Credit Suisse Group has named new top risk and compliance officers as it shakes up its C-suite capping a three-year functional restructuring, it said Tuesday.
A former executive at Barclays PLC was unaware that the bank struck two advisory service agreements with Qatar that are at the center of the criminal trial of four former senior Barclays bankers, according to evidence read to a jury at Southwark Crown Court on Tuesday.
Crowell & Moring LLP has hired three partners from Squire Patton Boggs to strengthen its financial services, insolvency and infrastructure offerings in London.
Britain's Serious Fraud Office abandoned two of its biggest cases on Friday in a move that raises questions about its desire to prosecute individuals over economic crime as new director Lisa Osofsky sets about clearing the anti-fraud agency's backlog of high-profile cases.
The U.K. Financial Reporting Council announced Tuesday it is extending its probe of audits carried out by accounting firm KPMG into failed outsourcing giant Carillion PLC.
Europe's top court on Tuesday reversed Latvia's decision to bar the head of its central bank from his job, saying the country broke European law when it failed to offer evidence supporting its decision to suspend him as it probed bribery allegations.
The world’s first catastrophe bond to cover the risk of terrorism has been issued in Britain, a reinsurer announced Tuesday, in a major test of regulations designed to help London crack the lucrative trade in insurance-linked securities.
A Russian businessman has challenged two lawsuits brought against him in London by investors claiming approximately $90 million in damages after the bank he founded was forced into administration, telling a court on Tuesday that England lacks the jurisdiction to hear the case.
A former Barclays trader charged with rigging Euribor told a London court Tuesday she spent just a few minutes on submissions used to set the benchmark rate, calling the task that ensnared her in the case only a minor part of her job.
Swedbank AB announced Tuesday it has dropped accountancy giant EY and hired new external forensic auditors to investigate allegations linking the bank to a suspected €200 billion ($227 billion) money laundering scandal in the Baltics.
Theresa May said Tuesday she will accept delaying Brexit to prevent a no-deal departure from the European Union, marking a policy shift that would avert a regulatory vacuum if the prime minister fails to push her withdrawal agreement through Parliament by March 12.
European authorities have revealed plans to create new benchmarks that will track the carbon footprint left behind by investment portfolios in a move that lawmakers hope will alert consumers to the environmental impact of the businesses they invest in.
Several major banks pushed back Friday against a hedge fund’s request that a New York federal judge reconsider their dismissal from an antitrust suit over alleged Libor rigging, arguing the fund failed to point out any relevant information the court overlooked in its decision.
Preparations are under way on Wall Street for the end to what’s been called the world’s most important number, but midsize and smaller banks shouldn’t procrastinate when it comes to planning for the transition away from the London Interbank Offered Rate.
A developer of a European interest rate benchmark at the center of a rigging scandal testified Monday at the London Barclays traders trial that it's appropriate for traders to consider their own bank's profits when submitting rates — prompting an SFO prosecutor to suggest he was protecting "nonsense" for his own reputation.
The U.K.'s fraud watchdog hired a veteran criminal attorney to be its new general counsel Monday, handing a lawyer with a background securing high-profile convictions against executives the job of helping decide which cases to prosecute.
A British bank has been hit with the country's first-ever fine for breaching financial sanctions regulations after it handled money belonging to a person targeted following the Egyptian revolution, the U.K.'s sanctions enforcer said Monday.
A London judge on Monday threw out a property investor's bid to escape Euribor-linked derivatives inked with RBS in light of the rate-rigging scandal, concluding that the lender did not act dishonestly when it sold the swaps to cover a €1.57 billion ($1.8 billion) loan.
The Financial Conduct Authority said that it plans to return approximately £2.5 million ($3.3 million) to investors in a £32.8 million unauthorized investment scheme, after a company related to the fraud handed the amount over to the watchdog.
The Financial Conduct Authority is examining whether brokers are offering cut-price research to asset managers to allow them to bypass restrictions in the MiFID II directive on paying sweeteners, the regulator’s chief executive said on Monday.
The U.K. Financial Conduct Authority has acknowledged that Brexit will present challenges, and will set aside some resources in preparation, but its business plan for 2018-2019 sends a strong message that there will be no let-up when it comes to detecting and prosecuting market abuse, says Ben Ticehurst of Rahman Ravelli Solicitors.
The U.K. Supreme Court's recent decision in Rock v. MWB came down on the side of commercial certainty, establishing that "no oral modification" clauses mean exactly what they say. Nonetheless, the decision may lead to some problematic cases, say Kathryn Rowe and Peter McMaster QC of Appleby Global.
The European Commission's proposal to amend key European fund management directives introduces new conditions for premarketing a fund in the EU. Unless this proposal is substantially loosened, managers may risk increased regulatory scrutiny if they continue with current fundraising practices, says John Young of Ropes & Gray LLP.
Section 51 of the U.K.'s new Anti-Money Laundering Act imposes public beneficial company ownership registers in the British overseas territories. A general push for enhanced disclosure can only be welcomed, but this particular initiative may not be the correct means to reach a worthy goal, say Ian Hargreaves and Stephanie Sarzana of Covington & Burling LLP.
Many legal teams involved in cross-border matters still hesitate to use technology assisted review, questioning its ability to handle non-English document collections. However, with the proper expertise, modern TAR can be used with any language, including challenging Asian languages, say John Tredennick and David Sannar of Catalyst Repository Systems.
Two years after the U.K. Financial Conduct Authority acknowledged the threat cyberattacks pose to the U.K.'s financial system, little progress has been made. The Prudential Regulation Authority's new operating standards, expected to publish this year, must show that it is taking cybersecurity seriously, but without stifling innovation, says Jamie Monck-Mason of Willis Towers Watson.
After the pain heals from what for many businesses was a last-minute scramble for General Data Protection Regulation compliance, many of these businesses will come to appreciate how the effort made them stronger from a compliance, security and even operational performance stance, say Howard Schiffman and Adam Cohen of Yeshiva University.
Although data sharing via application programming interfaces is not mandated in the U.S. as it is in Europe under the new Revised Payment Services Directive, financial institutions that do not embrace it risk being left behind in terms of both technology and partnerships, say Erin Fonte and Brenna McGee of Dykema Gossett PLLC.
Currently, U.K. judgments in civil and commercial matters can be enforced in Germany with the same authority as German judgments. However, depending on what the U.K.'s relationship with the EU will look like after Brexit, the situation might become unbalanced to the detriment of British judgment creditors, say Stephen Llewellyn of Faegre Baker Daniels LLP and Karl von Hase of Luther Rechtsanwaltsgesellschaft mbH.
Currently, regulation of cryptocurrencies and initial coin offerings in the U.K. is handled primarily by the Financial Conduct Authority, Bank of England and Her Majesty's Revenue & Customs. Trading in cryptocurrencies themselves is not a regulated activity, but trading in derivatives using digital assets will require FCA authorization and new forms of market intervention are likely on the horizon, say attorneys at Crowell & Moring LLP.