Washington’s new moves toward deregulation are stoking serious concerns about completing the long-awaited Basel III global financial reforms, a leading member of the Basel Committee on Banking Supervision said Wednesday.
Financial services firms are lobbying desperately for Europe’s moribund asset-backed securities market to reignite, but some lawmakers in Parliament and elsewhere are standing up against newly proposed laws they see as sowing the seeds of the next financial crisis.
London’s High Court ordered Marathon Asset Management LLP to bear the brunt of the legal costs for both sides in its suit against two former employees for stealing documents, after declaring the recent award of nominal damages in the case a “defeat” for the firm.
The former co-head of Barclays PLC’s investment banking division told a London jury on Tuesday that he had “no idea” before 2012 that traders working under him were making improper requests to influence a key interest rate benchmark, despite their emails being under surveillance by the firm’s compliance department.
A European clearinghouse lobby group on Tuesday urged global regulators weighing plans for new sweeping powers to deal with failing central counterparties to make sure that government intervention remains a last resort to protect financial systems.
European Union lawmakers approved new rules on Tuesday forcing institutional investors and asset managers to be more transparent about how they engage with companies in which they invest, as part of a package of measures designed to encourage a longer-term approach to investments.
London Mayor Sadiq Khan told lawmakers on Tuesday that unless there is an “interim deal” to cover the period between Brexit and a new trade relationship for the U.K. and the European Union, London-based banks might leave Europe altogether and look to other financial centers such as New York.
U.K. Prime Minister Theresa May reaffirmed her promise Tuesday to pursue a transitional Brexit trade deal, but declined to offer details on how banks and businesses might be cushioned from the shock of quitting the European Union.
Europe’s top securities watchdog published guidance on Tuesday for regulators and business on how to implement new rules governing the conduct of companies that serve as intermediaries providing settlement, clearing and other services for securities trading.
Charlotte Hogg has resigned as deputy governor of the Bank of England after a parliamentary committee declined to confirm her appointment on Tuesday, declaring that her professional competence "falls short."
British Parliament late Monday cleared the final hurdle for Britain's government to formally launch talks to leave the European Union, amid growing unease that future Brexit negotiations may not produce a deal giving U.K. banks and businesses free access to the EU single market.
American Express has brought a U.K. lawsuit in a bid to get clarity from the European Union's highest court about how new blocwide payment services rules apply to its co-branded card offerings, according to documents published Monday.
A long-running battle between Britain’s finance regulators and investment management firms over the use of client commission charges to buy extra research and execute orders may result in enforcement action if the industry does not show greater transparency, lawyers said.
More details emerged Monday on the scope of the British government’s reappraisal of how it combats financial crime, amid criticism that the investigation's under-the-radar process doesn’t allow for input from law firms and financial services.
The British government appeared on the verge Monday of clearing final parliamentary hurdles to formally launch talks to leave the European Union, amid growing unease that future Brexit negotiations may not produce a deal giving U.K. banks and businesses free access to the EU single market.
Britain’s banks still have a long way to go to restore trust in their business practices, according to a landmark review by the Banking Standards Board, a voluntary standards setter.
A top European Central Bank official urged lawmakers on Monday to maintain global banking rules, warning that moves to deregulate the banking industry could lead to a new financial crisis.
The Federal Deposit Insurance Corporation filed proceedings against several banks, including Barclays PLC and Royal Bank of Scotland Group PLC, as well as the British Bankers Association at London’s High Court on Friday for matters relating to financial benchmarking, according to the court register.
International financial regulators sought industry feedback Monday on a proposed governance framework for a new global DNA-style tagging system for every trade in the multitrillion-dollar over-the-counter derivatives market.
The European Union’s strong link between open access for U.K. financial services to the EU market and the free movement of people will give the bloc's negotiators the upper hand in upcoming Brexit talks, a former senior European Commission trade official warned in a report published Sunday.
There is a surprising trend toward the appeasement of hackers through ransoms. Like many aspects of cybersecurity law, the legal treatment of this last option could benefit from clarity, say attorneys with Andrews Kurth Kenyon LLP.
On Nov. 9, an ICC Commission task force released the results of a two-year study regarding the advantages of arbitrating disputes involving financial institutions. Latham & Watkins LLP partner Claudia Salomon, who co-chaired the task force, shares the key findings.
A recent judgment from an English court compelling the Serious Fraud Office to immediately cease its investigation of Soma Gas and Oil is an excellent example of what proponents of a common law system contend — that it draws deeply and respectfully on a rich depository of past decisions but is not so bound by it so as to ignore the contemporary world outside of law, says David Corker of Corker Binning.
President-elect Trump will need to address a covered agreement with the European Union and finalization of the Federal Reserve's capital standards for insurers once he takes office. Meanwhile, Congress will focus on reauthorization of the National Flood Insurance Program, say L. Charles Landgraf and Paul Howard of Arnold & Porter LLP.
The verdict on Nov. 8, was not unanimous, especially when Secretary Hillary Clinton will end up with a popular vote advantage. Yet, it is a message of extreme magnitude from voters willing to overlook the serious flaws of a candidate because they could not reconcile themselves to ratifying the perpetuation of politics as usual, says Reuben Guttman, a partner of Guttman Buschner & Brooks PLLC and adjunct professor at Emory Law School.
As shown by the impending merger between Arnold & Porter LLP and Kaye Scholer LLP, consolidation in the legal industry remains a popular strategy among firms looking to boost revenue and acquire new clients. J. Warren Gorrell Jr., a key architect of the 2010 merger that created Hogan Lovells, reflects on his own experience and why mergers of equals are particularly difficult.
Due to the peculiarities of its legal system, the U.S., as a relatively new market for litigation funding, differs substantially from heavyweights like Australia and newcomers to the scene such as Germany. Despite its differences, however, the U.S. represents a burgeoning potential market, say Noah Wortman of Goal Group of Companies and Jeremy Marshall of Bentham Europe Ltd.
In assessing how domestic and foreign affairs issues may play out during President-elect Trump’s term, it’s important to keep in mind that not everything a presidential candidate says during an election campaign is predictive of exactly how he will act as president. This is particularly the case for Mr. Trump, who, more than most presidential candidates, relied on general foreign policy prescriptions without providing many details,... (continued)
Although a new form of entity under Cayman Islands law, the Cayman Islands LLC is familiar in form to U.S. lawyers and industry participants; Cayman Islands LLCs operate in an almost identical way to Delaware LLCs, say Tim Buckley and Andrew Barker of Walkers Global.
The practice of third-party litigation funding, in which funders front money to plaintiffs law firms in exchange for a cut of any settlement or money judgment, is growing increasingly popular. Currently, litigators are not required to disclose the involvement of third-party funders, but transparency will improve justice in courts, say Lisa Rickard, president of the U.S. Chamber Institute for Legal Reform, and Mark Behrens, a partne... (continued)