Financial Services UK

  • July 21, 2017

    JPMorgan, Deutsche To Settle Libor Rigging Claims For $148M

    JPMorgan Chase & Co. and Deutsche Bank AG have agreed to pay a combined $148 million to escape two investor suits alleging they rigged the Libor benchmark rate, according to a proposed deal Friday, asking for early approval despite both banks having technically been dismissed from one of the cases.

  • July 21, 2017

    ESMA Clarifies Alternative Investment Fund Client Asset Regs

    Europe’s top securities regulator on Friday clarified rules governing the segregation of customer assets held by financial institutions under European Union regulations on alternative and collective investment funds.

  • July 21, 2017

    BofA Picks Dublin For New EU Hub After Brexit

    Bank of America Merrill Lynch confirmed on Friday that it has chosen Dublin as the base for its European Union operations after Britain withdraws from the bloc in 2019.

  • July 21, 2017

    EU Accounting Rules Adviser Probes Bank Equity Holdings

    Europe’s accounting standards adviser said on Friday that it will collect evidence on the effect that new global bank reporting rules will have on the equity instrument portfolios held by banking groups.

  • July 21, 2017

    City Lobbies Push For Brexit 'Visas' As Ministers Hold Talks

    New City minister Stephen Barclay is to meet government immigration chiefs in the coming days to plead the case for foreign employees in London’s financial services sector to be given protected status, the Treasury confirmed to Law360 on Friday.

  • July 21, 2017

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

    The last week has seen an arbitration dispute between ICBC Standard Bank and a Russo-Mongolian mining venture, Barents Re's suit against PDV Insurance, and a financial services spat between Walker Crips brokerage and ADM's U.K. investment services unit. Here, Law360 looks at those and other new claims in the U.K.

  • July 21, 2017

    First Female President For UK Supreme Court Announced

    The U.K. government announced on Friday that Lady Brenda Hale has been appointed the new president of the Supreme Court, making her the first female to fill the position of the U.K.’s most senior judge.

  • July 21, 2017

    UK Watchdog Agrees Supervisory MOU With Hong Kong Regulator

    Britain’s Financial Conduct Authority and Hong Kong’s Securities and Futures Commission have agreed to assist each other in the supervision and oversight of regulated firms in their respective jurisdictions, under a supervisory memorandum of understanding published on Thursday.

  • July 21, 2017

    Lloyds Offers £6.5M To 16 Victims Of HBOS Loan Scam

    Lloyds Banking Group PLC said on Friday that it is in the final stages of making compensation offers to 30 of the 67 victims of a £245 million ($318.4 million) fraud scam carried out by former employees at its subsidiary HBOS.

  • July 21, 2017

    MasterCard Gets Win As Tribunal Blocks £14B Class Action

    The U.K.’s Competition Appeal Tribunal put the brakes on a £14 billion ($17.2 billion) consumer antitrust suit against MasterCard over swipe fees on Friday, ruling that the suit cannot proceed as a class action.

  • July 21, 2017

    UK Unveils New Private Sector Money Laundering Watchdog

    Britain has unveiled a new watchdog to help tackle private sector loopholes that allow money laundering and terrorist financing to spread.

  • July 20, 2017

    Libor Trader Ruling Creates Cross-Border Hurdle For DOJ

    In overturning two traders' convictions for rigging a global financial benchmark, the Second Circuit handed the U.S. Department of Justice a major defeat that cross-border practitioners say creates an obstacle in joint U.S. enforcement cases.

  • July 20, 2017

    Yukos Finance Arm Gets OK To Sue Businessman In UK

    A U.S. businessman who bought up assets from former Russian oil giant Yukos Oil Co. lost his bid Thursday to stop financial services units of the company from suing him in the U.K. when London’s High Court ruled he was subject to English legal jurisdiction.

  • July 20, 2017

    39 Essex Chambers Snags CEO From Matrix

    The CEO of Matrix Chambers will be making the move to 39 Essex Chambers as the barristers set's new chief executive, it was announced Wednesday.

  • July 20, 2017

    UK Sets Out New Framework For Insurance-Tied Securities

    The U.K. Treasury released details Thursday of a new regulatory and tax regime to help Britain break into the surging global trade in insurance-linked securities, which could be worth £87 billion ($113 billion) by 2019.

