Financial Services UK

  • November 13, 2017

    ESMA Authorizes Kroll Bond Rating Agency's EU Branch

    European financial institutions have been given the all-clear to use ratings from the EU arm of New York-based Kroll Bond Rating Agency after its registration application was approved by the bloc's securities regulator on Monday.

  • November 13, 2017

    Equity Firm Mulls Appeal Over Postponed £721M Barclays Suit

    A London-based private equity firm is considering whether to launch an appeal against the decision to postpone its £721 million ($946 million) High Court lawsuit against Barclays bank PLC until next year, the law firm representing the company told Law360 on Monday.

  • November 13, 2017

    Pressure On HSBC Grows Over S. Africa Corruption Scandal

    Anti-corruption campaigners called on Monday for enforcement agencies in the U.S and U.K. to open a full probe into a growing banking scandal that has led HSBC to pull down the shutters on accounts linked to a South African bribery case.

  • November 13, 2017

    Bank Of England Takes Over Payments Delivery System

    The delivery of the U.K.’s high-value payment system passed successfully to the Bank of England on Monday, part of a wider move to help improve financial stability after it was found the company that previously ran the program was unable “to meet regulatory expectations.”

  • November 13, 2017

    Barclays Faces Landmark Interest Swaps Misselling Claim

    Barclays Bank PLC is set to face an unprecedented legal claim in the High Court on Tuesday when a British couple become the first private individuals to sue a high street bank for allegedly misselling them complex interest rate hedging products.

  • November 13, 2017

    EU Securities Watchdog Warns Investors On ICO Legal Risks

    Europe’s securities watchdog warned investors on Monday over the risks of initial coin offerings, and said firms using the new trend for cryptocurrency to raise capital may be breaching EU financial laws.

  • November 13, 2017

    UK Judge Will Rule On Dana Gas $700M Islamic Bond Case

    A High Court judge indicated on Monday that he would issue judgment soon on the validity of a $700 million Islamic bond issued by a United Arab Emirates energy producer after deciding the company’s application for a further adjournment of the trial was a “step too far.”

  • November 13, 2017

    Banks Must Comply With EU Rules After Brexit, FCA Warns

    A senior Financial Conduct Authority regulator warned banks and payment institutions on Monday that they will be expected to comply with all incoming EU regulations, particularly as the U.K. hopes to stay in line with EU financial legislation in the lead-up to Brexit and beyond.

  • November 12, 2017

    Law Society Looks To Intervene In Landmark Privilege Case

    The Law Society of England and Wales said Friday it was seeking permission to intervene in a landmark legal battle between the Serious Fraud Office and mining company Eurasian Natural Resource Corporation that could rewrite attorney-client privilege rules.

  • November 10, 2017

    ECB Official Embraces Greater Powers To Oversee CCPs

    A senior European Central Bank official said on Friday that the central bank "strongly welcomes" the greater powers it will be given to supervise clearinghouses after the U.K. leaves the European Union.

  • November 10, 2017

    Ex-Barclays Trader 2nd To Get Libor Conviction Reviewed

    The Criminal Cases Review Commission confirmed on Friday that it will review a former Barclays PLC banker’s petition for a final appeal against his June 2016 conviction for rigging the London Interbank Offered Rate.

  • November 10, 2017

    Judge Tosses Bank's 'Meritless' Defense In $3.7M Trust Suit

    A High Court judge on Friday dismissed defenses filed by First City Monument Bank PLC against an engineering company’s bid to recover around $3.7 million in trust property from the Nigerian lender, saying they are without merit or prospect of success.

  • November 10, 2017

    EU Court Rebukes Watchdog Over €15M ICAP Libor Rig Fine

    A top European Union court gave a U.K. broker-dealer a partial win on Friday by annulling parts of the European Commission’s decision to fine it nearly €15 million ($19 million) in 2015 for alleged involvement in cartels linked to the rigging of Japanese Yen interest rate derivatives.

  • November 10, 2017

    ESMA Guides Cos. On Phone-Taping, Record-Keeping Hurdles

    Europe’s securities regulator issued a series of major updates on Friday, covering inducements, phone-taping and record-keeping, to help firms adjust to the onerous new Markets in Financial Instruments Directive, which comes into force in January.

  • November 10, 2017

    Directors Hit With 15-Year Ban Over $233K 'Bank Scam'

    Two fraudsters have been disqualified from acting as directors for 15 years for their part in a €200,000 ($233,000) bank scam involving a U.K. incorporated company, the Insolvency Service said Friday.

  • November 10, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen the Premier League bring a copyright claim against Barclays, Bank of Scotland sue an NHS trust and another suit from liquidators at Bilta who have been accusing banks of participating in a vast carbon trading tax fraud. Here, Law360 looks at those and other new claims in the U.K.

