A property firm opened its case at London's High Court on Thursday accusing NatWest of misrepresenting the risks of an interest rate hedge, arguing that the bank shouldn't be able to skirt £14 million ($18.5 million) in misselling damages by claiming the real estate operator was a sophisticated investor.
The cost of administering $2.3 billion worth of settlements with 15 banks accused of rigging foreign exchange rates reached $9.5 million on Wednesday, when a New York federal judge consented to investors’ request to dole out an additional $3 million from the settlement fund.
The U.K Chancellor of the Exchequer Phillip Hammond will unveil plans for striking financial partnerships with countries outside of the European Union in an effort to make Britain the “undisputed gateway to global markets,” according to the advance text of a policy address scheduled for late Thursday.
The chairman of the Europe Union’s market watchdog said Thursday that new rules need to be drawn up to create a “comprehensive regime” for third-country trading venues that want to access European markets after Brexit.
An industry working group tasked with choosing a risk-free overnight interest rate to replace flawed and scandal-hit benchmarks in the euro market has narrowed its search to three rates, the European Central Bank said Thursday as it called for comment on the decision.
The Swiss National Bank told the country’s two biggest financial firms on Thursday that they still have work left to do on their recovery plans in order to put an end to the “too big to fail” problem.
A new European Union directive that tightens the oversight of professional services across the bloc, including in the finance and legal sectors, passed one of its final legislative hurdles on Thursday.
A key European Parliament committee has backed amendments to Europe’s prudential rulebooks that it said will contribute toward implementing global rules aimed at enhancing financial resilience and strengthening banks’ capital through leverage and liquidity ratios.
The Council of the European Union has handed new powers to its members to make it easier and quicker for member states to freeze financial assets linked to crime and terrorism across the bloc.
The Financial Reporting Council said Thursday that it has banned a former finance director of a defunct audit firm from working as an accountant for five years and has slapped him with a £57,000 ($74,700) fine.
A South African investment fund has said a Canadian export credit agency and leasing vehicle was wrong to terminate the fund's aircraft lease, arguing in U.K. litigation that unfounded allegations of corruption against the owners of its parent company did not mean it had breached the terms of a loan agreement.
A U.K. appeals tribunal on Wednesday upheld a Financial Conduct Authority order banning a former UBS AG trader from holding any role in the financial services industry, but warned that it found the regulator’s pursuit of individuals in the Libor manipulation probe “troubling.”
Allen & Overy LLP announced on Wednesday that it has hired a partner specializing in financial services regulation to rejoin its London office after a two year stint at Cleary Gottlieb Steen & Hamilton LLP.
The Financial Conduct Authority has rejected a recommendation from the U.K.'s financial regulatory watchdog that it pay £5,000 for its delayed review of a consumer credit license application, saying the unnamed complainant would have to go to court if it wanted more than a fee refund and an apology.
New York’s banking regulator said Wednesday that Deutsche Bank AG has agreed to pay a $205 million penalty as part of a settlement resolving state banking law violations stemming from an investigation into the German bank’s foreign exchange trading business.
Credit Suisse has settled its lawsuit against an aircraft services company, demanding that the firm hand over a private jet which the Swiss lender says it is owed after the aircraft’s owner, Challenger-Mondel Ltd., defaulted on a $30 million loan.
The European Commission has approved a Cypriot government plan to inject €3.5 billion ($4 billion) into the country’s second-largest lender to facilitate its liquidation, which will see some of its assets and deposits sold off to fellow national lender Hellenic Bank PCL.
The Bank of England will for the first time use its legislative powers to levy fees on the clearinghouses, central securities depositories and payment services providers that sit under its supervision, the authority announced Tuesday.
Millions of people in the U.K. and across the European Union face financial uncertainty because of failures to solve cross-border contract continuity issues after Britain leaves the EU in March 2019, an influential industry lobby group warned on Wednesday.
Trading desks across the European Union must use identity codes from each of their clients to report all trades in financial market instruments starting July 3, the EU’s securities regulator said on Wednesday.
Currently, regulation of cryptocurrencies and initial coin offerings in the U.K. is handled primarily by the Financial Conduct Authority, Bank of England and Her Majesty's Revenue & Customs. Trading in cryptocurrencies themselves is not a regulated activity, but trading in derivatives using digital assets will require FCA authorization and new forms of market intervention are likely on the horizon, say attorneys at Crowell & Moring LLP.
While political uncertainty is pushing U.K. corporations toward defensive consolidation, inward mergers and acquisitions investment into the U.K. remains strong, with American acquirers leading the way. Factors contributing to this trend include Brexit, U.S. tax changes and saturation of the U.S. target market, say Simon Rous of Ashfords LLP and Laurie Sanders of Osborn McDerby LLP.
Justice Geraldine Andrews' judgment in Serious Fraud Office v. Eurasian Natural Resources Corp last year is a reality check, but not a change in the law. With the case's appeal currently pending, it is becoming more clear that British lawyers have been lulled into an ever-expanding definition of litigation privilege which is not supported by the law, say Davis McCluskey and Georgina Jones of Taylor Wessing LLP.
The European Parliament recently voted in favor of the fifth money laundering directive, 5MLD, which creates stricter rules and increases transparency around financial transactions and legal entities. 5MLD will create uniformity across the European Union and close any possible loopholes that may have existed previously, say Keily Blair and Andrea Holder of PricewaterhouseCoopers.
Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.
The U.K. Court of Appeal recently ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition. The decision demonstrates the difficulty of challenging a nondefaulting party's valuation, provided that its process is reasonable, say attorneys at Signature Litigation LLP.
Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.
The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.
Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.
The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.