Britain’s financial services sector should have its own cybersecurity watchdog because the industry is not doing enough to counter the growing threats, an influential lawmaker said Thursday.
U.S. insurance giant AIG's European unit was left only partially victorious Wednesday in its long-running suit to aggregate 214 indemnity claims arising from failed property investments, after the U.K. Supreme Court ruled that the claims must be split into two groups.
The U.K. Supreme Court’s decision Wednesday to vindicate the Financial Conduct Authority’s claim that it did not identify a former JPMorgan Chase & Co. executive in a controversial penalty notice is a shot in the arm for the British regulator but could strip away rights of other individuals facing future action, lawyers say.
A U.K. parliamentary committee urged the government on Wednesday to prioritize securing mutual recognition and enforcement of court judgments with the EU as part of the Brexit negotiations that will begin at the end of the month.
Europe’s financial regulatory teams must concentrate on pressing firms to slash debt levels and help cut down the bloc’s €1 trillion ($1.05 trillion) mountain of bad loans, the European Banking Authority said Wednesday.
The head of Europe’s top securities watchdog on Wednesday backed European Commission plans for sweeping new rules to wrap up clearinghouses that run into trouble and prevent governments from having to rescue firms that play a key role in the over-the-counter securities market.
The European Commission on Wednesday proposed legislation to give national antitrust authorities new powers to more effectively police banks and businesses, including allowing access to personal phones, laptops and tablets.
Banks based in the U.K. that apply for an EU license after Brexit will be granted a transitional period by the European Central Bank to allow them to continue using internal models to calculate capital requirements — but there will be no “race to the bottom” on regulation, a senior official said Wednesday.
Small nonbank financial firms will be granted an extra two years to comply with the European Union’s rulebook for derivatives markets under proposals quietly issued by the EU’s executive arm on Friday.
A U.K. government campaign to achieve greater gender equality in the top ranks of financial services companies now extends to almost half the financial sector, the Treasury department said on Wednesday, as it revealed the program had been adopted by a further 33 firms.
A major insurance lobby downplayed fears on Wednesday that the rise of big data will massively bump up costs for some policyholders by allowing their individual risks to be pinpointed with greater precision.
The Financial Conduct Authority won a landmark case in the the U.K. Supreme Court on Wednesday over the identification of individuals in its public censure notices, overturning decisions in the lower courts that had threatened to complicate the FCA’s ability to enforce market rules.
British lawmakers called Tuesday on the government to investigate a media report that top British banks were used to process £740 million ($922 million) from a Russian money laundering scheme.
European ministers on Tuesday voted their approval for regulators to take a tougher stance on the rapid advancement of financial technology.
Europe should consider hitting more banks with civil penalties for criminal misconduct to help it close the huge gap on fines levied across the Atlantic, according to a report published Tuesday by the European Parliament.
Goldman Sachs will move hundreds of jobs out of London as it begins implementing its contingency plans ahead of a Brexit deal, the chief executive of its international arm said Tuesday.
Leaders of the remaining 27 European Union states will meet April 29 to agree to Brexit negotiating guidelines, a month after U.K. Prime Minister May plans to trigger the formal process for Britain's leaving the bloc, the president of the EU’s political arm said Tuesday.
The European Commission announced Tuesday it is taking stock of the effectiveness of the European Supervisory Authorities as it launched a consultation into whether changes to their current mandate and operations are needed.
The U.K. government believes that the European Central Bank may be powerless to force euro-denominated contracts clearing out of London after Brexit, according to documents released Tuesday.
The directors of the Bank of England, a top U.K. financial regulator, have launched a sweeping review after its deputy governor resigned for failing to reveal a potential conflict of interest for almost four years, the bank’s governor said Tuesday.
As it is unlikely there will be significant opposition to the Criminal Finances Bill in the House of Lords, it is likely to become law during the mid to late part of 2017. "Unexplained wealth orders" will be a new and powerful tool available to U.K. criminal authorities to seize assets, says Ian Hargreaves of Covington & Burling LLP.
Businesses are being bombarded with information about their responsibilities toward global human rights and other nonfinancial efforts. According to Covington & Burling LLP attorneys Christopher Walter and Hannah Edmonds, U.K. businesses should be actively monitoring five key developments.
On March 7, it will be one year since the U.K. Financial Conduct Authority's senior managers and certification regime came into force, heralding a new era of personal accountability in the financial sector. But it probably won't be until the subject of an enforcement action challenges the attribution of responsibility before the Upper Tribunal that the SMCR will be tested in any meaningful way, says Elly Proudlock of WilmerHale.
The English High Court's recent RBS decision has major implications for the way in which internal investigations with any connection to the U.K. are to be conducted and recorded, say Mary Pat Brown and David Foster of O’Melveny & Myers LLP.
While the recent speech by the chairman of the U.K. Financial Conduct Authority remained fairly high level, there were still a few areas in which it provided some insight into what role the FCA will play in "good conduct regulation" in the future, say David Rundle and Leila Gaafar of WilmerHale.
France's newly reformed contract law is being hailed by some as more business-friendly than English law, allowing much more concise contracts and making documentation easier to negotiate. However, English contract legislation has been the predominant law of choice for international business transactions for some time, and the French system has yet to overcome many barriers, say Mathew Rea and Rèmy Blain of Bryan Cave LLP.
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.