  • July 20, 2017

    Citi Chooses Frankfurt For Post-Brexit Expansion

    Citi will use Frankfurt, Germany, as a major European hub after Brexit, the bank's Europe, Middle East and Africa chief executive told staff on Thursday.

  • July 20, 2017

    Financial Sector Tweaks Made To EU Whistleblower Measures

    Members of the European Parliament have proposed changes to a legislative motion for a European Union-wide whistleblowing protection framework, including new text that highlights the role of the financial sector in previous scandals.

  • July 20, 2017

    SFO Cautions Of Brexit Threat To Corruption Probes

    Britain’s fraud squad warned Brexit could threaten its ability to chase down corruption and international crimes, in its annual report laid before Parliament late Wednesday.

  • July 20, 2017

    EU Official Sees Brexit Transition Period Of 'A Few Years'

    The European Union's top Brexit negotiator foresees a transition period of "a few years" to allow a new economic and trading relationship to be sealed after the U.K. leaves the EU in March 2019, according to minutes of his meeting with British lawmakers released by the House of Lords on Thursday.

  • July 20, 2017

    EU Rejects Appeal For Credit Rating Agency Registration

    The European Union’s top financial services regulators rejected an appeal by FinancialCraft Analytics to be granted registration as a credit rating agency on Thursday, confirming an earlier decision by the bloc’s securities watchdog.

Expert Analysis

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Assessing The Path Forward For The Serious Fraud Office

    Collingwood Thompson

    The debate over the possible merger between the United Kingdom's National Crime Agency and Serious Fraud Office has underlined the chronic underfunding of law enforcement. Increasing the budgets of the police and Crown Prosecution Service would be more helpful than an unnecessary merger, says Collingwood Thompson QC of 7 Bedford Row.

  • 2nd Circ. Libor Ruling Helps Subjects In Int'l Investigations

    Gregory O’Connell

    The Second Circuit's Allen decision Wednesday tilts the scales toward subjects and targets in multinational investigations. U.S. prosecutors could be forced to get involved in international investigations earlier than they might like, say Gregory O’Connell and Peter Sluka of De Feis O’Connell & Rose PC.

  • The BVI's Recent Beneficial-Ownership Efforts

    Omonike Robinson-Pickering

    With increasing international focus on matters of beneficial-ownership information, the British Virgin Islands has taken steps aimed at making such information readily available without compromising the privacy of those who, for perfectly legal and acceptable reasons, choose the BVI as the domicile of an entity, say members of Walkers and BDO.

  • Corporate Criminal Liability Continues To Expand In The UK

    Robert Amaee

    With the recent charges brought against Barclays PLC, the U.K. Serious Fraud Office and Financial Conduct Authority have made clear their intention to expand the law on corporate criminal liability beyond the current identification doctrine and punish those who fail to keep up new legal standards, say Robert Amaee and James McSweeney of Quinn Emanuel Urquhart & Sullivan LLP.

  • Get Ready For The UK's New Unexplained Wealth Order

    Gerrard, Neil.jpg

    The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.

  • Rebuttal

    The Future Of Litigation Finance Is Analytics

    Eva Shang

    In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.

  • Looking At The EU Market Abuse Regulation 1 Year Later

    Michelle Moran

    The European Union's Market Abuse Regulation, which went into effect in July 2016, contains rules on insider dealing, unlawful disclosure of inside information and market manipulation. As a consequence of the increased burden on asset managers and bond issuers, the popularity of listing debt in European multilateral trading facilities has declined, say Michelle Moran and John Young of Ropes & Gray LLP.

  • Privacy Considerations For US Fintech When Going Global

    Jeewon Serrato

    For U.S. fintech firms that have a global presence or are looking to expand globally, going across the pond often means being subjected to European, U.K. or other non-U.S. laws that address privacy and data protection issues very differently, say Jeewon Serrato, Oliver Linch and Kyle Koh of Shearman & Sterling LLP.

  • 6 Ways Teaching A Law School Class Can Benefit Lawyers

    Steven Allison

    Though teaching a law school class may be one of the last things on a busy practitioner's to-do list, it's a misconception that teaching will benefit only those who are looking to leave the practice of law and enter academia. It also offers several practical benefits, especially for more junior lawyers looking for stand-up experience, say Steven Allison and Samrah Mahmoud of Crowell & Moring LLP.