UK Financial Services

  • April 12, 2017

    EC Efforts To Close MiFID II Loophole Draw Lawmakers' Ire

    A group of influential European Union lawmakers has criticized European Commission plans to clamp down on investment firms feared to be gaming the bloc’s financial rules by exploiting a loophole in major market reforms, according to documents published Wednesday.

  • April 12, 2017

    EU Banking Authority To Tweak Supervisory Review Process

    National regulators across the European Union should expect an updated version of the European Banking Authority’s guidelines for the supervisory review process by the end of the year, the banking watchdog announced on Tuesday.

  • April 11, 2017

    Investment Trusts Lose VAT Battle In UK Supreme Court

    A group of investment trusts lost their long-running bid in the U.K. Supreme Court on Tuesday to claim refunds that they allege they were owed on value-added tax paid in some cases more than 20 years ago.

  • April 11, 2017

    ECB Not Ready To Embrace Blockchain Technology

    The European Central Bank, the banking regulator for the European Union’s eurozone, has ruled out using distributed ledger technology within the so-called Eurosystem’s market infrastructure for the foreseeable future, until the software meets high safety and reliability standards.

  • April 11, 2017

    ECB Clarifies Rules For UK Banks Relocating To Euro Area

    U.K. banks applying for an EU license after Britain leaves the European Union will have to wait six months to a year for approval, the European Central Bank confirmed Tuesday as it published detailed guidance on several Brexit-related queries.

  • April 11, 2017

    EU Securities Watchdog Clarifies Clearinghouse Margin Rules

    Europe’s securities regulator on Monday clarified how clearinghouses should align the collateral they need to underpin derivatives trades with the level of risk they are taking onto their books under the European Union’s securities market rulebook.

  • April 11, 2017

    Lawmakers To Scrutinize Barclays' Whistleblowing Probe

    A U.K. Parliamentary committee pledged on Tuesday to closely monitor investigations into a whistleblowing case involving the head of Barclays PLC, saying the results would help road-test sweeping regulatory reforms.

  • April 11, 2017

    FCA Proposes Robo-Adviser Guidance To Help Consumers

    The Financial Conduct Authority set out new rules on Tuesday aimed at “robo-advisers” as part of wider efforts to make financial advice more widely available to consumers.

  • April 11, 2017

    EU Must Avoid Brexit Threat To CMU Plan, Finance Chief Says

    The European Union will continue its overhaul of financial regulation and try to breathe new life into its flagging plan to create a capital markets union across the bloc, which has been further damaged by Britain’s moves to leave the EU, its finance chief said Tuesday.

  • April 11, 2017

    London Bank Lobby Pushes UK-EU Market Access Pact

    The U.K. and European Union should strike a deal to use each other’s services financial rules, allowing British banks and financial firms to continue reaching EU markets after Brexit, an advisory group set up by bank lobbying bodies said Tuesday.

  • April 11, 2017

    UK OKs £700M MasterCard, VocaLink Deal With Antitrust Fixes

    The U.K.’s top competition and consumer authority gave the go-ahead on Tuesday for MasterCard’s £700 million ($870 million) acquisition of payment infrastructure supplier VocaLink, after approving measures offered by the credit card company to tackle competition concerns.

  • April 10, 2017

    SFO, Tesco Get Court's OK For False Accounting DPA

    Judge Sir Brian Leveson on Monday approved a Tesco PLC subsidiary's deferred prosecution agreement with the Serious Fraud Office over alleged false accounting that distorted the retail giant's share price in 2014, Tesco said.

  • April 10, 2017

    UK Tax Cops Fire A Warning Shot With Credit Suisse Raid

    Britain’s role in an international raid on the offices of Credit Suisse SA should serve as a cautionary tale to firms that U.K. enforcement officials are not waiting for new tax evasion laws to kick in before pursuing an increasingly aggressive approach.

  • April 10, 2017

    Banks Lack Training Ahead Of New AML Regs, Study Finds

    Too many bank staff still need to be trained on incoming customer due diligence requirements that form part of the U.K.'s efforts to crack down on money laundering and corruption, according to financial services regulation consultancy Bovill.

  • April 10, 2017

    EU Moves Toward Securities Conflicts Of Law Rules Overhaul

    The European Commission has asked the region’s financial services sector for views on removing legal uncertainty from cross-border securities transactions as part of its move to iron out inconsistencies in European Union conflict of law legislation and to help bolster its flagship capital markets union initiative.

  • April 10, 2017

    FCA Warns Of Fintech 'Wild West' As Sandboxes Multiply

    Britain is aiming to shake off the uncertainty of Brexit to become a global coordinator for regulatory testing of financial technology, a top watchdog official said Monday, warning that those who simply copy its approach risk destabilizing the international environment.

  • April 10, 2017

    UK Watchdog Weighs Separate Regulation For Blockchain

    The Financial Conduct Authority said Monday it is considering whether to separately regulate some aspects of blockchain technology that fall outside existing financial services rules, while calling for feedback on the technology’s future development within the industry.

  • April 10, 2017

    Pols Still Wary Of US-EU Insurance Accord

    A bilateral deal placing insurance providers in the U.S. and European Union on equal footing continued to draw criticism on Friday from numerous members of the U.S. Congress and the National Governors Association, both of which pressed the Trump administration for details about the deal’s functionality.

  • April 10, 2017

    Hogan Lovells Eyes Busy City Market With Fintech Program

    Hogan Lovells has entered the race to become the top law firm for budding financial technology ventures, offering a new regulatory mentoring program to startups announced at a major industry event in London on Monday.

  • April 10, 2017

    London, Singapore Still Top Fintech Hubs, Deloitte Says

    London and Singapore have retained their places as the top global hubs for establishing and growing a financial technology startup, according to a study published by Deloitte on Monday.

Expert Analysis

  • How A General Counsel Should Think About AI: Part 1

    Bruce J. Heiman

    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.

  • Saving Lawyers 1 Less Drink At A Time

    Jennifer Gibbs

    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.

  • The Post-Brexit Future Of Euro Clearing In London

    Christopher Arnold

    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.

  • Extending SMCR To All UK Financial Services Firms

    Karolos Seeger

    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

  • UK Financial Sector Shares Top Regulatory Concerns For 2017

    Sara Evans

    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.

  • What To Look For In Trump And May's 1st Meeting

    James K. Kearney

    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.

  • Attracting And Retaining The Millennial Lawyer

    Christopher Imperiale

    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.

  • Avoiding The Hidden Costs Of Bargain-Priced E-Discovery

    Michael Cousino

    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.

  • Saving Lawyers 1 Breath At A Time: Mindfulness In The Law

    Jennifer Gibbs

    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.

  • Understanding How Blockchain Could Impact Legal Industry

    R. Douglas Vaughn

    Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.