Lawmakers in the U.K.’s upper house of Parliament said Monday they have thrown out amendments to the incoming Criminal Finances Bill that would have required offshore financial centers in British overseas territories to allow public access to registers of beneficial ownership.
The recent uptick in more assertive banking supervision aimed at cutting the European Union’s €1 trillion mountain of bad loans won’t work unless it is complemented with other debt deleveraging strategies, an influential think tank said on Friday.
A Spanish oil company with Russian business interests claimed in London’s High Court that ABN Amro Bank NV refused to rectify errors in its model to determine whether the firm could repay a $3 million loan, because it didn’t want to be seen supporting Russian-linked entities after the downing of Malaysian Airlines Flight 17 by Russia-backed Ukrainian separatists.
Europe’s top insurance regulator moved on Friday to clarify provisions of the European Union’s extensive capital rule book for indemnities, to help secure standardized enforcement across member states.
The U.K.’s Financial Conduct Authority is looking at ways to encourage greater information-sharing among financial firms about how cyberattacks are being carried out and what unique solutions are being invented, a senior executive from the regulator said Monday.
Delayed and poor communication between Europe’s financial intelligence departments may be undermining their efforts to fight large-scale financial crime, according to a report published Monday by the European Parliament.
The U.K. government is weighing how to prevent banks and businesses from trading with rogue governments after Britain leaves the European Union and scraps most of its current framework on international sanctions.
White & Case LLP has expanded its global capital markets practice with the addition of structured finance lawyer Chris McGarry as a new partner in London, the international law firm announced Monday.
Europe’s top insurance regulator on Friday set out a raft of changes to the way insurance companies must report and disclose information to supervisors under Solvency II, the European Union’s capital rulebook for insurers.
The U.K.’s accounting watchdog announced Monday it has fined Grant Thornton U.K. LLP £2.3 million ($2.9 million) for widespread misconduct during its audit of fire and rescue services company AssetCo, including its failure to challenge “fictitious” income.
The International Accounting Standards Board on Friday proposed changes to bank accounting rules that will allow firms to improve the usefulness of information about certain financial assets, as required by new standards.
The Financial Conduct Authority is investigating Aon PLC, Marsh Ltd. and three other brokers for potentially sharing competitively sensitive information in the aviation insurance sector, the companies confirmed Friday, as the watchdog expands its use of its competition powers.
Financial regulations need updating to keep pace with the explosive growth of nonbank finance because of the systemic risks it poses to the financial system, the European Securities and Markets Authority warned Thursday.
The European Securities and Markets Authority has consolidated its fee structure for monitoring the securities financing market, by setting a higher minimum for trade repositories registering with the agency than initially proposed, it announced on Thursday as it published finalized technical advice for the EU's executive arm.
London-based Aethel Partners LLP, an investment adviser and arranger which failed in its attempt to buy Portuguese state-owned Novo Banco, is looking to file an application in the Portuguese courts as part of an attempt to halt the government’s sale of the bank to private equity outfit Lone Star, the firm said on Friday.
The U.K.’s Prudential Regulation Authority announced its latest stress test scenario for smaller banks, insurers and building societies on Friday as it seeks to engage senior managers and help them anticipate trouble.
A senior European Central Bank official has called for greater cross-border cooperation between authorities on the supervision of central counterparties as an assessment of how international guidance has been implemented at a national level gets under way.
Quinn Emanuel Urquhart & Sullivan LLP’s U.K. arm is working together with litigation funder Bentham Europe Limited to bring potential shareholder claims against BT Group PLC in the wake of the telecoms group’s accounting scandal, the law firm said Friday.
Europe’s systemic risk watchdog floated plans on Friday to make the European Union’s financial markets rulebook more transparent, including proposals on clearing obligations, trade reporting and addressing the use of "haircuts," the difference between prices at which a market maker can buy and sell a security.
Spanish banking giant Banco Bilbao Vizcaya Argentaria SA on Friday became the first bank to use blockchain technology to move money across borders, a fresh sign that banks are outpacing regulators in adapting to financial innovation.
When combined, the penalties of all agreed-to deferred prosecution agreement settlements in the United Kingdom total roughly 530 million pounds, but public fines are often just the tip of the iceberg. Though a good compliance program may be the best defense against corporate wrongdoing, executives should nonetheless take steps to cooperate with prosecutors and embrace independent scrutiny, says Jonathan Middup of Ernst & Young LLP.
British Prime Minister Theresa May's unexpected calling for a snap general election may prove to be a political masterstroke, or a serious miscalculation if her opponents are to be believed. The election is an opportunity for the government to state what shape Brexit is likely to take and for voters to give their verdict again, but nothing about Brexit is inevitable until it happens, says Robert Bell of Bryan Cave LLP.
The British Virgin Islands, like other offshore financial centers, has struggled against public perception that it is a treasure island for corrupt politicians and fraudsters. But global monitors now rank the BVI alongside the U.K. and the U.S. in compliance with international standards, and more constructive changes are on the way, say Rachael McDonald and Sarah Galletly of Mourant Ozannes.
Businesses across the world regularly choose English courts to resolve international disputes, but some concern has been raised as to whether or not the popularity of English courts will be adversely affected when the United Kingdom leaves the European Union. However, any potential changes are unlikely to undermine the advantages of litigating in English courts, say Deirdre Walker and Andrew Sheftel of Norton Rose Fulbright LLP.
While multinational and EU businesses are beginning to ponder the substance and the scope of the requirement to provide “data portability” under Article 20 of the General Data Protection Regulation, U.S. financial institutions and data aggregators have been actively debating and shaping the contours of data portability for close to a decade, says Chris Hydak, an attorney at USAA.
If Time Magazine is correct in that being a lawyer is one of the five worst high-paying jobs, it may be time for the legal profession to pull one from the playbook of musicians and professional athletes and seek to enter a state of “flow,” says Jennifer Gibbs of Zelle LLP.
The U.K.'s triggering of Article 50 has possible ramifications for banks, asset managers, insurers and other financial service providers in the European Economic Area, but there can be little doubt that the U.S. and the U.K. will continue to trade successfully as they have done for centuries, say attorneys with Haynes and Boone LLP.
Nine months after the U.K. voted to leave the European Union, the formal exit process has finally started. The negotiating rhetoric and posturing on both sides will be one confusing aspect of the next two years, say former U.K. Treasury Solicitor Sir Paul Jenkins and members of Morrison & Foerster LLP.
The newly created right of French employees to disconnect from their digital devices after work is somewhat undefined despite high publicity. Work-related stress is an issue in the U.K. as well, but the prospects of new legislation similar to the French "right to disconnect" seem remote, say attorneys with Bryan Cave LLP.
Most people have never had an opportunity to personally take part in a legal case that directly challenges laws or policies they don’t agree with. Now that crowdfunding is available for legal cases, people can engage directly with legal change in the community and be a check on the powerful, says Julia Salasky, CEO of CrowdJustice.