The Financial Conduct Authority said it may take clients of U.K. brokerage Beaufort Securities up to four years to recover their money and assets following the watchdog’s decision to close the firm and hire administrators amid concerns of its financial health.
A British unit of insurer Markel Corp. has denied it owes nearly £14 million to a U.K. agricultural lender that claims the insurer is liable for a judgment against a now-defunct surveyor accused of negligence, arguing that a broker’s “dishonest” representations means it has no obligation to pay out.
A commodities global value chain manager has filed a countersuit against the London-based unit of BMCE Bank which suing it over a $4.2 million loan, saying the bank failed to safeguard the loan’s collateral and also owes the company nearly $800,000 for a detained shipment of sesame seeds.
The U.K. Financial Conduct Authority stepped up its scrutiny of senior managers at financial services firms last year as part of its efforts to tighten up its regulatory supervision of the top roles, according to data published by law firm Cleveland & Co. on Tuesday.
Europe’s top securities regulator on Tuesday laid out guidance for making post-trade transparency reports freely available to the public, saying that wider access to such information means regulators can more quickly detect and investigate suspect market abuse.
The last week has seen an Irish real estate developer sue Ireland's "bad bank," a contract dispute between two African banks and a French fishing operator, and several major insurers take Danish shipping giant Maersk to court. Here, Law360 looks at those and other new claims in the U.K.
The European Union's finance ministers reached an agreement Friday after a year and a half of negotiations on a comprehensive package of reforms that the European Commission has proposed to strengthen the bloc’s banking sector, sending the rules on capital requirements and systemic risks on to lawmakers to review.
The European Commission on Friday renewed an Irish scheme that helps to wind up member-owned financial cooperatives in an orderly way, saying it is in line with European Union state aid rules.
Criminals are exploiting the confusion around Europe’s new data protection regime by masquerading as financial firms and persuading consumers to disclose their banking details, a major trade organization warned on Friday.
A London court has ruled that a freezing order over the assets of the owners of English soccer club Blackpool FC must remain in place until the owners pay a firm owned by a Latvian investor the £25 million they owe for his shares in the Championship football club.
A London court has tossed an investment company’s claim that it lost €30 million ($35 million) in profits from a Polish property development after its shares in the company that owned the project were sold to a Korean investor.
Prosecutors in Germany have indicted five investment bankers and a prominent tax lawyer on charges of obtaining €106 million ($124 million) in improper tax refunds on dividends from a series of stock trades a decade ago, according to official statements.
Confusion reigns over how the European Union's new data regime coming on the books Friday will address blockchains, the decentralized data trails that facilitated the rise of the cryptocurrency bitcoin. Elements of the emerging technology appear to clash directly with the law's rules for deleting and minimizing data. But industry lawyers say a delicate coexistence between blockchain and the General Data Protection Regulation is on the horizon — though getting there won't be easy.
Global regulators must take up arms with technology specialists and financial services firms to devise controls and erect barriers powerful enough to stop financial criminals in their tracks, a senior figure at the Financial Conduct Authority said Thursday.
England’s High Court of Justice has ordered a privately owned investment firm to stump up £27,500 ($36,800) in security to HSBC Bank PLC for costs in its £1.7 million legal claim accusing the bank of breaching the terms of a series of investment bond contracts entered into by the parties in 2007.
Private equity adviser Real Assets Partners London has slammed an investment fund’s bid to dodge fees allegedly owed over a €24 million ($28 million) investment, saying the fund’s claim the fee is uneconomically viable cannot be enforced.
European Union member states and Parliament on Wednesday agreed to strengthen measures aimed at fighting terrorist financing by putting tighter controls on illicit funds flowing into and out of the bloc, the European Commission has announced.
Companies rushing to register with the U.K.’s data regulator have overwhelmed the agency’s website on the day before Europe’s General Data Protection Regulation goes live, the watchdog said on Thursday.
Cohen & Gresser LLP announced Thursday that it has hired a partner with experience advising investment clients to launch its new London office, in a move to continue its international expansion.
Banks and insurers are scurrying to prepare for Europe's sweeping data regime that comes into force on Friday, but legal advisers predict that regulators will likely offer a grace period as they adjust to their own formidable new duties.
Last month, the U.K. Financial Conduct Authority publicly censured Capita Financial Managers with respect to the collapsed unregulated collective investment scheme known as the Connaught Income Fund. This serves as a salutary reminder that those in the fund administration and outsourcing fields take on a high level of responsibility and liability, says Greg Lascelles of Covington & Burling LLP.
Both the Dodd-Frank Act in the U.S. and rules under the Financial Conduct Authority in the U.K. provide whistleblower protections for financial industry employees who report fraud and regulatory breaches. Whereas the specific protections in the U.S. and U.K. differ somewhat, many of the protection mechanisms are remarkably similar, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
Clients of "Paradise Papers" law firm Appleby Global should now expect that tax authorities in the U.S., the U.K. and elsewhere will closely scrutinize the leaked documents for evidence of tax evasion. And individuals with inside information that sheds further light on these cases stand to reap sizable rewards by filing qui tam actions, says Adam Pollock of Ford O'Brien LLP.
Until recently, there has not been any regulation harmonizing control toward foreign direct investments at the European Union level. However, a proposal introduced in September may be an appropriate first step toward developing an adapted, cohesive regime regarding foreign investments, say Isabelle MacElhone and Samantha Chavane de Dalmassy of Reed Smith LLP.
The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.
In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.
Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.
As Libor’s discontinuation comes closer, lawyers will grapple with interest rate language in current and proposed commercial loan documents. Charles Guerin of Munsch Hardt Kopf & Harr PC offers some suggestions to help meet parties’ expectations, match industry practice and avoid disputes.
Criticized for lacking teeth during the financial crisis, U.K. regulators are now intent on establishing the personal accountability of individuals at all levels, not just in the boardroom, says Francis Kean of Willis Towers Watson.
Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.