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Financial Services UK

  • November 30, 2018

    Banks Help Create Small Biz Dispute Resolution Scheme

    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.

  • November 30, 2018

    FCA Creates Committee For ‘Lessons Learned’ From Scandals

    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.

  • November 30, 2018

    MasterCard, Visa Can Take Swipe Fees Fight To Top UK Court

    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.

  • November 29, 2018

    Autonomy’s Ex-CEO Charged With Fraud Linked To HP Deal

    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.

  • November 29, 2018

    Search Of Deutsche Bank In AML Probe Could Draw US Eyes

    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.

  • November 29, 2018

    EU Leaders Agree On Stance For New Covered Bond Regs

    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.

  • November 29, 2018

    Iranian Bank Tejarat Loses Appeal Over Asset Freeze

    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.

  • November 29, 2018

    London To Lose €800B In Bank Exodus, German Lobby Warns

    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.

  • November 29, 2018

    UK Investment Fraudster Handed 5-Year Jail Sentence

    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.

  • November 29, 2018

    FCA Offers Financial Firms Clarity On Authorization Process

    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.

  • November 29, 2018

    EU Seeks To Shield OTC Derivatives From Brexit Upheaval

    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.

  • November 29, 2018

    FCA Backs May's Brexit Deal, Says New Legislation Is Crucial

    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.

  • November 29, 2018

    German Police Search Deutsche Bank HQ In AML Probe

    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.

  • November 28, 2018

    Singapore, China Regulators Forge Stronger Financial Links

    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.

  • November 28, 2018

    No-Deal Brexit Could Be Worse Than Financial Crisis: BoE

    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.

  • November 28, 2018

    Day Trader Distances Himself From Work Chats In UBS Case

    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.

  • November 28, 2018

    EU Says Banking Risk From €820B Of Bad Loans Has Fallen

    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.

  • November 28, 2018

    Major UK Banks Pass 'Severe' Bank Of England Stress Test

    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.

  • November 28, 2018

    Denmark Hits Danske Bank With Preliminary AML Charges

    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.

  • November 28, 2018

    Watchdog Could Block Experian's £275M Merger With Rival

    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.

Expert Analysis

  • Why Companies Should Be Grateful For The GDPR

    Howard Schiffman

    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.

  • EU Law Brings Data Sharing Pointers For US Financial Cos.

    Erin Fonté

    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.

  • An Uncertain Future For British Judgments In Germany

    Stephen Llewellyn

    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.

  • UK Regulators Grapple With Cryptocurrencies And ICOs

    Sergey Kvitkin

    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.

  • Why US Investment Into The UK Is On The Rise

    Simon Rous

    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.

  • ENRC Appeal Is Coming, But Don't Expect Fireworks

    David McCluskey

    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.

  • 5MLD Is A Step Forward In EU's Fight Against Financial Crime

    Keily Blair

    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.

  • Unique Considerations In Cryptocurrency Estate Planning

    Michael Kearney

    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.

  • How Fair Is Fair Market Value In The UK?

    Abdulali Jiwaji

    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.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

    Stephan Roussan

    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.