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.
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.
The U.K. Financial Conduct Authority on Tuesday delayed launching an inquiry into how companies judge consumers’ credit histories until June, so that it can focus instead on whether general insurers are overcharging loyal customers.
The global standard setter for derivatives trading said Tuesday it is close to finalizing the technical adjustments needed to make sure derivatives contracts remain valid if regulators stop recognizing legacy interest-rate benchmarks.
Greenberg Traurig LLP announced that a former Goodwin Procter LLP partner experienced in the tax aspects of real estate transactions and investment funds has joined the firm as a partner in its London office.
Capital markets firm Exotix Partners LLP defended its handling of a Peruvian government bond deal with Lehman Brother's European unit, disputing during a London trial Tuesday allegations from the defunct investment bank's administrators that it breached a contract by profiting from a trading error.
A day trader accused of insider dealing told a London jury on Tuesday that he refused to comment in an interview with the Financial Conduct Authority because he did not trust the U.K.’s financial services watchdog.
The U.K.’s Financial Conduct Authority said Tuesday it has permanently canceled the authorization of Larksway Investments Ltd. because the insurance broker failed to comply with an award made by Britain’s financial ombudsman.
The Financial Reporting Council announced Tuesday that it has halted a formal complaint against the former chief financial officer of a U.K. software company as it awaits the outcome of his planned appeal against fraud convictions in California.
The European Court of Justice heard detailed arguments on Tuesday about whether the U.K. can unilaterally reverse the process of leaving the European Union, in a case that campaigners hope could help to keep Britain in the bloc.
The FCA said Tuesday it is “deeply concerned” about the increasing number of technology outages hitting financial services companies, and cautioned that some businesses appear too confident about their ability to manage IT risks.
A New York federal judge on Monday dismissed the bulk of claims against all defendants except Morgan Stanley in a proposed class action against 15 major banks and two brokers for allegedly manipulating the price of derivatives based on an Australian benchmark interest rate.
Russia on Monday was ordered by an international tribunal to pay one of Ukraine's largest banks $1.1 billion for expropriating its assets in Crimea following its 2014 takeover of the peninsula.
Britain’s competition authority announced Friday it has opened an initial investigation into Nasdaq’s planned $190 million purchase of Cinnober Financial Technology, saying the proposed deal could substantially shrink competition in the U.K. market.
Prosecutors in Germany have conducted a second raid at the offices of Freshfields Bruckhaus Deringer LLP in Frankfurt as part of a tax evasion probe, the firm confirmed Monday.
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.
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.
The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.
Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.
The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.
Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.
While the broad theoretical considerations that are relevant to an economic assessment of whether a merger is likely to reduce innovation are undisputed, the European Commission's interpretation of the relevant economic literature in recent mergers is contentious, say economists at Cornerstone Research.
Earlier this year, U.K. Business Secretary Greg Clark announced that a public register containing details about owners of overseas companies that buy or own property in the U.K. will be made available by early 2021. While the true impact of the new register is difficult to predict, it is clear that the days of anonymous property ownership are over, say Simon Airey and Joshua Domb of Paul Hastings LLP.
U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
Following the U.S. Securities and Exchange Commission's announcement of its biggest-ever Dodd-Frank whistleblower awards, Chris Warren-Smith of Morgan Lewis & Bockius LLP discusses whistleblowing in financial service industries in different jurisdictions with other Morgan Lewis attorneys based all around the world.
In a recent speech, the U.K. Serious Fraud Office's joint head of bribery and corruption, Camilla de Silva, made it clear that deferred prosecution agreements will not be given out to each and every company seeking one. Self-reporting, internal investigation, cooperation and reform are all factors that the SFO assesses to determine which companies deserve DPAs, says Azizur Rahman of Rahman Ravelli Solicitors.