Credit Suisse SA is at the center of a sweeping tax evasion investigation after a tip-off to Dutch prosecutors about tens of thousands of suspect bank accounts triggered an international probe spanning five countries including the U.K., the Swiss bank confirmed Friday.
Europe’s top securities regulator announced final rules on Friday aimed at increasing transparency when securities are used to borrow cash and helping watchdogs spot risks around reused collateral.
A series of research papers commissioned by the European Parliament have called for a redesign of the EU’s approach to bank enforcement due to overlapping mandates at the supervisory level, and voiced concern over the lack of information available on bank fines and other misconduct costs.
Europe’s top securities watchdog on Friday clarified rules around the sale of speculative financial products, addressing concerns that investment firms are using third parties and representative offices to flout the European Union’s sprawling derivatives rulebook.
A blueprint for the European Union's Brexit negotiation goals precludes the U.K. from carving out bespoke deals for specific sectors, such as financial services, to access the EU single market after leaving the bloc, according to a copy seen by Law360 on Friday.
The European Union won’t discuss future market access for the U.K.’s banks and businesses until both sides have made “sufficient progress” on the details of how Britain will exit the bloc and its institutions, European Council President Donald Tusk said Friday.
London's fledgling financial technology sector could be one of the biggest casualties of Brexit, lawyers warned, as Wednesday’s formal notification to leave the bloc threatens both investment and access to talent.
Ukraine will appeal a British High Court’s summary judgment for Russia in its pursuit of more than $3 billion owed since the end of 2015 on Ukrainian sovereign bonds, the law firm representing the former Soviet Union member confirmed.
The Bank of England on Thursday published finalized features of a reformed key benchmark for interbank lending in pounds sterling, which is set to come into use next year and is part of the central bank's drive to eradicate market manipulation.
The Basel Committee on Banking Supervision proposed key changes Thursday to the way regulators assess the world’s biggest banks for systemic risk and calculate the size of their capital buffers.
The European Union's securities watchdog published Thursday its final proposals for detailed technical rules fleshing out new legislation designed to prevent a repeat of the industry-wide financial benchmark rigging scandals that came to public awareness five years ago.
The U.K.’s top corporate governance watchdog announced Thursday it has commissioned an independent review into its enforcement procedures, to see if the sanctions it levies are effective at deterring wrongdoing or need to be beefed up.
The U.K.’s Financial Conduct Authority slapped a former Jefferies Group Inc. banker with a fine of almost £40,000 ($50,000) after he shared confidential client information over online messaging application WhatsApp in a bid to impress his friends, the FCA said on Thursday.
The U.K. government on Thursday moved to reassure businesses and citizens that they will have legal and regulatory certainty on the day after leaving the European Union, with Parliament then gradually phasing out unwanted EU legacy law over time.
Simmons & Simmons LLP announced on Thursday that it has bulked up its capital markets offering in London with the addition of a partner from Clifford Chance.
Lloyd’s of London will establish a new subsidiary in Brussels by 2019 to secure post-Brexit access to the European Union's single market, the world’s biggest speciality insurance market said Thursday.
In handing over a six-page letter Wednesday to European Council President Donald Tusk confirming Britain’s exit from the European Union, U.K. Prime Minister Theresa May set in motion a process that will redraw Britain’s entire financial services sector.
A former college lecturer on Wednesday notched another victory in the U.K. Supreme Court, nearly 2 1/2 years after winning a landmark damages claim over payment protection insurance missold by a financial services broker that now owes her £1.3 million ($1.6 million) in legal costs.
The U.K. has formally set in motion the process of leaving the European Union, but how good of an EU trade deal Britain gets down the road will come down to the rancorous issue of who pays for the divorce settlement.
European lawmakers are urging the European Union to deny a new trade agreement to Britain until after Brexit is finalized and to limit any transitional deal for banks and businesses to three years, according to a draft resolution released Wednesday.
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.
Few lawyers have heard of the 2005 Hague Convention on Choice of Court Agreements, which is hardly surprising given that until recently it lay dormant, having been ratified by Mexico alone. But now Hague has sprung into life, with recent ratification, signatures and interest from a string of countries. In time, the convention may do for litigation what the 1958 New York Convention does for arbitration, say attorneys with Hogan Lovells.
It is important that the European Union authorities focus on finalizing and implementing the outstanding regulatory agenda, but it is erroneous to point to a lack of new legislation and initiatives as evidence that the approach to financial regulation is weakening, says Peter Green of Morrison & Foerster LLP.
The U.K. Financial Conduct Authority recently opened its “regulatory sandbox” scheme to financial services firms and technology companies. Covington & Burling LLP partner Charlotte Hill discusses the FCA’s thinking on the sandbox and how it is addressing certain challenges.
The accepted wisdom is that Brexit will happen, there will be a raft of separate trade deals with third countries, and Britain will still retain single market access without signing up to the free movement of people provisions. But is it really that easy? Or could Brexit really turn into non-exit? Robert Bell, head of Bryan Cave LLP's EU and U.K. competition team, explores potential scenarios.
Brexit has presented increased opportunities for investment in the U.K. commercial real estate market and while there is some uncertainty regarding value, lenders are still making funds available for real estate acquisitions and development, says Michael Speranza at Katten Muchin Rosenman UK LLP.
The portable nature of intellectual property allows it to be readily structured in jurisdictions such as the Cayman Islands and Ireland — two important and robust international financial centers — so as to maximize returns. Whether a particular jurisdiction is well suited for the IP requires analysis of not only the protection afforded but also where the IP is to be sold and how any returns generated will be taxed, say Ramesh Mahar... (continued)
The investigation and prosecution of tax evasion has grown from a specialized subcategory of law enforcement into a first-tier policy concern, and the U.S. and foreign governments will not back down anytime soon. Banks must draw a clear line between present compliance and inappropriate past practices. Bankers and advisers must consider approaching the authorities, says former prosecutor Jay Nanavati now with BakerHostetler.