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.
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.
European Union financial market reforms set to take effect later this month could spur consolidation in the bloc’s €1 trillion ($1.07 trillion) money market funds sector, Fitch Ratings said in a report published Monday.
The former chief executive of Barclays PLC and three other former senior Barclays executives made their first appearance in a London court on Monday after being charged by the U.K.’s Serious Fraud Office with conspiracy to commit fraud over the bank’s 2008 fundraising deal in Qatar.
Britain’s financial watchdog on Monday outlined its final rules for implementation of a major new European Union directive that rewrites the rulebook underpinning investment services across the bloc’s banking system.
Three executives from Turkey-based QNB Finansbank AS have filed a claim in London’s High Court against the privately-owned National Bank of Greece SA over what they allege are unpaid fees owed for their role in selling NBG’s majority shareholding of Finansbank at the end of 2015.
Institutions regulated by the Financial Conduct Authority will need to hand over an extra £7.6 million ($9.8 million) in fees to cover costs the watchdog is facing because of its expanding regulatory remit and the U.K.’s decision to leave the EU, according to a policy statement published on Monday.
U.K.-based lenders would face €15 billion ($19.4 billion) in restructuring costs and would have to hold as much as €40 billion of additional top-quality capital if Britain leaves the European Union without agreeing a trade deal for financial services, a study published on Monday warned.
The Singaporean unit of ICICI Bank is pursuing multinational conglomerate Essar Group through the English courts for $588 million awarded in damages in the U.S. over a loan default by Essar’s U.S.-based steelmaking subsidiary.
U.K. law firm Fieldfisher LLP announced on Monday that it has expanded further into Italy with the launch of a new office in Bologna, a year after its first venture into the country.
Tracey McDermott, the former acting head of the Financial Conduct Authority, has joined the board of the new lobby for Britain’s banking that was formed by the merger of six trade bodies, the group said Monday.
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.