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Financial Services UK

  • November 19, 2018

    Ex-UBS Worker Tried To Use 'Newbie' Excuse, FCA Tells Jury

    A former UBS Group AG compliance officer accused of passing inside information to her day-trader friend told Financial Conduct Authority investigators she frequently accessed the investment bank's internal databases to educate herself because she was a "newbie" in the role, a London jury heard Monday.

  • November 19, 2018

    EU Rules Are Limiting Commodity Markets Abuse, Group Says

    The International Organization of Securities Commissions said Monday that European Union regulations introduced in recent years are helping member states prevent market abuses in the commodity derivatives sector, in line with the standard setter’s principles.

  • November 19, 2018

    PRA 'Cyborg' System Will Monitor Finance Firms, Exec Says

    The Prudential Regulation Authority will create a system of "cyborg supervision" of financial services in the coming years in which humans work with machines, an executive director of the Bank of England forecast Monday.

  • November 19, 2018

    2 US Banks Tied To Danske Money-Laundering, Ex-Head Says

    Two U.S. banks helped process around €200 billion ($230 billion) of suspicious payments through Danske Bank’s small Estonia branch, the whistleblower at the center of the scandal said Monday.

  • November 19, 2018

    FSB Says Progress Made On Derivatives Reporting, Clearing

    The Financial Stability Board said on Monday that most central banks and regulators under its umbrella have set up strong reporting and central clearing requirements for over-the-counter derivative trades as it pushes through reforms to the multitrillion-dollar sector introduced after the financial crisis.

  • November 19, 2018

    EU Ready To Negotiate Brexit Trade Deal, Barnier Says

    Trading relations after Brexit between the U.K. and the European Union, including in the key financial services sector, will be the bloc's new focus in talks about Britain's departure from the bloc, the EU's top negotiator said on Monday.

  • November 19, 2018

    British Cyberattack Planning 'Wholly Inadequate,' MPs Warn

    Failures by the U.K. government to tackle cyberthreats have left the country’s financial systems and other critical infrastructure open to "potentially devastating" attacks, a parliamentary committee warned on Monday.

  • November 16, 2018

    UK's Approach To Regulating Crypto-Assets Looks 'Measured'

    The U.K. appears ready to move forward on regulating cryptocurrency-related assets, seeking what some attorneys describe as a measured approach that is likely to expand regulation to protect mom-and-pop investors from dicey crypto-backed investments, while trying to avoid dampening innovation in the underlying technology supporting digital assets.

  • November 16, 2018

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

    The last week has seen a new suit against Credit Suisse over debt investment, Kuwait's social security agency take on Man Group, and Allianz and several food distributors sue one of the world's biggest container shipping companies. Here, Law360 looks at those and other new claims in the U.K.

  • November 16, 2018

    Bitcoin Is 'Evil Spawn' Of Financial Crisis, ECB Exec Says

    Digital currencies such as bitcoin are “evil spawn” of the financial crisis and are unlikely to be issued by central banks in the next decade as regulators struggle to catch up with the technology, a senior European Central Bank official said Thursday.

  • November 16, 2018

    Trader Who Blew €114M For Nasdaq Reaches Creditor Deal

    A trader who prompted Sweden's markets regulator to investigate Nasdaq’s clearinghouse buffers when he blew a €114 million ($133 million) hole in the Nordic energy market has reached an agreement with his creditors.

  • November 16, 2018

    Antitrust Watchdog Probes Possible Financial Services Cartel

    The Competition and Markets Authority announced on Friday that it is investigating suspected breaches of competition rules in the financial services sector under the U.K.’s anti-cartel laws.

  • November 16, 2018

    Keep Brexit Question Out Of ECJ, UK Urges Supreme Court

    The British government has urged the U.K. Supreme Court to prevent six pro-Remain lawmakers and an attorney from asking Europe’s top court whether Britain can unilaterally reverse the process of exiting the European Union.

  • November 16, 2018

    Global Watchdog Takes RBS, Nordea Off Bank Risk List

    A global regulator announced on Friday that it has dropped Royal Bank of Scotland Group PLC and Nordea Bank, a Nordic institution, from a list of lenders that would pose the biggest risk to the financial system if they failed, based on their size and how closely connected they are to other companies in the sector.

  • November 16, 2018

    FDIC Fights To Keep Libor Manipulation Claim Against UBS

    A group of failed banks suing UBS could not have reasonably known that the lender’s Libor submissions were lower than they should have been in the lead-up to the financial crisis until regulatory findings emerged in 2012, lawyers for the U.S. Federal Deposit Insurance Corp. said at a London court on Friday.

  • November 16, 2018

    Bailey Promises Upgrade For FCA Financial Services Register

    The boss of the Financial Conduct Authority has promised that it will carry out improvements to a crucial industry register amid concerns over the quantity of incorrect information being provided to consumers, correspondence released Friday reveals.