  • November 10, 2017

    Capita Must Repay £66M Over Collapsed Connaught Fund

    Capita Financial Managers has been forced to repay investors "up to" £66 million ($86.6 million) by Britain’s Financial Conduct Authority over its role in the collapsed Connaught Income Fund, it was announced Friday.

  • November 9, 2017

    Corporate Convictions Pale Beside DPA Gains, SFO Boss Says

    The head of the U.K.'s Serious Fraud Office hit back Thursday at critics of the country's young deferred prosecution agreement program, saying the deals let prosecutors focus on charging individuals rather than winning nominal convictions of corporations.

  • November 9, 2017

    ECB Vice President Casts Cold Water On Cryptocurrencies

    The vice president of the European Central Bank took a bearish view of cryptocurrencies’ potential to transform the financial system in a speech in Rome on Thursday, saying that private digital currencies will never fully replace money, predicting that central bank-sponsored versions would not to come pass without limits.

  • November 9, 2017

    2nd Circ. Won't Revisit Use Of Forced Testimony

    The full Second Circuit said Thursday it will not reconsider a decision dismissing a Libor-rigging case tainted by compelled statements made in the U.K. — leaving the government to live with the limit on cross-border enforcement or appeal to the U.S. Supreme Court.

Expert Analysis

  • UK Election Result: Stalemate Or Checkmate For Business?

    Sir Paul Jenkins

    The solid foundation to Brexit negotiations that Theresa May thought she would lay down with this election has crumbled to dust. And the result for businesses planning for a post-Brexit world is a prolonged period of speculation and uncertainty, according to Alistair Maughan of Morrison & Foerster LLP and Sir Paul Jenkins, the U.K. government's most senior legal official from 2006 to 2014.

  • Has EU Really Made Cross-Border Asset Preservation Easier?

    Jef Klazen

    While the new European Account Preservation Order promises to harmonize protective account measures across 26 European Union member states, certain EAPO features mean it might not always be the best choice for judgment creditors deploying an international litigation strategy, say attorneys with Kobre & Kim LLP.

  • What Cos. Need To Know About The UK Criminal Finances Act

    Neil Gerrard

    The U.K.'s Criminal Finances Act 2017 creates a new offense of failure to prevent the facilitation of tax evasion. The extraterritorial effect of the offense means that entities doing business in the U.K. will be criminally liable even if an associated person commits tax evasion in another jurisdiction. The potential impact is far-reaching and burdensome, say attorneys with Dechert LLP.

  • In Defense Of Subsuming The Serious Fraud Office

    Jonathan Peddie

    Last month, the U.K.'s Conservative party announced its intention to incorporate the Serious Fraud Office into the National Crime Agency. There has been no shortage of media comment condemning the proposal, but the time has come to put the SFO's armory alongside the other agency's strengths so that they can tackle problems together, says Jonathan Peddie of Baker & McKenzie LLP.

  • Opinion

    Big Business Lobby Tries To Hobble Litigation Finance, Again

    Allison Chock

    In its most recent petition advocating mandatory disclosure of litigation finance, the U.S. Chamber of Commerce simply rehashes the same arguments from its previous failed efforts to convince the Committee on Rules of Practice and Procedure of the dire implications of undisclosed funding relationships, say members of IMF Bentham Ltd.

  • How PSD2 Is Revolutionizing Payments In Europe

    Scott McInnes

    The revision to the EU Payment Service Directive, known as PSD2, is part of a wave of legislation currently transforming the European Union's payment industry. Some of the new provisions may affect U.S. companies, whether they are involved as merchants or card issuers, says Scott McInnes of Bird & Bird LLP.

  • Monthly Column

    Gray Matters: Identities Are Us


    Lawyers faced with clients who can’t or won’t listen to their advice must consider that the core of this risky decision may be a person's inability or refusal to relinquish a prime identity in times of uncertainty, say dispute resolution experts Robert Creo and Selina Shultz.

  • The Emerging Popularity Of Interval Funds

    Steven Boehm

    In the past few months, there has been a considerable upsurge in interest in interval funds by money managers in light of investor demand and appetite for them. Attorneys with Eversheds Sutherland explore why investors and money managers alike may continue to flock to them.

  • Countdown To GDPR Compliance: 1 Year To Go

    Heather Sussman

    The EU's sweeping General Data Protection Regulation will take effect on May 25, 2018. With so much on the line, data controllers and processors will want to take immediate action to prepare for enforcement. The first step is determining whether the GDPR applies to your organization, say attorneys with Ropes & Gray LLP.

  • Questions Following Prevezon Money Laundering Settlement

    Elizabeth Prewitt

    The Prevezon case stands out as an example of the extraordinary lengths the U.S. government can and will go to assert jurisdiction over matters involving foreign entities and persons who commit crimes abroad to the detriment of foreign countries and citizens. However, since the matter settled, the government’s case was not tested at trial, say attorneys with Hughes Hubbard & Reed LLP.