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Financial Services UK

  • May 4, 2018

    Singapore Exchange Taps UK Tech Startup For FX Trading System

    The Singapore Exchange has asked a London-based startup to provide its blockchain-based technology to more effectively process and record foreign exchange trades, the companies announced on Friday.

  • May 4, 2018

    Miner Fights Fund Manager's $6.6M Suit Over Axed Loan

    A gold mining company has argued in new court documents that it acted lawfully when it abandoned a proposed $55 million secured finance facility with one lender in favor of another as it fights a damages suit filed at a London court by the firm that set up the original deal.

  • May 4, 2018

    HSBC Sets Aside $897M To Cover US Misconduct Claims

    HSBC Holdings PLC said on Friday it has set aside $897 million from its first-quarter earnings to cover potential legal costs and fines from pending misconduct cases, including an investigation by the U.S. Department of Justice into the sale of residential mortgage-backed securities more than a decade ago.

  • May 4, 2018

    FCA Plans To Help Borrowers Escape Bad Mortgage Deals

    The Financial Conduct Authority said on Friday it wants to make it easier for thousands of "mortgage prisoners" to escape bad deals and suggested relaxing rules to make it easier for consumers in the U.K. to switch providers.

  • May 4, 2018

    Simmons Opens Dublin Office With Finance Atty Hires

    International law firm Simmons & Simmons LLP said its Dublin office is open for business as it plans to welcome 10 partners and 30 extra staff over the next three years, allowing it to continue to serve asset management and investment fund clients after Brexit.

  • May 4, 2018

    Step Up Market Abuse Reports, UK Financial Services Body Tells Firms

    Financial services firms and trading venues should report suspicious activity that could constitute insider dealing or market manipulation to regulators "without delay," a U.K. financial services standards-setter said on Friday.

  • May 4, 2018

    Bank Insists £7M Yacht Finance Deal Was Sharia-Compliant

    A major U.K.-based Islamic bank has rejected assertions by a leisure company at a London court that the terms of a deal worth £7.3 million ($9.9 million) to finance a 40-meter yacht were not compliant with Sharia law and insisted that it was within its rights to chase the company after it missed payments.

  • May 3, 2018

    Brexit Can Boost UK Financial Services, Think Tank Claims

    Brexit could provide an opportunity to strengthen domestic and global financial services and insurance markets and improve the flow of capital around the world if the U.K. commits to making its regulation more competitive, a free-market think tank said on Friday.

  • May 3, 2018

    Euribor Trader Chats Were Largely Unmonitored, Jury Hears

    Barclays PLC and Deutsche Bank AG carried out minimal monitoring on their traders’ communications leading up to and during the financial crisis, two former executives from the banks said Thursday amid questioning at the London trial of five traders charged with rigging the Euro Interbank Offered Rate.

  • May 3, 2018

    ECB Suggests Pan-EU Agency To Fight Money Laundering

    A pan-European Union agency to fight money laundering through the bloc's financial system might be the way to ensure that national regulators proactively and speedily report suspected cases, a senior member of the European Central Bank said in a letter to the European Parliament on Thursday.

  • May 3, 2018

    Global Regulators Find CCPs Lag On Risk, Recovery Planning

    Two international standard-setting bodies warned on Thursday that central counterparties’ failure to implement risk management and recovery planning measures are “serious issues of concern” and warrant “immediate attention.”

  • May 3, 2018

    UK Lawmakers Urge Gov't To Move On Post-Brexit Disputes

    The U.K. government must quickly propose a mechanism for dispute resolution and enforcement after Brexit to deal with disagreements over subjects such as cross-border financial payments, members of the Upper House of Parliament said Thursday.

  • May 3, 2018

    Danske Bank Ordered To Hike Capital Buffer After AML Fail

    Denmark's Financial Supervisory Authority criticized Danske Bank on Thursday over “serious weaknesses" in its money laundering defenses and ordered the bank to stock up its capital buffer as a precaution after an investigation into senior staff involved with the firm's Estonian branch.

