A U.K. appeals court's recent broad take on the protections legal privilege offers companies against demands from government prosecutors in a dispute over a Serious Fraud Office probe re-enshrines the confidentiality at the heart of the attorney-client relationship and offers comfort to multinationals facing cross-border investigations.
The U.K. government has published its vision for a future payments partnership with the European Union, which it said will allow British firms to execute euro payments quickly and cheaply after Brexit.
The U.K. pensions regulator has appointed a senior official from the Financial Conduct Authority as its new executive director of strategy and risk as it prepares to embed its own staff with pension schemes and provide tougher regulatory scrutiny.
The European Union’s securities watchdog warned on Thursday that risks to investors across the bloc remain “very high” because of political and economic uncertainty caused by issues such as Brexit, which have led to spikes of volatility in the European securities markets during the first half of 2018.
The chairman of the top U.S. derivatives regulator wants to stop a yearslong practice of agency “overreach” with regard to the global swaps market, calling the Obama-era guidelines outdated now that other countries have established their own rules.
The Second Circuit on Tuesday declined a request by Bank of America Corp. and JPMorgan Chase to scrutinize Manhattan U.S. District Judge Naomi Reice Buchwald's certification of a class of investors allegedly damaged to the tune of $50 billion by London Interbank Offered Rate rigging.
A London-based financial adviser is suing Oxford Insurance Brokers Ltd. for breach of contract and professional negligence, alleging the broker missed multiple opportunities to make sure its insurer was aware of its exposure to the collapsed Connaught Income Fund.
White & Case LLP has landed Royal Bank of Scotland's former head of litigation for its London disputes team, a move the firm said Tuesday was designed to add attorneys experienced with the biggest enforcement efforts to roil the financial services industry.
An investment firm in the U.S. urged a judge at the High Court in London on Wednesday to give it a quick win in its suit against Essar Group as it attempts to enforce a U.S. ruling against the multinational conglomerate, whose Minnesota-based steel-making subsidiary has defaulted on a $450 million loan.
The High Court in London has asked Denmark's judicial authorities to compel evidence from a former employee of U.S. invoice provider Tradeshift about a contract the firm signed with a Danish payment services company in 2013 that is now at the heart of a court dispute between the two parties.
The Financial Conduct Authority announced on Wednesday that it has hired a senior director from the Competition and Markets Authority to head its antitrust unit, cementing increased cooperation between the two U.K. regulators.
Take-up for financial robo-advisers remains sluggish across the Europe Union’s banking, insurance and securities industries, three major regulators said Wednesday, adding that predicted risks around the high-tech industry have failed to materialize.
Two thirds of U.K. firms do not have insurance cover for security breaches and the data loss they cause, a survey revealed on Wednesday, highlighting concerns about data protection after a series of high-profile attacks and breaches.
Discrepancies between insolvency regimes in countries across the European Union are harming the bloc’s rules for dealing with failing lenders and undermining its banking union project, the Single Resolution Board warned on Wednesday.
A London appeals court ruled Wednesday that documents prepared for international mining company ENRC during an internal investigation are protected by legal privilege, rejecting the Serious Fraud Office's efforts to demand the materials for a criminal corruption and bribery probe.
A group of now former Akin Gump Strauss Hauer & Feld LLP attorneys comprising roughly half the firm's Moscow office have decided to strike out on their own to form a new law firm based in the Russian capital in light of trans-Atlantic "geopolitical tensions," the group said Wednesday.
Three London-based foreign currency exchange traders due to stand trial next month on antitrust charges for allegedly colluding to manipulate benchmark rates argued on Tuesday that prosecutors should turn over communications between the U.S. Department of Justice and foreign governments regarding potential charges against a cooperating witness.
Megabanks Bank of America and JPMorgan Chase asked the Second Circuit on Tuesday to examine Manhattan U.S. District Judge Naomi Reice Buchwald's certification of a class of investors allegedly damaged to the tune of $50 billion by Libor rigging, but one appellate judge seemed reluctant to take the case out of the hands of the judge who crafted the complex decision.
Five people were sentenced on Tuesday in a London court to a total of more than 17 years in prison for their roles in a series of boiler room scams that used high-pressure sales tactics to swindle £2.8 million ($3.59 million) from more than 170 investors, many of whom were elderly or vulnerable.
Tougher penalties for crimes including credit card and virtual currency fraud, including a maximum prison term of at least three years, have been approved by a European parliamentary committee in a move to protect consumers from cyberattacks and online scams.
Bank of England Governor Mark Carney indicated on Tuesday that he would be willing to extend his term beyond his mid-2019 departure date to help guide a regulatory transition after Britain's departure from the European Union on March 29.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
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.
Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.
The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.
Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.
The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.
Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.
While the broad theoretical considerations that are relevant to an economic assessment of whether a merger is likely to reduce innovation are undisputed, the European Commission's interpretation of the relevant economic literature in recent mergers is contentious, say economists at Cornerstone Research.
Earlier this year, U.K. Business Secretary Greg Clark announced that a public register containing details about owners of overseas companies that buy or own property in the U.K. will be made available by early 2021. While the true impact of the new register is difficult to predict, it is clear that the days of anonymous property ownership are over, say Simon Airey and Joshua Domb of Paul Hastings LLP.
U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.