A London court has dismissed the first challenge to new "dirty money" powers that allow British authorities to force wealthy people to explain how they obtained their riches if the wealth is suspected to be the proceeds of crime, but lawyers are unsure how effective the new enforcement tool will be.
Major U.K. banks on Friday threw their support behind a range of new initiatives aimed at making sure complaints from small businesses about their lenders are fairly reviewed, including by pledging to fund a new alternative dispute resolution scheme for larger SMEs.
The Financial Conduct Authority will set up a board committee to oversee the independent reviews that are being carried out into its handling of the mis-selling of interest rate hedging products by the U.K.'s biggest banks, new documents published Friday reveal.
Visa and MasterCard have been granted permission by Britain's Supreme Court to challenge a landmark Court of Appeal decision that found the credit card companies set charges at an unlawfully high level that restricted competition.
A federal grand jury Thursday indicted former Autonomy Corp. CEO Michael Lynch and another former top executive on fraud charges, alleging they lied about the British software company's financials before Hewlett-Packard Co.'s $11.7 billion acquisition in 2011.
The move by German police to raid Deutsche Bank AG's offices as part of a money laundering probe could lead to further scrutiny from U.S. authorities for both the bank and its correspondent banking partners, experts told Law360.
The European Union Council said on Wednesday that EU ambassadors have agreed to a uniform framework for financial instruments backed by a separate pool of assets as a way to increase security for investors and provide new opportunities.
Iranian Bank Tejarat lost its appeal on Thursday to have a lower European court’s decision over an asset freeze linked to Iran’s nuclear ambitions set aside, after the Court of Justice found that the authorities had acted appropriately and had not flouted the bank’s rights.
London will lose up to to €800 billion ($909 billion) in assets to rival financial hub Frankfurt by March 2019 as banks start to transfer business to the city to avoid Brexit disruption, a German lobby group said Thursday.
A self-styled financial trader was jailed for five years on Thursday for running "sophisticated and dishonest" investment schemes that defrauded friends and acquaintances out of nearly £3 million ($3.8 million), the Financial Conduct Authority said.
The Financial Conduct Authority has updated the guidance it gives individuals and companies as they apply for authorization to work in the financial sector, incorporating recent regulatory changes and industry feedback on improvements.
Europe’s three top financial regulators moved on Thursday to protect the multitrillion-dollar market in over-the-counter derivatives until March 2020 in the event that Britain crashes out of the European Union without a trade deal.
The Financial Conduct Authority gave its backing to Prime Minister Theresa May’s controversial agreement for Britain's withdrawal from the European Union on Thursday, warning that crashing out of the bloc in March would bring “much higher risk” for the companies it regulates.
German police raided the headquarters of Deutsche Bank AG in Frankfurt and five other premises early on Thursday in an investigation into allegations of money laundering, the city's public prosecutor said.
The Monetary Authority of Singapore and Shanghai Municipal Financial Regulatory Bureau said Tuesday that they have identified key areas in which to increase financial cooperation between the country and the sovereign city-state, including financing the Belt and Road Initiative projects.
A disorderly Brexit could send the U.K. economy into a deeper recession than the one that followed the 2008 financial crisis, the Bank of England said Wednesday in a report modeling a worst-case scenario if Britain and Brussels fail to reach a deal.
A day trader accused by the Financial Conduct Authority of insider dealing told a London jury on Wednesday that his friendship with the former UBS AG compliance officer he is facing trial alongside was strictly social, denying allegations they spoke about upcoming company mergers.
European Union banks have cut the amount of toxic loans on their books to €820 billion ($930 billion) and raised provisions for dealing with bad debts, the European Commission said Wednesday, while calling for further efforts to compete the bloc’s capital markets rulebook.
Britain’s seven major lenders have passed the Bank of England’s annual evaluation of their capital holdings and could continue to meet borrowers’ demands even at a time of “very severe stress,” the central bank said Wednesday.
Danish prosecutors have filed preliminary charges against Danske Bank over allegations that it violated the country’s anti-money laundering legislation as billions of euros in transactions passed through its Estonian branch, the lender said Wednesday.
The U.K.’s antitrust enforcer indicated Wednesday that it could block the planned £275 million ($350 million) merger between credit data company Experian PLC and rival ClearScore, which it said would stifle competition and innovation.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
The Serious Fraud Office has landed another mixed result in its prosecution of several former Barclays and Deutsche Bank traders for manipulating Euribor, the latest in the white collar specialist's latest effort to hold individuals accountable for rigging key benchmark interest rates. Here, Law360 looks at the highlights of the SFO's long-running campaign.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
After the pain heals from what for many businesses was a last-minute scramble for General Data Protection Regulation compliance, many of these businesses will come to appreciate how the effort made them stronger from a compliance, security and even operational performance stance, say Howard Schiffman and Adam Cohen of Yeshiva University.
Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.
Currently, U.K. judgments in civil and commercial matters can be enforced in Germany with the same authority as German judgments. However, depending on what the U.K.'s relationship with the EU will look like after Brexit, the situation might become unbalanced to the detriment of British judgment creditors, say Stephen Llewellyn of Faegre Baker Daniels LLP and Karl von Hase of Luther Rechtsanwaltsgesellschaft mbH.
Currently, regulation of cryptocurrencies and initial coin offerings in the U.K. is handled primarily by the Financial Conduct Authority, Bank of England and Her Majesty's Revenue & Customs. Trading in cryptocurrencies themselves is not a regulated activity, but trading in derivatives using digital assets will require FCA authorization and new forms of market intervention are likely on the horizon, say attorneys at Crowell & Moring LLP.
While political uncertainty is pushing U.K. corporations toward defensive consolidation, inward mergers and acquisitions investment into the U.K. remains strong, with American acquirers leading the way. Factors contributing to this trend include Brexit, U.S. tax changes and saturation of the U.S. target market, say Simon Rous of Ashfords LLP and Laurie Sanders of Osborn McDerby LLP.
Justice Geraldine Andrews' judgment in Serious Fraud Office v. Eurasian Natural Resources Corp last year is a reality check, but not a change in the law. With the case's appeal currently pending, it is becoming more clear that British lawyers have been lulled into an ever-expanding definition of litigation privilege which is not supported by the law, say Davis McCluskey and Georgina Jones of Taylor Wessing LLP.
The European Parliament recently voted in favor of the fifth money laundering directive, 5MLD, which creates stricter rules and increases transparency around financial transactions and legal entities. 5MLD will create uniformity across the European Union and close any possible loopholes that may have existed previously, say Keily Blair and Andrea Holder of PricewaterhouseCoopers.
Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.
The U.K. Court of Appeal recently ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition. The decision demonstrates the difficulty of challenging a nondefaulting party's valuation, provided that its process is reasonable, say attorneys at Signature Litigation LLP.
Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.