UK Financial Services

  • February 24, 2017

    Global Banking Regulator Clarifies Net Stable Funding Ratios

    A global consortium of central banks clarified on Friday when financial firms can issue certain debt securities to meet international rules setting out minimum long-term stable funding levels for banks.

  • February 24, 2017

    UK Banks Warned On Sneaking Into EU Market Post-Brexit

    Prospects for accessing the European Union's single market through the U.K. after Brexit "look dim," and European regulators will be watchful for British banks trying to create letterbox companies fronting for operations back in London, a senior German central banker said Friday.

  • February 24, 2017

    New Regulations Sap Market Liquidity, Experts Warn

    Fear of running afoul of new rules on misconduct and manager culpability imposed by European regulators is adding to the impact of stiffer capital requirements on market liquidity, bankers and financial lawyers warned Thursday at a meeting of the leading trade body for the financial industry.

  • February 24, 2017

    FCA Delays Deadline On Swaps Rules Amid Last-Minute Rush

    The U.K.’s Financial Conduct Authority has granted a last-minute reprieve to financial firms scrambling to meet new global derivatives rules coming into force on March 1, the regulator announced late Thursday.

  • February 24, 2017

    RBS Pitched Into Deep 2016 Loss By £5.9B Legal Bill

    Royal Bank of Scotland PLC said Friday that legal costs and regulatory fines soared to £5.9 billion ($7.4 billion) in 2016 from £3.6 billion a year earlier, pushing the British lender into a deeper loss for the year as it continued to struggle with the price of past misconduct.

  • February 23, 2017

    Ex-UBS Trader Hayes Fights FCA Lifetime Ban Over Libor

    Tom Hayes, the former UBS AG and Citigroup Inc. trader sentenced to 11 years in prison for rigging a key interest rate benchmark, is seeking to overturn his lifetime ban from the Financial Conduct Authority, partly on the grounds that it is "prejudicial" to his conviction appeal, his solicitor confirmed.

  • February 23, 2017

    UK Anti-Corruption Law Adds To Banks' Compliance Checklist

    British banks will be at risk of criminal enforcement action under new anti-corruption rules lawmakers passed Wednesday, a move City lawyers say should spur clients to shore up defenses with training and new focus among senior managers.

  • February 23, 2017

    BOE Outlines Liquidity Reporting Rules For Overseas Banks

    The Bank of England's regulatory arm issued its expectations for liquidity reporting from U.K.-based branches of non-U.K. and non-European Union banks on Thursday as the country continues to implement EU rules on capital requirements.

  • February 23, 2017

    UK Eases Off Demanding Quarterly Risk Model Reports

    The U.K.'s Prudential Regulation Authority said Thursday it would ease reporting rules on banks’ risk models in response to industry feedback to a consultation on a host of changes to the watchdog’s rulebook.

  • February 23, 2017

    EU Will Need Own Capital Market After Losing London: Official

    The U.K.’s decision to leave the European Union should push the remaining countries in the bloc to build their own capital market solutions independent of London, a senior European Commission official said Thursday.

  • February 23, 2017

    Global Regulators Urge Action On Swaps Margins Reforms

    International securities watchdogs must ensure “fair and orderly markets” during sweeping reforms to over-the-counter collateral swaps that are due in days but which have caught financial firms off guard, a global regulators’ forum said Thursday.

  • February 23, 2017

    Allen & Overy Boosts NY Office With 3 New Finance Attys

    U.K.-headquartered Magic Circle law firm Allen & Overy LLP has beefed up its U.S. leveraged finance and securities practice with three new partners in its New York office, the firm announced Thursday.

  • February 23, 2017

    BOE To Protect Clearinghouses From Brexit Risk

    The Bank of England will take steps to ensure this year that clearinghouses, payment systems and the central securities depository can detect and withstand the risks posed by Brexit, the U.K. central bank announced Thursday.

  • February 23, 2017

    Debevoise Snags Private Funds Atty From Pollath

    Debevoise & Plimpton LLP is boosting its London and Frankfurt offices with the hiring next month of a "highly trusted" private funds regulatory lawyer from Pöllath + Partners, the law firm announced Thursday.

  • February 23, 2017

    Barclays Warns Legal Costs Loom As Capital Ratio Rises

    Barclays reported a boost to its capital buffers on Thursday as a result of lower misconduct charges, but warned of looming legal costs ahead of a potentially expensive legal battle with U.S and U.K authorities. 

  • February 23, 2017

    Bank Clients Risk Brexit Upheaval, Consumer Panel Warns

    The U.K. must reinforce vital regulatory safeguards for financial services consumers in the rush to slash European Union red tape during Brexit, an advisory panel to the Financial Conduct Authority urged Thursday.

