Business outsourcing giant Capita PLC's insurance arm on Wednesday lost its U.K. Supreme Court bid to recoup £2.4 million ($3 million) the unit was forced to pay out after a specialist brokerage firm it bought was found to have missold car insurance products.
The U.K.’s former European commissioner for financial services, Jonathan Hill, will take up a position as a senior adviser at Freshfields Bruckhaus Deringer LLP, the law firm confirmed Wednesday.
Global regulators revealed detailed plans Wednesday to shield banks from capital shocks when looming new rules force the institutions to account for future losses in little over nine months' time.
A former EU legal adviser to the U.K. Parliament will be joining DLA Piper’s London office as a legal director and lead Brexit specialist, the law firm announced Wednesday.
London’s High Court on Monday ordered Ukraine to pay Russia more than $3 billion owed since 2015 on Ukrainian bonds, despite the beleaguered former Soviet Union member’s protestations that Russia’s suit was a “tool of oppression” in a case the High Court called “extraordinary.”
Standards for high-quality regulatory and market data should be agreed on and implemented at a global level, a senior European Central Bank official urged Tuesday.
European Council President Donald Tusk warned on Wednesday that Brexit would be a matter of “damage control,” with the European Union to focus on protecting its own businesses and citizens in the remaining 27 member states.
British Prime Minister Theresa May on Wednesday formally launched the process of taking Britain out of the European Union after more than four decades of shared institutions and laws, setting the stage for at least two years of complex divorce negotiations.
The European Commission on Wednesday formally blocked a proposed £24 billion ($29.8 billion) merger between Deutsche Börse AG and the London Stock Exchange Group PLC to form Europe's largest stock exchange, citing antitrust issues.
Figuring out the future of European state aid rules in the U.K. is likely low on the list of priorities for both sides as the British government prepares to officially begin the Brexit process on Wednesday. But uncertainty over what regime will apply, and how vigorous any enforcement the U.K. might face in the meantime would be, is causing headaches for state-supported projects and the banks that fund them.
A Connecticut federal court on Tuesday signed off on a Deutsche Bank subsidiary’s $150 million settlement with prosecutors that admitted the company’s traders helped rig the London Interbank Offered Rate for the U.S. dollar and several other currencies.
The number of suits filed against the world’s top 50 biggest banks in the U.K. shot up by more than a third last year compared with 2015, as disputes arising from the fallout of the 2008 financial crisis show no signs of abating, according to a study released Tuesday by Reynolds Porter Chamberlain LLP.
European Union lawmakers said Monday that domestic and cross-border investments in covered bonds work well under the current legislative framework, shaking off suggestions from some regulators and industry bodies for a new pan-EU law.
A former Barclays PLC swaps trader on trial in London for conspiring to fix a key global interest rate in order to boost profits claimed on Tuesday that often the requests that were made for specific rates were “pointless” and made no sense to him in retrospect.
The U.K. Treasury published updates to a Banking Act code of practice on Tuesday to reflect recent regulatory changes that give the Bank of England backstop powers to shut down failing U.K. branches of overseas banks.
For the second time in a matter of months, a major corporation has agreed to a multimillion-dollar settlement with Britain’s fraud squad to avoid prosecution, which lawyers say signals a renewed vigor from U.K. enforcers in targeting financial crime and corruption.
Many of the world’s biggest banks are failing to meet key post-financial crisis rules on reporting and aggregating risk data, the Basel Committee on Banking Supervision said Tuesday.
The U.K. Financial Conduct Authority has sought information from Royal Bank of Scotland Group PLC over allegations that British banks unknowingly laundered £740 million ($927.8 million) from Russia, RBS said Tuesday.
The Prudential Regulation Authority on Tuesday acknowledged the problems smaller financial institutions face collecting data, as it launched a consultation setting out its expectations for firms applying to use an internal-ratings-based model for calculating capital.
The European Central Bank must urgently boost its democratic oversight and accountability if the euro is to survive the next financial crash, a major anti-corruption group said Tuesday.
At some point in a company's life cycle may surface the curiosity whether the company, its subsidiary or any of its assets should be offshore. The truth is, many companies that can potentially benefit from an offshore presence fail to grasp the opportunity, say Ramesh Maharaj and Adrian Cochrane of Walkers Global.
On Oct. 1, the Financial List of the High Court opened for business in London. This new subdivision of the High Court will specialize in handling high-value cases relating to complex financial matters. The creation of the Financial List offers a valuable strategic alternative to federal jury trials in the United States, say barristers with Kobre & Kim LLP.
Comparisons to the U.S. Office of Foreign Assets Control aside, the U.K.'s new Office of Financial Sanctions Implementation will hopefully provide clarity and certainty for U.K. companies in regard to the application and interpretation of sanctions measures, says John Forrest at DLA Piper.
The question for those who have had a hand in the biotech market for a long time is no longer whether the U.K. will deliver on its biotech promise, but when. The money has become more organized, the government has started to take steps to create an affirmative place for action, and the universities are getting better at facilitating the commercialization of research, say attorneys at Sidley Austin LLP.
In the last few years, unitranche financing has been heralded as the new trend in European corporate financing and as an alternative to traditional bank financing. But, when analyzed, does unitranche financing in the European and German markets live up to expectations? ask Dr. Jens Linde and Michael Schuhmacher of P&P Pollath & Partners.
While the British government’s attempts to deliver on its commitments to enhance corporate transparency can be welcomed, there are concerns over the potential breadth of certain measures in the Small Business, Enterprise and Employment Act 2015, including the scope of the “significant influence and control” test and its application to, for example, limited partners in non-U.K. funds that are invested in U.K. portfolio companies, sa... (continued)