Azerbaijan’s largest commercial bank has argued in new documents filed with the High Court in London that a restructuring plan drawn up in 2017 and approved by regulators removes any liability it had for Russia’s Sberbank under the terms of an outstanding $20 million loan.
The European Commission said Monday financial services firms would have a further six months exemption from having the European Union's requirement to hold greater capital buffers if they use clearinghouses based outside of the bloc.
Lisa Osofsky, a former lawyer at the U.S. Federal Bureau of Investigation, was named on Monday as the new head of the U.K.’s Serious Fraud Office, ending months of uncertainty about who would take the top job.
The last week has seen CIS Insurance lodge another claim against IBM, a dispute emerge between a bankrupt mini-bond scheme and its security trustee, and Chubb sue Harvey Weinstein amid a fight over who should pay the cost of defending the movie producer against sexual harassment claims. Here, Law360 looks at those and other new claims in the U.K.
Raiffeisen Bank is suing Ashurst LLP in the English courts to find the whereabouts of $70 million the Austrian lender says it is owed over a 2015 deal to sell its shareholding in Asia Resource Minerals PLC.
The European Banking Authority told European Union national regulators on Friday what information they must submit to it concerning rules that they put out for financial firms in their jurisdiction, including details on the format, structure, content and publication date of the rules.
Three U.K. law enforcement authorities said Friday that they will work together to ensure that compensation is paid to victims of overseas financial crime where money is funneled into the U.K., and vowed to act swiftly to return assets to the affected individuals, companies or countries.
The European Commission adopted new rules on Friday that relax the demands of the Solvency II directive as it seeks to encourage insurers to buy securities and pump €150 billion ($175 billion) into the bloc's economy.
A former Barclays banker accused of conspiring to manipulate a key interest rate told a London court on Friday that she “feels a bit stupid” for not questioning why traders asked her to help them influence rates that would benefit their trading positions.
A member of parliament accused TSB PLC of breaking new European data protection rules on Friday after the bank accidentally sent out letters revealing the names, addresses and reference numbers of other account holders to customers.
Europe’s top securities regulator announced Friday that it has pushed through rules aimed at protecting consumers in the European Union by temporarily banning the sale of binary options to retail customers and restricting sales of contract for difference products.
HSBC on Friday became the fourth major U.K. bank to win judicial backing for plans to split its retail operation from its riskier investment arm under sweeping new “ring-fencing” rules, leaving Santander the only big high street name still awaiting judgment.
A former head of the U.K.'s financial regulator has been appointed to lead a new body set up by the government to offer debt advice and pensions guidance, the Department for Work and Pensions has said.
While the long-awaited deadline for companies to get into step with the European Union's sweeping General Data Protection Regulation has come and gone, companies should reconsider if they have decided that it's too late to fill in compliance gaps, attorneys say.
A new European Union data protection watchdog has called for pending new privacy rules meant to bolster the General Data Protection Regulation to be expedited and to include an explicit ban on operators requiring users to agree to tracking cookies to access a website or service.
The European Commission on Thursday released proposed new measures designed to promote and facilitate electronic document filing, aimed at increasing judicial cooperation on cases that range across national borders and reducing the costs incurred when documents are sent via regular mail.
Despite the U.K. Financial Conduct Authority’s proposal to increase transparency on payday loans and other expensive consumer credit, the watchdog faced criticism from lawmakers and consumer groups on Thursday for taking an overly cautious approach to tackling exorbitant overdraft charges in its review, and called for the government to take action.
The European Union's highest court said Thursday that auditing giants Ernst & Young and KPMG followed merger rules when their Danish units combined even though the companies began preparing for the deal before regulators had signed off on it.
ABN Amro can lay claim to a London property owned by a Cayman Islands-registered investment fund as part of the Dutch bank’s efforts to reclaim about $13.7 million following a legal battle with a Spanish oil company, a senior officer at the High Court in London has ruled.
Despite recent pressure on banks and other financial firms to boost female leadership positions, bosses at some of the U.K.’s biggest companies have offered up "outrageous explanations" for why they don’t have more women in senior roles, the government said Thursday as it released findings from a gender diversity review of top firms.
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.
Blockchain's growth next year is unlikely to match its 2017 growth, but 2018 may well be a much more impactful year in the blockchain and cryptocurrency space. Emerging themes and initiatives include smart contracts, state-backed cryptocurrencies and the maturation of the initial coin offering market, says Austin Mills, head of the blockchain and cryptocurrency group at Morris Manning & Martin LLP.
The European Commission's long-awaited guidance on litigating and licensing standard-essential patents clarifies what conduct may insulate an SEP owner from abuse claims under competition law, in sharp contrast to the U.S., where the Federal Trade Commission and U.S. Department of Justice have declined to adopt any views on the subject, say Edward Kelly and Regina Sam Penti of Ropes & Gray LLP.
For many female attorneys, the results revealed in the New York State Bar Association’s recently adopted report on female litigators in the courtroom were not encouraging but not terribly surprising. Each stakeholder in the litigation process — judges, law firms and corporate clients — should contribute toward increasing female voices in the courtroom, says Carrie Cohen of Morrison & Foerster LLP.
This has been a year of critical mass for legal tech and a transformative year for the legal industry as a whole. We also witnessed increased collaboration between legal tech companies and more traditional players, says Nicole Moriniere of Lexoo.
In the final part of this series about the General Data Protection Regulation, attorneys at Gibson Dunn & Crutcher LLP explain the stringent restrictions placed on cross-border data transfers to countries outside of the European Union, various compliance mechanisms and penalties, and potential deviations in implementation among EU member states.
The European Securities and Markets Authority has published a dubious interpretation requiring exchange members of EU exchanges to be locally regulated if they provide clients with access to the exchanges. This directly conflicts with the U.K.'s regulators and Parliament and creates potential issues in other countries such as Germany, says Thomas Donegan of Shearman & Sterling LLP.
While many U.S. companies have already begun work on complying with the General Data Protection Regulation, it has such a long reach that it may encompass many organizations that would not ordinarily expect to be subject to European data privacy laws, say attorneys at Gibson Dunn & Crutcher LLP.
Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.
The United Kingdom has a voluntary merger control regime, and many companies choose not to notify transactions to the Competition and Markets Authority. However, it may be preferable to notify the CMA of an anticipated merger in order to avoid seriously disruptive initial enforcement orders, say Douglas Lahnborg and Saira Henry of Orrick Herrington & Sutcliffe LLP.