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.
The International Organization of Securities Commissions said Monday that European Union regulations introduced in recent years are helping member states prevent market abuses in the commodity derivatives sector, in line with the standard setter’s principles.
The Prudential Regulation Authority will create a system of "cyborg supervision" of financial services in the coming years in which humans work with machines, an executive director of the Bank of England forecast Monday.
Two U.S. banks helped process around €200 billion ($230 billion) of suspicious payments through Danske Bank’s small Estonia branch, the whistleblower at the center of the scandal said Monday.
The Financial Stability Board said on Monday that most central banks and regulators under its umbrella have set up strong reporting and central clearing requirements for over-the-counter derivative trades as it pushes through reforms to the multitrillion-dollar sector introduced after the financial crisis.
Trading relations after Brexit between the U.K. and the European Union, including in the key financial services sector, will be the bloc's new focus in talks about Britain's departure from the bloc, the EU's top negotiator said on Monday.
Failures by the U.K. government to tackle cyberthreats have left the country’s financial systems and other critical infrastructure open to "potentially devastating" attacks, a parliamentary committee warned on Monday.
The U.K. appears ready to move forward on regulating cryptocurrency-related assets, seeking what some attorneys describe as a measured approach that is likely to expand regulation to protect mom-and-pop investors from dicey crypto-backed investments, while trying to avoid dampening innovation in the underlying technology supporting digital assets.
The last week has seen a new suit against Credit Suisse over debt investment, Kuwait's social security agency take on Man Group, and Allianz and several food distributors sue one of the world's biggest container shipping companies. Here, Law360 looks at those and other new claims in the U.K.
Digital currencies such as bitcoin are “evil spawn” of the financial crisis and are unlikely to be issued by central banks in the next decade as regulators struggle to catch up with the technology, a senior European Central Bank official said Thursday.
A trader who prompted Sweden's markets regulator to investigate Nasdaq’s clearinghouse buffers when he blew a €114 million ($133 million) hole in the Nordic energy market has reached an agreement with his creditors.
The Competition and Markets Authority announced on Friday that it is investigating suspected breaches of competition rules in the financial services sector under the U.K.’s anti-cartel laws.
The British government has urged the U.K. Supreme Court to prevent six pro-Remain lawmakers and an attorney from asking Europe’s top court whether Britain can unilaterally reverse the process of exiting the European Union.
A global regulator announced on Friday that it has dropped Royal Bank of Scotland Group PLC and Nordea Bank, a Nordic institution, from a list of lenders that would pose the biggest risk to the financial system if they failed, based on their size and how closely connected they are to other companies in the sector.
A group of failed banks suing UBS could not have reasonably known that the lender’s Libor submissions were lower than they should have been in the lead-up to the financial crisis until regulatory findings emerged in 2012, lawyers for the U.S. Federal Deposit Insurance Corp. said at a London court on Friday.
The boss of the Financial Conduct Authority has promised that it will carry out improvements to a crucial industry register amid concerns over the quantity of incorrect information being provided to consumers, correspondence released Friday reveals.
A New York appeals court on Wednesday revived a shareholder derivative action against HSBC filed after the bank paid a $1.9 billion fine over money laundering, finding a recently decided case overturned a lower court's requirement that the plaintiff first obtain permission from England’s High Court to file suit.
A Manhattan federal judge on Thursday rejected a $9.95 million settlement between Citigroup and a proposed class of investors who say it was among a dozen big banks that allowed fraud to go undetected in wholesale foreign exchange markets, saying she needed to know more.
European banks that face a shortfall in their capital buffers because a €100 billion ($127 billion) U.K. stockpile of debt will no longer count toward their loss-absorbing holdings after Brexit may be given an extension to rack these back up, Europe's authority for handling failing banks said on Thursday.
Global commodity trader Noble Group Ltd. has received approval for the transfer of its assets in both the U.K. and the U.S. courts, clearing the way for the company to complete its restructuring plans.
The Financial Conduct Authority, which will take over the licensing and regulation of credit rating agencies and trade repositories when Britain leaves the European Union in March, said it will introduce fee changes next year to help recover costs from new regulatory responsibilities.
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.
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.
The most obvious takeaway from the U.S. Supreme Court's decision in Jesner v. Arab Bank is that non-U.S. corporations no longer need to fear Alien Tort Statute liability. But tucked within the decision’s holding and its various concurring opinions are other key points, say attorneys with Gibson Dunn & Crutcher LLP.
A recurring theme in taxation is the uncertainty that can arise when rapidly developing technology is subjected to current legal frameworks, which inevitably lag behind the curve. In this article, Will Egan and Graham Samuel-Gibbon of Taylor Wessing LLP review the United Kingdom's taxation of cryptocurrencies.
The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.
So far, U.K. regulators have taken a fairly cautious approach to regulating digital currencies and the use of distributed ledger technology. Fortunately, the U.K. government will likely provide regulators with a political mandate and legislative foundation to enable a stable and flourishing cryptocurrency sector, says Henning von Sachsen-Altenburg of PricewaterhouseCoopers LLP.
The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.
Recently, a multitude of regulators within the European Union have issued warnings on initial coin offerings of cryptocurrency tokens. However, until they start applying existing rules to ICOs or successfully develop new rules, the industry will remain relatively unregulated, say Bob Penn, Sarah Lewis, Matthew Fisher, Danilo Santoboni and Ulrike Schuster of Cleary Gottlieb Steen & Hamilton LLP.
The American Bar Association continues to oppose legislation that would impose certain European Union and U.K. anti-money laundering requirements on U.S. lawyers. The ABA should further consider its approach to this issue as there is a viable middle ground that protects privileged communications and confidential information while advancing the interests of the legal profession, says Matthew O’Hara of Freeborn & Peters LLP.