Bank of England Governor Mark Carney says cryptocurrencies do not currently pose risks to the global financial stability, as their combined market value is less than 1 percent of global GDP, according to a letter published Sunday by the Financial Stability Board.
The European Union and the U.K. on Monday took a big step toward securing a transition deal that will extend Britain’s participation in the EU's legal and regulatory framework until the end of 2020, giving financial services and other key industries breathing space to prepare for a future trading relationship.
The chief executive of the U.K. Financial Conduct Authority said on Monday that the culture of “anything goes” toward the public interest within the financial services must be weeded out by improving the sector’s culture.
The U.K.'s accounting regulator said on Monday that it has launched an investigation into two former directors at Carillion PLC after the company collapsed in January with a pension deficit of at least £800 million ($1.1 billion)
The last week has seen the Force India Formula One team sue Santander, the Fiat Group launch an action against its longtime pension scheme administrator and Squire Patton Boggs, and a Scipion fund take on a commodities warehouser. Here, Law360 looks at those and other new claims in the U.K.
A top Serious Fraud Office executive has warned financial services companies they can only use deferred prosecution agreements to avoid litigation by cooperating fully and early with investigations, signaling the watchdog was ready to use the tool to investigate companies under a new law criminalizing failure to prevent tax evasion.
In this monthly series, legal recruiting experts at Major Lindsey & Africa interview management from top law firms about navigating an increasingly competitive business environment. Here we feature Durgesh Sharma, chief information officer at Littler Mendelson PC.
An Icelandic bank that collapsed during the financial crisis has argued in a new U.K. lawsuit that its return to solvency entitles it to revive the terms of an interest rate cap deal it made with a Dutch packaging firm, requiring payment of €1.6 million ($1.9 million).
European financial regulators are still ill-equipped to handle acute liquidity shortages at troubled banks, despite the additions of new regulations to prevent another financial crisis, according to an analysis for the European Parliament's economics committee published on Friday.
The European Commission announced Friday that it will explore the impact on the banking sector of tough new international rules aimed at boosting confidence in the sector by forcing banks to increase their cash holdings, in order to finalize these regulations.
A Danish payment services company has asked a London court to order revisions to its contract with invoice provider Tradeshift, claiming that clauses on its potential allocation of shares in the U.S. firm were “mathematically absurd” and included by mistake.
The government announced on Friday that 45 U.K. financial services firms have signed up for an initiative to boost the number of women in leadership roles, bringing to 205 the number of businesses that have joined.
The Bank of England told lawmakers and regulators in the U.K. and Brussels on Friday that they need to do more to prevent “material risks” from Brexit disrupting Britain’s financial sector.
A New York federal judge on Thursday tossed an antitrust suit from small-time forex investors against more than a dozen big banks accused of rigging wholesale foreign exchange markets, ruling that the allegations are too vague.
Commodities and Futures Trading Commission member Brian Quintenz on Wednesday threatened retaliation against the European Commission if it proceeds with plans to revise an equivalence agreement regarding the regulation of central counterparties, saying that would damage trust between the United States and Europe.
Former UBS AG trader Tom Hayes on Thursday attempted to overturn a judgment that found the transfer of his seven-bedroom country house to his wife was a sham or tainted gift, as the imprisoned Hayes looks to limit the financial fallout from his Libor rigging conviction.
A London court has refused parts of a Ukrainian bank’s application for more information from three firms hit with a freezing order amid suspicions that they funneled $1.9 billion through the bank's accounts in an alleged fraudulent scheme, according to a judgment made public Thursday.
The U.K.’s Financial Conduct Authority issued a warning to retail lenders on Thursday that the watchdog is prepared to crack down on firms that mistreat financially vulnerable customers.
A U.K. appeals court on Thursday cut the damages Lloyds Bank PLC won from the company it used to monitor a building project tied to a £2.6 million ($3.6 million) credit facility, finding the bank was responsible for a “formidable catalog of irresponsibility” when financing the property development.
The European Union’s top financial supervisors said on Thursday that the rise of “big data” does not require any changes to European laws and regulations, since existing legislation should safeguard consumers and banks against any risks.
In December, the U.K. High Court ruled for the first time that an employer could be held vicariously liable for an employee's misuse of data, potentially marking a new risk for employers at a time when the spotlight is on data protection obligations, says Pulina Whitaker of Morgan Lewis & Bockius LLP.
As financial services and fintech firms seek to reduce their vulnerability to cyberattacks and mitigate against regulatory and litigation exposure, one key inquiry is the extent to which a company’s cybersecurity controls are consistent with industry best practices. In this regard, a recent report from the World Economic Forum provides a valuable reference point, say Rishi Zutshi and April Collaku of Cleary Gottlieb Steen & Hamilton LLP.
Unexplained wealth orders, introduced in the U.K. this January, will allow authorities to ask individuals to explain the source of their assets. UWOs will put a new emphasis on the importance of following best practices in relation to know-your-client and anti-money laundering procedures, say Konstantin Kroll and Matthew Lawson of Orrick Herrington & Sutcliffe LLP.
Like medical professionals, lawyers often resist policies to reduce errors due to the culture of perfectionism that permeates the industry. Autonomy is key to the legal professional's prestige and the outward demonstration of competence is key to maintaining autonomy, says Peter Norman of Winnieware LLC.
The Utkrisht Bond is one of the largest and most ambitious development impact bonds to date, intended to support private health care facilities in Rajasthan, India. Hopefully, such bonds will pave the way for more transactions to be used as catalysts for positive change, says Ranajoy Basu of Reed Smith LLP.
In the infancy of cryptocurrencies, initial coin offerings could pay scant regard to due diligence and business transparency, but investors now expect more from regulators. The United Kingdom's Financial Conduct Authority must balance consumer protection and market integrity with promotion of technological innovation, says Andrew Barber of Womble Bond Dickinson LLP.
In the long term, Carillion PLC's collapse has added to the growing demand for increased regulation and scrutiny of company directors fueled by the failure of British Home Stores. The U.K. government has promised to introduce new sanctions for company directors who put their employees' pensions at risk, say Lance Ashworth, QC, and Zahler Bryan of Serle Court Chambers.
Legal leaders who want to meet their clients' expanding expectations should start moving their documents to future-ready document management solutions now if they want to stay competitive in the next few years, says Dan Puterbaugh of Adobe Systems Inc.
The sheer scale and global nature of the Volkswagen diesel emissions scandal has led to discussions about how such high-volume consumer cases are handled, with some commentators suggesting that the case represents a turning point in how class action litigation is viewed and handled, particularly in Europe, say Noah Wortman, global head of class action services at Goal Group, and attorneys with Hausfeld LLP.
Global authorities are taking an increasingly coordinated approach toward the investigation and prosecution of economic misconduct. Further significant developments in 2018 will likely refine the manner in which such investigations are approached, say attorneys with Cleary Gottlieb Steen & Hamilton LLP.