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Financial Services UK

  • April 20, 2017

    EU Signals Compromise Over Tougher Basel Bank Rules

    The European Union’s finance chief signaled Thursday that the bloc may be willing to compromise over controversial new bank capital rules in order to safeguard international cooperation on reforms to global financial services that are threatened by U.S. moves toward deregulation.

  • April 20, 2017

    Freshfields Snaps Up Senior SFO Corruption Expert

    Freshfields Bruckhaus Deringer LLP has hired the Serious Fraud Office’s joint head of bribery and corruption, Ben Morgan, for its corporate crime and global investigations practice in London, the law firm announced Thursday.

  • April 19, 2017

    Never Mind The Brexit: FCA Sets Real Priorities For The City

    Lost in the melee of Tuesday’s U.K. surprise general election announcement was the Financial Conduct Authority’s grand plan for the coming years, and experts have warned firms cannot afford to let politics distract them from immediate compliance and culture questions or use it as an excuse to hide misconduct.

  • April 19, 2017

    Clyde & Co Accidentally Helped €250M Fraud, Tribunal Finds

    Two partners at U.K.-headquartered international law firm Clyde & Co LLP inadvertently helped a businessman carry out an alleged €250 million ($308 million) bank guarantee fraud in 2013 by failing to conduct adequate anti-money laundering checks when providing escrow services, according to a tribunal judgment.

  • April 19, 2017

    ECB's Coeuré Hits Out At Talk Of Financial Deregulation

    A senior European Central Bank official on Wednesday urged more international cooperation on strengthening financial sector regulation, warning that deregulation could have repercussions on economies around the globe.

  • April 19, 2017

    Brexit Bill Can't Be Used To Win EU Access, Lawmakers Told

    British bankers hoping for an early deal between the U.K. and European Union over continued access to the bloc’s single market were dealt a blow Wednesday, when a panel of finance academics told lawmakers the U.K. would be unable to link its Brexit divorce settlement to an agreement on trade and market access.

  • April 19, 2017

    New EU Fund Rules Run Risk Of Being ‘Harmful,’ Lobby Says

    New European Union disclosure requirements for investment products, which were only recently passed after prolonged delay, could actually prove "harmful" to the retail investors they were designed to protect, a key industry group said on Tuesday.

  • April 19, 2017

    Contingency Plans Still Key As BOE Brexit Deadline Looms

    The Bank of England has put the squeeze on banks to ramp up their preparations and submit formal contingency plans for a worst-case Brexit. Law360 spoke to a clutch of financial services attorneys to find out what banks must consider and what contingency plans they need to execute ahead of the regulator’s deadline.

  • April 19, 2017

    Swiss Stock Exchange Fines UBS For Delayed Info Release

    Swiss stock exchange SIX slapped UBS with a fine on Wednesday for delaying a strategic announcement in 2012 that it was scaling back its investment banking, violating its obligation to disclose price-sensitive facts to the market as soon as it is able.

  • April 19, 2017

    Derivative Standards Setter Prepares For New Margin Rules

    A global standards setter has updated the methodology that financial firms use to calculate their margin responsibilities to include additional risks under new rules on over-the-counter swaps collateral, the organization’s chief executive said Tuesday.

  • April 19, 2017

    Huge Majority Of UK Lawmakers Back June 8 Early Election

    U.K. lawmakers overwhelmingly backed Prime Minister Theresa May’s call for a snap election on June 8 in a House of Commons vote on Wednesday, clearing her bid for a stronger political mandate in the Brexit process.

  • April 18, 2017

    Banks Must Step Up Brexit Plans To Win EU Licenses

    Lawyers are telling their bank clients to step up legal preparations for Brexit amid growing pressure from European Union and U.K. regulators demanding detailed plans for how U.K.-based financial firms would cope with an abrupt British exit from the EU's regulatory framework.

  • April 18, 2017

    May's June Election Gamble Stirs New Regulatory Doubts

    U.K. Prime Minister Theresa May's surprise call on Tuesday for an early general election in June, a move that she hopes will deliver a decisive victory and strengthen her Brexit negotiating position, creates more domestic uncertainty for a U.K. financial services sector increasingly looking for European operational bases, lawyers say.

  • April 18, 2017

    Costs Of AML Compliance Keep Rising, UK Parliament Finds

    A U.K. Parliament report published Tuesday summing up how the U.K.’s anti-money laundering laws have developed over time concludes that the burdens of financial crime compliance on the banking sector have increasingly grown, while the benefits of a safer financial system are less easy to measure.

  • April 18, 2017

    EBA Must Leave London After Brexit, EU Official Says

    The European Banking Authority will have to move from its current base in London to another territory inside the European Union if Britain leaves the bloc, an EU official confirmed Tuesday in response to statements from the U.K. government that any relocation would depend on Brexit negotiations.

  • April 18, 2017

    ESMA Seals Cooperation Pact With New Zealand On CCPs

    Europe’s top securities regulator said Tuesday that it has sealed an information-sharing agreement with authorities in Wellington on New Zealand central counterparty clearinghouses operating inside the European Union.

  • April 18, 2017

    Ex-Simmons Corporate Partner Joins McDermott In London

    McDermott Will & Emery LLP has hired a partner from Simmons & Simmons LLP who specializes in restructuring and insolvency for its corporate and transactional practice in London, the firm announced Tuesday.

  • April 18, 2017

    UK’s May Calls For Early General Election On June 8

    British Prime Minister Theresa May on Tuesday called for an early general election on June 8, adding new uncertainty to U.K. banks and businesses planning for their country's exit from the European Union.

  • April 18, 2017

    FCA Sets Out Wider, Tougher Enforcement Plan Through 2018

    The U.K.'s Financial Conduct Authority said Tuesday it will prioritize supporting the British government's Brexit process as it maps out wider and tougher enforcement through 2018 under chief executive Andrew Bailey.

  • April 17, 2017

    Labour Demands Public Inquiry Of BOE Libor Rigging Claims

    The British government should open a public inquiry into benchmark rate manipulation in the wake of reports tying the Bank of England to the long-running rate-rigging scandal, the U.K.'s shadow Treasury chief told his counterpart Sunday.