  • May 2, 2018

    Top UK Court Asked To Hear Landmark RBS Libor Swap Case

    Counsel for Property Alliance Group confirmed Wednesday it has sought permission from the U.K.'s Supreme Court to appeal certain aspects of a Court of Appeal decision dismissing its landmark £30 million swaps misselling case against Royal Bank of Scotland PLC.

  • May 2, 2018

    Cyber Drills To Offer Key Insight Into Bank Security, ECB Says

    The European Central Bank said Wednesday it has designed a first-of-its-kind framework for testing the cyber resiliency of financial firms that will offer insight into their cyber defenses and allow them to better prepare for potential attacks.

  • May 2, 2018

    Slaughter & May Tapped To Probe IT Fiasco At TSB, MPs Told

    The chairman of TSB PLC told members of Parliament on Wednesday that the bank has tapped law firm Slaughter & May to conduct an investigation into an IT meltdown that left thousands of customers with no access to their accounts and some claiming that their personal data had been compromised.

  • May 2, 2018

    UK Likely To Force Territories To Publish Co. Data

    The U.K.'s 14 semi-independent overseas jurisdictions will likely have to set up public registers of beneficial corporate owners before the end of 2020 after the British government on Tuesday accepted an amendment to the Sanctions and Anti-Money Laundering Bill.

  • May 2, 2018

    Counterclaim Lodged In Scrap Over Jet Lease, $40M Loan

    Export Development Canada and a leasing vehicle have hit back at claims by a South African investment fund that they were wrong to terminate an aircraft lease, filing a defense and countersuit listing alleged breaches of the agreement, including the fund’s links to corruption allegations.

  • May 2, 2018

    Latham Adds Financial Regulation Partner From Linklaters

    Latham & Watkins LLP announced Wednesday that it has snagged a partner from Magic Circle firm Linklaters LLP, bringing his more than two decades of international experience to its financial regulatory practice.

  • May 2, 2018

    Grant Thornton Avoids £49M Liability For Lender's Losses

    Grant Thornton cannot be held liable for around £49 million ($66.7 million) in losses suffered by Manchester Building Society on interest rate swaps used by the lender to hedge its mortgage portfolio, a judge at the High Court in London said Wednesday.

Expert Analysis

  • What Open Banking Has In Store For Wealth Managers

    Neil Warlow

    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.

  • What To Expect From Blockchain In 2018

    Austin Mills

    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.

  • Comparing EU And US Standard-Essential Patent Guidance

    Edward Kelly

    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.

  • Hearing The Need For More Women’s Voices In The Courtroom

    Carrie Cohen

    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.

  • Legal Technology In 2017: Trends And Implications

    Nicole Moriniere

    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.

  • A GDPR Primer For US-Based Cos. Handling EU Data: Part 2

    Caroline Krass

    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.

  • ESMA Guidance Creates Questions For EU Exchanges

    Thomas Donegan

    The European Securities and Markets Authority has published a dubious interpretation requiring exchange members of EU exchanges to be locally regulated if they provide clients with access to the exchanges. This directly conflicts with the U.K.'s regulators and Parliament and creates potential issues in other countries such as Germany, says Thomas Donegan of Shearman & Sterling LLP.

  • A GDPR Primer For US-Based Cos. Handling EU Data: Part 1

    Caroline Krass

    While many U.S. companies have already begun work on complying with the General Data Protection Regulation, it has such a long reach that it may encompass many organizations that would not ordinarily expect to be subject to European data privacy laws, say attorneys at Gibson Dunn & Crutcher LLP.

  • Keeping Your Law Library Relevant In The Age Of Google

    Donna Terjesen

    Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.

  • UK Merger Control Regime Is More Than Just Voluntary

    Douglas Lahnborg

    The United Kingdom has a voluntary merger control regime, and many companies choose not to notify transactions to the Competition and Markets Authority. However, it may be preferable to notify the CMA of an anticipated merger in order to avoid seriously disruptive initial enforcement orders, say Douglas Lahnborg and Saira Henry of Orrick Herrington & Sutcliffe LLP.