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.
A Jordanian national being sued in England by the Arab Jordan Investment Bank has claimed the lender is not entitled to recover a $6 million order that a subsidiary of HSBC Holding PLC won in an overseas court but failed to enforce.
Ashurst LLP announced Thursday that it has snagged a partner with over 20 years of senior-level experience in the securitization market from Baker McKenzie’s finance group to grow the firm's team in London.
The Financial Reporting Council announced Thursday that it has brought enforcement proceedings against Deloitte LLP, two of its auditors and former finance directors at a U.K. software company, alleging they failed to disclose information about the company’s financial health before its $11 billion acquisition by Hewlett-Packard Co.
The Financial Conduct Authority set out measures on Thursday to protect vulnerable consumers trapped in debt who are facing high-cost credit charges, including eyeing a possible ban on exorbitant overdraft fees, as it tackles practices it says need "fundamental reform."
A Belgian court has lifted a freeze on nearly $21.5 billion of Kazakh assets that was imposed at the request of two Moldovan oil and gas investors looking to enforce a more than $506.7 million arbitral award against Kazakhstan and instead limited the attachment to $530 million.
A New York federal judge on Wednesday signed off on a plea deal in which BNP Paribas USA Inc. agreed to pay a $90 million fine for engaging in a foreign currency exchange rigging scheme, despite initially voicing concern about the agreement’s terms.
The U.S. Department of Justice has given Barclays more time to negotiate with Hewlett-Packard Corp. over how much the bank should pay in restitution for a foreign currency exchange fraud on HP that the DOJ declined to prosecute, according to a document made public Wednesday.
The U.S. Department of Justice said Wednesday that it was dropping its contested attempt to interview a former British banking official ahead of a criminal fraud trial of two former Deutsche Bank traders accused of trying to rig the London Interbank Offered Rate, saying it had alternative evidence to prove the scheme.
An ex-Credit Suisse director suing the bank for more than £46 million ($61 million) has said it has a duty to indemnify him for damages suffered after he was imprisoned in Romania on espionage charges over his work for the Swiss lender.
The number of complaints about high-cost credit have soared to their highest level ever, according to figures released by the Financial Ombudsman Service on Wednesday, just a day before a highly anticipated review by Financial Conduct Authority into the sector will be published.
An Iranian lender whose assets were frozen over its alleged involvement in the country’s nuclear program should not be allowed to challenge the validity of restrictions on Iranian banks because the European Union sanctions are no longer in force, a top legal adviser at the EU's highest court said Wednesday.
A global securities standards setter and a think tank urged financial regulators and other public authorities on Wednesday to use behavioral insights to educate investors so that they can make better informed financial decisions about their savings and investments.
National regulators must consider the “significant” risks posed to retail investors by debt instruments such as bonds when they draw up plans to rescue or resolve failing banks, the European Securities and Markets Authority and the European Banking Authority said Wednesday.
U.K. law firms have come up with numerous approaches to a new requirement for disclosing gender pay gap information, and the ensuing PR storm is pushing them in conflicting directions.
A subsidiary of investment firm Sapinda Holding BV has settled a lawsuit over claims it owes €22 million ($25 million) to a fund managed by Luxembourg-based Altera Capital LLC over allegations it failed to meet its obligations to buy around 7.7 million shares in a Berlin-based tech company.
Magic Circle firm Clifford Chance LLP is “likely” to face questioning from the Solicitors Regulation Authority over claims it failed to properly follow up allegations of fraud during an inquiry into Royal Bank of Scotland’s treatment of thousands of small companies, the watchdog told Law360 on Tuesday.
The recent conviction of former HSBC foreign exchange executive Mark Johnson has shocked market participants and could lead to a reduction in liquidity for block trades in the foreign exchange and other over-the-counter markets, say members of The Brattle Group and AGN Advisory.
Last month, the U.K. Financial Conduct Authority publicly censured Capita Financial Managers with respect to the collapsed unregulated collective investment scheme known as the Connaught Income Fund. This serves as a salutary reminder that those in the fund administration and outsourcing fields take on a high level of responsibility and liability, says Greg Lascelles of Covington & Burling LLP.
Both the Dodd-Frank Act in the U.S. and rules under the Financial Conduct Authority in the U.K. provide whistleblower protections for financial industry employees who report fraud and regulatory breaches. Whereas the specific protections in the U.S. and U.K. differ somewhat, many of the protection mechanisms are remarkably similar, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.
Clients of "Paradise Papers" law firm Appleby Global should now expect that tax authorities in the U.S., the U.K. and elsewhere will closely scrutinize the leaked documents for evidence of tax evasion. And individuals with inside information that sheds further light on these cases stand to reap sizable rewards by filing qui tam actions, says Adam Pollock of Ford O'Brien LLP.
Until recently, there has not been any regulation harmonizing control toward foreign direct investments at the European Union level. However, a proposal introduced in September may be an appropriate first step toward developing an adapted, cohesive regime regarding foreign investments, say Isabelle MacElhone and Samantha Chavane de Dalmassy of Reed Smith LLP.
The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.
In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.
Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.
As Libor’s discontinuation comes closer, lawyers will grapple with interest rate language in current and proposed commercial loan documents. Charles Guerin of Munsch Hardt Kopf & Harr PC offers some suggestions to help meet parties’ expectations, match industry practice and avoid disputes.
Criticized for lacking teeth during the financial crisis, U.K. regulators are now intent on establishing the personal accountability of individuals at all levels, not just in the boardroom, says Francis Kean of Willis Towers Watson.