World leaders must push ahead with finalizing their regulatory reforms or risk breaking up financial markets and damaging growth, the head of the Financial Stability Board said Friday.
The U.K.’s banking sector lobby group called on the Prudential Regulatory Authority to push back the start date for new bank accounting rules one year to January 2019, citing a lack of clarity around reporting definitions as a hindrance preventing firms from preparing for the new requirements.
International chartered accountancy firm Kingston Smith LLP was accused in London’s High Court on Thursday of aiding two alleged fraudsters to launder €60 million taken from a property investment fund by establishing a web of companies and providing asset retention advice to the duo.
A senior executive at Barclays PLC testified Thursday that there should have been more formalized training for the setting of Libor at the British bank amid questioning at the London trial of two former swaps traders charged with rigging the key interest rate.
The U.K. government should adjust unstable risk margins set out in European Union capital rules for insurance firms, the head of the Prudential Regulation Authority said in a letter released Thursday.
Britain’s economic secretary pledged Thursday to help financial technology firms retain and attract foreign talent and boost investment in the stuttering sector post-Brexit, despite government vows to lower migration.
Britain’s financial reporting watchdog on Thursday asked asset managers, financial analysts and listed companies to help it develop effective reporting of principal risks and company viability as it seeks to improve the quality of information investors receive about the long-term health and strategy of listed companies.
An influential British lawmaker has asked the Financial Conduct Authority to investigate reports that financial market traders may be getting advanced access to market-sensitive government economic data, giving them a jump on competitors, according to a letter published Thursday.
The U.K. government faced renewed pressure from London's financial district on Thursday to set a detailed post-Brexit transition timetable for banks to adjust to new jurisdictions, after Queen Elizabeth II signed an act of Parliament to finally lead Britain out of the European Union.
The U.K.’s Financial Conduct Authority wants to know whether recruitment, performance management and pay policies are encouraging better behavior inside financial firms, the regulator’s chief executive said Thursday.
Britain’s financial watchdog on Thursday outlined how financial institutions should treat high-profile clients under new anti-money laundering laws which will ramp up pressure on firms to conduct enhanced due diligence on their riskiest customers for evidence of bribery or corruption.
Japan's antitrust watchdog warned a Deutsche Bank unit on Wednesday that it had likely broken the law by exchanging sensitive information with a Citigroup unit about the trading of European government bonds.
The U.K. government on Wednesday said it is setting up a new watchdog and updating regulations to shore up the country’s defenses against money laundering.
European Union efforts to combat financial crime are being held back by banks' patchy record of reporting suspicious transactions to their national crime agencies, and poor information sharing among member states, a European Parliament report found Tuesday.
European politicians believe that the “uncontrolled acceleration” of financial technology without regulation could trigger a repeat of the 2008 global financial crisis, according to documents revealed on Wednesday.
The former manager for one of two ex-Barclays PLC swaps traders on trial in London for allegedly rigging a key interest rate benchmark denied under intense cross-examination on Wednesday that an email he wrote showed that he was well aware that his desk was trying to influence the rate.
Top global regulators unveiled plans Wednesday to prevent ailing “shadow banks” from infecting the mainstream financial institutions that back them and spreading wider market contagion.
The transitional period in which U.K. banks and businesses will have to adjust to post-Brexit relations with the European Union will depend on how closely a future free trade agreement matches current arrangements, Brexit Minister David Davis said Wednesday.
Making it tougher for U.K.-based clearinghouses to achieve equivalence with European Union standards could help head off attempts to restrict the clearing of euro-denominated contracts to within the eurozone, ratings agency Standard & Poor’s said Wednesday.
A top global central banker said on Wednesday that upcoming meetings between G20 finance ministers and central bank governors will concentrate on establishing whether the “digitalization” of the financial sector needs more regulatory oversight.
The U.K. is expected to adopt a new foreign investment regime, the details of which are expected this month or early next year. Together with the potential impact of Brexit, this seems set to produce a foreign investment environment with more possibilities for political intervention, say Greg Lascelles and Ramon Luque of Covington & Burling LLP.
The offshore banking industry attracted global attention earlier this year with the publication of 11.5 million leaked documents detailing decades of information about over 200,000 bank accounts and shell companies. Jeremy Maltby and Grant Damon-Feng of O'Melveny & Myers LLP examine government responses to the Panama Papers and offer tips for companies to minimize their risk of exposure to unlawful shell company activity and its consequences.
Ever consider applying for a judicial appointment in California? Get the lay of the land from Judge George Bird of the Los Angeles Superior Court and Kimberly Knill, a senior appellate court attorney for the California Court of Appeal. Additionally, hear what several recent appointees to the LA Superior Court thought of the judicial selection process.
Gilbert Samberg, a commercial litigator and arbitration practitioner with Mintz Levin Cohn Ferris Glovsky and Popeo PC, shares practical advice regarding the factors to be accommodated in fashioning multistep ADR provisions that are both useful and likely to be enforced by the courts.
Women leave law firms for many of the same reasons men do, but also face challenges including headwinds with respect to assignment delegation and social outings, as well as potential disruptions if they choose to have children. Firms can increase investment in talent management and improve retention and engagement of women attorneys, says Anusia Gillespie of Banava Consulting.
The European Commission is going way beyond its previous Pan-European insolvency project of mutual recognition of insolvency procedures and entering the world of harmonizing laws. The U.K. has to keep pace — and must look west to the U.S., says Howard Morris, senior of counsel in the London office of Morrison & Foerster LLP.
We are privileged to be part of an employment market that hosts employees from various generations. While “differences” may imply inherent conflict, intergenerational differences can actually be used to an advantage for organizations — especially law firms, say Najmeh Mahmoudjafari, founder of ImmigraTrust Law, and William Martucci of Shook Hardy & Bacon LLP.
Over the past two years, financial regulatory bodies in the United States and Europe have increasingly emphasized consumer due diligence by financial institutions as a means to combat money laundering and terrorist financing, especially with respect to “high-risk” products. This trend is expected to continue in 2017, say attorneys with K&L Gates LLP.
In the case of the U.K. accountability regime, the sea change seems to have been more about the Financial Conduct Authority sending a message to firms, leaders and the public that things would be different — rather than replacing an ineffective regime. We anticipate a change within the financial services sector, as individuals are likely to want to eat more carrots and feel fewer sticks, say members of Taylor Wessing LLP.
Face it, the American jury system is dying. The arguments Professor Suja Thomas makes in her new book deserve consideration by everyone interested in how our government actually works and how it might recapture the unifying communitarian experience of direct democracy and actual trial by one’s peers, says U.S. District Court Judge William Young of the District of Massachusetts.