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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.