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.
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.
The European Union’s top insurance and pensions regulator said on Wednesday that it wants to simplify the way in which national authorities report data from their occupational pensions sectors, in an effort to strengthen oversight of the industry across the region.
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.
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.
A major U.K. insurance trade group launched a smartphone app on Tuesday that it says can reduce the average claims reporting time of 23 days by up to 90 percent, as the sector starts to capitalize on the emergence of insurance technology.
Insurers have raised concerns with plans to overhaul European Union derivatives trading rules which require insurance companies to post cash when centrally clearing securities trades, a key industry lobby group said Tuesday.
Britain’s government announced on Monday that it wants to capitalize on London’s position as a global financial technology leader by pumping £14.5 million ($18.9 million) into a new cyberdefense innovation center in the capital.
U.K. workplace pensions provider NOW: Pensions said it has withdrawn itself from a voluntary assurance list operated by the industry watchdog after it raised concerns about the firm’s administration and governance.
Britain’s finance watchdog on Tuesday warned firms that have missed the deadline to submit crucial information for compliance with European Union reforms to investment services across the bloc’s banking system that they must have contingency plans in place.
British legislation entering into force on Monday cements the right of European Union authorities to demand the execution of cross-border criminal investigation requests, even as legal experts question whether the pioneering enforcement law will survive the U.K.'s exit from the EU.
Reed Smith LLP has bolstered its commercial disputes team in London with the hiring of a former Gowling WLG partner who specialized in handling disputes for major accountancy firms, the law firm said on Monday.
U.K. lawmakers launched an inquiry Monday into how Britain’s financial services industry could maintain access to the European Union after the country leaves the bloc in March 2019.
Britain’s financial watchdog set out on Monday how it will implement new European Union rules governing the sale of insurance products to consumers that will impose additional reporting, conduct and governance requirements on firms and brokers when they enter into force next year.
U.K. insurer Aviva PLC announced on Monday the first five new firms it will support in its joint financial technology program with a "start-up accelerator," in a project to help exploit the technologies that will revolutionize insurance and financial services.
After a global regulatory forum announced tentative new capital requirements for the world’s biggest insurance groups on Friday, the U.K.’s leading trade association quickly raised concerns about the impact of this latest regulatory package, dismissing it as unfit for purpose.
New City minister Stephen Barclay is to meet government immigration chiefs in the coming days to plead the case for foreign employees in London’s financial services sector to be given protected status, the Treasury confirmed to Law360 on Friday.
The last week has seen an arbitration dispute between ICBC Standard Bank and a Russo-Mongolian mining venture, Barents Re's suit against PDV Insurance, and a financial services spat between Walker Crips brokerage and ADM's U.K. investment services unit. Here, Law360 looks at those and other new claims in the U.K.
The U.K. government announced on Friday that Lady Brenda Hale has been appointed the new president of the Supreme Court, making her the first female to fill the position of the U.K.’s most senior judge.
The U.K. Financial Conduct Authority announced fresh reporting rules for pension providers on Friday that will help the regulator identify risks emerging from radical reforms introduced in April 2015.
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.
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.
Political and nonpayment risks have the potential to wreak havoc on international trade and investment, but if carefully navigated, they can lead to major investment opportunities. Political risk and export policies remove some of the guesswork, enabling companies to focus on their businesses with increased confidence, say attorneys with Covington & Burling LLP.
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.
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.
The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.
In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.
Though it is rare for corporate insureds to treat cyber insurance as the whole of their cyber risk management plans, many insureds make a closely related and potentially equally serious mistake — they treat cyber insurance as a distinct and independent silo in their strategy, says James E. Scheuermann of K&L Gates LLP.
Though teaching a law school class may be one of the last things on a busy practitioner's to-do list, it's a misconception that teaching will benefit only those who are looking to leave the practice of law and enter academia. It also offers several practical benefits, especially for more junior lawyers looking for stand-up experience, say Steven Allison and Samrah Mahmoud of Crowell & Moring LLP.