The Serious Fraud Office’s failed attempt to prosecute Barclays PLC and four former executives over the bank's financial crisis-era fundraising with Qatar has potentially set a precedent that will make the anti-fraud agency’s difficult task of prosecuting corporate crime allegations under English law even harder.
The Financial Conduct Authority said Friday it is prepared to temporarily relax financial accountability rules by allowing firms to draft in replacements for senior managers without regulator approval for up to nine months during the coronavirus pandemic.
Global financial regulators said Friday they would push back deadlines for new rules on non-centrally cleared derivatives by one year to help the finance industry cope with the upheaval of the COVID-19 outbreak.
The past week in London has seen Hilton lodge competition claims against Visa and Mastercard, a hedge fund slap a family-run investment company with a trademark case, and two oil explorers working in Africa square off in court. Here, Law360 looks at those and other new claims in the U.K.
Britain’s top law enforcement agency reported a rise in fraud driven by cybercrime on Friday amid warnings of a spike in scams by criminals exploiting the coronavirus pandemic to target pension savers, investors, online consumers and remote workers.
Lenders granting repayment holidays to struggling businesses and individuals, as per national guidance, will not have to shore up additional capital, Europe’s banking watchdog has said, providing clarity to banks on their accounting obligations during the COVID-19 outbreak.
A London judge has dismissed a legal dispute between a subsidiary of Lloyds Banking Group PLC and a property investor over the alleged misselling of crisis-era financial products that was set to head to trial this month.
Europe’s insurance watchdog has urged the sector to suspend dividends and share buybacks during the coronavirus pandemic, putting a priority on preserving cash to protect policyholders and absorb cash losses.
The government is expanding an emergency lending program to help keep businesses afloat during the coronavirus lockdown, the chancellor announced Friday, as he responded to complaints about lack of access to the money.
The Second Circuit on Wednesday denied prosecutors' bid to dismiss an appeal from a former Societe Generale SA executive accused of rigging the Paris bank's submissions to the London Interbank Offered Rate, finding that it has jurisdiction to decide whether or not she is a fugitive.
A global forum of central bankers on Thursday urged governments to recognize some financial services professionals as essential staff in order to keep markets operating smoothly during the COVID-19 outbreak.
A former RBS manager continued his fight Thursday against the legal fees he owes Fieldfisher LLP for his now-settled £14 million ($17.3 million) lawsuit against a financial adviser over a film investment scheme that led to him losing his job and facing conspiracy charges.
Security outsourcing giant Serco may ask a London court to dismiss a shareholder suit alleging the company misled investors about government contracts that led to a fraud scandal, saying they have failed to prove any connection between statements to the market and financial losses.
Britain's fledgling sanctions watchdog took a big swing with its £20.5 million ($25.5 million) fine on Standard Chartered PLC over loans that violated Ukraine sanctions, its most aggressive move yet that could usher in a new era of U.S.-style enforcement in the U.K.
The Second Circuit published an opinion on Thursday affirming the U.S. Securities and Exchange Commission’s five-year ban of an ex-Barclays bond trader over an alleged stock-parking scheme.
Chicago-based law firm McDermott Will & Emery said Thursday it has brought on a new finance partner with expertise in social impact investing to join its London office.
An English appellate court on Thursday sunk an Icelandic lender’s hope of piling onto a High Street fashion mogul's bankruptcy, ruling that it jumped the gun by trying to recoup an unpaid loan before the time to challenge the debt had expired.
Britain’s accounting watchdog said Thursday it has fined KPMG and a senior partner a total of £484,000 ($600,000) for falling to challenge a client during an audit over information provided about complicated payments by suppliers.
A judge in London has allowed a French movie producer to proceed with a lawsuit against nearly a dozen financial advisers and former HSBC bankers implicated in a money laundering scandal over the alleged theft of €7.2 million ($7.8 million) from a tax-savings scheme.
Sweden’s financial regulator told banks on Thursday they can exempt homeowners from mortgage payments until June 2021 if they have lost their jobs or fallen ill with the coronavirus, after other countries enacted similar measures.
The government gave its backing on Thursday for a delay to a package of global capital rules, saying that pushing back the onerous requirements for a year will allow banks to focus on keeping the financial system stable during the COVID-19 crisis.
British lenders should freeze loan and credit card payments for borrowers struggling with the “financial shock” caused by the coronavirus outbreak, the Financial Conduct Authority said Thursday, as it set out a proposed three-month relief package for consumers.
The Second Circuit reversed the tossing of a 2015 suit accusing Barclays, Lloyds, Bank of America and more than a dozen other international banks of benchmark interest rate-rigging, ruling Wednesday that the investor plaintiffs convincingly linked their financial losses to the banks' alleged market manipulation.
