The deterioration of an equity fund run by one of Britain’s most high-profile stock pickers has prompted the Financial Conduct Authority to consider reviewing how investments in illiquid assets are regulated amid criticism that the financial watchdog failed to react to the unfolding crisis.
A disgraced former company director has been spared jail after he was found to be running a business illegally while serving a six-year disqualification order, a government agency said Thursday.
A private equity real estate fund has argued it didn't wait too long to sue the founder of a large U.K.- based nursing care provider for concealing the company's financial struggles before the fund put more than £15.2 million into the health care provider.
Britain's financial regulators will be scrutinizing Lloyd's of London for signs of improvement in its culture after female employees said they had been bullied and sexually harassed, a senior Bank of England executive has warned.
The founder of a marketing company that urged investors to buy into London Capital & Finance PLC has been arrested as an investigation by the Serious Fraud Office into the failed mini-bond firm continues.
The Financial Conduct Authority has set out which activities carried out by authorized financial services companies it does and does not regulate in a move to inform consumers about the protection available if providers go bust, after a mini-bond issuer collapsed in January.
An international tribunal has ordered Albania to pay an Italian businessman and several co-claimants €111 million ($124.6 million) for expropriating their investments in a television station.
Hong Kong's securities watchdog said Wednesday it has fined Credit Suisse for failing to comply with disclosure requirements in reports released by the investment bank focusing on Hong Kong-listed securities.
Hargreaves Lansdown has revealed that nearly a quarter of its clients have more than £1.6 billion ($2 billion) combined trapped in Neil Woodford’s suspended equity fund, claiming in a letter to lawmakers published Wednesday it first raised concerns about the fund’s exposure to unlisted assets 18 months ago.
The former head of global trading at Deutsche Bank told a London jury on Wednesday it was "inappropriate" for traders at the bank to ask colleagues working on its cash desk to influence a key interest rate benchmark.
Danske Bank and its former leadership fired back at an investor suit on Tuesday, saying the European money-laundering scandal miring the Danish bank has little to do with securities and nothing to do with fraud.
A former Deutsche Bank AG executive testified Wednesday that she was unaware of kickbacks that a broker paid by the bank gave to a Dutch housing association client, during the nonprofit’s €840 million ($941 million) bribery trial against the bank.
A midtrial settlement was hammered out Wednesday in a London court case brought by a Saudi Arabian businessman who accused his former partner of defrauding him out of £35 million ($44 million) in property developments.
A Nigerian oil company run by the country’s former energy minister has settled a U.K. lawsuit brought against it by Access Bank PLC, seeking roughly $6.9 million allegedly outstanding under an import finance loan, new court documents reveal.
Crown dependencies Jersey, Guernsey and the Isle of Man on Wednesday committed to making public the true owners of companies registered in their jurisdictions, as required under Europe’s latest money-laundering directive to fight tax evasion and the flow of dirty funds.
A company director who submitted fraudulent insurance claims for stolen agricultural equipment worth almost £35,000 ($44,000) has been handed a 12-year bankruptcy restrictions order, a government agency said Wednesday.
The Financial Conduct Authority on Wednesday defended its record on clamping down on lenders and insurers that overcharge loyal customers, after coming under pressure from lawmakers and another regulator to do more to make the markets more fair.
A Lebanese salesman told a New York federal judge that the U.S. government has yet to show how it is related with $2 billion in allegedly fraudulent loans backed by the government of Mozambique.
Britain's financial watchdog confirmed Tuesday that it has opened an investigation into the events surrounding the suspension of Neil Woodford’s flagship fund, which has prevented investors from accessing their accounts for more than two weeks.
Four pharmaceutical companies broke U.K. competition law when they agreed to fix the quantities and prices of the supply of an antidepressant drug, which caused the National Health Service's spending on the tablets to peak to £38 million ($47.7 million), Britain's antitrust regulator said Tuesday.
Old Mutual said Tuesday that it has sacked its chief executive after he was unable to provide the financial company with an “acceptable explanation” for a conflict of interest over an investment group that he founded.
Troubled lender Swedbank has suspended the chief executive and finance director of its Estonian operations as an internal investigation into compliance with money laundering rules at the bank sees more senior staff depart.
Prosecutors in Frankfurt said they have searched three sites in the German city in connection with eight individuals accused of wrongdoing in a probe into an extensive tax evasion scheme that has dragged in Deutsche Bank, one of the country's biggest lenders.
