Financial Services UK

  • December 5, 2017

    Calif. Statute Of Limitations Sinks Deutsche Bank RBMS Suits

    A New York state appeals court has sunk two suits brought by Deutsche Bank National Trust Co. over thousands of allegedly defective loans in two residential mortgage-backed securities trusts it oversees as trustee, concluding Tuesday that its remaining breach-of-contract claims against Barclays PLC and HSBC were brought too late under its home state’s statute of limitations.

  • December 5, 2017

    EU Releases 'Blacklist' Of Tax Havens, Including South Korea

    The European Union's Economic and Financial Affairs Council released Tuesday a list of 17 nations it says are "uncooperative on tax matters," opening them to possible economic sanctions.

  • December 5, 2017

    Top EU Court Asked If Judgment Rules Apply To BNP Case

    The European Union’s top court has been asked whether EU rules governing the recognition of court judgments in member states across the bloc should apply to a bankruptcy dispute involving the Belgian subsidiary of BNP Paribas.

  • December 5, 2017

    FCA Docs Show It Sat On RBS Report Over Fear Of Suit

    Britain’s Financial Conduct Authority withheld publication of a critical report into the treatment of RBS business customers over fears it would be sued by the bank and its senior bosses, it was revealed Tuesday.

  • December 5, 2017

    Watchdog Proposes 'Sharper' UK Corporate Governance Code

    The Financial Reporting Council published proposals for a "shorter and sharper" code of corporate governance on Tuesday, designed to entice global investors to the U.K.'s capital markets after Brexit.

  • December 5, 2017

    EU Lawmakers Tighten Anti-Terror Checks On Cash Movement

    European lawmakers have agreed to deploy tougher controls on cash at European Union borders in response to growing fears of terrorism and to close loopholes that allow criminals to move "dirty" money and goods with little scrutiny.

  • December 5, 2017

    UK Treasury Minister Upbeat On Brexit Contract Continuity

    The threat of disruption to financial services contracts worth trillions of dollars that would be caused by a messy Brexit will force both the U.K. and European Union to reach a swift agreement on continuity, a senior British minister said Tuesday.

  • December 5, 2017

    ECB Flexes Regulatory Muscle Over Barclays' German Unit

    The European Central Bank said on Tuesday that it will directly supervise the German branch of Barclays PLC from January 2018 because of a sharp growth in the unit's total assets, making it systemically significant.

  • December 5, 2017

    EU Adopts US Equivalence For Derivatives Trading Venues

    The European Commission said Tuesday it has adopted an equivalence decision that recognizes some trading venues authorized by the Commodity Futures Trading Commission in the U.S. as compliant with EU derivatives regulations.

  • December 5, 2017

    FCA Probes UK Lender Provident's Motor Finance Unit

    The Financial Conduct Authority has opened an investigation into Provident Financial PLC’s vehicle financing unit over its treatment of vulnerable customers, the firm said in a statement on Tuesday.

  • December 4, 2017

    Basel III Deal Is Days Away, Official Says

    The Basel III program to reinforce bank capital buffers is expected to be officially signed off on Thursday at a press conference held by global regulators, according to a bank official.

  • December 4, 2017

    Norton Rose Adds Ex-Simons Muirhead White Collar Atty

    Norton Rose Fulbright said Monday it has expanded its corporate and white collar crime team with the hiring of a former partner from Simons Muirhead & Burton LLP who specializes in complex fraud, corruption and money laundering investigations.

  • December 4, 2017

    FCA Chief Turns Spotlight On Bad Financial Advice

    The U.K.'s finance watchdog plans to focus on substandard financial advice and encourage advisers and investment managers to report suspicious activity to the regulator, a director at the Financial Conduct Authority said on Monday.

  • December 4, 2017

    Bank Risk Rules Could Unbalance Capital Markets, EU Told

    A major package of reforms designed to reduce risk in the European banking sector, which finance ministers are due to discuss this week, could unbalance the bloc’s capital markets if they are waved through without change, industry experts warned on Monday.

  • December 4, 2017

    Resolution Body To Press EU Banks For Greater Compliance

    The European Union’s resolution authority said Monday that it will step up its scrutiny of banks’ resolution plans over the next year, as it continues to push for better crisis management and the completion of an EU-wide fund for bank failures.

  • December 4, 2017

    London, Tokyo Ink Standards Pact For Financial Services

    The governing body of London's "Square Mile" of financial services and insurance firms signed a four-year standard-setting agreement with Tokyo on Monday as it seeks greater regulatory cohesion with other major financial centers after Brexit.

