Investors want improved disclosures from company boards about how they identify and manage risk to protect the sustainability of banks and businesses, according to a report released Thursday by Britain’s accounting and financial reporting watchdog.
Lighthouse Group PLC, a financial adviser suing two insurers over their refusal to honor claims linked to the sale of unregulated investments, has said it “should not be left out of pocket” because the insurers cannot agree which firm is liable to indemnify the company.
European regulators are improving their ability to measure risks to the global financial system posed by the murky multitrillion-dollar hedge fund industry, but major gaps still remain, an international securities watchdog said Thursday.
Financial technology startups are set for a big funding boost under U.K. government budget proposals to unlock £20 billion ($26.62 billion) for new technology over the next 10 years, providing new support for a fledgling industry already boosted by special regulatory programs.
An influential financial services lobby group said Thursday the government needs to do more to protect Britain's legal industry and urged it to set out plans to secure the sector’s access to European markets after Brexit.
Clyde & Co. LLP has hired two leading insurance dispute lawyers to launch a new office in the southwest city of Bristol in 2018, the London-headquartered firm announced on Thursday.
Developing the pan-European pension product is like “trying to solve an octagonal Rubik’s Cube,” a European Parliament rapporteur admitted on Wednesday, urging policymakers to keep proposals as simple as possible.
Britain’s Treasury promised new measures to tackle tax dodging on Wednesday in its budget statement and is set to bolster enforcement following a string of leaks that highlight how the U.K. is a major conduit for tax evasion.
An Iran-based bank suing the U.K. government for $4 billion in damages has scored a partial victory in its separate attempt to force HM Treasury to disclose secret material connected to the firm’s bid to set aside financial restrictions imposed on it by sanctions over the country’s nuclear weapons program.
Four directors of a consumer credit company have been banned from trading for a total of 28 years after investigators described the firm as a “shark” that carried out “utterly cynical and thoroughly reprehensible” scams as it ripped off vulnerable customers.
Libya’s sovereign wealth fund has notched a victory in its bid to use documents from its legal battle with Societe Generale SA for potential separate proceedings over questionable trades with other financial institutions.
Europe’s banking regulator said Wednesday that the European Union's domestic watchdogs are making progress as they try to meet EU guidelines on measuring the robustness of banks and their ability to withstand market shocks.
A former bond trader with Bank of America Merrill Lynch International Ltd. has been hit with a £60,090 ($79,590) fine by the Financial Conduct Authority for engaging in market abuse, the U.K. banking watchdog said Tuesday.
Europe’s top banking watchdog published its final guidelines Monday setting out how banks that use an internal-ratings-based approach for calculating their capital requirements should estimate risk in their models.
Britain’s accounting watchdog could start levying fines of more than £10 million ($13.2 million) on the Big Four professional services firms under recommendations published Tuesday, more than double the highest penalty it has handed out so far.
The legal profession remains a high risk for money laundering, with phony investment schemes one of the biggest dangers, the regulatory body for solicitors in England and Wales warned on Tuesday.
Europe’s securities watchdog moved Tuesday to clear up confusion in the financial sector about insider trading laws governing transactions made by senior staff and trading carried out by their firm as it is prepares to announce its results.
JPMorgan Chase & Co. has effectively taken the top spot among the world's most important financial firms, as global regulators on Tuesday moved Citigroup Inc., BNP Paribas SA and Credit Suisse Group SA down the ranking of banks that pose the biggest threat to the financial system.
Cleary Gottlieb Steen & Hamilton LLP said Monday it has hired an experienced financial services disputes partner from Herbert Smith Freehills LLP in a rare litigation hire for the U.S. law firm’s London office.
Barclays PLC asked a Second Circuit panel on Monday to partially rehear a decision granting class certification to investors suing the bank over losses tied to the bank’s alleged misrepresentations about oversight of its dark pool market, saying the ruling is inconsistent with U.S. Supreme Court precedent.
The European Union's revised Shareholder Rights Directive incorporates a set of corporate governance and stewardship best practices that have developed since the initial version's publication in 2007. From a shareholder perspective, the directive seems to provide an adequate balance between additional rights and responsibilities, says Bram Hendriks of Kessler Topaz Meltzer Check LLP.
Blockchain technology holds great long-term promise in the syndicated loan market, but industry participants and regulators will first need to discuss how to properly regulate the technology. The conversation should focus in part on how to confirm the technology's security and how to address new ethical considerations, say Stephen Rutenberg and Robert Wenner of Polsinelli PC.
As the public’s interest in the topic of money laundering grows due to the ongoing special counsel investigation into the 2016 presidential election, now is an appropriate time to review the Federal Reserve's anti-money laundering enforcement actions. These actions have been a key part of the Fed’s enforcement strategy and will continue into the future, says Harry Dixon of Taylor English Duma LLP.
The principal money laundering offenses in the United Kingdom are not under reform, but a recent directive does introduce a number of important changes, including ramped up regulatory sanctions and a new criminal offense. Anti-money laundering compliance from now on is centered on a risk-based approach, says Louise Hodges of Kingsley Napley LLP.
The law relating to the taking of discovery directly from U.S. law firms is evolving in favor of disclosure when documents have been provided to third parties. Law firms must be vigilant in handling their clients' documents or face being responsible for producing them to third parties, say Steven Kobre and John Han of Kobre & Kim LLP.
Despite the advances of the European single market, there remains a confusing combination of EU and nation-specific rules governing the sale of fund products in Europe. Attorneys with Dechert LLP answer some commonly asked questions and explain how to sell alternative investment funds in the European Economic Area.
It was a privilege to spend a half-hour on the phone with the nation's foremost First Amendment lawyer. Floyd Abrams and I discussed his career, his new book and what he sees in his free-speech crystal ball. And he was a very good sport when I asked if it is constitutionally protected to yell inside a movie theater: “Citizens United is a terrible decision and should be set on fire,” says Randy Maniloff of White and Williams LLP.
Under the U.K. Criminal Finances Act 2017, the procedures for reporting suspicious financial activity have changed. Law firms, accounting firms and banks must now take on a more active role in identifying sources of information relevant to determining whether a money laundering offense has taken place, and must respond to information requests from other regulated firms, say attorneys with Dechert LLP.
The U.K. Criminal Finances Act 2017 introduces major changes to the regime for suspicious activity reports. To minimize the risk of serious business disruption, financial services firms, accounting firms and law firms doing business in the U.K. must be prepared to take a more considered approach to analyzing whether a suspicious activity report is genuinely required, say attorneys with Dechert LLP.
After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.