The Financial Conduct Authority has rejected a recommendation from the U.K.'s financial regulatory watchdog that it pay £5,000 for its delayed review of a consumer credit license application, saying the unnamed complainant would have to go to court if it wanted more than a fee refund and an apology.
New York’s banking regulator said Wednesday that Deutsche Bank AG has agreed to pay a $205 million penalty as part of a settlement resolving state banking law violations stemming from an investigation into the German bank’s foreign exchange trading business.
Credit Suisse has settled its lawsuit against an aircraft services company, demanding that the firm hand over a private jet which the Swiss lender says it is owed after the aircraft’s owner, Challenger-Mondel Ltd., defaulted on a $30 million loan.
The European Commission has approved a Cypriot government plan to inject €3.5 billion ($4 billion) into the country’s second-largest lender to facilitate its liquidation, which will see some of its assets and deposits sold off to fellow national lender Hellenic Bank PCL.
The Bank of England will for the first time use its legislative powers to levy fees on the clearinghouses, central securities depositories and payment services providers that sit under its supervision, the authority announced Tuesday.
Millions of people in the U.K. and across the European Union face financial uncertainty because of failures to solve cross-border contract continuity issues after Britain leaves the EU in March 2019, an influential industry lobby group warned on Wednesday.
Trading desks across the European Union must use identity codes from each of their clients to report all trades in financial market instruments starting July 3, the EU’s securities regulator said on Wednesday.
The Second Circuit on Tuesday ordered former HSBC foreign currency exchange executive Mark Johnson released from prison on bail pending appeal of his conviction for defrauding Cairn Energy PLC in a $3.5 billion currency deal, hours after he argued that his post-conviction international travel and compliance with court orders show he’s not a flight risk.
MasterCard has managed to resolve one of the myriad antitrust cases against it over its old interchange fees, with the United Kingdom's Competition Appeal Tribunal on Monday tossing a case from British Airways after the two sides came to an undisclosed settlement.
The European Banking Authority said on Tuesday that it has successfully mediated its first settlement between two resolution authorities in a dispute about the recovery planning of two separate banking groups in the European Union.
The European Union’s highest court on Tuesday gave national regulators across the bloc guidance on when the public should be allowed access to their files on supervised firms, clarifying a rule within the MiFID regime on the sharing of confidential information.
Shoosmiths LLP has strengthened its banking and finance team with the hire of a new project and real estate finance partner in Birmingham, U.K., the firm has said.
A Scottish businessman on Tuesday leaked an internal Lloyds Banking Group PLC report detailing what senior managers knew about fraudulent dealings at HBOS ahead of its 2008 merger with the bank, calling it a “gift to all victims of bank crimes.”
A British parliamentary committee said Tuesday that it is satisfied with Visa Inc.’s explanation that a June 1 systems failure blocking 2.4 million U.K. transactions was due to a technical glitch and not a cyber breach, but pressed for details on steps preventing a recurrence.
European Union banks trading with financial firms based in “high-risk” countries outside of the bloc will be required to follow more stringent due diligence measures, the European Parliament and Council said Tuesday.
The jury should take “huge care” when assessing the Serious Fraud Office’s case against four former Barclays PLC traders and a Deutsche Bank trader for alleged Euribor rigging, one of the defendants’ lawyers said Tuesday during her closing, arguing the agency has given a “misleading” and unbalanced picture.
A London appeals court on Tuesday upheld a ruling allowing Bank of New York Mellon Corp. to freeze $22.6 billion of assets in Kazakhstan’s oil fund as part of a dispute over the country’s refusal to pay a $506.7 million arbitration award granted to a Moldovan investor.
The U.K. Financial Reporting Council on Monday called for urgent quality upgrades at accounting firms, and singled out KPMG over an "unacceptable deterioration" in its work for big U.K. companies after 50 percent of its 2017 audits required significant improvements.
A California federal judge on Monday laid into the U.S. Department of Justice, suggesting it was wasting resources by requesting a jury trial for a former Barclays PLC trader charged with scheming to defraud Hewlett-Packard Co. in a £6 billion options transaction, after the defendant said he’d prefer a bench trial.
A family-run loan company is suing one of its directors and his wife for breach of trust and dishonest assistance in allegedly diverting the company's customers to a separate firm, amounting to lost business of around £900,000.
Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.
While the broad theoretical considerations that are relevant to an economic assessment of whether a merger is likely to reduce innovation are undisputed, the European Commission's interpretation of the relevant economic literature in recent mergers is contentious, say economists at Cornerstone Research.
Earlier this year, U.K. Business Secretary Greg Clark announced that a public register containing details about owners of overseas companies that buy or own property in the U.K. will be made available by early 2021. While the true impact of the new register is difficult to predict, it is clear that the days of anonymous property ownership are over, say Simon Airey and Joshua Domb of Paul Hastings LLP.
U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.
As digital currencies continue to evolve on the international platform, the anonymous and decentralized nature of cryptocurrency transactions could present a number of potential violations of U.S. anti-corruption, sanctions and anti-money laundering laws, including the Foreign Corrupt Practices Act, say attorneys with Ropes & Gray LLP.
The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.
Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.
The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.