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Financial Services UK

  • January 17, 2019

    Ireland Prepares Legislation For 'No Deal' Brexit Risk

    The deputy governor of the Central Bank of Ireland said Thursday that the country is drafting regulation to protect its insurance policyholders and to ensure that the Irish financial system can withstand a "cliff edge" Brexit.

  • January 17, 2019

    Hard Brexit Will Threaten GDPR Data Swap, Regulator Warns

    British companies that share data across national borders should brace themselves for legal disruption if the country crashes out of the European Union without a trade deal on March 29, a senior official at the Information Commissioner’s Office warned on Thursday.

  • January 16, 2019

    Cafe Chain Uncovers More 'Extensive' Accounting Fraud

    The parent company of British cafe chain Patisserie Valerie announced Wednesday an accounting shortfall that nearly caused the company to collapse was larger than it initially feared, deepening a scandal that has toppled executives and triggered a criminal probe.

  • January 16, 2019

    Banks Accused Of Rigging Libor After Post-Scandal Overhaul

    A Connecticut bank on Tuesday accused the owner of the New York Stock Exchange of conspiring with some of the world's largest banks to artificially deflate a key financial benchmark after taking over responsibility for the rate setting following a previous price-fixing scandal.

  • January 16, 2019

    UK Nat'l Security Official To Lead New Financial Crime Agency

    A high-ranking U.K. national security official with a background in implementing controversial data collection efforts will take the reins of a new economic crime-fighting department, the National Crime Agency said Wednesday.

  • January 16, 2019

    ECB Toughens Conflict-Of-Interest Rules For Top Officials

    The European Central Bank revealed on Wednesday that it has extended its rules on good conduct to subject its supervisory board and policymakers to a common code, as it attempts to beef up its governance framework.

  • January 16, 2019

    Ex-Barclays Traders 'Tainted' Euribor Rates, Court Told

    Three former Barclays PLC traders were part of a conspiracy to cheat the financial system that “tainted” the integrity of a key interest rate benchmark used to price trillions of dollars of financial products, prosecutors told a London jury on Wednesday.

  • January 16, 2019

    Competition Watchdog Reveals Scope Of PayPal Merger Probe

    Britain’s antitrust watchdog has set out the questions it will consider as it decides whether PayPal’s $2.2 billion takeover of a Swedish competitor could weaken competition in the U.K., as it called for evidence on the merger from businesses in the sector.

  • January 16, 2019

    Markets Expect Brexit Will Be Delayed, BoE's Carney Says

    The governor of the Bank of England told a panel of lawmakers on Wednesday that sterling has risen following the landslide defeat for the government’s draft withdrawal agreement because financial markets believe the prospect of a no-deal Brexit “may have been diminished.”

  • January 16, 2019

    UK's May Survives No-Confidence Vote After Brexit Defeat

    British Prime Minister Theresa May narrowly survived a vote of no confidence brought by the opposition Labour Party on Wednesday, a day after lawmakers overwhelmingly rejected her proposed deal to leave the European Union.

  • January 15, 2019

    Singapore Bank Fights ING In Court Over $19M Lehman Charge

    ING Bank NV should have to pay Oversea-Chinese Banking Corp. Ltd. back for the $19 million it was told to hand over to liquidators of Lehman Brothers as part of a settlement of several derivatives transactions, lawyers for the Singapore lender told a court in London on Tuesday.

  • January 15, 2019

    Ex-Barclays Bankers On Trial Again In Euribor Rigging Plot

    Prosecutors opened their second trial in London on Tuesday of three former Barclays PLC employees accused of participating in a conspiracy to rig global interest rates to rip off counterparties that did business with them.

  • January 15, 2019

    UK Lawmakers Reject Gov't Brexit Deal In A Landslide

    The U.K. Parliament overwhelmingly rejected the government’s draft agreement for leaving the European Union on Tuesday, pitching the Brexit process deeper into disarray and raising questions about whether the March 29 departure date can still be met.

  • January 15, 2019

    HSBC, Lenders Get $35M After Transit Cos. Are No-Shows

    A London judge on Tuesday said four transport companies owe the Swedish Export Credit Corp., HSBC Bank PLC and a Brazilian lender at least $35.2 million for failing to repay loans secured to buy buses for a Brazilian city, saying they skipped court proceedings.

  • January 15, 2019

    Crowell & Moring Poaches Finance Expert From Squire Patton

    Crowell & Moring LLP said Tuesday that it has snagged an experienced financial litigator from Squire Patton Boggs LLP to oversee the expansion of its London office.

  • January 15, 2019

    London Lawyer 1st Fined Over Panama Papers Revelations

    A partner at London law firm Child & Child on Tuesday became the first English lawyer to be punished as a result of revelations from the Panama Papers scandal after he was fined £85,000 ($109,000) by a U.K. disciplinary tribunal for failing to carry out money laundering checks.

