Financial Services UK

  • 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.

  • November 17, 2017

    UK Brexit Chief Says Germany, France Stymying Trade Deal

    U.K. Brexit negotiator David Davis denied on Friday that Britain is being inflexible in talks, blaming Germany and France for blocking progress in efforts to seal a future free-trade agreement between it and the European Union.

  • November 17, 2017

    ESMA Sets Out Plan For Managing Derivative Positions Risks

    The European Securities and Markets Authority revealed proposals on Friday for how commercial firms should calculate future derivative positions under incoming EU trading laws as it attempts to shore up stability in trading.

  • November 16, 2017

    Deutsche Bank Takes Hunt For Billionaire Vik To Delaware

    Deutsche Bank extended its hunt to recover roughly $300 million owed from a judgment against Norwegian investor Alexander Vik to Delaware on Thursday, launching a Chancery Court lawsuit alleging that his offshore private equity firm used First State-organized companies to transfer funds beyond the bank’s reach.

  • November 16, 2017

    $120M Barclays Deal Attys Reduce Fee Request By $8M

    Lawyers who sought 30 percent of a $120 million settlement they struck with Barclays PLC for investors who accused the bank of manipulating the London Interbank Offered Rate told a New York federal judge on Wednesday that they’d accept just 20 percent of the settlement pot for now after she raised questions about the payout.

  • November 16, 2017

    ESMA Again Expands Guidance On MiFID II Transparency Rules

    Europe’s securities regulator made a series of technical clarifications to its guidance for financial firms preparing for wide-ranging EU market reforms on Wednesday, marking the fifth time it has done so in one week.

  • November 16, 2017

    Embrace Change To Succeed, UK Lobby Tells Financial Sector

    Regulators must ensure the financial services industry is fully committed to change when a raft of technology-driven reforms starts to transform Britain’s banking and payments sector in January, a lobby group said on Thursday.

  • November 16, 2017

    UK Financial Lobby Pushes For Brexit Free Trade Deal

    One of Britain’s largest financial trade bodies made the case on Thursday for an "ambitious and credible" free trade agreement between the U.K. and the EU that would allow reciprocal cross-border market access for financial services after Brexit.

  • November 16, 2017

    EU Regulator Trains Sights On Fund Performance Fees

    Europe’s securities watchdog said Thursday it will probe the performance fees charged by asset managers amid growing concerns that some practices are too secretive, leading to excessively high costs for investors.

  • November 16, 2017

    Legal Hurdles Still Slowing Securitization Market, ECB Says

    Legal barriers stand in the way of a revival of Europe's "anemic" securitization market, including conflicting rules that make it difficult for insurers to play their part, a senior European Central Bank official said Thursday.

  • November 15, 2017

    HSBC Notches Quick Wins On Ponzi Scheme Victims' Claims

    HSBC Bank USA NA on Wednesday scored quick wins in California federal court on all claims in a proposed class action accusing the bank of aiding and abetting a Ponzi scheme by serving as an intermediary bank for wire transfers from the scheme’s victims to bank accounts in Hong Kong.

  • November 15, 2017

    FCA Official Vows To Tackle Complex Market Abuse Cases

    A Financial Conduct Authority official vowed Tuesday not to back away from vital "but inevitably complex" cases of market abuse as it steps up its technological systems to enforce new European rules taking a tougher approach to misconduct in the industry.

  • November 15, 2017

    US, UK Chug Along On Preliminary Trade Talks

    U.K. and U.S. trade officials said Wednesday that they’ve completed their second round of talks to further deepen trade ties between the two nations, with U.K. Secretary of State for International Trade Liam Fox saying they’re “laying the groundwork for a potential future free trade agreement.”

Expert Analysis

  • MiFID II Research Unbundling — Crisis Averted?

    Rob Moulton

    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.

  • Negotiating Interest Rate Provisions As Libor Demise Looms

    Charles Guerin

    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.

  • Regulatory Crosshairs Focus On Individual Accountability

    Francis Kean

    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.

  • Applying The Investors' Playbook To Legal Career Planning

    Howard Cohl

    Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.

  • The Potential Effect Of Data Portability Under GDPR

    José Vega

    While many aspects of the EU's General Data Protection Regulation may be causing consternation in boardrooms around the world, one particularly innovative provision could benefit individuals and businesses alike by leveling the competitive playing field — the right to data portability, say José Vega and Amy Puckett of Bradley Arant Boult Cummings LLP.

  • Tackling The Problem Of Nonperforming Loans In Europe

    Omar Shah

    More than 1 trillion euros' worth of nonperforming loans are concentrated in the periphery of the European Union, causing banking regulators and market participants to petition the European Union for help. However, EU laws could complicate a public intervention, say Omar Shah and Leonidas Theodosiou of Morgan Lewis & Bockius LLP.

  • Make Way For The 'Unicorns'

    Lucy Endel Bassli

    By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.

  • Opinion

    Representing Women At The Intersection Of Law And Finance

    Andrea Mitchell

    To the extent that companies have tolerated predominantly male leadership in the past because it was deemed necessary for growth and prosperity, or viewed diversity and the underrepresentation of women strictly as human resources issues, a growing body of research suggests otherwise, say Andrea Mitchell and Valerie Hletko of Buckley Sandler LLP.

  • What To Expect From The New Senior Managers Regime

    Arun Srivastava

    This autumn, the U.K.'s Financial Conduct Authority is consulting on extending the Senior Managers and Certification Regime from dual to solo-regulated firms in 2018. The most significant rule changes involve an increased focus on holding senior managers accountable, say attorneys with Baker McKenzie LLP.

  • The Law Firm CFO’s Role In The Strategic Planning Process

    Tyler Quinn

    Today's law firm chief financial officer should be involved in many areas beyond traditional financial management, including operations, risk management and information technology. He or she can support strategic planning throughout the process, from development of the plan to its implementation, measurement and eventual evolution, say Tyler Quinn and Marc Feigelson of Kaufman Rossin PA.