Payments systems should be reworked to make greater use of digital currencies to speed up cross-border payments that are currently slower and more costly than they need to be, a global standards setter said in a report Friday.
The U.K.'s statutory compensation program said Thursday it is preparing to declare Active Wealth (U.K.) Ltd. in default after the firm came under scrutiny for advice it gave to members of the troubled British Steel Pension Scheme.
Australian investment manager Taurus Funds Management Pty Ltd. is suing Hummingbird Resources PLC for $6.6 million in loss and damages Taurus allegedly suffered when the British gold miner canceled a proposed $55 million secured finance facility in favor of another lender.
The Payment Systems Regulator said Thursday it has ordered one of the U.K.’s major retail payment system operators to come up with a solution to prevent firms that administer direct debits payments from hindering wider access to the market.
Kazakhstan’s JSC BTA Bank on Thursday blocked an attempt by the son-in-law of its former chairman Mukhtar Ablyazov to set aside a worldwide asset-freezing order against the two relatives, in the latest step of its long-running battle to claw back $6 billion it claims Ablyazov embezzled during his time in charge.
The U.K.’s Financial Conduct Authority has set out plans to allow innovators in the financial sector to test new products and services in multiple jurisdictions without the burden of regulation, building on its four-year-old domestic "sandbox" scheme.
The Financial Conduct Authority's failure to take quick, aggressive action on allegations that RBS mistreated small businesses recalls earlier fumbles when dealing with the Libor rate-rigging scandals, leaving lawmakers questioning whether the agency needs new leadership and possibly new regulatory tools.
In this monthly series, legal recruiting experts Amanda Brady and Amy Mallow of Major Lindsey & Africa interview law firm management from Am Law 200 firms about how they are navigating an increasingly competitive business environment. The second conversation is with Allison Friend, chief human resources officer for Hogan Lovells LLP.
King & Spalding LLP is expanding its white-collar crime practice in London with the hire of former Berwin Leighton Paisner LLP corporate crime head Aaron Stephens, the law firm said on Thursday.
Lloyds Banking Group said Thursday it is terminating its contract with asset manager Standard Life Aberdeen, which manages a £109 billion ($153.5 billion) portfolio for two Lloyds subsidiaries, citing competition concerns.
The U.K.’s Financial Services Compensation Scheme has stepped in to protect the depositors of Essex Savers, a financial cooperative that was declared in default on Wednesday, with an expected total payout of £1.7 million ($2.4 million).
A group of gold sellers told a New York federal judge Tuesday that a recent Commodity Futures Trading Commission sanctions order against UBS AG shows the Swiss bank should not be allowed to escape a suit accusing a group of international banks of manipulating the benchmark price of gold.
A key U.K. parliamentary committee on Thursday said it has written to more than 30 major financial services firms asking why they have not signed up for a government-backed initiative to boost female leadership positions.
Addleshaw Goddard LLP announced Wednesday it has added a partner to each of its financial regulation offerings in London and Scotland, making its six-partner team one of the largest in the U.K.
The global financial services sector suffers higher costs as a result of cybercrime than any other industry, a study by the Accenture consultancy and the Ponemon Institute, a research firm, shows.
The European Commission is ready to introduce a series of ambitious policy measures to steer banks and other financial institutions toward environmentally-friendly finance and investment, a senior EU official has said.
A European financial markets regulator pushed on Wednesday for new rules to prevent investment funds from having too little cash on hand when investors ask for their payouts, which could pose risks to the broader sector during a market downturn.
Lawyers representing Barclays Bank appeared in a London court on Wednesday to face a charge of unlawful financial assistance brought against the British lender relating to a $3 billion loan the bank made to Qatar in 2008.
A British businessman wanted in the U.S. over an alleged $37 million bitcoin scam has been banned from conducting business in the U.K. for 15 years after a court found that he had misled investors, losing them hundreds of thousands of pounds, the government’s Insolvency Service said Wednesday.
France’s Ministry of Justice on Monday announced the creation of a new international division of the Paris Court of Appeal that will specialize in hearing international disputes, including complex commercial and financial matters.
Despite early indications that the U.K.'s Financial Conduct Authority and the European Securities and Markets Authority would require investment firms' clients to obtain legal entity identifiers by Jan. 3, regulators have now extended the deadline by six months. There is no extra credit for timely compliance, but in the long term, noncompliant entities cannot sit back and do nothing, say Keily Blair and Andrea Holder of Pricewaterh... (continued)
France's recent settlement with HSBC under the new Sapin II anti-corruption framework could signal a new phase of government enforcement in the country. While the terms and structure of the settlement bear many similarities to deferred prosecution agreements in the U.S. and the U.K., they also differ in certain key respects, say attorneys with Skadden Arps Slate Meagher & Flom LLP.
Jay Greenberg and Max Volsky, co-founders of litigation finance platform LexShares Inc., analyze emerging trends based on conversations with their investors and executives in this rapidly evolving sector.
Study of the Enneagram personality typing system can provide attorneys with better insights into themselves, and into those they interact with professionally, including clients, opposing counsel and judges, says Jennifer Gibbs of Zelle LLP.
This year, the revised Payment Services Directive takes effect in the EU, providing the legal framework for open banking, which is intended to encourage competition in the retail banking sector by enabling customers to consent to allowing third parties safe and secure access to their current accounts, says Neil Warlow of JLT Specialty.
Blockchain's growth next year is unlikely to match its 2017 growth, but 2018 may well be a much more impactful year in the blockchain and cryptocurrency space. Emerging themes and initiatives include smart contracts, state-backed cryptocurrencies and the maturation of the initial coin offering market, says Austin Mills, head of the blockchain and cryptocurrency group at Morris Manning & Martin LLP.
The European Commission's long-awaited guidance on litigating and licensing standard-essential patents clarifies what conduct may insulate an SEP owner from abuse claims under competition law, in sharp contrast to the U.S., where the Federal Trade Commission and U.S. Department of Justice have declined to adopt any views on the subject, say Edward Kelly and Regina Sam Penti of Ropes & Gray LLP.
For many female attorneys, the results revealed in the New York State Bar Association’s recently adopted report on female litigators in the courtroom were not encouraging but not terribly surprising. Each stakeholder in the litigation process — judges, law firms and corporate clients — should contribute toward increasing female voices in the courtroom, says Carrie Cohen of Morrison & Foerster LLP.
This has been a year of critical mass for legal tech and a transformative year for the legal industry as a whole. We also witnessed increased collaboration between legal tech companies and more traditional players, says Nicole Moriniere of Lexoo.
In the final part of this series about the General Data Protection Regulation, attorneys at Gibson Dunn & Crutcher LLP explain the stringent restrictions placed on cross-border data transfers to countries outside of the European Union, various compliance mechanisms and penalties, and potential deviations in implementation among EU member states.