The last week has seen a contract dispute erupt between Russia's Sberbank and a fellow state-controlled bank in Azerbaijan, Greece's Alpha Bank sue more than a dozen Lloyd's syndicates, and underwriters and Lit Securities take on Morgan Stanley.
A parliamentary committee in Europe urged the European Central Bank on Thursday to “respect” the current legal framework as it goes through the motions of bringing central counterparties within its direct regulatory scope.
HSBC Holdings PLC said Friday it is turning its back on funding high-carbon energy projects as the bank looks to ease pressure from activists and regulators who want financial services firms to step up their response to climate change.
Britain’s Chancellor of the Exchequer Philip Hammond called on international financial services and insurance regulators on Friday to impose tighter sanctions on North Korea to help put a stop to dirty money used to fund weapons of mass destruction.
An investment firm embroiled in a dispute with Dana Gas PJSC over Islamic bonds told a London judge on Friday that it was in a “profoundly unjust” position after a court in the Emirates contradicted a U.K. injunction by ruling that the energy company can pay a dividend to its shareholders.
Investment firm Midtown Acquisitions LP has brought a fresh legal action against Essar Global Fund Ltd. in the U.K. as it seeks to enforce a court order against the multinational conglomerate in the sum of $171.8 million.
A judge at the High Court in London has criticized the Serious Fraud Office over its conduct after it failed to obtain full notes from lawyers’ interviews with former employees at a company that secured a deferred prosecution agreement from the agency.
The financial watchdog for the G-20 group of countries unveiled a new toolkit on Friday that firms and regulators can use to combat misconduct that has damaged public trust in financial services.
The U.K.’s Serious Fraud Office has announced a funding boost from the government that will help the watchdog to investigate major financial crime cases without having to rely on “blockbuster" funding.
Barclays PLC said Friday that chief executive Jes Staley faces being fined by British regulators for his role in trying to identify a whistleblower, but added that the bank's board continues to back his reappointment at next month's annual shareholders' meeting.
A decision issued last month by Europe's top court concluding that an arbitration clause in a Dutch-Slovak investment treaty is incompatible with European Union law may also apply to agreements between the bloc or its member states and third countries, according to a Thursday report.
The U.K. tax authority’s handling of a tax and money-laundering investigation has been “completely inappropriate,” a senior lawmaker said Thursday when documents surfaced suggesting a political bias in the treatment of telecom operator Lycamobile.
Société Générale SA on Thursday attempted to strike out a state-owned Iranian shipping company’s $8.9 million lawsuit against the French bank, arguing at a London court hearing that allegations that the bank wrongly appropriated sums owed under a swap agreement between the parties are time-barred.
Intercontinental Exchange Inc. has announced plans to launch a new short-term benchmark interest rate in June based on Sonia, the Bank of England’s rate that is designed to replace Libor after a series of rate-rigging scandals.
The “first and most obvious” challenge for the European economy is Brexit, a Bank of England chief said Thursday, warning that if the U.K. crashed out of the European Union without a deal it would disrupt the financial services and insurance sectors across the Channel.
A U.K. property investment firm has accused Clydesdale Bank PLC of making false statements and unduly pressuring Milton Ashbury Ltd. into entering fixed rate loans in 2008 and 2011, seeking damages from the British lender in a suit filed in London.
The future of finance in the U.K. is increasingly digital as new technology projects continue to receive huge funding boosts despite regulatory uncertainty thrown up by Brexit, a key lobby group said in a report on Thursday.
The European Parliament overwhelmingly approved new legal measures to crack down on money laundering and other financial crimes on Thursday, giving European Union governments 18 months to transpose the directive into national law.
Companies that issue preference shares must make sure they give their investors enough information for them to “properly assess” the risks attached to the shares, the Financial Conduct Authority warned Thursday in the wake of Aviva's quickly-abandoned buyback plan.
The U.K.'s privacy regulator has warned that the recent controversy over the use of Facebook data shows that tough European rules taking effect in May will not give investigators sufficient powers to check how personal data is stored and shared.
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.
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.
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.
It remains to be seen whether, after Brexit, the U.K. will issue anti-suit injunctions in relation to proceedings in EU member states. Much will depend on whether the U.K. adopts the common law approach or Lugano Convention, or negotiates a new agreement with the EU, say Nicholas Greenwood and Nicola Kelly of Morgan Lewis & Bockius LLP.
In March, the Court of Justice of the European Union ruled that an arbitration clause in a bilateral investment treaty between two member states was incompatible with EU law. This decision may impact foreign direct investments significantly, as similar clauses are common to almost 200 BITs currently in force, says Charles Goldblatt of Seddons.
We are entering the next data age very soon, and the financial services industry must get on board and comply with the General Data Protection Regulation, which provides firms with opportunities to devise new competitive advantage from handling data and cleansing systems, says Phil Beckett of Alvarez & Marsal Holdings LLC.
The U.K.'s Treasury Committee recently launched a new inquiry into digital currencies and distributed ledger technology. Regulation is undeniably needed in this area, but ultimately the government is trying to play catch-up with an established, if unpredictable, market, says Anna Gaudoin of WilmerHale.
Since January of this year, consumer-facing banks in the U.K. have been required to make customers' banking data available to authorized third parties in a standardized format. As competition between open banking app developers increases, intellectual property rights will become a key legal tool, say Rajvinder Jagdev and Peter Damerell of Powell Gilbert LLP.
Although the lack of racial and gender diversity among the ranks of the majority of both midsized and top law firms is a major issue, it’s past time to shed light on the real problem — inclusion, or lack thereof, says Marlen Whitley of Reed Smith LLP.
To many young attorneys, becoming an equity partner shows a firm's long-term commitment, meaning job security and a voice in important firm matters. However, the industry has changed and nowadays it may not be better to enter a new firm as an equity partner, says Jeffrey Liebster of Major Lindsey & Africa.