Banks and their lawyers are bracing for a wave of prosecutions, penalties and lawsuits as investigations into a controversial dividend trading strategy known as cum-ex gather pace across Europe— and could soon spill over into regulatory enforcement in the U.K.
The Prudential Regulation Authority has acknowledged that finance companies are facing problems with monitoring risks attached to climate change, but said it expects them to implement green policies by the end of 2021.
A judge in London has scrapped a property investor's suit against Lloyds Banking Group over its conduct during a review of interest rate hedging products that he bought in the mid-2000s, ruling on Friday that he had not taken the necessary steps for bringing his claim.
The Financial Conduct Authority has said it does not plan to revisit how the national bankruptcy compensation program is funded, despite concerns being raised about the rising cost of the levy for regulated companies.
Britain's financial watchdog said Friday it intends to slap the former boss of a failed spread-betting company with a fine of £659,000 ($821,000) for engaging in market abuse before it was floated on the London Stock Exchange in 2007.
A judge has allowed a French movie producer to amend his fraud suit against nearly a dozen financial advisers and former HSBC bankers, dismissing objections on Friday from some of the defendants that the proposed changes "significantly disfigure the claim."
National financial services watchdogs should exchange information on penalizing banks and their compliance with rules on financial crime, according to recommendations by the Basel Committee on Banking Supervision.
Six German subsidiaries of payments company Wirecard AG have applied for insolvency proceedings as administrators prepare to sell off assets to dismantle the group amid a fraud investigation.
The Financial Conduct Authority instructed rent-to-own companies, car-finance providers and pawnbrokers on Friday to continue offering payment freezes to borrowers in financial difficulty during the coronavirus crisis.
New entrants to the insurance sector often face fewer regulatory requirements than traditional players, a trade body for insurers warned in response to a European Commission consultation over the growing role of big technology companies in financial services.
The last week has seen a competition suit against Royal Mail, a Saint-Gobain unit lodge a patent claim against 3M and a Russian bank file another suit against Mozambique and one of the state-owned entities embroiled in a $2 billion bribery scandal. Here, Law360 looks at those and other new claims in the U.K.
An online trading platform is chasing real-estate tycoon Robert Tchenguiz for at least £1.1 million ($1.4 million) in unpaid debts after his bets on a rail and bus company went sour.
A New York federal judge has dismissed a whistleblower suit accusing Standard Chartered Bank of lying to U.S. authorities to shave billions of dollars from what it allegedly should have paid for violations of Iran sanctions, granting a government request that he said he had "no difficulty" deeming well-founded.
The planned Libra digital currency faced such unrelenting backlash that the group behind it modified its underlying structure and packed leadership positions with compliance experts in recent months. But whether these changes will allow the project to realize its ambitions remains uncertain.
Singapore's competition authority on Thursday raised concerns about the London Stock Exchange's planned $27 billion takeover of Refinitiv, saying the blockbuster deal could affect the market for foreign exchange rates.
Europe's central bank has published guidance on how it supervises merger activity in the banking sector to promote consolidation, emphasizing that it will be accommodating so long as deals are sound and compliant.
A group of investors suing financial advisers, accountants and banks over their alleged role in a failed film tax relief scheme operated by Ingenious Media must disclose other investments they made and advice they received, a London judge ruled Thursday.
Barclays' former chief executive defended payments made by the bank to Qatar as it sought to raise capital in 2008, arguing at PCP Capital's £1.6 billion ($2 billion) fraud trial on Thursday that they were a legitimate part of a long-term strategy to generate more business.
The European Commission announced plans on Thursday to take legal action against Austria, Belgium and The Netherlands for failing to fall into line with bloc-wide regulations against money laundering and financing of terrorism.
The British government has "unequivocally recognized" opposition leader Juan Guaidó as president of Venezuela, a judge ruled at a London court on Thursday as he found against the Nicolás Maduro government in a legal battle over access to €930 million ($1 billion) of gold stored at the Bank of England.
Britain is to reopen its temporary market access regime for European Union financial companies in September, the Financial Conduct Authority has confirmed.
Investment manager BlackRock is not entitled to an exemption from value added tax on its technology platform under a provision meant to protect special investment funds, the European Union's top court ruled on Thursday.
First City Monument Bank urged a London judge on Wednesday to order Zumax Nigeria Ltd. to return the more than £3.6 million ($4.5 million) the bank paid the engineering company for a now-overturned judgment, or face having its suit over the money tossed.
