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.
A London judge has ruled that a U.S. timber giant cannot pursue legal proceedings in a Washington DC court against Lloyd’s of London insurer Catlin and XL Insurance in an attempt to force them to pay out liability cover under an excess-of-loss insurance policy.
The Financial Conduct Authority has ordered an investment company to stop marketing its fixed-rate investment bonds and individual savings accounts as it carries out an investigation.
Cybersecurity and privacy will continue to remain top-of-mind for companies in 2019, with the cyberthreat landscape expected to keep growing, vendor relationships taking on added importance, U.S. states continuing to flex their muscles and international data transfers getting even stickier. Here, attorneys offer five predictions for what promises to be another big year in the cybersecurity and privacy realm.
Momentum is expected to build significantly in 2019 for the enactment of a comprehensive federal privacy framework in the U.S., while the pair of laws that played a major role in fueling these efforts — California's landmark Consumer Privacy Act and the European Union's General Data Protection Act — will continue to loom large, according to attorneys.
The U.K.'s financial services face a regulatory reckoning on Brexit in 2019, as well as a shift away from the long-standing Libor benchmark and a deadline for payment protection insurance complaints that have cost banks billions of pounds in compensation. Here Law360 looks at the hurdles facing banks and insurers in the year ahead.
Two of Britain's most long-awaited financial services cases are set to go to trial in January, giving court watchers plenty to look forward to in 2019 — from complex fraud suits to a showdown over insurance in the Deepwater Horizon Disaster. Here Law360 looks at the key cases coming in the year ahead.
As the new year gets underway, practitioners can expect to see a number of trends within international arbitration — including the watering down of investment protection, a rise in the number of contractual disputes and the ongoing evolution of arbitral rules — continue to unfold. Here are three international arbitration trends you need to know about for 2019.
Gibraltar-based motor insurer Horizon has entered into administration, affecting 1,700 customers in Britain, while a Danish insurance company that also operates in the U.K. and across Europe has gone bankrupt, creating extra work for regulators ahead of Christmas.
The British government laid out several legislative measures on Wednesday to ensure that financial services are disrupted as little as possible after Brexit, ranging from guaranteeing passporting rights with Gibraltar to duplicating securitization law.
European Union and U.K. authorities geared up to celebrate the holidays by releasing a flood of proposals, legislation and reports this week ranging from directives on sustainability for financial institutions to caps on the compensation for some medical claims.
Britain’s crime-fighting authorities received more reports of suspicious financial activity than ever before in 2018, which has led to nearly £52 million ($65.7 million) of dubious cash being denied to criminals, figures published on Thursday reveal.
Europe's top insurance watchdog on Thursday said it is asking the bloc's insurers to give feedback on the reporting requirements under the European Union's sweeping Solvency II capital regime to help the regulator decide whether those rules are "fit for purpose" and suitable for smaller firms.
The Central Bank of Ireland said on Thursday that it has reprimanded and fined the Irish arm of RSA Group PLC €3.5 million ($4 million) for breaching regulations on claim reserves and accounting.
The U.S. government said it has signed a bilateral agreement with the U.K. that will provide "regulatory certainty and market continuity" for American insurance companies as Britain prepares to leave the European Union in March 2019.
Europe's top insurance watchdog said Wednesday that it has been mostly successful in harmonizing cross-border oversight of multinational companies but that gaps in the regulatory framework mean there's work left unfinished to streamline supervision in the European Union.
Consumers in the European Union paying for goods or withdrawing money in euros will now pay the same transaction fees, regardless of whether they reside outside the eurozone, thanks to new rules passed Wednesday by lawmakers.
The U.K. government’s long-awaited ban on pensions cold-calling will go into force after repeated delays in January, the Treasury confirmed Wednesday, as the regulatory net tightens around scammers who seek to trick savers out of millions of pounds.
Regulators and the government should take firmer enforcement action in financial services markets over the next year to stop companies from overcharging long-standing customers, including instituting price caps and naming and shaming businesses that didn't shape up, the Competition and Markets Authority said Wednesday.
The U.K.'s City watchdog warned senior managers at financial services firms on Wednesday that their jobs could be at risk if they do not take diversity seriously, following a surge of whistleblowing complaints about "nonfinancial behavior."
The European Commission adopted new laws on Wednesday to enable Europe’s banks to continue using London’s clearinghouses for 12 months if Britain crashes out of the bloc, in a major step toward protecting the multitrillion-dollar market in over-the-counter derivatives.
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.
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.
A Dutch court's approval this month of a €1.3 billion ($1.5 billion) collective settlement of claims brought by shareholders of the former Fortis shows that the Dutch Act on Collective Settlement of Mass Claims can be used to resolve transnational disputes on a classwide, opt-out basis, say Jonathan Richman of Proskauer Rose LLP and Ianika Tzankova of Tilburg University.
The U.K. High Court's recent decision in Breeze and Another v. Chief Constable of Norfolk illustrates the great difficulty shareholders face when trying to recover loss caused by a wrong done to a company, especially if the company is unwilling or unable to pursue the claim itself, say David Gerber and Joshua Reynolds of Arnold & Porter.
While I read with interest Law360's report analyzing the top 20 global law firms of 2018, I also noticed it doesn't tell the whole story. Global networks of independent law firms compare favorably with multinational firms in terms of geographic coverage, legal expertise, and awareness of local cultures and customs, says Glenn Cunningham of Interlaw Ltd.
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.