The U.K. government will extend its existing rules aimed at boosting accountability for senior banking executives to cover the insurance industry by the end of the year, the Treasury said Monday.
The European Union would benefit from a post-Brexit arrangement providing the U.K. financial services industry with partially equivalent rules and an independent dispute settlement system, Bank of England Governor Mark Carney told lawmakers on Tuesday.
The European Parliament on Tuesday announced that it has voted for and Sri Lanka, Trinidad and Tobago and Tunisia to continue to be included on a list of third countries considered to have “strategic deficiencies” to their anti-money laundering and terrorism financing regimes.
Dana Gas PJSC asked a U.K. High Court judge on Tuesday to set aside his November ruling over a $700 million Islamic bond dispute that went against the United Arab Emirates energy firm because the company could not take part in the trial.
The Financial Conduct Authority said on Tuesday that it will publish in full a report into Royal Bank of Scotland PLC’s controversial treatment of troubled small businesses during the financial crisis, just hours after the bank’s chief executive told lawmakers that the lender wouldn't object to its release.
Global auditing giant KPMG and accountants at Carillion PLC could face prosecution following the contracting company's collapse, the head of the U.K.’s accounting regulator indicated on Tuesday.
The U.K.’s Financial Conduct Authority said Tuesday it is concerned that banks are not doing enough to provide repayment plans for 1.7 million interest-only mortgage customers under threat of losing their homes.
Global banking giants Deutsche Bank, UBS and HSBC agreed to pay a combined $46.6 million Monday to settle separate civil allegations by U.S. commodities regulators that their traders engaged in an illegal practice known as spoofing in an effort to manipulate precious metals markets.
Deutsche Bank won a temporary restraining order from the Delaware Chancery Court on Monday barring interests of Norwegian billionaire investor Alexander Vik from shuffling $48 million to an alleged shell company as part of a purported conspiracy to duck a $323 million judgment issued in 2010.
The legal woes facing cryptocurrency marketplace BitConnect mounted Monday as the U.K.-registered lending and exchange platform was hit with a second class action complaint alleging it was a Ponzi scheme that cheated thousands of investors out of millions of dollars.
A United Kingdom court on Friday rejected efforts by the British Broadcasting Corp. and The Guardian newspaper to relocate a suit against the media companies over publication of the "Paradise Papers," a trove of documents from offshore law firm Appleby Global Group LLC detailing how the rich and powerful used offshore havens to minimize or avoid taxes.
A trio of European banks urged a Manhattan federal judge Friday to force a potential class of foreign exchange traders to arbitrate or relocate their claims over the banks’ alleged policy of delaying trades to increase their profits, a practice known as “last look.”
British banks and other financial services will be subject to the same European Union regulatory requirements during a Brexit transition period running until Dec. 31, 2020, when the European Court of Justice will also apply in full, EU governments proposed on Monday.
A real estate group seeking to revive its landmark £30 million ($42 million) misselling case against Royal Bank of Scotland told a London appeals court Monday that the bank misled it about the risks of the Libor-linked swaps.
The Royal Bank of Scotland PLC has received a second deadline extension to comply with the U.K. antitrust regulator’s open banking initiative, after the bank said it would need another seven months to enroll some customers in automatic overdraft alerts.
European banks should have no problem raising an estimated €34.4 billion ($42.4 billion) in capital to meet new global requirements, because they can “earn their way out” of expected shortfalls during a transition period, a senior European Central Bank official said Monday.
The Financial Conduct Authority warned Monday of an increased risk of online investment fraud being marketed through social media, as it revealed that investors lost £87,000 ($122,400) a day to binary options scams in 2017.
The U.K.’s accounting regulator said Monday it will investigate KPMG’s audit of the financial statements of construction giant Carillion PLC, which collapsed this month with an £800 million ($1.1 billion) pension deficit.
The governing body of London’s Square Mile on Monday urged the U.K. government to create a “pragmatic” immigration policy after Brexit as it revealed that 13 percent of the workforce in the City’s financial and insurance markets are from the European Economic Area.
Deutsche Bank National Trust Co. can proceed to trial with its suit alleging that a Morgan Stanley unit stuffed a $735 million pool of residential mortgages with bad loans and then failed to live up its contractual obligations, a New York federal judge ruled Thursday.
Sarbanes-Oxley has been quite successful if one of its purposes was to screen out marginal foreign firms. In addition, the drop in the number of publicly listed companies may actually be a blessing in disguise, says Paul Lanois, senior legal counsel at Credit Suisse Group AG.
If the media is going to cover your law firm’s crisis, they are going to cover it with or without your firm’s input. But your involvement can help shape the story and improve your firm’s image in the public eye, says Michelle Samuels, vice president of public relations at Jaffe.
In his recent judgment on a recusal application in Miley v. Friends Life, Justice Mark Turner of the English High Court has given practitioners guidance on how to approach applications for judicial recusal, and has highlighted the key points to be aware of when contemplating such an application, says Luka Krsljanin of 2 Temple Gardens.
Just as the U.K.'s Serious Fraud Office is beginning to find its feet, its fate is now in doubt — a prospect that would hobble U.K. domestic enforcement and lead to further expansion of the U.S. Department of Justice’s already-robust role in policing London markets and U.K. corporates, say Roger Burlingame and Rachel Goldstein of Kobre & Kim LLP.
The U.S. indictment against bitcoin processor BTC-e unsealed Wednesday is the Financial Crimes Enforcement Network’s first action against a money service business based outside the U.S. Don’t be surprised if FinCEN and the U.S. Department of Justice continue to work with international law enforcement to pursue civil and criminal actions against foreign businesses, says Harry Dixon of Taylor English Duma LLP.
When a law firm appoints a chief privacy officer, not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but clients see how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.
Most U.K. board members assume that if they do nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. This assumption may not be safe, considering the marked increase in regulatory investigations involving both individuals and companies, says Francis Kean of Willis Towers Watson PLC.
Many commentators predict the Second Circuit's Allen decision last week will substantially chill the government's cross-border law enforcement efforts, but the truth is that the government won't have to make major changes to its increasingly robust coordination with foreign law enforcement to avoid similar problems in the future, say Jason Linder and John Long of Irell & Manella LLP.
Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.
It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.