UK Financial Services

  • March 15, 2017

    US Political Winds Threatening Basel III, Top Official Warns

    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.

  • March 14, 2017

    5 Reasons EU Securitization Laws Have Hit A Wall

    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.

  • March 14, 2017

    Marathon Ordered To Pay Bulk Of Costs In £2 Damages Suit

    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.

  • March 14, 2017

    Ex-Barclays Boss Tells Jury He Had 'No Idea' About Libor Rig

    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.

  • March 14, 2017

    Clearinghouses Urge Caution On 'Too Big To Fail' Plan

    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.

  • March 14, 2017

    EU Lawmakers Approve New Investor Transparency Rules

    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.

  • March 14, 2017

    London Mayor Calls For Interim Brexit Deal To Keep Banks

    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.

  • March 14, 2017

    UK's May Reaffirms Need For Transitional Brexit Deal

    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.

  • March 14, 2017

    EU Securities Watchdog Clarifies Settlement Trade Rules

    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.

  • March 14, 2017

    BOE Deputy Governor Resigns After Rejection By Lawmakers

    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."

  • March 14, 2017

    Lawmakers Clear UK Gov't To Start Formal Brexit Talks

    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.

  • March 13, 2017

    AmEx Pushes For Clarity On EU Payment Rules In UK Suit

    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.

  • March 13, 2017

    Death Knell For Research Fees As FCA Targets Commissions

    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.

  • March 13, 2017

    City Scorns Secretive Review Of Economic Crime Agencies

    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.

  • March 13, 2017

    UK Banks' Future Unclear As Gov't Primes Brexit Trigger

    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.

  • March 13, 2017

    Standard Setter Tells UK Banks To Improve Accountability

    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.

  • March 13, 2017

    ECB Official Warns Against Tearing Up Global Bank Rules

    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.

  • March 13, 2017

    FDIC Sues Banks, BBA In UK Over Benchmarking

    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.

  • March 13, 2017

    Global Regulators Mull Governance Of OTC Tagging System

    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.

  • March 13, 2017

    No Market Access Without Free Migration, Ex-EU Official Says

    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.

Expert Analysis

  • Cybersecurity Trends: New Standards, Tolerating Ransoms

    Jay Dewald

    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.

  • What Financial Institutions Think Of Int'l Arbitration

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    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.

  • The Flexibility Of English Common Law

    David Corker

    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.

  • Post-Election Analysis: The Future Of Insurance

    L. Charles Landgraf

    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.

  • OPINION: The Verdict — A Rejection Of Politics As Usual

    Reuben Guttman

    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.

  • Merging Law Firms: Why Hogan Lovells Has Worked

    J. Warren Gorrell Jr.

    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.

  • US Vs. The Rest: Litigation Funding’s Local Characteristics

    Noah Wortman

    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.

  • Foreign Affairs Outlook For Trump Presidency, 115th Congress

    Andrew Zausner.jpg

    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)

  • 100 Days Of Cayman Islands Limited Liability Companies

    Tim Buckley

    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.

  • OPINION: 3rd-Party Litigation Funding Needs Transparency

    Lisa A. Rickard

    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)