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.
Europe’s top finance regulators on Tuesday clarified rules governing the use of standardized fact-sheets required under the European Union’s regulation on packaged retail and insurance-based investment products, or PRIIPs, which covers retail investment disclosure.
European Union lawmakers pressed ahead with plans to harmonize the bloc’s banking insolvency rules on Tuesday, days after the Italian government used state money to bail out three banks on the verge of collapse.
Hogan Lovells has launched a new consultancy practice for financial services regulation and picked up a former PricewaterhouseCoopers LLP director to lead it, the law firm announced on Tuesday.
A mining industry consultancy has accused major accounting firm PwC of conspiring to ensure the sale of a Sierra Leone-based iron ore mine to a company that allegedly paid PwC $3.5 million at the time of the sale, ignoring the interests of other potential buyers and creditors of the firm looking to offload the mine.
The European Banking Authority has asked for industry views on how bank contributions to national deposit guarantee schemes should be calculated across Europe, following a preliminary review that revealed the existing risk-based method may be too flexible.
The European Commission approved a €5.4 billion ($6.1 billion) state bailout of Italy’s Monte dei Paschi bank on Tuesday, allowing the Italian government to recapitalize and restructure the troubled lender.
European lawmakers on Tuesday voted to force multinational companies to disclose how much tax they pay in each country, in a bid to cut corporate tax avoidance which costs the bloc tens of billions of dollars.
A U.K. parliamentary committee tasked with scrutinizing incoming European Union rules and regulations said on Tuesday that it will hold Theresa May’s government to account during Brexit negotiations, using the expertise it has picked up from close engagement with industry over the past year.
A former investment banker at Credit Suisse AG is suing the Swiss lender in London for what she alleges are approximately $10 million owed in fees over the role she played in financing deals with Azerbaijan’s state-owned oil company and with a bank based in the Russian Federation, according to court documents.
The U.K. Pensions Ombudsman has rejected a complaint against the scheme run by investment firm Standard Life PLC after a member claimed he had lost out because of a delay on a proposed pensions transfer.
The global financial regulators responsible for drawing up new bank capital rules following the 2008 banking crisis told world leaders on Tuesday that progress has been hindered by disagreements on risk measurements and exposures.
Global regulatory chiefs said Tuesday that banks that service financial institutions from other countries need clearer guidance from their national supervisors about how to conduct that business in compliance with anti-money laundering rules.
Britain’s financial watchdog told consumer credit firms on Tuesday to tighten up their bonus schemes for loan dealers after discovering that out-of-kilter staff incentives were fueling the sale of unaffordable loans.
Simmons & Simmons LLP announced on Tuesday that it has hired another capital markets partner from Clifford Chance for its London office as the practice continues to expand its international expertise.
The Bank of England on Tuesday ordered British lenders to prove by September they are adequately protected against consumer credit risk, but stopped short of imposing tighter controls on lending.
The U.K.’s data regulator announced a wide-ranging privacy protection blueprint on Tuesday to address international challenges such as Brexit upheaval, globalization and the European Union’s impending new information rulebook.
Big banks accused of rigging the London Interbank Offered Rate have asked a New York federal court to not certify classes of investors and lenders in the multidistrict litigation, saying claims of suppressing the benchmark should be scrutinized on an individual basis.
The Financial Stability Board said on Monday that the global regulatory response to the parts of shadow banking that contributed to the financial crisis has led to a more resilient market that no longer poses risks to financial stability, but that full implementation of existing guidance is still needed.
The European Securities and Markets Authority on Monday published details on the classification of financial instruments that must meet transparency requirements when changes to the European Union’s new securities trading rules take effect next year.
France’s highest administrative court has asked the European Union to decide how and when finance giant Morgan Stanley can deduct value-added tax for its United Kingdom headquarters, a move that follows a legal dispute that could keep the firm’s French branch from deducting the levy.
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.