Britain’s plan to transform its audit regime has set the stage for a radical shakeup of the accounting sector by a new regulator empowered to crack down on the industry in the wake of a series of scandals and corporate collapses.
The U.S. Treasury Department finalized regulations Thursday that expand the definition of “responsible officer” under the Foreign Account Tax Compliance Act to include individuals who aren’t directly affiliated with American financial institutions that report on behalf of overseas banks.
This week’s record £27.6 million ($34.8 million) fine against UBS for misreporting 136 million transactions has underlined the need for banking compliance teams to focus on their trading desks if they hope to avoid falling foul of Europe’s formidable securities rules.
European Union leaders said Thursday that Britain will be allowed to delay its departure from the bloc until May 22 on the condition that the government's withdrawal agreement gains parliamentary approval in the U.K. next week.
A London appeals court on Thursday dealt a blow to efforts by companies including Lloyds Banking Group PLC and Standard Chartered to recoup overpaid taxes, ruling the U.K.'s laws for VAT groups are compatible with European Union rules.
European lawmakers said Thursday that they have agreed to an overhaul of the powers held by four of the bloc’s top regulators, in a bid to revamp these authorities’ decision-making structures and strengthen Europe’s fight against money laundering.
Criminals managed to get away with £1.2 billion ($1.57 billion) last year through banking and payment scams targeting U.K. consumers, according to an industry lobby group, which pinned the blame for many of the losses on third-party data breaches.
The European Central Bank has jettisoned a request for greater powers to regulate clearinghouses, blaming a deal struck between European Union governments and lawmakers this month for undermining its objectives.
Financial services companies in Europe must register with the Financial Conduct Authority before March 29 if they want to continue serving clients in the U.K., the watchdog said, as it warned that it cannot rule out "volatility and disruption" if there is a no-deal Brexit.
Britain’s financial watchdogs and Europe’s top banking authority have said they will seal an agreement to allow them to cooperate and share information in regulatory investigations if the U.K. crashes out of the EU without a deal.
The Solicitors Regulation Authority will launch a new probe to ensure law firms in England and Wales are in compliance with a recently enacted set of money laundering regulations, the body announced Wednesday.
Litigation launched by Commerzbank AG and Agate Assets SA, which issued €30 million in investment notes allegedly purchased by a Luxembourg investment fund with ties to an Italian pension scandal, has been stayed by a London court judge who also vacated a February 2020 trial date.
RBS has hit back at allegations that the British government had control over the treatment of companies in the lender's scandal-hit restructuring division, rejecting claims it gave in to demands to deny a property developer's efforts to refinance his struggling business.
An English appeals court's rejection of a narrow interpretation of legal professional privilege has given the U.K. justice system a shot in the arm, but it has nonetheless left Britain out of step with the U.S. under a 15-year-old precedent that limits when privilege kicks in.
The founder of property investment company Tonstate Group Ltd. has launched another London court battle against his son-in-law, Edward Wojakovski, demanding the return of shares in Tonstate after Wojakovski allegedly extracted more than £14.5 million ($19.2 million) from the business.
More than a dozen merchants, including Virgin's gym branches and cosmetics giant Avon, have sued Visa in London, joining a list of companies accusing the credit card company of charging excessive swipe fees in violation of U.K. and European Union competition law.
The global derivatives industry body said Wednesday it has published a common blueprint it hopes will standardize how brokers trade, manage and record derivatives, in a bid to automate market practices and avoid disjointed processes used by traders.
A fugitive billionaire wanted by the Indian authorities over an alleged $2 billion loan fraud at Punjab National Bank was remanded in custody at a London magistrates court on Wednesday, a spokeswoman for the Metropolitan Police confirmed.
Scandal-hit lender Metro Bank PLC is facing renewed scrutiny after the head of a U.K. banking award questioned whether the lender had submitted misleading information in its application to secure a £120 million ($159 million) grant.
