Europe and North America have made the most progress implementing global principles for safeguarding client assets, particularly for regulatory oversight, but a number of countries need to do more to protect clients’ rights, according to a report published Thursday by an international group of securities authorities.
Payment service providers will have to report major security incidents to market watchdogs within four hours of them taking place under reporting rules published by the European Banking Authority on Thursday, which come ahead of sweeping European Union payment systems regulations that kick in next year.
The Bank of England announced on Thursday that it has appointed a new chief operating officer to replace Charlotte Hogg, who resigned in March after being grilled by MPs over her failure to formally declare a potential conflict of interest.
Barclays Bank PLC would be "vicariously liable" if it is proved that a doctor sexually assaulted prospective employees while carrying out medical examinations on behalf of the British lender, a judge ruled on Wednesday at London’s High Court.
Lloyds Banking Group PLC has agreed to set up a redress scheme for customers who were inappropriately charged when they fell behind with their mortgage payments between 2009 and 2016, the U.K.’s Financial Conduct Authority announced on Thursday.
Lloyds Banking Group PLC has been forced to commit a further £700 million ($920 million) in the second quarter to cover the cost of missold loan insurance because of a rise in compensation claims, the British lender said on Thursday as it posted a slight increase in first-half profits.
The Libor benchmark rate, which is used to price $350 trillion in financial products around the world, will be abandoned in 2021 as British regulators look for a more suitable substitute, the head of the U.K.’s Financial Conduct Authority said Thursday.
MasterCard's recent win in a £14 billion antitrust case in the U.K.'s new class action forum is a loss for litigation funders eager for a slice of massive potential recoveries in antitrust actions in the country, raising questions about whether similar cases can gain traction there and trigger payouts for investors, experts said.
The European Union and the U.K. government have agreed on plans in principle for state-owned Royal Bank of Scotland PLC that avoid forcing the bank to sell off a subsidiary, a divestment that was originally a condition of its financial-crisis era bailout, the EU said Wednesday.
The weight of individual accountability will soon cover the entire British financial landscape after authorities revealed plans Wednesday to expand the management conduct regime to all 56,000 firms under their watch, prompting attorneys to warn of a new era of enhanced compliance.
McGuireWoods LLP has expanded its London office with the addition of a highly regarded partner from King & Wood Mallesons, tying into its strategy to meet growing demand for U.S.-style leveraged financings in the U.K.
The European Central Bank published a draft regulation on Wednesday on statistical reporting requirements for pension funds in a bid to increase transparency and improve data comparability.
A U.K. judge on Wednesday tossed Russian Federation demands that Ukraine should hand over $325 million as security in exchange for not attempting to enforce its London High Court win in a dispute over $3 billion in unpaid Ukrainian bonds.
The European Central Bank put pressure on foreign exchange trading banks and other institutions on Wednesday to publicly commit to a global code of conduct introduced to help restore faith in the $5 trillion-a-day market, which has been hit with several enforcement probes.
The legal adviser to a firm that ran a series of unlawful pooled investment schemes told a court on Wednesday that she was not responsible for managing the scheme that lost investors millions of pounds and that she was not "a little lackey" to the British businessman alleged to have run the operation.
British financial regulators set out plans on Wednesday to broaden rules holding senior managers at banks and insurers accountable for misconduct inside their firms to encompass other financial services, including asset managers and brokers.
The first two suits brought under the U.K.'s young antitrust class action regime have fallen short, but attorneys say the competition court's recent rejection of a £14 billion consumer suit over MasterCard's swipe fees doesn't portend failure for the nascent system.
Orrick Herrington & Sutcliffe LLP revealed Monday that the head of Reed Smith LLP’s noncontentious financial regulatory team will join Orrick in September as a partner in its London-based technology companies group.
British television celebrity Noel Edmonds has more than quadrupled his compensation claim against Lloyds Banking Group PLC to £300 million ($392 million) for losses he suffered over a fraud scam carried out by former employees at the bank's HBOS unit.
The European Banking Authority announced details of its proposed EU-wide public register of authorized payment services firms on Monday, as the watchdog continues to work through the list of technical standards it is required to develop before massive reforms enter into law in January 2018.
The U.S. indictment against bitcoin processor BTC-e unsealed Wednesday is the Financial Crimes Enforcement Network’s first action against a money service business based outside the U.S. Don’t be surprised if FinCEN and the U.S. Department of Justice continue to work with international law enforcement to pursue civil and criminal actions against foreign businesses, says Harry Dixon of Taylor English Duma LLP.
The benefits of appointing a chief privacy officer at your law firm are twofold — not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but you are also demonstrating to clients how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.
Most U.K. board members assume that if they do nothing dishonest or recklessly stupid, the organizations they serve will stand by them in the event of threats to their personal liability. This assumption may not be safe, considering the marked increase in regulatory investigations involving both individuals and companies, says Francis Kean of Willis Towers Watson PLC.
Many commentators predict the Second Circuit's Allen decision last week will substantially chill the government's cross-border law enforcement efforts, but the truth is that the government won't have to make major changes to its increasingly robust coordination with foreign law enforcement to avoid similar problems in the future, say Jason Linder and John Long of Irell & Manella LLP.
Having embraced the notion that the right space can reinforce the right firm culture, law firm leaders have been evaluating real estate primarily for its physical properties. However, it's hard to be collegial, even in the coolest of in-house coffee bars, if your cost structure is untenable, says Craig Braham of Advocate Commercial Real Estate Advisors LLC.
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.
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.
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.
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.
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.