London's High Court gave Deutsche Bank the green light on Monday to serve an order on Monaco-based billionaire Alexander Vik compelling him to return to the U.K. for questioning over his assets or face prison, as the bank continues its hunt for $300 million owed by the entrepreneur.
Dentons LLP will add four experienced banking and finance lawyers from Clifford Chance LLP and Baker McKenzie LLP to its Frankfurt and Munich offices over the next two months, it announced Thursday.
The wife of convicted former Otkritie Group trader Georgy Urumov lost her appeal to value the couple’s "Millionaires' Row" house at the price at which Otkritie sold it, and deduct that from the amount she owes the bank, because she abused the court process, according to a judgment published Friday.
Forsters LLP is acquiring Gowling WLG LLP's London team of 14 private client and taxation attorneys, the private wealth and real estate specialist firm said Thursday.
Lloyds Banking Group PLC said Friday it has set aside an extra £350 million ($425.5 million) to compensate customers who were missold loan insurance, after Britain’s banking watchdog set a deadline for consumers making new claims.
U.K. fund managers must be more transparent about the fees charged to investors, a top official at the Financial Conduct Authority said Thursday, citing findings from a wide-ranging study that competition isn't working well in the country’s £7.1 trillion ($8.6 trillion) asset management industry.
Banks are spending up to three times as much on cybersecurity as nonfinancial institutions in anticipation of impending reforms that will heap mounting regulatory pressure on firms to avoid slip-ups, a report published Thursday found.
The U.K.’s Financial Conduct Authority announced plans Friday to overhaul the way firms calculate redress for customers who received unsuitable advice when transferring from defined benefit pension schemes to personal pensions, amid concerns that the existing system hasn't kept up with the shifting pensions landscape.
The London Stock Exchange Group PLC said Thursday it is seeking regulatory approval to launch a new market for the issuance of primary debt, weeks after Britain’s top finance regulator announced it is gauging the appetite for a new bond trading hub in London.
The ink is barely dry on new European anti-money laundering laws as lawmakers now prepare the next wave of regulations and amendments, promising even tighter rules for banks and financial services firms by June, Law360 learned Friday.
The latest overseas tie-up announced by the Financial Conduct Authority on Thursday to hand financial technology firms a route into foreign markets is a welcome fillip for London’s fledgling sector, but lawyers have questioned how far the promises go.
The High Court ordered Thursday the remaining claimants in a rights issue class action against RBS to reveal their financial backers' names, but stopped short of forcing the claimants to disclose details on the insurance policies they took out in case they lose the litigation.
A lawyer for an investment firm pursuing a unit of multinational conglomerate Essar Group for $172 million in damages awarded in New York hit back on Thursday at the company’s complaints over the U.S. judgment against it, telling London’s High Court that Essar essentially authorized the ruling itself.
European Union lawmakers on Thursday said tougher oversight of U.K. supervision will be required if U.K.-based financial institutions and clearinghouses are to be granted regulatory equivalence to access the bloc’s vast financial markets after Brexit.
Latham & Watkins LLP announced on Thursday that it has hired a financial regulatory partner from Linklaters LLP, the latest in a string of similar additions aimed at building up the law firm’s regulatory capabilities in London.
A former Bird & Bird LLP finance partner who specializes in infrastructure and energy deals has joined Allen & Overy LLP’s banking and finance team in Paris, the U.K. Magic Circle law firm announced Thursday.
The European Banking Authority wants to wrest control of rules for banks’ data reporting from the European Commission because “systematic” procedural delays are disrupting both firms and regulators, the watchdog said Wednesday.
Attempts to widen access to Britain’s £75 trillion ($91.4 trillion) payment systems industry are proving successful, the country’s payments watchdog said Thursday, as it predicted a record number of new entrants will gain direct access to the market in 2017.
Financial technology firms in the U.K. and Japan will find it easier to operate in each other’s jurisdictions under an agreement announced Thursday between Britain’s Financial Conduct Authority and the Financial Services Agency of Japan.
The U.K.’s loss-making Co-operative Bank PLC could face closure as it hangs on the Prudential Regulation Authority's continued acceptance of the institution's failure to meet European Union capital requirements, the bank said Thursday.
Regulators worldwide may be under pressure to compete to provide attractive regimes for crowdfunding. Indeed, many overseas operators have sought to set up in the U.K., following the introduction of a new bespoke regime in 2014, which was campaigned for the crowdfunding industry, says Lucy Frew of Walkers Global.
Financial services companies operating in the UK can make use of cloud-based services without falling foul of regulatory obligations, the Financial Conduct Authority has said. However, firms may be disappointed that some of the guidance the regulator has issued is not more specific or prescriptive, say Yvonne Dunn and Luke Scanlon of Pinsent Masons LLP.
From e-discovery to attorney profitability, the technologies of the 21st century have had a major impact on legal practice. Yet the tech revolution has had surprisingly little impact on the form and content of legal briefs — the very bread-and-butter of many legal practices. This is about to change, according to Martin Bienstock of Weisbrod Matteis & Copley PLLC.
Licci v. Lebanese Canadian Bank is significant because the Second Circuit found that the bank’s alleged use of its New York correspondent account could be sufficient at the pleading stage to allege that the bank intended to aid and abet Hezbollah’s terrorist activities, say attorneys with White & Case LLP.
Among the multitude of issues arising from the United Kingdom's likely departure from the EU, for those drafting and negotiating international commercial contracts a key concern will be the potential implications of Brexit on the selection of governing law and jurisdiction, say Stuart Pickford and Daniel Hart of Mayer Brown LLP.
There are concerns that parties to contracts procured through corruption may choose arbitration because the process is confidential and consensual, and because arbitrators have been traditionally reluctant to investigate corruption on their own initiative. If true, that creates a very real risk, says Mathew Rea, co-head of Bryan Cave’s global international arbitration team.
The uncertainty surrounding Brexit is indeed worrying, but it also presents some unique possibilities for Africa. A post-Brexit Britain may afford the latitude and flexibility needed to meaningfully engage with the continent, says Tina Blazquez-Lopez of Pillsbury Winthrop Shaw Pittman LLP.
Although many fear that Brexit may be disruptive and create great uncertainty for many businesses in the United Kingdom, paradoxically, the U.K.’s occasionally controversial practice of gold-plating financial and corporate governance regulations may provide a measure of stability and continuity, say Jonathan New and Elizabeth McCurrach of BakerHostetler LLP.
The reality is that, until we know what model the U.K. will adopt, the Brexit process is likely to take a long time and it is difficult to predict the impact on any area, including contracting and disputes. That said, there are practical steps that parties revisiting existing contracts or negotiating new ones can take now to better insulate themselves, says Gemma Anderson of Morrison & Foerster LLP.
Our view is that a system of voluntary self-identification of virtual currency users could be a ground-breaking development in the world of virtual currency. Is it something that is coming further down the line or maybe a significant opportunity is being missed here? ask members of Locke Lord LLP.