The European Union has agreed that jurisdictions charging zero corporate tax on banks and multinational businesses won’t be automatically classed as unfair tax regimes as it prepares its first ever “blacklist” of offshore tax havens, officials said Tuesday.
Britain's Financial Conduct Authority has accepted that Belgian law governs a benchmark interest rate underlying a former Deutsche Bank AG trader's dispute with the regulator, but maintained that English law still applies to key alleged infractions cited in an FCA rate-rigging decision against the bank, according to an Upper Tribunal decision Monday.
The U.K.’s Financial Conduct Authority should consider a “no blame” approach allowing some financial firms to report incidents and receive advice rather than penalizing them for misconduct, Britain’s top banking lobby said Tuesday.
Following an industry backlash the European Banking Authority is expected to reveal further delays Wednesday to long-awaited reforms to technical standards for financial payments, an EBA official familiar with the matter told Law360.
The U.K. government must consider how sweeping changes to the way businesses are run will affect banks, and limit the effects on firms that are already highly regulated, the industry’s top trade body said Tuesday.
The “robust approach” taken by U.K. regulators before approving requests for changes to internal modeling is necessary to prevent insurance firms from trying to cut their capital requirement levels, a senior figure at the Bank of England said on Tuesday.
A senior Bank of England official warned Tuesday that a planned overhaul of the U.K.’s payments sector could reduce the central bank’s tolerance for infrastructure failures, emphasizing that a consolidated payments structure will require its operator to closely monitor systemic risks.
HSBC Holdings PLC announced Tuesday it is subject to a fresh investigation in the U.K. for failing to stop money laundering, in addition to other global regulatory scrutiny of its financial crime compliance.
U.K. Chancellor Philip Hammond has accused the European Union of failing to consult member states on controversial ring-fencing rules planned for big non-EU banks, according to a letter released Tuesday.
U.K. law firm Fieldfisher LLP announced on Tuesday the launch of a new office in Amsterdam and the addition of a five-partner corporate team hired from Dutch practice Kennedy Van der Laan NV.
Women in the U.K. financial services sector are paid on average 34 percent less than their male counterparts, according to consultancy PricewaterhouseCoopers, which on Tuesday warned firms to prepare for a regulatory crackdown on diversity policy ahead of new rules requiring firms to publish pay data.
Europe’s national leaders have reached a last-minute compromise on controversial rules designed to stop big banks and businesses from exploiting disparities between national tax regimes, the European Council said Tuesday.
As British bank boardrooms weigh the pros and cons of moving operations to the European Union to stay inside the bloc’s market after Brexit, a new poll shows that fewer than one in eight workers in financial services would be willing to move across the channel.
Britain's increasingly active Serious Fraud Office has served notice it will push deeper into enforcement in financial services with offers of deferred prosecution agreements — but City lawyers say it will meet resistance from banks, which are already more tightly regulated than other industries.
The government’s plan to save the Royal Bank of Scotland PLC from divesting a struggling business by setting up £750 million ($931 million) in funds for supporting newer, so-called challenger banks is “far from the best solution”, a former senior adviser to the Bank of England said Monday.
Orrick Herrington & Sutcliffe LLP said Monday it has bolstered its Paris office with a string of financial and commercial lawyers, most recently with the acquisition of antitrust expert Patrick Hubert from the U.K. Magic Circle firm Clifford Chance.
Money launderers and terrorists may be exploiting the European Union’s financial sector by taking advantage of firms’ poor access to intelligence and ineffective internal controls, three of the bloc’s biggest financial regulators warned Monday.
The U.K. government on Monday floated proposals aimed at easing the financial burden on struggling corporate pension plans, including the suspension of inflation indexing if retirement schemes get into serious trouble.
The owner of bankrupt Taiwanese shipping giant TMT Group, trying recoup $37 million paid out for a 2008 derivatives contract breach, has run out of time to sue a unit of ship-brokers Clarkson PLC for negligence in connection to the breach, lawyers for the brokering firm argued in London's High Court on Monday.
A top international securities watchdog on Monday urged national regulators to keep a close eye on the so-called loan fund industry after identifying risks associated with the growing shadow-banking market.
General counsels face the challenging task of understanding how companies can navigate the rules surrounding uses of artificial intelligence. To get smart on AI, general counsels must ask the right questions about areas such as human resources, intellectual property, liability and insurance, say Bruce Heiman and Elana Reman of K&L Gates LLP.
Though the Trump administration has yet to make an official statement regarding artificial intelligence, support for AI is consistent with its expressed desire to promote American business. As such, general counsel will inevitably have to navigate what big data and AI mean for compliance with current and future laws and regulations, say Bruce Heiman and Elana Reman of K&L Gates LLP.
Lawyers are likely turning to alcohol to lessen stress and anxiety, to socialize, and even to sleep better. Unfortunately, many are unaware that their nightly pour could be causing or exacerbating the anxiety that is plaguing the legal profession, says Jennifer Gibbs of Zelle LLP.
Of all the threats from Brexit on London’s status as Europe’s financial capital, few have garnered as much attention as the potential loss of its euro-denominated clearing business. Recent reports have estimated that as many as 83,000 jobs could be lost in London over the next seven years if euro-denominated clearing were shifted to continental Europe, says Christopher Arnold of Mayer Brown LLP.
Although we do not yet know precisely what the U.K.'s extended Senior Managers and Certification Regime will look like, it will be broadly similar to the SMCR for banks, so there are a number of steps that firms should start taking to prepare, say Karolos Seeger and Andrew Lee of Debevoise & Plimpton LLP
What do you expect your top regulatory challenge to be this year? Berwin Leighton Paisner LLP's recent survey of over 250 legal, risk and compliance professionals at U.K.-based banks, insurers and asset management firms highlighted three chief concerns for the sector.
Among the goals of Prime Minister Theresa May and President Donald Trump in Friday's meeting at the White House will be setting a course for a future U.K.-U.S. trade deal. The policies of both leaders will be on the line, say Jim Kearney of Womble Carlyle Sandridge & Rice LLP and Peter Snaith of Bond Dickinson LLP.
Instead of trying to change the new workforce to follow a law firm's existing processes and procedures, perhaps it's time for firms to start changing their processes and procedures to better accommodate the mentality of this next generation of lawyers, says Christopher Imperiale, a law firm adviser with Berdon LLP.
Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.
As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.