The collapse of a glass shopping center roof and the damage done to the stores beneath was caused by the negligence of the building’s cleaning service, a subsidiary of BNP Paribas has claimed in a £3.5 million suit for breach of contract at a London court.
Prime Minister Theresa May formally asked the European Union on Wednesday to delay Britain’s departure from the EU for three months until June 30 as she seeks to prevent the country from crashing out of the bloc without a deal next week.
Two of Britain's most long-awaited financial services cases are set to go to trial in January, giving court watchers plenty to look forward to in 2019 — from complex fraud suits to a showdown over insurance in the Deepwater Horizon Disaster. Here Law360 looks at the key cases coming in the year ahead.
Law360 speaks to Jeffrey Golden, joint-head of 3 Hare Court Chambers, and ex-Delaware Supreme Court justice Randy Holland about the importance of building contacts in different jurisdictions, how 3 Hare Court has been breaking new ground and building up a strong global practice, and which key trends they’re keeping an eye on within the legal industry.
The Serious Fraud Office has landed another mixed result in its prosecution of several former Barclays and Deutsche Bank traders for manipulating Euribor, the latest in the white collar specialist's latest effort to hold individuals accountable for rigging key benchmark interest rates. Here, Law360 looks at the highlights of the SFO's long-running campaign.
The U.S. Supreme Court's unanimous ruling on Wednesday in Obduskey v. McCarthy & Holthus LLP removes nearly all activities taken by creditors seeking nonjudicial foreclosure of liens and mortgages from the ambit of the Fair Debt Collection Practices Act, says John Baxter of Nelson Mullins Riley & Scarborough LLP.
The U.K. government will likely adopt the European Union's Fifth Money Laundering Directive even in the event of a no-deal Brexit, meaning U.K. financial services organizations and law firms have under a year to review and possibly update their current policies and procedures, says Joanne Cracknell of Willis Towers Watson PLC.
The EU's revised Payment Services Directive is driving the creation of application programming interfaces that allow fintech companies to securely access and use customer banking data. The same APIs are almost certain to be used in the United States, bringing implications for copyright protection, say attorneys with Morgan Lewis & Bockius LLP.
While sharing some of her predecessor's sentiments, Serious Fraud Office Director Lisa Osofsky has shown decisiveness and independence by closing two of the SFO's largest investigations in her first six months in office, says Ross Dixon of Hickman & Rose Solicitors.
Environmental, social and governance preferences are becoming an increasingly important aspect of the financial industry. New rules proposed by the European Securities and Market Authority would press asset managers in particular to develop investment and advisory processes integrating ESG factors, say attorneys at Jones Day.
Parties should not underestimate the potential for national security concerns to arise in relation to non-U.S. investment in U.S. business, even in areas that may not be facially connected to U.S. security or infrastructure, and even when those involved are not U.S. businesses, say Jennifer Mammen and Daniel Schwartz of Bryan Cave Leighton Paisner LLP.
Brexit negotiations are likely to result in one of three scenarios later this month: a Brexit deal, no Brexit at all or a "hard" no-deal Brexit. Each possibility will have different implications for the prospects of a U.S.-U.K. free trade agreement, says Dean Pinkert of Hughes Hubbard & Reed LLP.
In Canary Wharf v. European Medicines Agency, the U.K. High Court recently ruled that the U.K.'s withdrawal from the European Union will not discharge the EMA's lease obligations. Following Brexit, most similar arguments invoking force majeure or frustration are unlikely to succeed, say Rebecca Dipple and Wayne Hofer of Orrick Herrington & Sutcliffe LLP.
These days, the legal profession offers meager opportunity for oral argument, so we need to focus on being better, brighter, tighter writers. And the key to writing a better brief is grabbing your judge's attention with a persuasive, well-crafted story, says Daniel Karon of Karon LLC.
The Sixth Anti-Money Laundering Directive recently adopted by the Council of the European Union targets the financing of terrorism and organized crime, which have remained significant problems despite the efforts of previous directives, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington & Burling LLP.