New European regulations that will take anonymity out of cryptocurrencies could be the nascent market’s entry into mainstream finance, with legal experts predicting that new laws will convince more businesses and investors that payment innovations like bitcoin are legitimate.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.