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Financial Services UK

  • December 4, 2018

    EU Mulls Post-Brexit Clearinghouse Supervision Changes

    European Union member states have agreed to a set of proposals on how to approach the supervision of EU and third-country clearinghouses after Brexit, the European Council has announced.

  • December 4, 2018

    FCA Fines Former CEO Of Bangladeshi Bank

    The Financial Conduct Authority said Tuesday that it has hit the former chief executive of the U.K. subsidiary of a Bangladeshi-state owned bank with a fine of over £76,000 ($97,000), pending an appeal, for his involvement in a breach of anti-money laundering safeguards by the firm.

  • December 4, 2018

    MasterCard Facing $650M Fine In EU Swipe Fee Probe

    MasterCard Inc. said Tuesday it expects to see a $650 million fine from Europe's antitrust enforcer as it nears a deal to wrap up the watchdog's investigation over fees charged to European-area retailers that accept tourists' credit and debit cards.

  • December 4, 2018

    FCA Records Flood Of Inquiries About Pension Scams

    The number of inquiries about pensions fraud leaped fivefold after two U.K. regulators launched a joint campaign to raise awareness of the problem, the Financial Conduct Authority said Tuesday.

  • December 4, 2018

    168 Arrests Made In Global 'Money Mule' Sting, Europol Says

    One hundred and sixty eight arrests have been made across Europe as part of a global swoop on money laundering "mules," the European Union’s police agency Europol announced Tuesday.

  • December 4, 2018

    EU Adopts Action Plan To Tackle Money Laundering

    The European Council said on Tuesday that it has adopted non-legislative measures to tackle money laundering and terrorist financing within the bloc, including plans to map out risks and counter them with prudential supervision, after a string of recent failings by Europe’s banks.

  • December 4, 2018

    Investor Can't Avoid Suit Over BNY's Kazakh Assets Freeze

    A judge at a London court rejected on Tuesday an attempt by a Moldovan businessman to avoid a lawsuit brought against him and BNY Mellon by the Republic of Kazakhstan, ruling that the case concerns a “serious issue” that must be tried in court with all parties present.

  • December 4, 2018

    MEPs OK Rules To Speed Access To Crooks' Bank Accounts

    New rules that will give police and intelligence agencies better access to financial information across borders to help them investigate serious crime or terrorism have been approved by a European parliamentary committee.

  • December 4, 2018

    EU Ministers Approve Rules To Protect Failing Banks

    The European Council said on Tuesday that the bloc’s finance ministers have approved a package of rules aimed at protecting the banking sector, including measures to strengthen the Eurozone’s bailout fund and setting up an insurance fund for winding down failing banks.

  • December 4, 2018

    UK Can Unilaterally Reverse Brexit, ECJ Adviser Says

    Britain can unilaterally revoke its decision to withdraw from the European Union before the end of the exit agreement with no conditions, a senior legal adviser at the EU's highest court concluded on Tuesday.

  • December 3, 2018

    Traders Conspired Over Sham Cargo Docs: Singapore Bank

    Oversea-Chinese Banking Corp. Ltd. is seeking $16.3 million in damages from a commodities exporter for allegedly using bogus documents to receive payment from Deutsche Bank in London for a trade deal, the Singapore-based bank said in its U.K. lawsuit.

  • December 3, 2018

    FCA's Bailey Denies Political Pressure Over Brexit Letters

    Andrew Bailey, the chief executive of the Financial Conduct Authority, on Monday denied claims that the watchdog had come under government pressure to warn banks to slow down the pace of their Brexit relocation plans.

  • December 3, 2018

    $182.5M Euribor Deal Won't Get OK'd Without Atty Fee Info

    A New York federal judge on Friday said he will not grant preliminary approval for a $182.5 million settlement between investors JPMorgan Chase & Co. and Citigroup over claims of a conspiracy to manipulate the Euro Interbank Offered Rate without first seeing what the investor's counsel intends to seek in attorneys' fees.

  • December 3, 2018

    East African Bank Seeks $13.6M From Kenyan Pol In UK Court

    An African development bank has launched legal proceedings in the U.K. against a high-end Kenyan restaurant and its owner, who is also a politician, seeking to claw back $13.6 million it says it is owed in loan repayments.

  • December 3, 2018

    Manx Fights Attempt By Funds To Dodge RBS Litigation Costs

    A firm that represents Royal Bank of Scotland shareholders who struck a £200 million settlement with the bank over its rights issue has said a group of institutional investors cannot use the alleged negligence of the company that originally managed the claim to avoid financing the litigation.

  • December 3, 2018

    UK Nixes Proposals For New Bank Disputes Tribunal

    The government has rejected proposals by lawmakers for the creation of a specialized dispute resolution tribunal to allow larger businesses to settle grievances with financial services firms, correspondence released by HM Treasury on Monday revealed.

  • December 3, 2018

    14-Year Ban For Investment Scheme Boss Who Misled Clients

    The director of two companies that claimed to offer investments in gold and diamonds has been banned from acting as a company director for 14 years after taking at least £570,000 ($725,000) from consumers who were "seriously misled," the Insolvency Service announced Monday.

  • December 3, 2018

    Yacht Owner Denies Qatar National Bank's €5M Claim On Ship

    Force India Ltd. has argued that Qatar National Bank is not entitled to take control of one of its luxury yachts as it seeks to recover €5.2 million ($5.9 million) in outstanding loan payments, because they signed an agreement stipulating that any sale of the vessel must be done “voluntarily.”

  • December 3, 2018

    ECB Takes ‘Meet Or Explain’ Stance On Cybersecurity Rules

    The European Central Bank told companies that process and settle payments on Monday that they must meet its regulatory expectations on cybersecurity or explain why they are not doing so, as businesses in the sector complain that the measures are too demanding.

  • November 30, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen HSBC's private bank unit hit with an action from nearly 250 claimants, Dutch bank ABN Amro sue more than a dozen insurers and Aviva's health unit take on the Saudi Arabian embassy and government. Here, Law360 looks at those and other new claims in the U.K.

Expert Analysis

  • 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.

  • UK Seeks To Balance Asset Protection And Protectionism

    William Charnley

    In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.

  • Is It Time To Prosecute UK Cos. For Human Rights Violations?

    Andrew Smith

    The idea of holding companies criminally liable for human rights abuses committed overseas has gained traction over the past decade. Though the U.K. government has made it clear that it has no immediate plans for further legislation in this area, calls for corporate criminal liability are only likely to get louder, say Andrew Smith and Alice Lepeuple of Corker Binning.

  • 6 Trends Will Shape Future International Commercial Disputes

    Cedric Chao

    The world of international litigation and arbitration tends to move slowly — however, I expect the pace of change to accelerate in the coming decade as six trends take hold, says Cedric Chao, U.S. head of DLA Piper's international arbitration practice.