EU To Allow UK CCPs To Clear Euro Trades In No-Deal Brexit
The European Union’s top securities regulator said on Monday that it will allow three British-based securities clearinghouses to continue serving the bloc’s financial businesses for a year in the event of a “no deal” Brexit on March 29, in a move aimed at containing potential market turmoil.
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The former finance director of a travel agency has been disqualified for 11 years after he misappropriated more than £700,000 ($905,000) of company cash to pay for loss-making bets in foreign-exchange markets, a government agency said on Monday.
The High Court in London has stayed an interest rate swaps misselling claim against Lloyds Bank PLC until March to allow the British lender and three property investors to enter into talks to resolve the dispute out of court.
U.K. lawmakers labeled Facebook and its executives as "digital gangsters" in a scathing report issued Monday and called for regulators to police social media companies to stop fake news from skewing public perception of issues of national importance, including the Brexit campaign.
A trust management company has fought back against a professional negligence suit from the liquidator of two companies shut down for misleading investors about overseas property developments, arguing that it had relied on the guidance of the “purportedly suitable lawyers” at Nabas also targeted in the claim.
Two men convicted of stealing nearly £80 million ($102 million) from London investors — money they spent on boats, property and cars — tried to convince a London judge Friday that none remained to be confiscated, with one defense attorney saying his client “was not reticent” in his spending.
The U.K. government said Friday it will invest £13 million ($16.6 million) into dozens of new artificial intelligence and data analytics projects that include efforts to tackle the billions of pounds' worth of insurance fraud that takes place in the country each year.
Consumers may no longer have access to a range of insurance funds if European Union authorities do not extend into 2020 a rule that allows investment managers to avoid time-consuming duplication of information that they are obliged to provide to investors, Europe’s insurers and asset managers warned on Friday.
Germany’s financial regulator announced Friday it has ordered an independent investigator to subject Deutsche Bank’s role in a money laundering scandal involving Danish lender Danske Bank to closer scrutiny.