The European Commission has concluded that share cancellations breach incoming money market funds rules, even though investors have argued that the fund value management tool performs a valid function, according to a letter published on Friday.
The last week has seen a distressed debt fund sue Hamilton Downing, an IT firm lodge a claim against Paysafe, and an insurance brokerage lodge a debt suit against an Africa-focused fixed income securities firm. Here, Law360 looks at those and other new claims in the U.K.
Barclays PLC will head to a London court later this month to defend its decision to shift its staff pension scheme into the riskier investment banking unit, which will be separated from the bank’s retail operations under new U.K. rules.
The U.K. data protection agency urged public sector leaders on Friday to promote accountability and deter staff from "box ticking" when Europe's formidable information rulebook takes effect in less than four months.
The decision to drop "bail-in" plans and sell Spain’s Banco Popular Espanol SA for only €1 ($1.25) in June 2017 to ward off bankruptcy, now being contested in Europe’s top court, was taken to avert a liquidity crisis, an authority for handling failing banks said Friday.
The Court of Appeal in London has refused to revive an investor's £1.2 million ($1.7 million) claim against spread-betting company IG Index Ltd., saying that the firm was not responsible for his losses when a bet on the share price of Royal Bank of Scotland PLC turned sour.
Banks will be required to warn customers who are teetering on the edge of an overdraft under new measures brought in by the Competition and Markets Authority on Friday.
The European clearing system has proved its ability to withstand multiple defaults by members and extreme market shocks in the latest round of stress-testing, the European Securities and Markets Authority said Friday — although it identified potential weakness at two central counterparties.
Four trade associations on Thursday outlined challenges the financial industry will face in changing financial market contracts and practices to reflect new risk-free overnight interest rates central bankers have called for in an effort to replace benchmarks that have been rocked by scandal.
European banks crafting their resolution plans should not assume central banks will provide liquidity, a European Central Bank official has warned.
The U.K. Court of Appeal on Thursday rejected an attempt by a European unit of Daiwa Securities Group Inc. to overturn a ruling saying that the company was negligent when it handed over $200 million of a customer’s funds to the client’s Saudi billionaire owner Maan Al Sanea.
A leading U.K. financial services lobby on Thursday revived its pitch for a unique deal giving banks and market players post-Brexit access to the European Union’s single market based on mutual regulatory recognition, responding to growing fears that financial services will be excluded from a future trade deal.
Parliament’s influential Treasury Committee on Thursday announced a broad inquiry into how banks treat small and medium-sized enterprises, a move that could lead to new regulation and changes in dispute settlement procedures to give businesses a fairer hearing.
Dana Gas PJSC suffered another setback in its protracted legal battle to have $700 million in Islamic bonds invalidated on Thursday when a High Court judge in London ruled again in favor of bondholders including BlackRock Inc., saying the purchase was valid.
The U.K.’s Financial Conduct Authority and the Prudential Regulation Authority have told a key parliamentary committee that their investigation into senior managers at HBOS PLC has had its "challenges" because the events happened years before.
A new European Union body established to promote the use of blockchain technology will help guide policies for regulating its use in financial services and markets, senior EU officials said Thursday.
A Luxembourg investment fund trade group has hit out at the European Union’s proposal to extend the supervisory powers of its securities watchdog, saying oversight by national regulators already does enough to protect investors and markets.
The Financial Conduct Authority has tapped agency veteran Nausicaa Delfas for a newly created position as executive director of international affairs, putting her in charge of shaping the FCA’s role on the regulatory stage once Britain exits the European Union.
The insurance industry has attacked plans to make it foot a portion of the bill for the U.K.’s bankruptcy compensation scheme to cover customers of insurance brokers, saying the Financial Conduct Authority’s proposals “defied logic.”
Barclays Bank PLC and Citigroup have joined with Deutsche Bank AG in urging a New York bankruptcy court to prevent Lehman Brothers Holdings Inc. from issuing preferred stock to substitute the banks’ potentially more valuable interests in Lehman debt, saying the defunct firm’s Chapter 11 plan prohibits the move.
Since the vote to leave the EU, ending the jurisdiction of the Court of Justice of the European Union has been the U.K. government's redline position. On the other hand, the EU has pressed hard to maintain the role of the CJEU as the guarantor of EU citizens' rights, say Cyrus Benson and Ceyda Knoebel of Gibson Dunn & Crutcher LLP.
The prosecution of HSBC’s former global head of foreign exchange spot trading — whose trial began on Monday in the Eastern District of New York — will test whether the government can turn sharp dealing and deception in the unregulated institutional spot forex market into criminal fraud, says Scott Schirick of Pryor Cashman LLP.
One way that contractors and subcontractors limit liability is through the use of exclusion clauses in a contract. Two recent U.K. cases involving the interpretation of such clauses make for interesting reading, particularly for institutions that may be seeking to claim back costs relating to poorly installed materials or unsafe systems, says Iain Campbell of Hill Dickinson LLP.
The increasing attention to Libor's phaseout is sending a strong signal to derivatives markets and derivatives market participants to prepare for this major financial change. The phaseout will also raise intriguing regulatory issues, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Last month, the U.K. government announced its plan to implement a data protection bill that will avoid disadvantageous divergence with the EU's data protection regime. Companies in the U.K. should take this opportunity to clean up their data protection practices, and may need to look at other protective measures depending on the U.K.'s data protection adequacy, say Sarah Delon-Bouquet and Roman Madej of Bryan Cave LLP.
The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.
Responding to regulatory requests is a normal part of a bank’s operations, but a poorly written or confusing response may cause an agency to make assumptions about a bank that are not true. Tilcia Toledo of FTI Consulting Inc. offers 10 ways financial institutions can avoid sending negative messages in their responses.
In Chesterton v. Nurmohamed, a U.K. appeals court recently found that disclosing a breach of a worker's contract may satisfy the public interest requirement for whistleblower protection if a sufficiently large number of other workers are affected. This decision may cause some concern for well-known employers, say Emma Vennesson and Katherine Newman of Faegre Baker Daniels LLP.
As judges become better educated about the complexities of collecting electronically stored information, in particular the inefficacy of keyword searching, they are increasingly skeptical of self-collection. And yet, for many good reasons (and a few bad ones), custodian self-collection is still prevalent in cases of all sizes and in all jurisdictions, says Alex Khoury of Balch & Bingham LLP.
It’s safe to say that while demand ebbs and flows for legal services, there will never be a shortage of opinions about lateral partner hiring, which is positive for the industry, as anything with such vital importance to careers should attract significant attention. However, there is a unique mythology that travels with the discussions, says Dan Hatch of Major Lindsey & Africa.