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Financial Services UK

  • June 4, 2018

    Azerbaijan Bank Claims Restructuring Plan Sinks $20M Suit

    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.

  • June 4, 2018

    EU Extends Relief For Firms Using CCPs Outside Bloc

    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.

  • June 4, 2018

    Ex-FBI Lawyer Named New Head Of UK Fraud Squad

    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.

  • June 1, 2018

    UK Litigation Roundup: Here's What You Missed In London

    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.

  • June 1, 2018

    Austrian Bank Sues Ashurst Over Fate Of $70M Escrow Funds

    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.

  • June 1, 2018

    EBA Tells Regulators To Hand Over Supervisory Information

    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.

  • June 1, 2018

    UK Prosecutors Ink Pact To Get Compensation For Victims

    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.

  • June 1, 2018

    EU Eases Solvency II To Fuel €150B Spend By Insurers

    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.

  • June 1, 2018

    Euribor Requests 'Look Bad' In Hindsight, Ex-Trader Tells Jury

    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.

  • June 1, 2018

    MP Fears TSB Mail Mix-Up Breaches New EU Data Laws

    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.

  • June 1, 2018

    ESMA Slaps Ban On Binary Options, Restrictions On CFDs

    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.

  • June 1, 2018

    HSBC Gets Court OK For Plan To Ring Fence £200B Arm

    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.

  • June 1, 2018

    Ex-Regulator Chief To Chair New Gov't Pensions Body

    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.

  • May 31, 2018

    What To Know About Complying With GDPR

    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.

  • May 31, 2018

    New EU Data Watchdog Backs 'Cookie Wall' Ban

    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.

  • May 31, 2018

    EU Outlines Plan To Digitize Cross-Border Litigation

    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.

  • May 31, 2018

    Critics Push Gov't To Limit Overdraft Fees After FCA Report

    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.

  • May 31, 2018

    Top EU Court Rules No Gun-Jumping In EY, KPMG Merger

    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.

  • May 31, 2018

    ABN Amro Wins Claim To London Flat Over $13.7M Debt

    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.

  • May 31, 2018

    UK Unveils ‘Excuses’ For Lack Of Women In Top Biz Roles

    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.

Expert Analysis

  • What Open Banking Has In Store For Wealth Managers

    Neil Warlow

    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.

  • What To Expect From Blockchain In 2018

    Austin Mills

    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.

  • Comparing EU And US Standard-Essential Patent Guidance

    Edward Kelly

    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.

  • Hearing The Need For More Women’s Voices In The Courtroom

    Carrie Cohen

    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.

  • Legal Technology In 2017: Trends And Implications

    Nicole Moriniere

    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.

  • A GDPR Primer For US-Based Cos. Handling EU Data: Part 2

    Caroline Krass

    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.

  • ESMA Guidance Creates Questions For EU Exchanges

    Thomas Donegan

    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.

  • A GDPR Primer For US-Based Cos. Handling EU Data: Part 1

    Caroline Krass

    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.

  • Keeping Your Law Library Relevant In The Age Of Google

    Donna Terjesen

    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.

  • UK Merger Control Regime Is More Than Just Voluntary

    Douglas Lahnborg

    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.