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.
A day trader accused by the Financial Conduct Authority of insider dealing told a London jury on Wednesday that his friendship with the former UBS AG compliance officer he is facing trial alongside was strictly social, denying allegations they spoke about upcoming company mergers.
European Union banks have cut the amount of toxic loans on their books to €820 billion ($930 billion) and raised provisions for dealing with bad debts, the European Commission said Wednesday, while calling for further efforts to compete the bloc’s capital markets rulebook.
Britain’s seven major lenders have passed the Bank of England’s annual evaluation of their capital holdings and could continue to meet borrowers’ demands even at a time of “very severe stress,” the central bank said Wednesday.
Danish prosecutors have filed preliminary charges against Danske Bank over allegations that it violated the country’s anti-money laundering legislation as billions of euros in transactions passed through its Estonian branch, the lender said Wednesday.
The U.K.’s antitrust enforcer indicated Wednesday that it could block the planned £275 million ($350 million) merger between credit data company Experian PLC and rival ClearScore, which it said would stifle competition and innovation.
The U.K. Financial Conduct Authority on Tuesday delayed launching an inquiry into how companies judge consumers’ credit histories until June, so that it can focus instead on whether general insurers are overcharging loyal customers.
The global standard setter for derivatives trading said Tuesday it is close to finalizing the technical adjustments needed to make sure derivatives contracts remain valid if regulators stop recognizing legacy interest-rate benchmarks.
Greenberg Traurig LLP announced that a former Goodwin Procter LLP partner experienced in the tax aspects of real estate transactions and investment funds has joined the firm as a partner in its London office.
Capital markets firm Exotix Partners LLP defended its handling of a Peruvian government bond deal with Lehman Brother's European unit, disputing during a London trial Tuesday allegations from the defunct investment bank's administrators that it breached a contract by profiting from a trading error.
A day trader accused of insider dealing told a London jury on Tuesday that he refused to comment in an interview with the Financial Conduct Authority because he did not trust the U.K.’s financial services watchdog.
The U.K.’s Financial Conduct Authority said Tuesday it has permanently canceled the authorization of Larksway Investments Ltd. because the insurance broker failed to comply with an award made by Britain’s financial ombudsman.
The Financial Reporting Council announced Tuesday that it has halted a formal complaint against the former chief financial officer of a U.K. software company as it awaits the outcome of his planned appeal against fraud convictions in California.
The European Court of Justice heard detailed arguments on Tuesday about whether the U.K. can unilaterally reverse the process of leaving the European Union, in a case that campaigners hope could help to keep Britain in the bloc.
The FCA said Tuesday it is “deeply concerned” about the increasing number of technology outages hitting financial services companies, and cautioned that some businesses appear too confident about their ability to manage IT risks.
A New York federal judge on Monday dismissed the bulk of claims against all defendants except Morgan Stanley in a proposed class action against 15 major banks and two brokers for allegedly manipulating the price of derivatives based on an Australian benchmark interest rate.
Russia on Monday was ordered by an international tribunal to pay one of Ukraine's largest banks $1.1 billion for expropriating its assets in Crimea following its 2014 takeover of the peninsula.
Britain’s competition authority announced Friday it has opened an initial investigation into Nasdaq’s planned $190 million purchase of Cinnober Financial Technology, saying the proposed deal could substantially shrink competition in the U.K. market.
Prosecutors in Germany have conducted a second raid at the offices of Freshfields Bruckhaus Deringer LLP in Frankfurt as part of a tax evasion probe, the firm confirmed Monday.
Investors asked a New York federal judge on Wednesday for preliminary approval of a $182.5 million settlement that would drop JPMorgan Chase & Co. and Citigroup Inc. from claims that they, along with several other big banks, manipulated the Euro Interbank Offered Rate.
A health care property developer has said Royal Bank of Scotland PLC cannot dodge the firm’s High Court swaps misselling suit, rejecting the bank’s claim that the company is barred from alleging it bought the swap based on representations made by the bank.
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.
After the pain heals from what for many businesses was a last-minute scramble for General Data Protection Regulation compliance, many of these businesses will come to appreciate how the effort made them stronger from a compliance, security and even operational performance stance, say Howard Schiffman and Adam Cohen of Yeshiva University.
Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.
Currently, U.K. judgments in civil and commercial matters can be enforced in Germany with the same authority as German judgments. However, depending on what the U.K.'s relationship with the EU will look like after Brexit, the situation might become unbalanced to the detriment of British judgment creditors, say Stephen Llewellyn of Faegre Baker Daniels LLP and Karl von Hase of Luther Rechtsanwaltsgesellschaft mbH.
Currently, regulation of cryptocurrencies and initial coin offerings in the U.K. is handled primarily by the Financial Conduct Authority, Bank of England and Her Majesty's Revenue & Customs. Trading in cryptocurrencies themselves is not a regulated activity, but trading in derivatives using digital assets will require FCA authorization and new forms of market intervention are likely on the horizon, say attorneys at Crowell & Moring LLP.
While political uncertainty is pushing U.K. corporations toward defensive consolidation, inward mergers and acquisitions investment into the U.K. remains strong, with American acquirers leading the way. Factors contributing to this trend include Brexit, U.S. tax changes and saturation of the U.S. target market, say Simon Rous of Ashfords LLP and Laurie Sanders of Osborn McDerby LLP.
Justice Geraldine Andrews' judgment in Serious Fraud Office v. Eurasian Natural Resources Corp last year is a reality check, but not a change in the law. With the case's appeal currently pending, it is becoming more clear that British lawyers have been lulled into an ever-expanding definition of litigation privilege which is not supported by the law, say Davis McCluskey and Georgina Jones of Taylor Wessing LLP.
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.