Britain's financial services have lost patience with the stalled political process and are transferring assets out of the U.K. regardless of what kind of Brexit deal, if any, the government seals with the European Union, their legal advisers said Wednesday.
Prime Minister Theresa May must devise a new Brexit plan within three days if her proposals are defeated in the House of Commons on Jan. 15 after lawmakers from across the political parties voted through a legislative amendment on Wednesday.
Consistent Europe-wide regulation of cryptoassets is needed to give greater protection to consumers and prevent criminals from exploiting the patchwork of rules across the bloc, the European Securities and Markets Authority warned Wednesday.
Europe’s reinsurers defended their right to determine the size of their capital buffers on Wednesday, dismissing criticism from regulators who fear that companies will be tempted to hold less cash to protect themselves from financial crisis.
The U.K. government has failed to hand MPs sufficient information to allow them to make an informed decision on the prime minister’s Brexit deal, Parliament’s Treasury Committee warned on Wednesday, further weakening Theresa May’s shaky position ahead of a critical vote next week.
Most of Europe's top banks are pessimistic about making money next year, expecting profits to remain flat even as their fees and commissions rise, according to a new report from the European Banking Authority.
A U.K. finance bill amendment passed Tuesday would limit the government’s ability to tweak tax legislation after Brexit, in a bid to discourage the government from leaving the European Union without a transitional trade agreement.
The U.K. government on Tuesday set out its latest contingency plans to keep financial benchmarks alive for the country's financial institutions after Brexit, including a two-year transition period aimed at guaranteeing the legal framework for the market remains effective after Britain leaves the European Union in March.
National regulators and European Union watchdogs must cooperate with each other to supervise securitization transactions, Europe's top securities regulator said Tuesday, detailing information that must be exchanged and the process of notifying other authorities of infringements of the bloc's Securitization Regulation.
The Financial Conduct Authority on Tuesday began consulting on Brexit preparations that it said will ensure that the bloc's financial firms can fulfill existing cross-border contracts if the U.K. exits the European Union without a transition period.
A property investor who unsuccessfully sued a Lloyds Banking Group PLC unit in connection with an €11 million ($12.5 million) property loan has been ordered by a court in London to pay hundreds of thousands of pounds to the bank.
Most of the world’s central banks are experimenting with ways to replace cash with digital currencies, but only a few have made “firm plans” to issue their own crypto-assets within the next decade, according to a report released on Tuesday.
Dechert LLP has announced it has recruited two partners, with three decades of experience between them in advising fund managers, to bolster its global funds offering in Europe.
A former compliance officer with UBS Group AG and her day trader friend, who are both accused of insider dealing by the Financial Conduct Authority, will face a retrial in April after a jury failed to reach a verdict in the original trial, it was confirmed at a hearing at a London court on Tuesday.
Payments received by U.K. businesses from credit cards issued by European Union banks are likely to become costlier if Britain leaves the bloc without a transition deal, the British government warned on Tuesday.
A London judge has refused to let the National Crime Agency seize some £6.5 million ($8.3 million) in property in connection to an alleged mortgage fraud scheme involving a Hong Kong company, ruling that central questions tied to ownership and payment for the assets will have to be decided by a jury.
Baker Botts LLP has added two former Latham & Watkins LLP partners to its London office in an expansion to the law firm's equity capital markets and project finance practices.
Most European Union financial regulators have launched programs to test new financial technology products offered by banks and insurance companies but are concerned they could be creating a two-tier market for fintech products, according to a report published Monday by the bloc’s top supervisors.
European Union lawmakers on Monday floated new rules overhauling how the bloc regulates and oversees investment firms, proposing to supervise companies based on their size and treating the very largest to the same liquidity and capital rules as banks.
An employment tribunal in London has dismissed an appeal by a former senior manager at PwC seeking to have a ruling linked to a discrimination suit she brought against the accounting giant withheld from the public or made anonymous.
The long-awaited criminal trial of four former Barclays PLC directors began on Monday over charges connected to a £12 billion ($15.3 billion) rescue package that the bank secured from investors including Qatar at the height of the financial crisis.
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.
With Britain less than a year from exiting the European Union, firms on Law360’s Global 20 have begun pushing deeper into the countries remaining in the bloc, adding offices and industry specialists in a shift that could rebalance how BigLaw works in the region.
After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.
The U.S. Securities and Exchange Commission last week announced settlements with Aegon and several of its affiliates for alleged misconduct involving faulty quantitative investment models. The case illustrates the pitfalls of implementing an ambitious investment program poorly, say Brian Daly and Anna Maleva-Otto of Schulte Roth & Zabel LLP.
Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.
In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.
In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.
The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.
The Second Circuit’s opinion last week in U.S. v. Hoskins limits the U.S. Department of Justice’s ability to prosecute foreign individuals or companies for Foreign Corrupt Practices Act violations. The opinion also flatly contradicts the U.S. Securities and Exchange Commission’s 2012 FCPA resource guide, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.
Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.
The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.
Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.