  • November 15, 2018

    NY Appeals Court Revives HSBC Suit Over $1.9B Fine

    A New York appeals court on Wednesday revived a shareholder derivative action against HSBC filed after the bank paid a $1.9 billion fine over money laundering, finding a recently decided case overturned a lower court's requirement that the plaintiff first obtain permission from England’s High Court to file suit.

  • November 15, 2018

    Judge Wants More Info On Citi's $10M Deal In Forex Rig Suit

    A Manhattan federal judge on Thursday rejected a $9.95 million settlement between Citigroup and a proposed class of investors who say it was among a dozen big banks that allowed fraud to go undetected in wholesale foreign exchange markets, saying she needed to know more.

  • November 15, 2018

    Banks May Get Extra Time To Build Buffers Amid Brexit

    European banks that face a shortfall in their capital buffers because a €100 billion ($127 billion) U.K. stockpile of debt will no longer count toward their loss-absorbing holdings after Brexit may be given an extension to rack these back up, Europe's authority for handling failing banks said on Thursday.

  • November 15, 2018

    Noble Group Gets US, UK Courts' OK For Restructuring Plans

    Global commodity trader Noble Group Ltd. has received approval for the transfer of its assets in both the U.K. and the U.S. courts, clearing the way for the company to complete its restructuring plans.

Expert Analysis

  • Raising Issues In UK Preliminary Hearings Can Be Risky

    Galina Usorova

    The hearing of preliminary issues in LIC SAR & Empreno Ventures v. VTB Capital provides important insight into the range of issues that U.K. courts might consider hearing at the preliminary stage, and serves as a warning about potential wasted costs when engaging with complex matters in preliminary hearings, say Galina Usorova and Philip Gardner of Peters & Peters Solicitors LLP.

  • 3rd-Party Litigation Finance In UK: To Brexit And Beyond

    Daniel Spendlove

    Despite potential market volatility, England's preeminence as a global litigation center will likely survive post-Brexit. Therefore, the litigation funding sector looks poised to benefit from new opportunities in this jurisdiction and abroad, say Daniel Spendlove and Johnny Shearman of Signature Litigation LLP.

  • Can D&O Policies Enhance Presumption Of Innocence In UK?

    Francis Kean

    The presumption of innocence allows U.K. directors access to company indemnities and directors and officers liability insurance when they defend against criminal proceedings. Despite some doubts, the presence of repayment extension in D&O policies should provide directors with additional reassurance, says Francis Kean of Willis Towers Watson.

  • Reining In Abusive Alien Tort Statute Cases

    Perlette Jura

    The most obvious takeaway from the U.S. Supreme Court's decision in Jesner v. Arab Bank is that non-U.S. corporations no longer need to fear Alien Tort Statute liability. But tucked within the decision’s holding and its various concurring opinions are other key points, say attorneys with Gibson Dunn & Crutcher LLP.

  • How To Deal With UK Cryptocurrency Tax Puzzle

    Will Egan

    A recurring theme in taxation is the uncertainty that can arise when rapidly developing technology is subjected to current legal frameworks, which inevitably lag behind the curve. In this article, Will Egan and Graham Samuel-Gibbon of Taylor Wessing LLP review the United Kingdom's taxation of cryptocurrencies.

  • Litigation Funding Is On The Rise In Europe

    Klaus Oblin

    The rising popularity of litigation funding across Europe is a positive force for litigation and arbitration proceedings, but its growth and influence should be carefully managed, say Klaus Oblin and Florian Wettner of IR Global.

  • How UK Regulators Approach The Digital Currency Market

    Henning von Sachsen-Altenburg

    So far, U.K. regulators have taken a fairly cautious approach to regulating digital currencies and the use of distributed ledger technology. Fortunately, the U.K. government will likely provide regulators with a political mandate and legislative foundation to enable a stable and flourishing cryptocurrency sector, says Henning von Sachsen-Altenburg of PricewaterhouseCoopers LLP.

  • Judging The Financial Conduct Authority 5 Years On

    David Rundle

    The U.K.'s Financial Conduct Authority, 5 years old this month, has had significant success in securing record financial penalties against firms in relation to misconduct, but it remains to be seen whether it will be able to hold senior individuals to account, says David Rundle of WilmerHale.

  • EU's ICO Response Lags Behind Its Potato Regulation

    Bob Penn

    Recently, a multitude of regulators within the European Union have issued warnings on initial coin offerings of cryptocurrency tokens. However, until they start applying existing rules to ICOs or successfully develop new rules, the industry will remain relatively unregulated, say Bob Penn, Sarah Lewis, Matthew Fisher, Danilo Santoboni and Ulrike Schuster of Cleary Gottlieb Steen & Hamilton LLP.

  • Opinion

    There Is Middle Ground For US Lawyers On AML Regimes

    Matthew O'Hara

    The American Bar Association continues to oppose legislation that would impose certain European Union and U.K. anti-money laundering requirements on U.S. lawyers. The ABA should further consider its approach to this issue as there is a viable middle ground that protects privileged communications and confidential information while advancing the interests of the legal profession, says Matthew O’Hara of Freeborn & Peters LLP.