Financial Services UK

  • November 20, 2017

    Barclays Seeks 2nd Circ. Review Of Dark Pool Class Cert.

    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.

  • November 20, 2017

    3 UK Forex Traders Seek Dismissal Of Rate-Rigging Charges

    Three London-based foreign exchange traders whom New York federal prosecutors accused of violating antitrust laws by teaming up to influence two key foreign exchange benchmarks asked a judge to dismiss the case against them on Friday, saying they did nothing wrong and shouldn’t have been charged.

  • November 20, 2017

    UK Parliament Criticizes Power Grab Of New Sanctions Bill

    A new bill giving the U.K. post-Brexit legal rights to impose, update and lift domestic sanctions and anti-money laundering measures will face line-by-line scrutiny Tuesday after senior Parliament figures criticized it for handing ministers too much power.

  • November 20, 2017

    ESMA Clarifies Derivatives Market Reporting Rules

    The European Securities and Markets Authority updated its guidance on the reporting obligations of banks and central counterparties on Monday, addressing industry confusion caused by technical standards that came into force this month.

  • November 20, 2017

    Paris Wins Race To House EU Banking Watchdog After Brexit

    The European Union decided Monday that Paris would be the new home of the European Banking Authority as the U.K.'s decision to leave the bloc forces the financial services regulator to relocate from its base on London's Canary Wharf.

  • November 20, 2017

    3 Directors Of UK Payday Loan Co. Hit With Bans Up To 9 Yrs

    Three men who ran a U.K. payday loan company have been disqualified from acting as directors for a combined total of 20 years after they used over £1 million ($1.32 million) in funds raised from a pension liberation scheme to pay off company debts, the U.K. government said Monday.

  • November 20, 2017

    Kazakhstani Bank Notches Win In Stolen Funds Fight

    A U.K. High Court judge on Monday ruled in favor of Kazakhstani state-owned bank BTA Bank Joint-Stock Co. in its attempts to recoup over £1 billion ($1.3 billion) in funds allegedly misappropriated by its former chairman Mukhtar Ablyazov.

  • November 20, 2017

    Probing HBOS' Loan Book Was 'Worst Moment,' Judge Is Told

    A former non-executive director of Lloyds Banking Group PLC told a court on Monday that it was one of the “worst moments” of his professional life when he realized the true state of HBOS PLC’s loan book, months after his bank’s board had approved a state-engineered acquisition of the stricken U.K. mortgage lender.

  • November 20, 2017

    EU's Barnier Shuts Door On Post-Brexit Passporting For City

    Britain’s banks and insurance firms will lose their right to passport services into the EU “as a legal consequence of Brexit,” the European Union’s lead negotiator said on Monday, as he appeared to dismiss any chance of a special deal for London’s financial sector.

  • November 20, 2017

    Securitization Rules Partially Eased As EU Council Gives OK

    European lawmakers agreed regulations designed to revitalize the bloc’s stagnant securitization market on Monday, including a last-minute rewrite to clarify rules on the use of self-certified mortgage loans in some debt products after lawyers and lobbyists voiced concerns.

  • November 20, 2017

    UK Watchdog Launches 3rd Probe Into Mitie Group's Accounts

    The U.K.’s Financial Reporting Council announced on Monday that it has opened its third investigation since last year into Mitie Group PLC’s accounts, this time looking into the outsourcing and energy services firm’s 2015-16 financial statements.

  • November 20, 2017

    Compliance Is Key For UK Firms Eyeing Fintechs, Report Says

    Financial services firms and new technology startups hoping for a successful partnership will need to tackle legal and compliance issues before they can get off the ground, according to a report released Monday highlighting the common pitfalls and legal traps that can undo such partnerships at an early stage.

  • November 17, 2017

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

    The last week has seen a consulting firm sue the shareholder rights group that challenged the Royal Bank of Scotland, Lehman Brothers' bankrupt European unit take on HMRC, and three reinsurers lodge a claim against Petroleos de Venezuela's captive insurer. Here, Law360 looks at those and other new claims in the U.K.

  • November 17, 2017

    City Firms Warned Of Supply Chain Cyber Dangers

    The Financial Conduct Authority warned banks and insurance firms on Friday that they will still face regulatory punishment for cybersecurity failures in their supply chain and that outsourcing compliance is not a credible defense.

  • November 17, 2017

    EBA Reveals Final Details Of EU-Wide Bank Stress Tests

    The European Banking Authority announced Friday it has finalized the stress scenarios it will use to put banks to the test in 2018 in an EU-wide program to gauge the ability of institutions to meet requirements for their capital holdings during a crisis.

  • November 17, 2017

    EU Tightens Endorsement Rules For Credit Rating Agencies

    Credit rating agencies based in the European Union starting in 2019 will have to explain to regulators why they are endorsing a rating by an agency based outside the EU, as Europe’s top securities regulator set out new requirements on Friday.