  • January 15, 2019

    Raiffeisen Bank Loses Disclosure Bid In Ashurst Escrow Suit

    A judge in London dismissed on Tuesday an application by Austrian lender Raiffeisen Bank that would have required Ashurst LLP to hand over all documents and instructions it received in connection with $85 million it held in escrow during negotiations for the sale of shares in an international coal mining group.

  • January 15, 2019

    Global Watchdogs Agree Bank Reserves Against Market Risks

    Global regulators have approved watered-down rules drafted to help avoid another financial crisis, which cut by almost half the amount of extra capital that banks will be required to hold from 2022 to buffer themselves against movements in the market price of their investments.

  • January 15, 2019

    Lender Bids To Revive £32M Suit Against Grant Thornton

    Manchester Building Society attempted on Tuesday to revive a U.K. lawsuit claiming that Grant Thornton is liable for £32.7 million ($42 million) losses suffered on interest rate swaps used by the lender to hedge its mortgage portfolio, claiming its “very future and existence” depends on the outcome of the appeal.

  • January 15, 2019

    FCA Defends Probe Of Credit Suisse Over $2B African Fraud

    The Financial Conduct Authority is considering taking action against Credit Suisse for possible failures of its internal controls over an alleged $2 billion loan scandal in Africa, as well as against individual bankers, the head of the regulator told lawmakers Tuesday.

Expert Analysis

  • Worldwide Freezing Orders Can Backfire Without Proper Care

    Nicola McKinney

    Worldwide freezing orders, which preserve a respondent's assets until the outcome of the substantive case, are an important weapon in the arsenal of a commercial litigant. However, as FSDEA v. Dos Santos demonstrates, courts lay heavy obligations upon WFO applicants, says Nicola McKinney of Grosvenor Law Ltd.

  • UK Litigation And Guidance Highlight Cybersecurity Risk

    Guillermo Christensen

    Recent developments in the United Kingdom emphasize the importance of companies implementing cybersecurity measures proactively both to prevent incidents and to argue in mitigation when, not if, the company does suffer a data breach, say Guillermo Christensen of Ice Miller LLP and Anupreet Amole of Brown Rudnick LLP.

  • 2 BVI Cases Explore Scope Of Proper Purpose Test

    Rosalind Nicholson

    Two recent cases in the Eastern Caribbean Court of Appeal have presented British Virgin Island courts an opportunity to develop a local jurisprudence regarding the BVI Business Companies Act and provide guidance on how the proper purpose test is to be applied, says Rosalind Nicholson of Walkers Global.

  • Attorney-Client Privilege Must Be Reclaimed In The UK

    Quentin Bargate

    The House of Lords' landmark decision in Three Rivers v. Bank of England significantly undermined confidentiality of communications between lawyers and clients. The U.K. Supreme Court should review this case as soon as possible, says Quentin Bargate of Bargate Murray Ltd.

  • Last-Minute Brexit Preparations For EU Financial Firms

    Gilles Kolifrath

    As the deadline for a hard Brexit draws ever closer, financial firms operating in the United Kingdom or European Union must consider how possible outcomes will impact transactions and contractual relationships, and take steps to mitigate business interruptions, say Gilles Kolifrath and Linda Sharkey of Kramer Levin Naftalis & Frankel LLP.

  • UK Financial Services Industry Faces 'Cliff Edge' Scenario

    Chris Bryant

    Though the United Kingdom has reached an agreement with the European Union regarding its withdrawal, the U.K. Parliament is unlikely to approve it. Much of the U.K.'s financial industry is still preparing for a "no deal" outcome, says Chris Bryant of Bryan Cave Leighton Paisner LLP.

  • Opinion

    Why We Need Anti-Money Laundering Whistleblower Awards

    Eric Havian

    The recent Mossack Fonseca indictments and Deutsche Bank raid would not have been possible without the whistleblower behind the Panama Papers leak. But there is no incentive for rooting out the type of criminal money laundering revealed here, creating a large enforcement gap, say Eric Havian and Michael Ronickher of Constantine Cannon LLP.

  • What To Expect From Serious Fraud Office In 2019

    Anna Gaudoin

    The coming year looks to be an interesting one for the U.K. Serious Fraud Office. With new Director Lisa Osofsky firmly in post, expectations are high that she will shake things up in the next few months, say Anna Gaudoin and Alison Geary of WilmerHale.

  • A Closer Look At New Calif. Pension Fund Climate Law

    Kristie Blase

    Landmark California legislation going into effect in January requires the two largest pension funds in the U.S. to publicly report on their climate-related financial risks, which should result in more widespread adoption of financial disclosure recommendations from the Financial Stability Board, say attorneys with CKR Law LLP.

  • A Long Accountability Journey For Financial Cos. Post-GDPR

    James Drury-Smith

    The EU General Data Protection Regulation's accountability principle obligates organizations to provide evidence of compliance — one of the biggest changes brought about by the GDPR. Though the concept is simple, embedding accountability into financial services firms' operations and culture will not be achieved overnight, say experts at PricewaterhouseCoopers.