Lloyd’s of London is ready for the formidable European Union data protection rules that go live next week and is anticipating a surge of business as companies rush to buy cyber insurance, the market’s chief executive told Law360 in an exclusive interview on Wednesday.
The complex negotiations for Britain’s exit from the European Union have stalled because the U.K. government “has preferred to make speeches” while the EU is focused on legal specifics, the head of the Association of British Insurers told Law360 in an exclusive interview Wednesday.
Top lawyers warned a parliamentary committee on Wednesday that U.K. banks and insurers face a massive task as they prepare to manage contracts with their European Union counterparts after Brexit and need confirmation that cross-border deals will remain legal.
Jenner & Block LLP has hired an experienced investigations and white collar partner from K&L Gates LLP to co-chair its global investigations and compliance practice, the firm has said.
The U.K.’s top insurance brokers’ lobby on Wednesday urged the Financial Conduct Authority not to place any new demands on the industry, saying it is already struggling within “one of the most burdensome and costly regulatory regimes on the planet.”
The Financial Conduct Authority’s chief executive warned insurers Wednesday that, unless the U.K. and European Union put safeguards in place for a cliff-edge Brexit, a “sudden and disorderly” end to passporting would put £82 billion ($110 billion) of insurance liabilities at risk.
Politicians criticized the U.K.'s pensions regulator for being “feeble” and “chronically passive” on Wednesday, adding that new leadership might be needed after a series of companies collapsed under the weight of massive pension liabilities.
A health care company and its managing director have been ordered to pay more than £20,000 ($27,000) for falsely telling the U.K. pensions regulator that they had enrolled staff in a workplace savings scheme, the regulator said Tuesday.
Insurance broker Marsh Ltd. has lost its bid to block the registration of a trademark lodged by London-based startup Marshmallow Financial Services Ltd., after the U.K. Intellectual Property Office found that the disputed marks convey "entirely different" meanings.
A pub and restaurant chain is fighting legal efforts by the trustee of its employee pension schemes to force it to scrap some change to the plan's rules, which the trustee says mistakenly handed the company the power to choose the rate of pension increases.
Samuel Smith, one of Britain’s best-known brewers, and its chairman have pled guilty at a court hearing in England to failing to hand over information to The Pensions Regulator during an investigation into its retirement funds, the watchdog said Tuesday.
Thomson Reuters said Tuesday it was preparing to move its foreign exchange derivatives trading operation from London to Dublin because of the U.K.’s impending departure from the European Union.
The European Union has ordered the bloc’s top three financial regulators to step up their campaign against money laundering "with some urgency," saying a failure to swiftly strengthen coordination of their efforts would be a threat to wider financial stability, according to a letter published Tuesday.
Europe’s top insurance regulator announced Monday that it will investigate cyberrisk for the first time in its fourth stress test, which looks to assess European insurers’ resilience to adverse scenarios that could have negative consequences on the financial market.
The European Council announced on Monday that it has adopted new rules aimed at strengthening the European Union’s fight against money laundering and terrorist financing without hindering the bloc’s financial system.
A Russian insurer has been given one month to pay a shipping firm’s legal costs after a London judge found the amount of evidence the insurer put forward in an unsuccessful application for security far outweighed the other party’s submissions.
Nineteen reinsurance companies have denied owing millions of dollars to Kapital Insurance over a plane crash that killed 45 passengers, alleging at the High Court in London that the Russian company may have secured previous judgments against them through corruption and fraud.
Mothercare PLC is the latest in a series of once-healthy high street firms to appear on the U.K. Pensions Regulator’s radar, the watchdog said Monday, after the ailing retail chain announced that it is close to finalizing a restructuring plan following the closure of dozens of its stores in recent years.
The greatest money laundering threat to the U.K. comes from criminals exploiting accounting and legal professionals to set up corporate structures where they can hide illicit funds, the National Crime Agency has warned.
The sweeping General Data Protection Regulation set to take effect in the European Union in just two weeks promises to revolutionize how companies around the globe handle personal data while imposing stiff penalties on those that don't comply. But attorneys say that although companies have had two years to get up to speed, several troubling myths still persist.
As business litigation becomes more international in scope, the ability to enforce a judgment across national boundaries is increasingly a key consideration in any litigation strategy. In the U.S., however, the multiple judicial systems among the states and federal system of courts add complexity to issues of enforcement for non-U.S. judgment creditors, say Rodney Page and Joseph Smallhoover of Bryan Cave LLP.
For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.
The United Kingdom's Policing and Crime Act 2017 significantly increases the Office of Financial Sanctions Implementation's powers to enforce U.K. sanctions. Some are skeptical that the OFSI will use its new powers aggressively, but companies who may have breached the sanctions regime should prepare for the worst, say Christopher David and David Horn of WilmerHale.
New mobile computing tools — both hardware and applications — are changing the technology paradigm for legal practitioners. In particular, the combination of the 12.9-inch iPad Pro, the Apple Pencil and the LiquidText annotation app can revolutionize both trial preparation and courtroom litigating, says attorney Paul Kiesel, in his latest review of tech trends.
Legal incubators serve as an important bridge to practice and a crucial step toward aligning the incentives of new lawyers with the needs of their clients. They may even pose a threat to the traditional law school model itself, and that's not necessarily a bad thing, says Martin Pritikin, dean of Concord Law School at Kaplan University.
If the media is going to cover your law firm’s crisis, they are going to cover it with or without your firm’s input. But your involvement can help shape the story and improve your firm’s image in the public eye, says Michelle Samuels, vice president of public relations at Jaffe.
When highly automated vehicles are prevalent on the road there will be at least three major areas in which risk allocation associated with automobiles will change: litigation, contracting and regulation, say Jason McCarter and Tracey Ledbetter of Eversheds Sutherland.
In his recent judgment on a recusal application in Miley v. Friends Life, Justice Mark Turner of the English High Court has given practitioners guidance on how to approach applications for judicial recusal, and has highlighted the key points to be aware of when contemplating such an application, says Luka Krsljanin of 2 Temple Gardens.
Just as the U.K.'s Serious Fraud Office is beginning to find its feet, its fate is now in doubt — a prospect that would hobble U.K. domestic enforcement and lead to further expansion of the U.S. Department of Justice’s already-robust role in policing London markets and U.K. corporates, say Roger Burlingame and Rachel Goldstein of Kobre & Kim LLP.
When a law firm appoints a chief privacy officer, not only does the firm benefit from the crucial operational impact of a well-managed privacy program, but clients see how seriously you take your duties of confidentiality and competence, says Rita Heimes, research director at the International Association of Privacy Professionals.