The European Union’s banking watchdog published its “fintech roadmap” on Thursday, setting out a series of supervisory priorities for the next two years, including monitoring financial technology firms so they can be consistently regulated across the EU.
A partner of Rockpool Investments LLP is seeking at least £6.6 million ($9.2 million) in damages from the private equity firm, alleging that her co-partners breached their contract by diluting the value of her shares in the firm without her knowledge and input in the process.
An ex-government minister said at a High Court hearing on Tuesday that he is being made the "villain" in a legal battle over the profit he and his business partners allegedly made on a £27 million ($37.7 million) land investment deal, denying he committed any wrongs.
Some multinational companies and their legal departments have been taking steps toward complying with the European Union’s upcoming data protection regime, while others have only just begun or aren’t even considering action before the regulation goes into effect in less than 75 days. Here, Law360 looks at how businesses and their legal departments can prepare for the approaching May 25 implementation date.
After winning U.K. regulatory clearance, Coinbase said Tuesday it has inked a deal with Barclays to speed up payments and make it easier for customers to withdraw their money, making it the first major cryptocurrency exchange to team up with a British bank.
Major U.K. insurance and financial services group Prudential PLC said on Wednesday that it will split its British business from its U.S. and Asian operations, in a move that will boost its Solvency II capital surplus by £300 million ($419 million).
The European Parliament on Wednesday voted to offer the U.K. a trade agreement without any special access for financial services or other industries after the nation leaves the European Union.
European policy needs to be enhanced by introducing new instruments that help to target risks caused by financial services firms other than banks, the European Central Bank’s vice president said on Wednesday.
A London court refused Tuesday to overturn a Financial Ombudsman Service ruling holding financial adviser group TenetConnect Services Ltd. liable to pay redress over one of its appointed representatives who was later convicted running a £2.9 million ($4.04 million) fraud.
A London court has ruled that swipe fee claims brought against MasterCard Inc. by a group of European retailers over alleged violation of competition laws must be applied under the national laws of the claimants.
European banks will be forced to put aside more money to help cut down the pile of bad loans stifling economic growth across the bloc, according to plans announced by the European Commission on Wednesday.
An adviser to the Court of Justice of the European Union urged the court Tuesday to rule that an Austrian national law allowing that country's financial regulator to sanction a bank with interest payments over what it called excessive exposure to risk was not in line with EU legislation.
The head of a key parliamentary committee demanded answers from Britain’s top financial arbiter on Tuesday after an undercover investigation revealed that complaints had been handled by staff with inadequate training, who in some cases used Google to understand the products involved.
A group of U.K. lawmakers formally applied Tuesday for another parliamentary debate on the continued fallout from the Royal Bank of Scotland PLC’s now-defunct global restructuring group, during which they will introduce a motion seeking more redress for firms that lost money or went bankrupt after being placed in the unit.
The U.K. government announced Tuesday that it is cracking down on individuals and businesses who use large cash transactions to take part in financial crimes such as evading tax payments and laundering money.
The Financial Conduct Authority will have to review its handbook when Britain leaves the European Union, minutes from the U.K. watchdog's most recent board meeting reveal, but it will limit the number of rule changes it makes in the run-up to Brexit.
Tax advisers will have to tell European Union authorities about avoidance schemes they market from 2020 under a law passed unanimously by the bloc’s finance ministers Tuesday.
European finance ministers on Tuesday failed to agree on terms for a major package of reforms designed to reduce risk in the European banking sector and have pushed back further discussions until May.
Former Barclays PLC trader Alex Pabon lost his attempt to have a British appellate court toss his conviction for rigging Libor on Tuesday as judges rejected his claim that a key prosecution witness who testified at his trial lacked credibility.
Allowing central banks to distribute their own digital currencies could create serious new risks for financial markets and destabilize traditional lenders, a comprehensive report from a banking standards setter has warned.
A number of significant corporate resolutions were reached in 2017, which have provided guidance on the level of cooperation expected by criminal and civil authorities, primarily in Europe. Meanwhile, the divergent approaches to legal privilege taken by courts in different jurisdictions provide significant challenges to those conducting cross-border internal investigations, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.
In the litigation funding world, portfolio financing offers many potential advantages, but few who talk about it truly understand the mechanisms or reasoning behind portfolio arrangements, says Matthew Denney of Chancery Capital.
The regulatory fragmentation on the federal level, and at the U.S. state and EU member state levels, presents challenges and uncertainty for many fintech companies. The resolution of these uncertainties will directly impact the evolution of this sector, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Late last year, the Sedona Conference released the third edition of its principles addressing electronic document production, updated to account for innovations like Snapchat and Twitter. It may be necessary for these principles to be updated more often in order to keep pace with technology, says Charles McGee III of Murphy & McGonigle PC.
The notice the European Commission released last November is factually accurate, but casts doubt on the continued efficacy of English courts without giving stakeholders the full story. The timing of its release was potentially by political reasons, says Louise Freeman of Covington & Burling LLP.
In "Justice and Empathy: Toward a Constitutional Ideal," the late Yale Law School professor Robert Burt makes a compelling case for the undeniable role of the courts in protecting the vulnerable and oppressed. But the question of how the judiciary might conform to Burt’s expectations raises practical problems, says U.S. Circuit Judge Allyson Duncan of the Fourth Circuit.
As litigation funding becomes more widespread, greater complexity and variability in funding deals are to be expected. All claimants should consider certain key questions on the economics of single-case funding when considering or comparing funding terms, says Julia Gewolb of Bentham IMF.
Blockchain technology holds great potential to revolutionize the financial services industry, but it is not quite there yet. More work needs to be done across development and regulation to win the full trust of the wider financial sector, says Ross Nicholls of IR Global.
Given the operational and security risks involved, and the substantial digital asset values transacted, the rise of distributed ledger technology and smart contracts will create new opportunities and responsibilities for transactional lawyers, say attorneys with Potter Anderson Corroon LLP.
The English High Court's recent decision in the Dana Gas case has upheld the enforceability of Islamic finance products entered into by Middle East-based entities by rejecting the argument that lack of Shariah compliance can invalidate sukuk obligations, say David Miles and Christoph Schulz of Covington & Burling LLP.