More than 275 financial firms in the City are relocating, have moved staff or have set up entities outside of the U.K. in preparation for possible disruption following Britain's exit from the European Union, a report published Monday said.
Britain's accounting watchdog will be shut down and replaced with a new audit regulator following criticism of the embattled organization after a string of high-profile scandals at large-listed companies, the U.K. government said Monday.
A British Virgin Island's investment broker has repeated accusations that a U.K. fund stiffed it on commission fees owed for introducing two clients investing in tens of millions of pounds in securities, telling a London judge recently that the commissions dried up after the fund got a new manager.
Several law firms are touting recent attorney hires in London: Howard Kennedy LLP nabbed a new financial services regulation specialist from Reynolds Porter Chamberlain LLP, Fox Williams LLP landed a securities litigation ace from Stewarts Law LLP, and Cooley LLP scored a capital markets lawyer pro from Latham & Watkins LLP.
The Bank of England has said it is using its regulatory powers to force Visa Europe to step up protection for its IT systems after a technical glitch in June 2018 left the company's customers unable to complete 2.4 million transactions.
European Union regulators have approved proposals to give investment managers a two-year reprieve from rules that will force them to duplicate information that they provide to investors, following pleas from the fund industry that the obligation will consume too much time.
British insurers urged regulators on Monday to overhaul European Union rules governing how much capital they must hold to protect themselves from risk, as they seek to unlock billions of pounds in green investments.
The last week has seen UBS AG trader Arif Hussein sue his old employer for breach of contract, Punjab National Bank tee up a bid to revive its $45 million oil refinery loan dispute and the estate of a deceased Royal Air Force serviceman sue a Cypriot insurer over a car crash. Here, Law360 looks at those and other new claims in the U.K.
Britain's tax authority has sued several GE Group units in a bid to rescind a 2005 tax relief deal with the conglomerate and its financing subsidiaries because the companies allegedly misrepresented their corporate arrangements and omitted key information during the talks.
Lawyers at Stephenson Harwood LLP suing three trusts connected to real estate mogul Robert Tchenguiz for approximately £5.6 million ($7.29 million) in unpaid legal fees have told a London judge that they never agreed to hinge repayment on the success of legal fights they didn't work on.
Denmark’s tax authority has fortified its London suit accusing dozens of individuals and companies of taking part in a multinational tax fraud to scam the Danish government out of roughly $1.9 billion, including zeroing in on a British-born financier.
The U.K. has a headstart on implementing the latest round of European rules designed to clamp down on money laundering, with its two-year old public register showing who really owns corporate entities. But the government faces challenges if it wants the British version to be effective in helping to cut back criminal funding.
The U.K.'s City regulator finalized plans on Friday for a public directory to help consumers spot financial professionals banned from the industry and protect banks and insurers from hiring questionable staff beginning from March 2020.
A judge in London ordered JPMorgan Chase Bank on Friday to pay Nigeria £375,000 ($490,000) in legal fees run as the lender unsuccessfully attempted to stop the country's lawsuit over $875 million in public funds the bank transferred to a shell company run by a corrupt former oil minister.
Insurers will be allowed to hold smaller reserves of capital before they invest in equity and private debt under new rules designed to encourage institutional investors to fuel the economy and reduce the bloc's reliance on banks, the European Commission said on Friday.
The Financial Ombudsman Service will be able to force banks and insurers to pay out up to £200,000 ($260,000) extra in compensation to every consumer or business they have cheated, the Financial Conduct Authority said on Friday.
A panel of influential lawmakers published a detailed report on Friday describing the U.K.'s anti-money laundering enforcement as “highly fragmented” and recommended broad reforms to bolster the fight against financial crime.
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.
A London judge has ordered the Libyan Investment Authority to set aside funds to cover potential defense costs in the sovereign wealth fund's lawsuit seeking to cancel $180 million in allegedly fraudulent and corrupt securities issued by now-JPMorgan unit Bear Stearns.
French insurer AXA SA has dramatically raised the value of its claim involving missold payment protection insurance against U.S. rival Genworth Financial Inc. from £28.5 million ($37.3 million) to nearly £265 million, according to documents filed at London’s High Court.
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.
The recent settlement between Société Générale and U.S. regulators illustrates that U.S. sanctions enforcement authorities may be shifting their attention back to large financial institutions after several years of relatively quiet enforcement across the financial services industry, say attorneys with Ropes & Gray LLP.
This year, a number of cases have illustrated how English courts are dealing with legal hurdles for cybercrime victims and making it easier to obtain a freezing order or injunction under such circumstances, says Fiona Cain of Haynes and Boone LLP.
Recent cases in the United Kingdom and Cayman Islands show that the broader test for application of the illegality defense endorsed in Patel v. Mirza appears to be more suitable than the previous Tinsley test, but it is now harder to predict the outcome of individual cases, say James Elliott and William Peake of Harney Westwood & Riegels LLP.
The recent data breach scandal involving the Leave.EU campaign shows that the U.K. Privacy and Electronic Communications Regulations is often overlooked by businesses, says Alexander Edwards of Rosling King LLP.
The U.K. Court of Appeal's recent decision in Serious Fraud Office v. Eurasian Natural Resources is a substantial step toward confirming the application of legal privilege in internal investigations, and has significantly reduced the divergence in U.K. and U.S. privilege law, say attorneys with Milbank Tweed Hadley & McCloy LLP.
After the collapse of Lehman Brothers and the crisis that followed, banks organized their legal, compliance and risk divisions into silos that addressed the needs of the moment. Ten years later, however, it's time to consider whether this is still the best framework for the future, says Naomi Bowman of Berkeley Research Group LLC.
The lack of a harmonized approach to regulation of initial coin offerings in the EU is leading to a piecemeal approach across member states that will hamper blockchain developments, say Jacqui Hatfield and Rebecca Kellner of Orrick Herrington & Sutcliffe LLP.
Former Deutsche Bank trader Gavin Black was recently convicted of wire fraud and conspiracy in connection with Libor manipulation. However, absent from the government’s case were Black's statements made during internal investigations, which leaves open an important Fifth Amendment question, say Justin Shur and Eric Nitz of MoloLamken LLP.
Recently, the U.K. Information Commissioner's Office fined Equifax £500,000 for falling victim to a cyberattack — the highest penalty available. Some speculate that this decision is a sign that the ICO is already assuming a tougher stance following the commencement of the General Data Protection Regulation, say James Castro-Edwards and Eaven Prenter of Wedlake Bell LLP.