company for the failed Caterham F1 team, seeking to force the bank to turn over £1.4 million from the sale of the Lotus name.
Financial firms using automated algorithms to complete trades must put in place governance frameworks to determine who is responsible for overseeing these operations, a U.K.-based financial services body said on Wednesday.
The U.K. government said Wednesday that another 67 financial services firms, including the British branch of JPMorgan Chase & Co. and insurers Bupa and Admiral Group, have signed up to its initiative to boost the number of women in leadership roles — bringing the total to 272.
The European Court of Justice ruled on Wednesday that Zurich Insurance can sue for damages in Finland after a piece of industrial machinery it had insured vanished in the U.K., widening the jurisdiction of domestic courts in contract law disputes.
The owners of a company that attempted to revive the brand behind one of Britain’s biggest music store chains is fighting allegations by the City watchdog that they and two finance marketing companies breached rules by offering financial services in the U.K. without authorization.
Financial services firms and insurers must make it clear to customers how they are using their personal data, the new chairman of the Financial Conduct Authority warned on Wednesday, as he raised the possibility that new regulation could be needed to police the use of "big data" and artificial intelligence.
A New York federal judge on Tuesday granted a bid by two former Deutsche Bank traders accused of rigging the London Interbank Offered Rate who sought to depose a former British Bankers’ Association official, calling it an “11th hour and 59th minute” request and warning she wouldn’t budge on their September trial date.
A decision by the U.K. revenue agency to retain the hefty tax that over-55s pay when accessing their pensions has angered retirement experts who say the system unfairly leads to £100 million ($132 million) in overpayments by savers each year.
Norton Rose Fulbright continues to handle cross-border matters in several industry sectors, from guiding Tesco in its $220 million energy combination with Nabors to successfully defending a banking executive in the JPMorgan “London Whale” case, winning the firm a place for the sixth consecutive year on Law360’s Global 20 list.
An investor being sued by Raiffeisen Bank over its refusal to pay for a $120 million loan portfolio as part of a deal to acquire the Austrian lender’s shares in an Asian coal miner has said the bank made false representations over the status of collateral tied to the loans.
The European Parliament said on Tuesday that it will not separate the European Union’s list of non-cooperative tax jurisdictions and anti-money laundering deficient countries, as was proposed by the European Commission.
The Serious Fraud Office has landed another mixed result in its prosecution of several former Barclays and Deutsche Bank traders for manipulating Euribor, the latest in the white collar specialist's latest effort to hold individuals accountable for rigging key benchmark interest rates. Here, Law360 looks at the highlights of the SFO's long-running campaign.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
A recurring theme in taxation is the uncertainty that can arise when rapidly developing technology is subjected to current legal frameworks, which inevitably lag behind the curve. In this article, Will Egan and Graham Samuel-Gibbon of Taylor Wessing LLP review the United Kingdom's taxation of cryptocurrencies.
The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.
So far, U.K. regulators have taken a fairly cautious approach to regulating digital currencies and the use of distributed ledger technology. Fortunately, the U.K. government will likely provide regulators with a political mandate and legislative foundation to enable a stable and flourishing cryptocurrency sector, says Henning von Sachsen-Altenburg of PricewaterhouseCoopers LLP.
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
Recently, a multitude of regulators within the European Union have issued warnings on initial coin offerings of cryptocurrency tokens. However, until they start applying existing rules to ICOs or successfully develop new rules, the industry will remain relatively unregulated, say Bob Penn, Sarah Lewis, Matthew Fisher, Danilo Santoboni and Ulrike Schuster of Cleary Gottlieb Steen & Hamilton LLP.
The American Bar Association continues to oppose legislation that would impose certain European Union and U.K. anti-money laundering requirements on U.S. lawyers. The ABA should further consider its approach to this issue as there is a viable middle ground that protects privileged communications and confidential information while advancing the interests of the legal profession, says Matthew O’Hara of Freeborn & Peters LLP.
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
The U.K.'s Treasury Committee recently launched a new inquiry into digital currencies and distributed ledger technology. Regulation is undeniably needed in this area, but ultimately the government is trying to play catch-up with an established, if unpredictable, market, says Anna Gaudoin of WilmerHale.