Lost in the melee of Tuesday’s U.K. surprise general election announcement was the Financial Conduct Authority’s grand plan for the coming years, and experts have warned firms cannot afford to let politics distract them from immediate compliance and culture questions or use it as an excuse to hide misconduct.
Two partners at U.K.-headquartered international law firm Clyde & Co LLP inadvertently helped a businessman carry out an alleged €250 million (€268 million) bank guarantee fraud in 2013 by failing to conduct adequate anti-money laundering checks when providing escrow services, according to a tribunal judgment.
A senior European Central Bank official on Wednesday urged more international cooperation on strengthening financial sector regulation, warning that deregulation could have repercussions on economies around the globe.
British bankers hoping for an early deal between the U.K. and European Union over continued access to the bloc’s single market were dealt a blow Wednesday, when a panel of finance academics told lawmakers the U.K. would be unable to link its Brexit divorce settlement to an agreement on trade and market access.
New European Union disclosure requirements for investment products, which were only recently passed after prolonged delay, could actually prove "harmful" to the retail investors they were designed to protect, a key industry group said on Tuesday.
The Bank of England has put the squeeze on banks to ramp up their preparations and submit formal contingency plans for a worst-case Brexit. Law360 spoke to a clutch of financial services attorneys to find out what banks must consider and what contingency plans they need to execute ahead of the regulator’s deadline.
Swiss stock exchange SIX slapped UBS with a fine on Wednesday for delaying a strategic announcement in 2012 that it was scaling back its investment banking, violating its obligation to disclose price-sensitive facts to the market as soon as it is able.
A global standards setter has updated the methodology that financial firms use to calculate their margin responsibilities to include additional risks under new rules on over-the-counter swaps collateral, the organization’s chief executive said Tuesday.
U.K. lawmakers overwhelmingly backed Prime Minister Theresa May’s call for a snap election on June 8 in a House of Commons vote on Wednesday, clearing her bid for a stronger political mandate in the Brexit process.
Lawyers are telling their bank clients to step up legal preparations for Brexit amid growing pressure from European Union and U.K. regulators demanding detailed plans for how U.K.-based financial firms would cope with an abrupt British exit from the EU's regulatory framework.
U.K. Prime Minister Theresa May's surprise call on Tuesday for an early general election in June, a move that she hopes will deliver a decisive victory and strengthen her Brexit negotiating position, creates more domestic uncertainty for a U.K. financial services sector increasingly looking for European operational bases, lawyers say.
A U.K. Parliament report published Tuesday summing up how the U.K.’s anti-money laundering laws have developed over time concludes that the burdens of financial crime compliance on the banking sector have increasingly grown, while the benefits of a safer financial system are less easy to measure.
The European Banking Authority will have to move from its current base in London to another territory inside the European Union if Britain leaves the bloc, an EU official confirmed Tuesday in response to statements from the U.K. government that any relocation would depend on Brexit negotiations.
Europe’s top securities regulator said Tuesday that it has sealed an information-sharing agreement with authorities in Wellington on New Zealand central counterparty clearinghouses operating inside the European Union.
McDermott Will & Emery LLP has hired a partner from Simmons & Simmons LLP who specializes in restructuring and insolvency for its corporate and transactional practice in London, the firm announced Tuesday.
British Prime Minister Theresa May on Tuesday called for an early general election on June 8, adding new uncertainty to U.K. banks and businesses planning for their country's exit from the European Union.
The U.K.'s Financial Conduct Authority said Tuesday it will prioritize supporting the British government's Brexit process as it maps out wider and tougher enforcement through 2018 under chief executive Andrew Bailey.
The British government should open a public inquiry into benchmark rate manipulation in the wake of reports tying the Bank of England to the long-running rate-rigging scandal, the U.K.'s shadow Treasury chief told his counterpart Sunday.
MF Global's trustee asked a New York bankruptcy court on Friday to award the estate $1.8 million in fees that it incurred as a result of its insurers' failure to obtain court permission before filing an action to arbitrate a contract dispute in Bermuda.
The British government insisted Monday that the European Banking Authority's future outside of London was not a foregone conclusion after Brexit even amid reports that the European Union planned to open the competition to house the institution in a matter of weeks.
Market participants hoped the European Commission's Capital Markets Union reform program would involve a slimming down of regulations. However, CMU is adding another layer to the existing patchwork of rules. And while CMU is intended to reduce or eliminate obstacles to cross-border investment, it may complicate matters for U.K. securities issuers following Brexit, say Peter Young and Christopher Sullivan of Norton Rose Fulbright.
The Hanjin Shipping bankruptcy, and big losses at a major shipping lender, point to a shipping market where traditional bank finance is increasingly hard to come by. Cayman Islands orphan special purpose vehicles offer an alternative for enforcement as well as for new leasing deals. Andy Randall and Edward Rhind of Walkers Global explain how these structures can add efficiency and value.
Employees will often assume that any discussion or interaction with company lawyers will go no further than the internal company or law firm records. The English High Court recently made it clear in Astex and RBS that this is simply not the case, says Judith Perkins of Cozen O’Connor.
What is the mood of the nation’s in-house lawyers? Aric Press — a partner at Bernero & Press LLC and former editor-in-chief of The American Lawyer — shares the findings of a recent survey of more than 800 in-house counsel.
It's not just trade buyers who are taking advantage of the growing trend of carveout transactions. In a market where there are fewer standalone opportunities, financial sponsors are increasingly prepared to tackle carveout transactions as a means of generating higher returns, say Jannan Crozier and Richard Needham of Baker & McKenzie LLP.
Why did minor mechanical issues bring down two airplanes, while a catastrophic engine explosion did not bring down a third? The answers lie, in part, in research conducted by NASA in the wake of those crashes and, more recently, by Google. And those answers can help organizations build better teams to meet today’s legal industry challenges, says Nicholas Cheolas of Zelle LLP.
Like everything else, the art of negotiation starts by having a conversation. It’s about being respectful, finding common ground, knowing what you want and, most importantly, listening. A conversation between two lawyers can be complicated at best, but by employing a few techniques and tactics, it doesn’t have to be that way, says Marc Siegel of Siegel & Dolan Ltd.
Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.
The U.K. Financial Conduct Authority recently published CP 17/5 — "Reforming the availability of information in the U.K. equity IPO process." Ashurst LLP attorneys Nicholas Holmes and Caroline Chambers explain the details of the consultation paper and what it means for stakeholders.
One of the more litigated issues in transactional law is whether parties to a writing evidencing preliminary intent to proceed with a proposed transaction actually contracted and, if so, to what extent. Two recent cases, one from England and one from New York, illustrate the difficulty this issue can present to deal professionals and their counsel, says Glenn West of Weil Gotshal & Manges LLP.