The Financial Conduct Authority will have to review its handbook when Britain leaves the European Union, minutes from the U.K. watchdog's most recent board meeting reveal, but it will limit the number of rule changes it makes in the run-up to Brexit.
Tax advisers will have to tell European Union authorities about avoidance schemes they market from 2020 under a law passed unanimously by the bloc’s finance ministers Tuesday.
European finance ministers on Tuesday failed to agree on terms for a major package of reforms designed to reduce risk in the European banking sector and have pushed back further discussions until May.
Former Barclays PLC trader Alex Pabon lost his attempt to have a British appellate court toss his conviction for rigging Libor on Tuesday as judges rejected his claim that a key prosecution witness who testified at his trial lacked credibility.
Allowing central banks to distribute their own digital currencies could create serious new risks for financial markets and destabilize traditional lenders, a comprehensive report from a banking standards setter has warned.
Santander Group continued on Monday to deny having operated a tax shelter in the United Kingdom over a year after the First Circuit ruled the questionable trust's “whole function” was generating foreign tax credits.
A New York federal judge on Monday denied a bid by several major banks to dismiss a proposed class action accusing them of a conspiracy to rig benchmark foreign exchange rates, finding that the retail foreign currency buyers behind the suit had succeeded in pleading antitrust injury in their third crack at amending their complaint.
A U.K. appeals court ruled Friday that the National Bank of Greece (Cyprus) Ltd. can enforce a €3.5 million ($4.3 million) loan payment against a Cypriot national, finding that it had no reason to grant the woman’s request to extend the deadline to challenge a High Court decision allowing the bank to demand payment.
European Union member states' governments have reached a final position on draft laws to tackle credit card and virtual currency fraud and are ready to negotiate with the European Parliament, they announced Friday.
Swiss fund house GAM announced Monday that it has hired a lawyer from the U.K.’s Financial Conduct Authority to take on the new role of group head of compliance.
U.K. law firm Macfarlanes LLP has poached a partner from Eversheds Sutherland to spearhead the corporate crime and investigations practice in its disputes and investigations team.
The leading international policy forum for securities regulators spelled out on Monday what regulators and financial firms should do to help stop senior citizens losing money to fraud or being misled by financial advisers.
Carillion PLC has come under fire from a senior politician for requesting a £10 million ($13.8 million) government bailout in January, just one day after the construction giant paid out £6.4 million to lawyers and accounting firms including PricewaterhouseCoopers and KPMG.
The European Commission urged European Union nations on Monday to speed up the adoption of plans for a unified capital market before Britain leaves the bloc, laying out a proposal for shared rules for one of the region's largest debt markets and measures to ease cross-border investments.
Following the High Court’s approval of Barclays’ plan to place its pension scheme within its investment banking arm, the U.K. pensions regulator told Law360 on Friday that it will “not hesitate” to act against the bank if problems emerge.
The last week has seen a BMW plant lodge a commercial fraud claim against Barclays, another dispute between Barents Re and Petróleos de Venezuela's captive insurer and AXA take on a rival private health insurer.
Credit Suisse AG has demanded Gama Aviation (U.K.) Ltd. hand over a private jet which the Swiss lender says it is owed, denying that it must pay the aircraft services company $1.5 million in security to release the aircraft and its records.
The head of the European banking regulator resisted calls for cryptocurrencies to be brought within the full scope of financial regulation on Friday, saying he was “yet to be convinced” by arguments from central bankers, and called instead for a “nuanced” approach.
A South African investment fund is suing a Canadian export credit agency and a special purpose vehicle that had leased it an aircraft, saying it had not defaulted on a loan and that the SPV was wrong to terminate the hiring arrangement.
Barclays won approval from the High Court in London on Friday for plans to place its 230,000-member pension scheme within its investment banking arm under new ring-fencing rules due to take effect in 2019.
Despite early indications that the U.K.'s Financial Conduct Authority and the European Securities and Markets Authority would require investment firms' clients to obtain legal entity identifiers by Jan. 3, regulators have now extended the deadline by six months. There is no extra credit for timely compliance, but in the long term, noncompliant entities cannot sit back and do nothing, say Keily Blair and Andrea Holder of Pricewaterh... (continued)
France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.
Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.
This year, the revised Payment Services Directive takes effect in the EU, providing the legal framework for open banking, which is intended to encourage competition in the retail banking sector by enabling customers to consent to allowing third parties safe and secure access to their current accounts, says Neil Warlow of JLT Specialty.
Blockchain's growth next year is unlikely to match its 2017 growth, but 2018 may well be a much more impactful year in the blockchain and cryptocurrency space. Emerging themes and initiatives include smart contracts, state-backed cryptocurrencies and the maturation of the initial coin offering market, says Austin Mills, head of the blockchain and cryptocurrency group at Morris Manning & Martin LLP.
The European Commission's long-awaited guidance on litigating and licensing standard-essential patents clarifies what conduct may insulate an SEP owner from abuse claims under competition law, in sharp contrast to the U.S., where the Federal Trade Commission and U.S. Department of Justice have declined to adopt any views on the subject, say Edward Kelly and Regina Sam Penti of Ropes & Gray LLP.
For many female attorneys, the results revealed in the New York State Bar Association’s recently adopted report on female litigators in the courtroom were not encouraging but not terribly surprising. Each stakeholder in the litigation process — judges, law firms and corporate clients — should contribute toward increasing female voices in the courtroom, says Carrie Cohen of Morrison & Foerster LLP.
This has been a year of critical mass for legal tech and a transformative year for the legal industry as a whole. We also witnessed increased collaboration between legal tech companies and more traditional players, says Nicole Moriniere of Lexoo.
In the final part of this series about the General Data Protection Regulation, attorneys at Gibson Dunn & Crutcher LLP explain the stringent restrictions placed on cross-border data transfers to countries outside of the European Union, various compliance mechanisms and penalties, and potential deviations in implementation among EU member states.