  • December 1, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen more than a dozen Indian banks sue the co-owner of the Force India Formula 1 team as he faces possible extradition from the U.K., the Nigerian government takes on JPMorgan, and Ace lodges a dispute against Aviva Life.

  • December 1, 2017

    Ruling Salvages Insurer's Sunken Ship Suit Against Bank

    A U.K. High Court judge said Friday that a group of insurers led by Aspen Underwriting Ltd. can bring a damages claim for alleged misrepresentation against the banker of a Turkey-based shipping company in the United Kingdom because it falls under tort law.

  • December 1, 2017

    EU Heightens Pressure On Malta To Clean Up Financial Crime

    EU lawmakers said Friday that the “perception of impunity” in Malta cannot be allowed to continue as they issued a sharp reprimand to the member state over its exercise of law and reluctance to implement European anti-money laundering legislation.

  • December 1, 2017

    EU Commission Aims To Simplify Reporting Rules For Banks

    The European Commission said Friday it will carry out a “fitness check” on the reporting requirements for banks and other financial firms in the EU as it tackles complaints from the industry that the rules are too complex and that their compliance costs are rising.

Expert Analysis

  • A Close Look At Deferred Prosecution Agreements: US Vs. UK

    Amaee, Robert Cropped HiRes.jpg

    Companies that become subject to parallel investigations in the U.S. and the U.K. must be mindful of the fact that taking the same approach to disclosure and cooperation in both jurisdictions may not lead to the most favorable outcome, says Robert Amaee, head of Quinn Emanuel's white collar and corporate investigations practice in London.

  • The UK Criminal Finances Act From A D&O Perspective

    Carey Lynn

    Last week, the U.K.'s Criminal Finances Act came into force, introducing new criminal offenses intended to help prosecutors prove when senior members of a company are actively involved in illegal activity. As the government continues to roll out new offenses, insureds should ensure that their directors and officers insurance policies keep pace, says Carey Lynn of JLT Specialty Limited.

  • Preparing For UK Litigation As A US Lawyer

    Richard Reice

    Counsel fees, issue fees, risk of loss and the “additional” cost of a barrister mark significant differences between the U.K. and U.S. legal processes. The good news is that the bond between the U.K. and the U.S. arising out of our common history and law renders retaining and working with U.K. counsel seamless and rewarding, says Richard Reice of Hoguet Newman Regal & Kenney LLP.

  • UK Seeks Dispute Resolution Options Outside The CJEU

    Cyrus Benson

    Since the vote to leave the EU, ending the jurisdiction of the Court of Justice of the European Union has been the U.K. government's redline position. On the other hand, the EU has pressed hard to maintain the role of the CJEU as the guarantor of EU citizens' rights, say Cyrus Benson and Ceyda Knoebel of Gibson Dunn & Crutcher LLP.

  • What To Expect In Forex Fraud Trial Of Ex-HSBC Exec

    Scott Schirick

    The prosecution of HSBC’s former global head of foreign exchange spot trading — whose trial began on Monday in the Eastern District of New York — will test whether the government can turn sharp dealing and deception in the unregulated institutional spot forex market into criminal fraud, says Scott Schirick of Pryor Cashman LLP​.

  • When Contract Liability Exclusion Clauses Go Too Far

    Iain Campbell

    One way that contractors and subcontractors limit liability is through the use of exclusion clauses in a contract. Two recent U.K. cases involving the interpretation of such clauses make for interesting reading, particularly for institutions that may be seeking to claim back costs relating to poorly installed materials or unsafe systems, says Iain Campbell of Hill Dickinson LLP.

  • What Libor Replacement Will Mean For Derivatives

    Mark Young

    The increasing attention to Libor's phaseout is sending a strong signal to derivatives markets and derivatives market participants to prepare for this major financial change. The phaseout will also raise intriguing regulatory issues, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Preparing For Data Protection Harmonization After Brexit

    Sarah Delon-Bouquet

    Last month, the U.K. government announced its plan to implement a data protection bill that will avoid disadvantageous divergence with the EU's data protection regime. Companies in the U.K. should take this opportunity to clean up their data protection practices, and may need to look at other protective measures depending on the U.K.'s data protection adequacy, say Sarah Delon-Bouquet and Roman Madej of Bryan Cave LLP.

  • The Psychology Of Hourly Fee Arrangements

    J.B. Heaton

    The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.

  • 10 Tips For Banks Responding To Regulatory Requests

    Tilcia Toledo

    Responding to regulatory requests is a normal part of a bank’s operations, but a poorly written or confusing response may cause an agency to make assumptions about a bank that are not true. Tilcia Toledo of FTI Consulting Inc. offers 10 ways financial institutions can avoid sending negative messages in their responses.