Most U.K. banks, insurers and other financial firms will not need to submit extra paperwork to convert existing approved persons to the newly strengthened management accountability regime, regulators said Wednesday, as they published more details of the new system.
The European Parliament is to consider introducing new penalties to allow it to clamp down on money laundering in the European Union and narrow the scope for organized crime, after lawmakers voted to press ahead.
Sebastian Holdings Inc., the personal investment fund of Monaco billionaire Alexander Vik, failed on Wednesday to block a court order making receivers responsible for its assets.
British television celebrity Noel Edmonds has vowed to sue Lloyds for £300 million ($400.8 million) over a major scam at the bank's HBOS unit, but people familiar with the matter said Wednesday that the star originally was willing to settle for just £10 million until Lloyds' refusal to negotiate led mediation efforts to break down last month.
A man jailed for his role in an unauthorized investment scheme that defrauded investors out of £4.3 million ($5.7 million) was given additional prison time on Tuesday for failing to pay off a fine.
It's “unquestionable” that some European Union countries may qualify to join a recently released list of tax havens, the European commissioner for economic and financial affairs said Tuesday, but he said including member states could set back progress on reforming the EU's tax systems.
A Barclays PLC banker was jailed for six years and four months on Tuesday for his role in a conspiracy to launder over £2.5 million ($3.3 million) that was stolen using malware.
The Justice Department on Tuesday asked a federal judge in Brooklyn to end a deferred prosecution agreement against HSBC Holdings PLC, saying that the British bank had addressed the problems that allowed Mexican drug cartels to funnel nearly $1 billion into the U.S. financial system.
Financial institutions gearing up for the EU’s incoming payments reforms received finalized criteria for establishing a so-called central contact point from the European Banking Authority on Tuesday, one month ahead of the new directive coming into force.
The European Commission is close to finalizing ambitious policy measures aimed at strengthening the role financial services can play in the development of a more sustainable economy, a senior EU official said Tuesday.
A former Lloyds risk manager only approved a £10 billion loan facility to bail out HBOS in 2008 after it got the full backing of the U.K.’s former banking regulator, a lawyer representing Lloyds shareholders said at trial Tuesday, arguing the deal was outside of the lender’s ordinary course of business and should have been disclosed.
A powerful government scrutiny panel is to reveal on Thursday how it believes the U.K.’s finance and insurance sectors would cope if they were given an extended period to adjust to a deal between Britain and the bloc after Brexit.
The U.K. Court of Appeal on Tuesday dismissed a group of film scheme investors’ bid to overturn a High Court decision giving the country’s tax authority the go-ahead to demand upfront payments from taxpayers before they have a chance to challenge the amount.
Pension trustees for HSBC Bank PLC faced pressure on Tuesday to explain why some former staff had received reduced payments, despite company profits hitting nearly $15 billion earlier this year.
U.K. banks will be forced to reveal all the operational and security incidents they experience from August next year under new rules unveiled on Tuesday by the Financial Conduct Authority, which wants to make it easier for consumers to compare providers.
HSBC Holdings PLC said on Monday that the U.S. Department of Justice will soon release it from a deferred prosecution agreement for allegedly allowing Mexican drug cartels to launder cash and other anti-money laundering violations, five years after the agreement was reached.
The Financial Conduct Authority doled out 10 times as much in penalties during the past year as it did in 2016, but the £229 million ($305 million) total still pales compared to the £1.5 billion peak the watchdog hit in 2014 while tackling a series of rate-rigging scandals, a report found Monday.
The U.S. Department of Justice on Friday urged a New York federal court to deny a bid by three London-based foreign exchange traders to escape charges that they conspired to rig foreign exchange benchmarks, arguing that the activity had a strong enough connection to the U.S. for the case to proceed.
The European Commission on Monday introduced a set of procedures aimed at simplifying the refund process for cross-border investors that are hit with a withholding tax twice, noting that the current repayment system’s complexity costs businesses €8.4 billion ($9.9 billion) a year.
The Prudential Regulation Authority on Monday detailed the standards that it expects U.K. banks, building societies and investment firms to meet as they draw up their recovery plans for overcoming scenarios of financial hardship, as required under both European Union and U.K. law.
The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.
In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.
Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.
As Libor’s discontinuation comes closer, lawyers will grapple with interest rate language in current and proposed commercial loan documents. Charles Guerin of Munsch Hardt Kopf & Harr PC offers some suggestions to help meet parties’ expectations, match industry practice and avoid disputes.
Criticized for lacking teeth during the financial crisis, U.K. regulators are now intent on establishing the personal accountability of individuals at all levels, not just in the boardroom, says Francis Kean of Willis Towers Watson.
Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.
While many aspects of the EU's General Data Protection Regulation may be causing consternation in boardrooms around the world, one particularly innovative provision could benefit individuals and businesses alike by leveling the competitive playing field — the right to data portability, say José Vega and Amy Puckett of Bradley Arant Boult Cummings LLP.
More than 1 trillion euros' worth of nonperforming loans are concentrated in the periphery of the European Union, causing banking regulators and market participants to petition the European Union for help. However, EU laws could complicate a public intervention, say Omar Shah and Leonidas Theodosiou of Morgan Lewis & Bockius LLP.
By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.
To the extent that companies have tolerated predominantly male leadership in the past because it was deemed necessary for growth and prosperity, or viewed diversity and the underrepresentation of women strictly as human resources issues, a growing body of research suggests otherwise, say Andrea Mitchell and Valerie Hletko of Buckley Sandler LLP.