  • November 17, 2017

    FRC To Eye Reports From Banks, Insurers After Finding Gaps​

    The U.K. Financial Reporting Council announced on Friday that it will review the corporate reporting of financial firms over the next two years, focusing on the effects of Brexit and new standards that come into force in the new year.

  • November 17, 2017

    Watchdog Reveals Fine Print On Money Market Funds Regs

    Europe’s securities watchdog published its final report on new regulations for the  €1 trillion ($1.2 trillion) money market funds sector on Friday, which will introduce stress-testing of liquidity and credit quality.

  • November 17, 2017

    UK Judge Backs Oil Co. Creditors In $700M Islamic Bond Case

    A High Court judge ruled in favor of Dana Gas bondholders in a high-profile legal judgment on Friday over the validity of $700 million of Islamic bonds issued by the United Arab Emirates energy company.

  • November 17, 2017

    British TV Star Set To Sue Lloyds For £300M Over HBOS Fraud

    Television celebrity Noel Edmonds is planning to take legal action against Lloyds Banking Group PLC in a bid to claim as much as £300 million ($396 million) for losses he claims he suffered in a fraud scam carried out by former employees at the bank's HBOS unit.

Expert Analysis

  • Tips For Securing Antitrust Clearance Around The World

    Rebecca Nelson

    Early attention to the antitrust considerations of a given transaction can go a long way toward promoting the chances of a timely or early clearance. However, promoting a speedy and efficient review in the EU requires different procedures compared to when a U.S. filing is needed, say attorneys with Bryan Cave LLP.

  • Post-Election Britain: Soft, Softer Or Softest Brexit?

    Markus Gehring

    Following the results of the United Kingdom's general election earlier this month, a much softer form of Brexit is now more likely. However, a softer Brexit would likely mean giving up some of the freedoms that motivated the U.K. to leave the European Union in the first place, says Markus Gehring of the Centre for International Governance Innovation.

  • Tips For Complying With ABA’s New Encryption Guidance

    Nick Holda

    Last month, the American Bar Association published revised guidance regarding an attorney’s duty to protect sensitive client material in light of recent high-profile hacks. The first step in compliance is understanding how your data is being stored and accessed. There are three key questions you should ask your firm’s information technology staff and/or external solution vendors, says Nick Holda of PreVeil.

  • UK's Marex Ruling May Lead To New Tortious Cause Of Action

    Lincoln Caylor

    In Marex Financial Ltd. v. Carlos Sevilleja Garcia, the England and Wales High Court considered whether a claim in tort exists against a person who, anticipating a final judgment and freezing order, dishonestly asset-strips a corporation to ensure it cannot pay its judgment debt. This decision may lead to the creation of a valid tortious claim in asset dissipation, says Lincoln Caylor of Bennett Jones LLP.

  • British Airways' Pensions Saga Is Flying Under The Radar

    Rosalind Connor

    While most of the world is talking about the IT problem that grounded British Airways planes, pension lawyers have been discussing British Airways v. Airway Pension Scheme Trustees, and the danger of leaving the power to direct scheme benefits in the hands of someone who does not have to pay for it, says Rosalind Connor of ARC Pensions Law.

  • UK Election Result: Stalemate Or Checkmate For Business?

    Sir Paul Jenkins

    The solid foundation to Brexit negotiations that Theresa May thought she would lay down with this election has crumbled to dust. And the result for businesses planning for a post-Brexit world is a prolonged period of speculation and uncertainty, according to Alistair Maughan of Morrison & Foerster LLP and Sir Paul Jenkins, the U.K. government's most senior legal official from 2006 to 2014.

  • Has EU Really Made Cross-Border Asset Preservation Easier?

    Jef Klazen

    While the new European Account Preservation Order promises to harmonize protective account measures across 26 European Union member states, certain EAPO features mean it might not always be the best choice for judgment creditors deploying an international litigation strategy, say attorneys with Kobre & Kim LLP.

  • What Cos. Need To Know About The UK Criminal Finances Act

    Neil Gerrard

    The U.K.'s Criminal Finances Act 2017 creates a new offense of failure to prevent the facilitation of tax evasion. The extraterritorial effect of the offense means that entities doing business in the U.K. will be criminally liable even if an associated person commits tax evasion in another jurisdiction. The potential impact is far-reaching and burdensome, say attorneys with Dechert LLP.

  • In Defense Of Subsuming The Serious Fraud Office

    Jonathan Peddie

    Last month, the U.K.'s Conservative party announced its intention to incorporate the Serious Fraud Office into the National Crime Agency. There has been no shortage of media comment condemning the proposal, but the time has come to put the SFO's armory alongside the other agency's strengths so that they can tackle problems together, says Jonathan Peddie of Baker & McKenzie LLP.

  • Opinion

    Big Business Lobby Tries To Hobble Litigation Finance, Again

    Allison Chock

    In its most recent petition advocating mandatory disclosure of litigation finance, the U.S. Chamber of Commerce simply rehashes the same arguments from its previous failed efforts to convince the Committee on Rules of Practice and Procedure of the dire implications of undisclosed funding relationships, say members of IMF Bentham Ltd.