London-based financial technology firm Transferwise could have to set up a European office on the continent to retain access to the European Union’s single market after Britain quits the bloc, the company said.
London’s High Court ruled the Royal Bank of Scotland PLC cannot claim entitlement to an amount in excess of £4.7 million ($5.9 million) the bank said it would be owed if it had to break early from an interest rate swaps contract used to hedge a £9 million loan given to a property development syndicate.
Interdealer broker Marex Spectron Group Ltd. has lost its bid in London’s High Court to stop rival Tradition Financial Services Ltd. from enforcing the full six-month noncompete period for a former junior Tradition broker who tried to start working for Spectron in January.
Smaller banks currently outside the European Central Bank’s direct oversight will soon be subject to some of the same regulations applicable to the biggest banks, under new guidelines published by the central bank.
What U.K. banks most want from the burgeoning financial technology sector is clarity on the shape of regulation and collaboration between policymakers preparing the rules, a senior British Bankers’ Association official said.
The European Union could steal a march on Britain and topple it as the world’s top fintech hub by lowering barriers for firms inside the single market as London finds itself frozen out, the rapporteur drafting the bloc’s political direction on fintech regulation told Law360 in an exclusive interview.
The Prudential Regulation Authority has published additional guidelines on how financial firms should meet remuneration rules aimed at ensuring they adopt pay policies in line with sound risk-management practices.
The U.K.’s Financial Conduct Authority has outlined how it intends to enforce the European Union’s unprecedented payments system reform package in a "live" document that it warned could change as the regulator awaits stalled guidance from the EU.
The head of the International Monetary Fund has urged financial regulators to press ahead with global banking market reforms threatened by U.S. moves toward deregulation.
The financial technology sector will play a crucial role in mitigating any economic damage from Brexit, the U.K.'s Treasury chief said Wednesday, urging industry players and regulators to continue pursuing overseas markets and partnerships.
A London-based former restructuring partner of law firm Kirkland & Ellis LLP has joined Pillarstone, the investment platform set up by U.S. private equity giant KKR, as its first general counsel, the company said Wednesday.
MasterCard won on Wednesday its appeal to stop firms from 18 European countries seeking swipe fee damages from backdating an additional claim added in 2015 to their original suits, notching a small victory ahead of a major preliminary issues trial in the case scheduled for May.
Most of Europe’s national financial regulators have successfully installed comprehensive procedures and sophisticated IT systems to ensure good quality data reporting, the European Banking Authority said late Tuesday.
Britain’s government may be forced to reveal details of a secretive review it is carrying out into the agencies responsible for tackling economic crime, following intervention Wednesday from an influential lawmaker.
The head of the European Securities and Markets Authority said Tuesday that the watchdog needs tougher powers to oversee financial firms relocating to countries with the laxest regulatory regimes once the U.K. has quit the European Union.
Hong Kong’s banking regulator said Tuesday it has fined the local branch of U.K. private bank Coutts & Co. Ltd. HK$7 million ($900,750) for breaching anti-money laundering and counterterrorist rules, following similar fines in Switzerland and Singapore.
A quick-fire Brexit deal for financial services firms to continue accessing the bloc’s single market is a must to avoid dangerous regulatory uncertainty, Britain’s most influential European Union politician told Law360 in an exclusive interview on Wednesday.
Britain's central bank vowed Wednesday to throw its weight behind a new range of financial technologies to take advantage of the potential it sees for the new generation of fintech firms to strengthen financial stability and fuel growth.
Two Russian men, one of whom is a former Olympic wrestler, pled not guilty in a London criminal court on Wednesday to charges of fraud and money laundering related to an alleged clearing bank cyberattack scam.
The Bank for International Settlements recommended on Wednesday that central banks play a more active role in the crucial short-term funding markets used by financial firms, saying they should lend more securities as collateral to offset increasing market volatility.
The most successful Am Law 200 law firms have evolved from being partner-run to being run by a group of highly skilled professionals reporting to firm shareholders. The data collected from our recent survey indicates this model is generally conducive to increased profitability, says Anita Turner, senior director at Colliers International.
The approach by the English Court of Appeal in Saleh v. U.K. Serious Fraud Office is welcome from an asset-recovery perspective. Parties seeking to freeze or seize assets in a foreign jurisdiction should not be hamstrung by a blindly made order rendered without evidence or argument, says Lincoln Caylor of Bennett Jones LLP.
A deficiency of the U.K.'s current limited partnership legislation is that it does not set out what constitutes “management.” But investors will soon have comfort that they will not lose their limited liability status on the basis that undertaking any management activity constitutes management of the partnership, says Matt Lewy of Baker Botts LLP.
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.