Shortening trading hours could be bad for investors and create an uneven playing field for markets, the Brussels-based Federation of European Securities Exchanges has said, rejecting calls by British-based trade associations to make the working day shorter.
A London judge agreed Wednesday to let Mozambique amend its lawsuit against a United Arab Emirates shipbuilder in its dispute with Credit Suisse over a $2 billion fraud and bribery scheme, rejecting claims the country had sued a company that no longer existed.
Lawyers for BDO LLP told a judge Wednesday that a property developer accusing the accounting firm of unlawfully conspiring with Barclays Bank PLC is wasting the court's time because identical claims against the lender have already been struck out.
UPDATED July 2, 2020, 11:05 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.
The Serious Fraud Office's decision to end its investigation into De La Rue relatively quickly marks its latest failure to bring charges or secure a conviction, raising questions about the agency's capacity and willingness to hold large corporations accountable, says Neil Williams at Rahman Ravelli.
Although value-added tax cuts may seem attractive for governments looking to stimulate economies in the wake of the pandemic, their implementation costs and inefficiencies can cause significant trouble for businesses, says Richard Asquith of Avalara.
The recent ruling by the English Commercial Court in National Bank of Kazakhstan v. BNY Mellon is a reminder of the potential difficulties that agency relationships — or the possibility of them — can create for contractual enforcement and interpretation, even years after a contract is signed, says Jonathan Swil at Shearman & Sterling.
While the U.K. Bribery Act has been positive overall, regulators should seek urgent reform to better enable the investigation and prosecution of companies and individuals for economic crimes, especially in cases directly harming people and the environment, says Chris Phillips at Alvarez & Marsal.
As COVID-19-related fraud gains pace, U.K.-based practitioners should help combat money laundering by using alternative methods to verify that new clients are who they say they are, says Christopher Convey, a barrister at 33 Chancery Lane and chair of the Bar Council's Money Laundering Working Group.
From setting realistic recovery expectations to anticipating regulatory zeal to strategizing internal operations, attorneys at King & Spalding offer a road map for U.K. financial services stakeholders attempting to return to "normal" when the pandemic subsides.
Even by the usual standards of a "Dear CEO" letter, the Financial Conduct Authority's April 28 letter is strongly worded — signaling no tolerance for banks using their corporate clients' cash-flow problems as leverage to obtain roles on equity mandates they otherwise would not have obtained, says Claire Cross at Corker Binning.
With an eye on the impact of COVID-19 and the evolving threat of financial crime, Christa Band and Jane Larner at Linklaters provide an overview of the near-future challenges financial institutions should expect.
Covington attorneys Alex Leitch and Harry Denlegh-Maxwell provide a bird's-eye view of how U.K. businesses will navigate the legal and economic aftermath of the pandemic, including discussion of where litigation funding, class actions, insurance disputes and force majeure fit it.
Since the last financial crisis, borrowers and private equity sponsors have cut distressed investors out of most European leveraged loan deals, but the recent economic turmoil due to the pandemic could create opportunities for distressed investors to return to the market, say attorneys at Orrick.
While the COVID-19 outbreak is a real-time test of the U.K. justice system’s adaptability and innovation, it is also an opportunity to deliver alternative dispute resolution through virtual technology — and there are two ways in which this could be achieved, says Suzanne Rab at Serle Court.
The U.K. Court of Appeals' recent decision in Filatona Trading v. Navigator Equities — concluding that an unnamed party could seek enforcement of a contract — sheds light on undisclosed principals' rights and obligations, and the interaction between agency and contract law, says Jonathan Swil at Shearman & Sterling.
In AA v. Persons Unknown, the English High Court classified bitcoins as property that can be the subject of proprietary injunctions, indicating the slow but growing acceptance of virtual currencies within the U.K., say Steven De Lara and Colin Grech at Signature Litigation.
Though EU and U.K. data protection laws should not impede the fight against COVID-19, companies must continue to protect individuals' data, and the challenges of managing a remote workforce and the desire for information about the virus’s impact have significant implications for that responsibility, say attorneys at Debevoise.
The European Commission's call for EU member states to exercise vigilance in screening new foreign investments in health care confirms a shift away from historical free trade principles in response to the coronavirus pandemic, says Mathieu de Korvin at FTPA Avocats.