Three London-based foreign exchange traders whom New York federal prosecutors accused of violating antitrust laws by teaming up to influence two key foreign exchange benchmarks asked a judge to dismiss the case against them on Friday, saying they did nothing wrong and shouldn’t have been charged.
A new bill giving the U.K. post-Brexit legal rights to impose, update and lift domestic sanctions and anti-money laundering measures will face line-by-line scrutiny Tuesday after senior Parliament figures criticized it for handing ministers too much power.
The European Securities and Markets Authority updated its guidance on the reporting obligations of banks and central counterparties on Monday, addressing industry confusion caused by technical standards that came into force this month.
The European Union decided Monday that Paris would be the new home of the European Banking Authority as the U.K.'s decision to leave the bloc forces the financial services regulator to relocate from its base on London's Canary Wharf.
Three men who ran a U.K. payday loan company have been disqualified from acting as directors for a combined total of 20 years after they used over £1 million ($1.32 million) in funds raised from a pension liberation scheme to pay off company debts, the U.K. government said Monday.
A U.K. High Court judge on Monday ruled in favor of Kazakhstani state-owned bank BTA Bank Joint-Stock Co. in its attempts to recoup over £1 billion ($1.3 billion) in funds allegedly misappropriated by its former chairman Mukhtar Ablyazov.
A former non-executive director of Lloyds Banking Group PLC told a court on Monday that it was one of the “worst moments” of his professional life when he realized the true state of HBOS PLC’s loan book, months after his bank’s board had approved a state-engineered acquisition of the stricken U.K. mortgage lender.
Britain’s banks and insurance firms will lose their right to passport services into the EU “as a legal consequence of Brexit,” the European Union’s lead negotiator said on Monday, as he appeared to dismiss any chance of a special deal for London’s financial sector.
European lawmakers agreed regulations designed to revitalize the bloc’s stagnant securitization market on Monday, including a last-minute rewrite to clarify rules on the use of self-certified mortgage loans in some debt products after lawyers and lobbyists voiced concerns.
The U.K.’s Financial Reporting Council announced on Monday that it has opened its third investigation since last year into Mitie Group PLC’s accounts, this time looking into the outsourcing and energy services firm’s 2015-16 financial statements.
Financial services firms and new technology startups hoping for a successful partnership will need to tackle legal and compliance issues before they can get off the ground, according to a report released Monday highlighting the common pitfalls and legal traps that can undo such partnerships at an early stage.
The last week has seen a consulting firm sue the shareholder rights group that challenged the Royal Bank of Scotland, Lehman Brothers' bankrupt European unit take on HMRC, and three reinsurers lodge a claim against Petroleos de Venezuela's captive insurer. Here, Law360 looks at those and other new claims in the U.K.
The Financial Conduct Authority warned banks and insurance firms on Friday that they will still face regulatory punishment for cybersecurity failures in their supply chain and that outsourcing compliance is not a credible defense.
The European Banking Authority announced Friday it has finalized the stress scenarios it will use to put banks to the test in 2018 in an EU-wide program to gauge the ability of institutions to meet requirements for their capital holdings during a crisis.
Credit rating agencies based in the European Union starting in 2019 will have to explain to regulators why they are endorsing a rating by an agency based outside the EU, as Europe’s top securities regulator set out new requirements on Friday.
The U.K. Financial Reporting Council announced on Friday that it will review the corporate reporting of financial firms over the next two years, focusing on the effects of Brexit and new standards that come into force in the new year.
Europe’s securities watchdog published its final report on new regulations for the €1 trillion ($1.2 trillion) money market funds sector on Friday, which will introduce stress-testing of liquidity and credit quality.
A High Court judge ruled in favor of Dana Gas bondholders in a high-profile legal judgment on Friday over the validity of $700 million of Islamic bonds issued by the United Arab Emirates energy company.
Television celebrity Noel Edmonds is planning to take legal action against Lloyds Banking Group PLC in a bid to claim as much as £300 million ($396 million) for losses he claims he suffered in a fraud scam carried out by former employees at the bank's HBOS unit.
U.K. Brexit negotiator David Davis denied on Friday that Britain is being inflexible in talks, blaming Germany and France for blocking progress in efforts to seal a future free-trade agreement between it and the European Union.
Blockchain technology holds great long-term promise in the syndicated loan market, but industry participants and regulators will first need to discuss how to properly regulate the technology. The conversation should focus in part on how to confirm the technology's security and how to address new ethical considerations, say Stephen Rutenberg and Robert Wenner of Polsinelli PC.
As the public’s interest in the topic of money laundering grows due to the ongoing special counsel investigation into the 2016 presidential election, now is an appropriate time to review the Federal Reserve's anti-money laundering enforcement actions. These actions have been a key part of the Fed’s enforcement strategy and will continue into the future, says Harry Dixon of Taylor English Duma LLP.
The principal money laundering offenses in the United Kingdom are not under reform, but a recent directive does introduce a number of important changes, including ramped up regulatory sanctions and a new criminal offense. Anti-money laundering compliance from now on is centered on a risk-based approach, says Louise Hodges of Kingsley Napley LLP.
The law relating to the taking of discovery directly from U.S. law firms is evolving in favor of disclosure when documents have been provided to third parties. Law firms must be vigilant in handling their clients' documents or face being responsible for producing them to third parties, say Steven Kobre and John Han of Kobre & Kim LLP.
Despite the advances of the European single market, there remains a confusing combination of EU and nation-specific rules governing the sale of fund products in Europe. Attorneys with Dechert LLP answer some commonly asked questions and explain how to sell alternative investment funds in the European Economic Area.
It was a privilege to spend a half-hour on the phone with the nation's foremost First Amendment lawyer. Floyd Abrams and I discussed his career, his new book and what he sees in his free-speech crystal ball. And he was a very good sport when I asked if it is constitutionally protected to yell inside a movie theater: “Citizens United is a terrible decision and should be set on fire,” says Randy Maniloff of White and Williams LLP.
Under the U.K. Criminal Finances Act 2017, the procedures for reporting suspicious financial activity have changed. Law firms, accounting firms and banks must now take on a more active role in identifying sources of information relevant to determining whether a money laundering offense has taken place, and must respond to information requests from other regulated firms, say attorneys with Dechert LLP.
The U.K. Criminal Finances Act 2017 introduces major changes to the regime for suspicious activity reports. To minimize the risk of serious business disruption, financial services firms, accounting firms and law firms doing business in the U.K. must be prepared to take a more considered approach to analyzing whether a suspicious activity report is genuinely required, say attorneys with Dechert LLP.
After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.
Early attention to the antitrust considerations of a given transaction can go a long way toward promoting the chances of a timely or early clearance. However, promoting a speedy and efficient review in the EU requires different procedures compared to when a U.S. filing is needed, say attorneys with Bryan Cave LLP.