A U.K. appeals court's recent broad take on the protections legal privilege offers companies against demands from government prosecutors in a dispute over a Serious Fraud Office probe re-enshrines the confidentiality at the heart of the attorney-client relationship and offers comfort to multinationals facing cross-border investigations.
The regulatory agency for solicitors in England and Wales announced new rules for the sector on Monday, ushering in Europe’s new insurance sales regime that entered into force on the same day.
Tesco Bank has been fined £16.4 million ($21.4 million) for failing to protect its customers against a “foreseeable” cyberattack in 2016, the Financial Conduct Authority said Monday.
Celebrities in the multimillion-dollar market for social media “influencers” will be able to buy insurance to fight defamation and breach of privacy lawsuits if they make an ill-judged post online, under a far-reaching new policy announced by Hiscox.
A new law came into force on Monday designed to drive up standards in multi-employer pension schemes, which are used by nearly 10 million savers, as the regulator seeks tougher protection for retirement investments.
The last week has seen a Toys R Us property unit sued by the firms behind its £263 million bridge loan, XL Catlin lodge a claim against a commercial motor insurance specialist and an action on behalf of Lloyd's underwriters against QBE Insurance.
Insurance underwriters who claim to have paid $500 million to Chevron after a Gulf of Mexico oil rig broke urged a Texas federal judge Thursday to reject American Global Maritime Inc.’s quick win bid on claims seeking to hold the marine surveyor liable, saying the request is premature and meritless.
Health care insurer Bupa has been fined £175,000 ($228,000) by Britain’s data watchdog for "systematic data protection failures" after an employee was able to extract hundreds of thousands of patients’ files to sell on the dark web.
The Competition and Markets Authority said Friday that it is to investigate a “super complaint” alleging that financial services firms are overcharging long-standing customers as it expands regulatory scrutiny of whether banks and insurers are penalizing consumers who do not switch accounts.
Insurers need to make significant improvements to the way they report changes in their Solvency II capital ratios from one year to the next, as disclosures are too inconsistent across the sector, a senior Bank of England official said Wednesday.
European Central Bank President Mario Draghi on Thursday said governments must focus on new regulations for the European Union's €42 trillion nonbank financial sector to keep up with market trends and address new risks.
International broker Marsh Ltd. has warned that the insurance market for solicitors' professional indemnity is becoming "increasingly fragmented" for small and medium-sized law firms across England and Wales.
A British insurer has acquired the mortgage portfolios of two collapsed lenders from a “bad bank” repository set up by the government to handle the assets of institutions that it bailed out during the financial crisis, the U.K. Treasury announced Thursday.
Trading venues are submitting “unsatisfactory” data that is often incomplete and late, Europe’s top securities regulator said on Thursday as it announced measures to ensure that markets meet their reporting obligations under reforms that took effect across the EU earlier this year.
Three companies that specialized in referring employers to pension schemes have been closed down by a high court in England after an investigation revealed they routinely misled and overcharged their clients, a government agency said Thursday.
The Financial Services Compensation Scheme has sued a Guernsey-based trustee in London’s High Court to reclaim cash it paid out to investors who lost money in a failed holiday resort project in the Caribbean.
Aegon NV will boost its capital reserves by $1 billion and strengthen its position under Europe’s Solvency II directive after it merges two units in the U.S., the Dutch insurance giant has said.
More than a quarter of British insurance brokers remain “completely unaware” of sweeping new European Union sales rules that enter into force in five days, an insurance company warned on Wednesday.
The Bank of England said Wednesday it will push U.K. lenders to step up efforts to prepare for what could be significant financial threats arising from climate change.
A senior British lawmaker warned on Wednesday that the growing likelihood of a no-deal Brexit on March 29 would have a profound impact on the country’s financial services industry, adding that policymakers and regulators must devise equivalence regimes to stave off the worst effects.
Four company directors have been disqualified for a total of 34 years after they helped transfer more than £57 million ($75 million) of pension savings into questionable investments, the U.K. Insolvency Service said Wednesday.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
The U.K. Supreme Court's recent decision in Rock v. MWB came down on the side of commercial certainty, establishing that "no oral modification" clauses mean exactly what they say. Nonetheless, the decision may lead to some problematic cases, say Kathryn Rowe and Peter McMaster QC of Appleby Global.
The European Commission's proposal to amend key European fund management directives introduces new conditions for premarketing a fund in the EU. Unless this proposal is substantially loosened, managers may risk increased regulatory scrutiny if they continue with current fundraising practices, says John Young of Ropes & Gray LLP.
Section 51 of the U.K.'s new Anti-Money Laundering Act imposes public beneficial company ownership registers in the British overseas territories. A general push for enhanced disclosure can only be welcomed, but this particular initiative may not be the correct means to reach a worthy goal, say Ian Hargreaves and Stephanie Sarzana of Covington & Burling LLP.
Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.
Two years after the U.K. Financial Conduct Authority acknowledged the threat cyberattacks pose to the U.K.'s financial system, little progress has been made. The Prudential Regulation Authority's new operating standards, expected to publish this year, must show that it is taking cybersecurity seriously, but without stifling innovation, says Jamie Monck-Mason of Willis Towers Watson.
After the pain heals from what for many businesses was a last-minute scramble for General Data Protection Regulation compliance, many of these businesses will come to appreciate how the effort made them stronger from a compliance, security and even operational performance stance, say Howard Schiffman and Adam Cohen of Yeshiva University.
Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.
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.