The last week has seen a commercial fraud claim against asset manager Shire Warwick Lewis, Italian insurers sue a shipper, and Denmark's tax authority take action against ED&F Man Capital Markets and more than five dozen other firms. Here, Law360 looks at those and other new claims in the U.K.
The European Union’s top financial supervisors said on Friday that they are looking to extend special clearing reliefs currently granted to covered bonds to securitizations identified as “simple, transparent and standardized.”
The Singapore Exchange has asked a London-based startup to provide its blockchain-based technology to more effectively process and record foreign exchange trades, the companies announced on Friday.
A gold mining company has argued in new court documents that it acted lawfully when it abandoned a proposed $55 million secured finance facility with one lender in favor of another as it fights a damages suit filed at a London court by the firm that set up the original deal.
HSBC Holdings PLC said on Friday it has set aside $897 million from its first-quarter earnings to cover potential legal costs and fines from pending misconduct cases, including an investigation by the U.S. Department of Justice into the sale of residential mortgage-backed securities more than a decade ago.
The Financial Conduct Authority said on Friday it wants to make it easier for thousands of "mortgage prisoners" to escape bad deals and suggested relaxing rules to make it easier for consumers in the U.K. to switch providers.
International law firm Simmons & Simmons LLP said its Dublin office is open for business as it plans to welcome 10 partners and 30 extra staff over the next three years, allowing it to continue to serve asset management and investment fund clients after Brexit.
Financial services firms and trading venues should report suspicious activity that could constitute insider dealing or market manipulation to regulators "without delay," a U.K. banking standards-setter said on Friday.
A major U.K.-based Islamic bank has rejected assertions by a leisure company at a London court that the terms of a deal worth £7.3 million ($9.9 million) to finance a 40-meter yacht were not compliant with Sharia law and insisted that it was within its rights to chase the company after it missed payments.
Brexit could provide an opportunity to strengthen domestic and global financial services and insurance markets and improve the flow of capital around the world if the U.K. commits to making its regulation more competitive, a free-market think tank said on Friday.
Barclays PLC and Deutsche Bank AG carried out minimal monitoring on their traders’ communications leading up to and during the financial crisis, two former executives from the banks said Thursday amid questioning at the London trial of five traders charged with rigging the Euro Interbank Offered Rate.
A pan-European Union agency to fight money laundering through the bloc's financial system might be the way to ensure that national regulators proactively and speedily report suspected cases, a senior member of the European Central Bank said in a letter to the European Parliament on Thursday.
Two international standard-setting bodies warned on Thursday that central counterparties’ failure to implement risk management and recovery planning measures are “serious issues of concern” and warrant “immediate attention.”
The U.K. government must quickly propose a mechanism for dispute resolution and enforcement after Brexit to deal with disagreements over subjects such as cross-border financial payments, members of the Upper House of Parliament said Thursday.
Denmark's Financial Supervisory Authority criticized Danske Bank on Thursday over “serious weaknesses" in its money laundering defenses and ordered the bank to stock up its capital buffer as a precaution after an investigation into senior staff involved with the firm's Estonian branch.
Counsel for Property Alliance Group confirmed Wednesday it has sought permission from the U.K.'s Supreme Court to appeal certain aspects of a Court of Appeal decision dismissing its landmark £30 million swaps misselling case against Royal Bank of Scotland PLC.
The European Central Bank said Wednesday it has designed a first-of-its-kind framework for testing the cyber resiliency of financial firms that will offer insight into their cyber defenses and allow them to better prepare for potential attacks.
The chairman of TSB PLC told members of Parliament on Wednesday that the bank has tapped law firm Slaughter & May to conduct an investigation into an IT meltdown that left thousands of customers with no access to their accounts and some claiming that their personal data had been compromised.
The U.K.'s 14 semi-independent overseas jurisdictions will likely have to set up public registers of beneficial corporate owners before the end of 2020 after the British government on Tuesday accepted an amendment to the Sanctions and Anti-Money Laundering Bill.
Export Development Canada and a leasing vehicle have hit back at claims by a South African investment fund that they were wrong to terminate an aircraft lease, filing a defense and countersuit listing alleged breaches of the agreement, including the fund’s links to corruption allegations.
While the U.S. has a long history of class action litigation, there are still many unknowns in the U.K. as to what the courts are looking for in order to certify a class. The recent filing of a lawsuit against Google will hopefully provide guidance on whether private group consumer redress will be successful on the other side of the Atlantic, says Lauren McGeever of Epiq Systems Inc.
European arrest warrants were designed to speed up and simplify extradition within the European Union, but they are often abused and give EU member states a relatively easy way to apply serious pressure to individuals and companies which they are in dispute with, says Robert Hickmott of Quinn Emanuel Urquhart & Sullivan LLP.
Smart law firms are increasingly positioning professionals to proactively guide them as the legal landscape reshapes itself, harnessing six emerging roles within their organizational charts to embrace new approaches, tools and systems, says Rob MacAdam of HighQ.
Highly profitable companies have comprehensive corporate wellness programs that realize plateauing health care costs, greater employee engagement, and a demonstrable competitive advantage. The legal field needs a similar awakening, says Rudhir Krishtel, a former partner of Fish & Richardson and senior patent counsel at Apple.
While each new year is expected to bring fresh challenges to the legal industry, 2018 will be particularly disruptive to the status quo. Both law firms and organizations that cater to the legal community should prepare for developments like increasing pressure from international clients and data security risks caused by multigenerational gaps, says Jeff Ton of Bluelock LLC.
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 PricewaterhouseCoopers LLP.
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.