The U.K. government floated plans on Tuesday to allow regulators to bypass the courts and fine mortgage lenders and insurers directly to stop them hitting existing customers with secret, higher fees.
The U.K. government has settled a £1.25 billion ($1.6 billion) lawsuit brought against it by Bank Mellat over damages related to its enforcement of nuclear sanctions, which were later struck down, lawyers for the Iranian bank told a London court Tuesday.
Efforts to tackle money laundering in the U.K. are being hampered because of the volume of low-quality reports that banks make, a legal watchdog said Tuesday, calling for reforms to improve the value of information available to crime fighters.
Corporations swept up by Europe's year-old data protection law are more comfortable now with their vast compliance obligations than when the law was enacted, but key questions about regulators' expectations and the price of noncompliance still linger as the landmark regulation enters its second year.
The U.K government has piled pressure on its white collar enforcers to tackle increasingly complex crime while offering few new resources to fund the task — leaving agencies to get creative or risk falling short.
Banks in the U.K. are under pressure to sharpen their compliance procedures after a lender was slapped with an unprecedented fine for handling just £200 ($265) of tainted money linked to Egypt after an assets freeze in Britain.
Norwich Pharmacal orders, which can require third parties to reveal vital information despite duties of confidentiality, have proven to be a versatile remedy in a wide range of cases over the decades. Today, they remain relevant because websites provide platforms for anonymous wrongdoing, says Simon Bushell of Signature Litigation.
The Financial Conduct Authority's Senior Managers and Certification Regime, which will take effect this December, seeks to increase personal accountability within regulated firms and will introduce changes relevant to all FCA-authorized financial services firms, say Rosemarie Paul and Kirsten Lapham of Ropes & Gray.
Eight arbitration claims have been filed under the 1998 investment treaty between Russia and Ukraine in connection with the 2014 incorporation of Crimea into Russia. Nicholas Peacock and Paula Cala of Herbert Smith discuss these claims' unusual background and how they might develop.
Even if marijuana-related businesses are in compliance with local laws, their investors are not free of legal risk so long as cannabis remains a controlled drug in other countries, such as the U.K., say Robert Dalling and Wade Thomson of Jenner & Block.
Recent fines imposed against Standard Chartered by both U.K. and U.S. regulators raise questions about whether banks are now viewing anti-money laundering enforcement fines as a day-to-day cost of doing big business, says Syedur Rahman of Rahman Ravelli.
The European Union's recently issued recommendations on energy sector cybersecurity are valuable input for industry stakeholders with a presence in the EU, because they take into account the sector's real-time requirements, the risks of cascading effects and the combination of legacy systems with new technologies, say Diletta De Cicco and Charles Helleputte of Mayer Brown.
A New York federal judge's recent decision in the Deutsche Bank Libor-rigging case U.S. v. Connolly threatens to upend decades of established cooperation practice in government investigations, a fact to which the opinion makes only a passing reference, say attorneys at Arnold & Porter.
The recent collapse of the Serious Fraud Office’s prosecution of former Tesco managers has led many commentators to denounce the deferred prosecution agreement regime. To understand why this criticism is flawed, compare the different lenses through which a prosecutor and a judge examine the evidence in a DPA, says Andrew Smith of Corker Binning.
A recent white paper from the U.K. home secretary and culture secretary outlines a proposed regulatory framework for tackling harmful and illegal online content. Regulation of this space must walk a fine line between protecting the public and preserving the U.K.'s reputation as an attractive place of business, says Anna Gaudoin of WilmerHale.
What lessons can the various hands, maesters, council members and other advisers in "Game of Thrones" impart to real-life lawyers? Quite a few, if we assume that the Model Rules of Professional Conduct were adopted by the Seven Kingdoms, says Edward Reich of Dentons.
Recent enforcement activity from the Financial Conduct Authority and other regulators highlight the penalties firms face for procedural breaches, and the value in ensuring that employees are well-equipped to handle unannounced inspections, say James Marshall and Sonja Hainsworth of Bryan Cave.
In suggesting that solicitors who facilitate tax avoidance breach its code of conduct, the Solicitors Regulation Authority fails to distinguish between legal tax avoidance and illegal tax evasion, says attorney Martin Kenney.
My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.
Prosecutors will be glad that an English appeals court's recent judgment in Fulton v. Regina joins other Proceeds of Crime Act decisions in confirming that a court does not need to show leniency or resolve ambiguities in favor of an offender when making a confiscation order, says Nick Barnard of Corker Binning.
The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.