  • February 23, 2017

    More Delays Plague Stalled EU Payment Rules

    The European Banking Authority on Thursday published overdue technical guidelines that form the basis of new European Union payment laws, though it admitted that further delays in the process mean finalized rules won’t go into place until nine months after the regulation goes live.

  • February 22, 2017

    ESMA Opens Up On Challenge Of Regulating Blockchain

    The European Securities and Markets Authority has largely taken a back seat as the financial services industry tinkers with blockchain and explores its possibilities — but ESMA has its eye on the transformative technology and is preparing for the industry to adopt it on a wider scale, a senior risk analysis officer told Law360 in an exclusive interview.

  • February 22, 2017

    Sainsbury’s Pushes On Alone In Swipe Fee Trial Against Visa

    Sainsbury’s Supermarkets Ltd. soldiered on in a London court on Wednesday as the last remaining claimant in an antitrust case against Visa Inc. seeking damages over swipe fees, following a series of recent out-of-court settlements between the credit card company and the other 14 retailers in the original claim.

  • February 22, 2017

    EU Regulators Want To Create Market For €1​T Bad Loans

    The European Union wants to establish a regulated market for banks to sell off the nonperforming loans that total around €1 trillion ($1.1 trillion) across the bloc, the European Commission’s finance chief said Wednesday.

Expert Analysis

  • Will New French Law Really Govern Cross-Border Contracts?

    Mathew Rea

    France's newly reformed contract law is being hailed by some as more business-friendly than English law, allowing much more concise contracts and making documentation easier to negotiate. However, English contract legislation has been the predominant law of choice for international business transactions for some time, and the French system has yet to overcome many barriers, say Mathew Rea and Rèmy Blain of Bryan Cave LLP.

  • How A General Counsel Should Think About AI: Part 2

    Bruce J. Heiman

    General counsels face the challenging task of understanding how companies can navigate the rules surrounding uses of artificial intelligence. To get smart on AI, general counsels must ask the right questions about areas such as human resources, intellectual property, liability and insurance, say Bruce Heiman and Elana Reman of K&L Gates LLP.

  • How A General Counsel Should Think About AI: Part 1

    Bruce J. Heiman

    Though the Trump administration has yet to make an official statement regarding artificial intelligence, support for AI is consistent with its expressed desire to promote American business. As such, general counsel will inevitably have to navigate what big data and AI mean for compliance with current and future laws and regulations, say Bruce Heiman and Elana Reman of K&L Gates LLP.

  • Saving Lawyers 1 Less Drink At A Time

    Jennifer Gibbs

    Lawyers are likely turning to alcohol to lessen stress and anxiety, to socialize, and even to sleep better. Unfortunately, many are unaware that their nightly pour could be causing or exacerbating the anxiety that is plaguing the legal profession, says Jennifer Gibbs of Zelle LLP.

  • The Post-Brexit Future Of Euro Clearing In London

    Christopher Arnold

    Of all the threats from Brexit on London’s status as Europe’s financial capital, few have garnered as much attention as the potential loss of its euro-denominated clearing business. Recent reports have estimated that as many as 83,000 jobs could be lost in London over the next seven years if euro-denominated clearing were shifted to continental Europe, says Christopher Arnold of Mayer Brown LLP.

  • Extending SMCR To All UK Financial Services Firms

    Karolos Seeger

    Although we do not yet know precisely what the U.K.'s extended Senior Managers and Certification Regime will look like, it will be broadly similar to the SMCR for banks, so there are a number of steps that firms should start taking to prepare, say Karolos Seeger and Andrew Lee of Debevoise & Plimpton LLP

  • UK Financial Sector Shares Top Regulatory Concerns For 2017

    Sara Evans

    What do you expect your top regulatory challenge to be this year? Berwin Leighton Paisner LLP's recent survey of over 250 legal, risk and compliance professionals at U.K.-based banks, insurers and asset management firms highlighted three chief concerns for the sector.

  • What To Look For In Trump And May's 1st Meeting

    James K. Kearney

    Among the goals of Prime Minister Theresa May and President Donald Trump in Friday's meeting at the White House will be setting a course for a future U.K.-U.S. trade deal. The policies of both leaders will be on the line, say Jim Kearney of Womble Carlyle Sandridge & Rice LLP and Peter Snaith of Bond Dickinson LLP.

  • Attracting And Retaining The Millennial Lawyer

    Christopher Imperiale

    Instead of trying to change the new workforce to follow a law firm's existing processes and procedures, perhaps it's time for firms to start changing their processes and procedures to better accommodate the mentality of this next generation of lawyers, says Christopher Imperiale, a law firm adviser with Berdon LLP.

  • Avoiding The Hidden Costs Of Bargain-Priced E-Discovery

    Michael Cousino

    Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.