The European Union's financial regulators urged lawmakers on Thursday to adopt tougher reporting requirements for companies on social, environmental and governance matters.
Europe's markets watchdog on Thursday issued guidance aimed at helping central counterparties and trading venues assess whether exchange-traded derivatives can have access to their clearing services, given the potential risks caused by the coronavirus crisis.
Scammers are targeting creditors of a London property company and pretending they can return the money owed to them in exchange for a fee, the government warned on Thursday, as fraudsters across Britain take advantage of chaos created by the coronavirus.
Two former directors of an investment scheme that promoted a project to put money into tree plantations in the Brazilian rainforest pleaded not guilty to fraud charges brought by the Serious Fraud Office on Thursday.
The Pensions Regulator said Thursday it is aware of the impact that the pandemic and other risks could have on the quality of work carried out by actuaries and is working with the industry to ensure retirement savers are protected.
The European Commission said Thursday it is circulating proposed new rules for central clearinghouses outside the bloc that trade with EU member states, in a move to boost financial security within the region.
The Serious Fraud Office has dropped its five-year-old case against four European bankers accused of rigging a key interest rate benchmark at the height of the financial crisis, after courts in France and Germany refused to extradite the former traders.
Increasing margin calls during the first month of the coronavirus crisis in Britain helped to keep derivatives market stable by ensuring that counterparties were indemnified against the risk of a trade falling through, the Bank of England has said.
European lawmakers are preparing to vote to approve a new legislative framework that sets out which investments and assets can be considered environmentally sustainable, the European Parliament said on Thursday.
Britain's financial regulator slapped Lloyds Banking Group PLC with a £64 million ($81.3 million) fine on Thursday for failures by three subsidiaries in handling customers who were struggling to keep up with mortgage payments.
The U.K.'s competition enforcer on Wednesday extended the deadline for its review of Amazon's planned minority investment in Deliveroo, after competitors questioned the delivery services' contention that it needs the money to survive the COVID-19 pandemic.
A London judge on Tuesday said an independent IT expert should double-check a document search conducted by two property-holding entities connected to the ex-boss of a Kazakh paper conglomerate that's now chasing a $300 million fraud judgment against him.
Europe needs a common supervisor to fight money laundering as part of plans to strengthen "structural weaknesses" in the European Union's ability to prevent criminal money flowing through its banking system, the bloc's head of financial crime unit said Wednesday.
Towergate Financial struck a deal with a former director on the morning of trial, ending litigation looking to claw back hundreds of thousands of pounds it paid HM Revenue and Customs over an employee benefit trust.
Danske Bank said Wednesday it has received a criminal complaint from Denmark's financial regulator citing a breach of market manipulation rules because the banking giant allowed customers to trade with themselves and artificially inflate trading figures.
A group of financial experts urged the European Commission on Wednesday to hand tax relief to retail investors buying into funds focused on pumping cash into long-term infrastructure projects and unlisted companies, in an attempt to reduce the bloc's reliance on borrowing money from banks.
Britain should expect "very significant losses" on credit to businesses and households and a "great deal of pain" for the financial sector as the financial fall-out from the COVID-19 crisis deepens, a senior central banker has warned.
Businesses will struggle to comply with new European Union rules set to govern what can be called "green" and "sustainable" because there is not enough data available on the environmental credentials of financial products, industry groups warned Wednesday.
A European Parliament committee has waved through changes to the bloc's capital rulebook that are designed to encourage banks to lend to businesses and households during the COVID-19 pandemic.
A judge ordered a well-known figure in the Greek shipping industry to repay two German lenders more than $11.7 million over an unpaid loan after the businessman failed to turn up to court in London to defend himself on Wednesday.
The owner of a care home business is suing to recover $4.8 million lost when City Credit Capital allegedly sunk his deposits into "inappropriate" foreign exchange trades despite knowing he was an inexperienced investor.
Lawmakers have called on the Financial Conduct Authority and U.K. lenders to begin offering mortgage payment holidays that will also freeze the interest that business customers repay during the COVID-19 crisis.
Barclays has hit back at allegations by a private equity firm that it committed fraud as it raised capital during the financial crisis, arguing at a trial on Tuesday that the suit is "factually misconceived" and "nonsensical."
The Central Bank of Ireland has set out measures to strengthen protection for customers of regulated money lending services, which include forcing lenders to include warnings in adverts for high-interest loans.
The European Systemic Risk Board has said it will monitor the risks to lenders caused by loan payment breaks introduced by member state governments in response to the coronavirus outbreak, in a move to prop up the financial sector during the crisis.
The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.
The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.
The U.S. Department of the Treasury’s Office of Foreign Assets Control has recently increased the real cost of sanctions violation settlements by requiring annual compliance certifications. This alters the cost-benefit analysis of implementing robust sanctions compliance programs at nonfinancial institutions, says Jeremy Paner of Holland & Hart.
A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.
In light of multiple recent examples of U.K. Serious Fraud Office investigations yielding far less than the agency may have hoped for, a new approach to prosecuting individuals and corporations may be a smart investment, says Azizur Rahman of Rahman Ravelli.
The sanctions enforcement action and major settlement with Standard Chartered highlights U.S. and U.K. regulators’ continued focus on compliance, and their specific attention to the lapses in internal controls that led to the alleged violations, say attorneys with Paul Hastings.
Two years after the European Union implemented its fourth directive on money laundering, an eerie silence surrounds the new rules. Jessica Sobey of Stokoe Partnership examines what might be contributing to the lack of prosecutions, and whether the financial services sector has embraced compliance.
The U.S. Chamber of Commerce is poised to neuter the European Commission's collective action proposal — intended to let EU consumers challenge corporate misconduct — with a series of debilitating amendments that the Council of the EU must fight back against, says Laura Antonini of the Consumer Education Foundation.
Last month, the U.K. House of Lords published a mostly positive review of the Bribery Act but justifiably criticized the slow pace of Serious Fraud Office investigations, says Christopher David of WilmerHale.
Because the United States scrapped the Joint Comprehensive Plan of Action, large EU companies with substantial U.S. exposure will likely suspend business with Iran, but the European Union's protective measures against U.S. sanctions should provide some comfort to smaller businesses, says Kartik Mittal of Zaiwalla & Co.
If a no-deal Brexit happens, cross-border trade in financial services between the U.K. and EU will be restricted unless the U.K. meets the EU's recently updated equivalence standards or successfully negotiates for "enhanced equivalence," says Kirsten Lapham of Ropes & Gray LLP.
Following recent remarks on Brexit by officials from the U.S. Securities and Exchange Commission and the U.K.'s Financial Conduct Authority, attorneys with Norton Rose Fulbright discuss the potential operational, financial and accounting risks posed by different Brexit scenarios that boards and audit committees should discuss in company disclosures.
Because the Libor rate for short-term loans will soon be gone, the U.S. Alternative Reference Rates Committee may seek to amend contracts wholesale through legislation. However, this solution would face serious political and legal obstacles, says Anne Beaumont of Friedman Kaplan Seiler & Adelman LLP.
Legislative processes harmonizing collective redress throughout the European Union have accelerated, leading to a proposed requirement that all member states establish collective action mechanisms, but some worry that the directive lacks sufficient guarantees against abusive litigation, say Philippe Métais and Elodie Valette of White & Case LLP.
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.