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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.”
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.