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Financial Services UK

  • November 22, 2016

    UK Court Orders BP To Pay $70M To Abu Dhabi State Bank

    A unit of oil major BP PLC was ordered by England’s High Court on Tuesday to pay the National Bank of Abu Dhabi more than $70 million in damages after being found to have made false representations in a 2014 agreement to sell the bank debt owed to the firm by a Moroccan oil refiner.

  • November 22, 2016

    EBA Unveils New Rules For Banks’ Capital Buffer Calculations

    Europe’s top banking regulator on Tuesday unveiled draft rules for watchdogs when assessing banks’ own calculations of how big their capital buffers need to be to avoid a taxpayer bailout during a financial crisis.

  • November 22, 2016

    Marathon Boss Attacked On £15M Value Of ‘Stolen’ Docs

    The co-founder of Marathon Asset Management LLP was pressured, while giving testimony Tuesday in London’s High Court, to justify his estimate that documents ex-employees took without permission were worth the £15 million ($19 million) Marathon is claiming in damages against the former staff.

  • November 22, 2016

    Freshfields Names New Leader Of Financial Investors Group

    Freshfields Bruckhaus Deringer LLP on Tuesday announced that it has appointed a partner in the Magic Circle law firm’s corporate team as co-head of its specialist global financial investors group, based in London.

  • November 22, 2016

    EU Set To Unveil Package Of Banking Reforms

    The European Commission is expected on Wednesday to reveal a major package of regulatory embellishments aimed at securing banks against financial shocks and managing them in the event of collapse.

  • November 22, 2016

    ECB's Draghi Tells EU To Speed Up Securitization Talks

    The head of Europe’s central bank told European Union lawmakers Monday to hurry up and agree to securitization rules currently bogged down in parliamentary negotiations, warning that uncertainty is damaging the market.

  • November 22, 2016

    Clifford Chance Hires Trade Expert For Brexit Group

    Clifford Chance has hired international trade expert Federico Ortino to augment its Brexit advisory services in the U.K as financial institutions start to grapple with the implications of Britain’s decision to leave the European Union.

  • November 22, 2016

    EU To Reset Business Debt Restructuring Rules

    The European Union’s financial reforms will include new provisions to help businesses restructure their debts in a crisis, according to new proposals released by the European Commission on Tuesday.

  • November 22, 2016

    EU Will Withhold Market Access, UK Brexit Chief Warned

    European Union Brexit negotiator Guy Verhofstadt told his British counterpart Tuesday that the U.K. would not be granted market access to the bloc without honoring other EU freedoms, and insisted that Britain leave the bloc before European parliamentary elections in June 2019.

  • November 22, 2016

    FCA Chief Wants Insurance Role In Deposit Guarantee Scheme

    Insurance should serve as the primary line of defense for failing investment advisers that are often forced to pay substantial bills for payouts under the U.K.’s bank deposit-guarantee scheme, the head of Britain’s City watchdog said Tuesday.

  • November 22, 2016

    Parliament Empowers EU Tax Authorities To Share Bank Data

    European Union national tax authorities will be able to share information about bank account holders for the first time under new legislation to fight tax evasion passed by European Parliament on Tuesday.

  • November 21, 2016

    Attorneys Wary As FCA Ups Ante For UK Asset Managers

    The Financial Conduct Authority last week proposed a slew of measures to increase competitiveness and transparency in the trillion-dollar asset management sector, but lawyers say over-regulation could damage growth in London during a period of political and economic uncertainty.

  • November 21, 2016

    UK Data Protection Guidance Coming By Year-End: Official

    The U.K.’s information commissioner announced Monday that banks and businesses can in the next month expect further guidance on Europe’s general data protection regulation coming to the U.K.

  • November 21, 2016

    MasterCard London Swipe Fee Class Action Case To Go Public

    Attorneys bringing the U.K.’s largest-ever proposed consumer class action accusing MasterCard of fixing swipe fees will publish its plans to seek collective treatment on Thursday, the Competition Appeals Tribunal heard Monday.

  • November 21, 2016

    UK May Increase Depositors’ Protection Due To Brexit

    The Bank of England said Monday that it may boost maximum deposit protection for British bank accounts to £85,000 ($106,000) from £75,000 to counter uncertainties introduced by Brexit and the pound’s fall against the euro.

  • November 21, 2016

    EBA Details Proportional Remuneration Rules For EU Banks

    Europe’s top bank regulator on Monday detailed rules that could exempt as much as 90 percent of credit institutions from European Union remuneration requirements aimed at preventing excessive risk taking in the sector.

  • November 21, 2016

    UK Treasury Denies Claims It Sought Advantage In RBS Sale

    The U.K. Treasury has refuted claims it used access to Britain’s City watchdog to obtain confidential, price-sensitive information prior to its sale of shares in Royal Bank of Scotland, letters published Monday reveal.

  • November 21, 2016

    Finance Reforms Striking Fear Into Asset Managers: Survey

    Nearly three-quarters of asset managers are worried about being ready in time for a massive financial services reform project due to kick in in January 2018, according to a poll released Monday by a leading financial services company.

  • November 21, 2016

    EU Watchdog Clarifies Mutual Fund Limits In Umbrella Schemes

    Europe’s top securities regulator on Monday clarified rules capping the amount a mutual fund can acquire in certain offshore investment schemes, aiming to improve risk spreading in the market.

  • November 21, 2016

    Citi Joins JPMorgan Atop Systemically Important Banks List

    Citigroup Inc. has joined JPMorgan Chase & Co. in the top tier of global systemically important banks requiring stronger capital buffers, with HSBC Holdings PLC dropping to the rung below, international regulators announced Monday.