A London court has dismissed the first challenge to new "dirty money" powers that allow British authorities to force wealthy people to explain how they obtained their riches if the wealth is suspected to be the proceeds of crime, but lawyers are unsure how effective the new enforcement tool will be.
The Council of the European Union adopted a new regulation Tuesday aimed at improving controls on cash entering and leaving the bloc, in Europe’s latest attempt to crack down on money laundering and terrorist financing.
The head of the Commodity Futures Trading Commission on Monday unveiled a plan to overhaul the agency's role in reviewing cross-border swaps, proposing a new system that would hand more control over to "competent" regulators outside the U.S. with comparable regulatory frameworks.
New policies designed to tackle the buildup of nonperforming loans on European banks' balance sheets should be tied to clear and straightforward intermediate objectives, an advisory body to the European Union’s systemic risk watchdog said Monday.
Financial services firms are speeding up job relocations from the U.K. to other European locales as Brexit approaches with no sign of Britain reaching an agreement, according to data released by EY on Monday.
Overlapping demands contained in the Europe Union’s controversial disclosure rules for investment products could discourage investors from using reports meant to distill the risks and benefits of offerings within the bloc’s $11 trillion fund market, regulators said Monday.
UBS Group AG and The Royal Bank of Scotland Group PLC successfully avoided a class action that accused them and 10 other banks of boycotting a firm’s interest rate swaps platform, when a New York federal judge on Friday dismissed them from the suit on jurisdictional grounds.
A senior Financial Conduct Authority executive urged policymakers and regulators on Monday to rigorously test market interventions before they implement them, warning that even the most well-intentioned actions can fail if they are not subjected to a tough trial process.
A senior French market regulator said Monday that major changes will need to be made to European transparency rules after the U.K. leaves the European Union in March 2019.
A commodities trader suing Royal & Sun Alliance Insurance PLC for up to $19.1 million has accused the U.K. insurer of breaching Financial Conduct Authority rules by failing to clarify the terms of a partial payment made toward alleged losses on two shipments of sugar.
The head of Britain’s Financial Conduct Authority has said he will support the launch of a new independent financial services tribunal that could give businesses their “day in court” when they are in dispute with their banks.
Tesco Bank has been fined £16.4 million ($21.4 million) for failing to protect its customers against a “foreseeable” cyberattack in 2016, the Financial Conduct Authority said Monday.
The government’s Libor-rigging case against two former Deutsche Bank traders has suffered setbacks in recent days, after a routine witness put on to authenticate documents admitted signing an untrue declaration, which led to harsh words from a federal judge to prosecutors and the exclusion of a swath of trading data from coming into the case.
The last week has seen a Toys R Us property unit sued by the firms behind its £263 million bridge loan, XL Catlin lodge a claim against a commercial motor insurance specialist and an action on behalf of Lloyd's underwriters against QBE Insurance.
An industry group set up by the Payment Systems Regulator asked for views Friday on a draft voluntary code that when finalized would require signatory banks to introduce tougher procedures on customer authentication and reimburse customers that are tricked into sending money to fraudsters.
Fried Frank Harris Shriver & Jacobson LLP has added a former Freshfields Bruckhaus Deringer LLP attorney to its London office to head up its Europe, Middle East and Africa transactions team.
Louise Thorpe oversees the worldwide privacy program at credit card giant American Express. Here, she talks to Law360 about how the company can keep the trust of its more than 100 million cardholders across the globe, and how companies should treat customers in the era of GDPR.
FM Capital Partners Ltd. on Friday attempted to block a bid to scrap an $11.25 million freeze on the assets of a banker who helped the U.K. asset manager’s former chief executive funnel money away from the firm.
Europe’s top securities regulator floated new proposals on Friday for conducting stress tests on money market funds, which are being asked to establish common parameters for gauging the impact of difficult market conditions.
An English appeals court concluded Friday that KPMG LLP can't face judicial review over its role in denying a Barclays Bank PLC client compensation over the misselling of interest rate hedging products because the auditor was not acting in a public function.
The Competition and Markets Authority said Friday that it is to investigate a “super complaint” alleging that financial services firms are overcharging long-standing customers as it expands regulatory scrutiny of whether banks and insurers are penalizing consumers who do not switch accounts.
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.
The European Parliament recently voted in favor of the fifth money laundering directive, 5MLD, which creates stricter rules and increases transparency around financial transactions and legal entities. 5MLD will create uniformity across the European Union and close any possible loopholes that may have existed previously, say Keily Blair and Andrea Holder of PricewaterhouseCoopers.
Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.
The U.K. Court of Appeal recently ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition. The decision demonstrates the difficulty of challenging a nondefaulting party's valuation, provided that its process is reasonable, say attorneys at Signature Litigation LLP.
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.