Litigation funder Burford Capital told a London court on Wednesday that the London Stock Exchange is "fighting tooth and nail" to avoid disclosing the identities of traders it alleges manipulated the firm's stock in a short-selling attack that caused Burford's share price to plunge.
Existing investors should buy a bigger proportion of shares in listed companies during rights issues in order to help businesses pull in cash to weather the economic fallout from the coronavirus, a standards setter said Wednesday.
The Scottish government on Wednesday backed off plans to hold criminal trials without juries under emergency legislation designed to combat the spread of the novel coronavirus, a day after lawyers and lawmakers denounced the plan as shortsighted.
UPDATED April 3, 2020, 10:56 AM GMT | As courts across the region take measures to prevent the spread of the novel coronavirus, some are restricting access and altering their procedures. Here is a roundup of changes.
Anne Giviskos, head of risk and compliance at Euronext, talks to Law360 about the challenges of creating a companywide culture amid significant growth, the importance of keeping up with technology in the fight against market abuse and her department’s approach to regulatory change.
Martina Rejsjö and Jimmy Kvarnström talk to Law360 about Nasdaq’s big focus on innovation to better detect patterns in trading behavior, the skills required to work in a tech-driven environment and the issues that take up the bulk of their time on a daily basis.
Despite the significant disruption that COVID-19 is causing in the U.K., the Financial Conduct Authority and Prudential Regulation Authority still expect that financial services firms appropriately protect their increasingly vulnerable consumers, say Tracey Dovaston and Matt Getz at Boies Schiller.
Starting Monday, non-U.K. resident landlords are subject to broadly the same U.K. tax treatment as residents with respect to income derived from U.K. property, and landlords and lenders should be considering the impact on transaction cashflows and covenant compliance, say James Spencer and Sherry Scrivens at Alston & Bird.
The £20.47 million penalty that the Office of Financial Sanctions Implementation imposed on Standard Chartered Bank on Tuesday is unprecedented, and this case could represent the start of a new era of sanctions enforcement in the United Kingdom, say attorneys at Kirkland.
Amid the coronavirus crisis, U.K. asset-based lenders are well-placed to provide increased financial support to valued clients, but their desire to help must be balanced by careful risk management and realized by efficient service delivery, say attorneys at Crowell & Moring.
While the National Crime Agency has paraded a few high-profile unexplained wealth orders, like those the U.K. Court of Appeal recently upheld against Zamira Hajiyeva, the hype still fails to match their limited usefulness in combating illicit money thus far, says Bambos Tsiattalou at Stokoe.
The Financial Conduct Authority's director of retail and regulatory investigations recently painted a hopeful picture of plans to regulate cryptoassets, but obstacles such as weak links in the global regulatory chain and resistance to compliance may be more challenging than anticipated, says Anna Gaudoin of WilmerHale.
The Serious Fraud Office's recent failure to convict three Barclays executives for fraud is the latest evidence that the agency's real issue is its tendency to seek prosecution without a realistic chance of conviction, says Bambos Tsiattalou at Stokoe.
Recent court decisions in the U.K. and abroad have increased firms' potential exposure to group litigation related to data security events, and in this environment a voluntary collective redress scheme may be a very attractive option, say attorneys at Bryan Cave.
As firms prepare for Libor cessation by the end of next year, one of the more difficult challenges may be dealing with legacy contracts, which could cause significant market disruption and litigation if not successfully renegotiated, say Abdulali Jiwaji and Johnny Shearman at Signature Litigation.
A recent Law360 guest article argued that artificial intelligence can precisely estimate the length and cost of a new case, but several limitations will likely delay truly accurate predictions for years to come, says Andrew Russell at Shaw Keller.
While all formal ratification procedures for the U.K.'s departure from the European Union have been completed, the transitional period will bring an enormous range of trade, customs and regulatory issues, say attorneys at Mayer Brown.
It may be sensible for the U.K. to introduce free ports — government-designated areas of little or no tax — to boost trade with other countries, but they could also create opportunities for major financial crime, says Stephen Baker of Baker & Partners.
Account freezing orders, one of the enforcement powers introduced by the U.K.'s Criminal Finances Act, are not as well-known as unexplained wealth orders but have arguably been a more effective weapon against economic crime and will be increasingly deployed by enforcement agencies in the future, says Ross Dixon of Hickman & Rose.
Despite ongoing civil claims, the Serious Fraud Office has most likely closed its investigation into Libor rate manipulation due to the comparative difficulty of securing criminal convictions, and is unlikely to bring further charges unless significant new evidence comes to light, says Anthony Hanratty of BDB Pitmans.
Attorneys who take the time and the risk to showcase their talents through speaking, writing and teaching will find that opportunities will begin building upon themselves, says Daniel Karon of Karon LLC.