07/18/2012
Milan Swaps Prosecutor Seeks Ban And Fines For UBS, JPMorgan
The prosecutor today asked a Milan court to fine the banks 1.5 million euros each and asked they return their 72.5 million euros of illicit profit from the contracts.
Legal, Regulation & Compliance
07/18/2012
Tax avoidance: HMRC could gain billions as court rules against 'artificial' scheme
The court ruled against a scheme promoted by PricewaterhouseCoopers, the accountancy firm, used by a businessman in a bid to avoid about £11m in tax.
07/17/2012
HSBC faces £640m fine for allegedly allowing drug gangs launder millions
A top executive at the bank sensationally quit yesterday in front of a US Senate hearing that exposed the scale of the scandal.
07/17/2012
FSA bans Carlisle adviser facing Aviva winding up order
Regulator acts over firm’s failure to pay fees and levies of more than £8,000.
07/17/2012
Potential Impact of RDR Chapter 5 Regulation - Research
These rules relate to those organisations responsible for the provision of nominee services to retail investors investing in authorised funds, and demand the timely distribution of certain mutual fund information and notification of voting events to all u
07/17/2012
Clydesdale, Yorkshire banks under Financial Services Authority Review
The FSA had already completed a review with Britain's four biggest banks - Barclays, HSBC, Lloyds and Royal Bank of Scotland - after they admitted in June to inappropriate sales of interest-rate hedges to businesses.
07/17/2012
Ex-UBS France Employee Charged in Tax Inquiry After Raids
UBS is “fully cooperating with the French authorities,” according to an e-mailed statement by the Zurich-based bank.
07/16/2012
FSA Boos: Barclays' gaming culture
Andrew Bailey, head of the Prudential Business Unit at the Financial Services Authority (FSA), added that Mr Diamond's account of his and the bank's relationship with regulators was "highly selective".
07/16/2012
France Won’t Make Payroll Tax Retroactive to Jan. 1, Echos Says
Only overtime hours from Aug. 1 will be affected, the newspaper said.
07/16/2012
HSBC faces probe on money laundering claims
The multiyear probe into HSBC by the Senate permanent subcommittee on investigations is expected to reveal activities similar to those that led Wachovia Bank to reach a $160m agreement with the Department of Justice in 2010 to settle allegations that it l
07/16/2012
International legal practice adds another magic circle partner
The City partner, who led Clifford Chance’s shipping finance practice for the past five years, focuses on structured finance, leasing and restructuring within the shipping and offshore sectors as well as other asset classes.
07/15/2012
London Self-Regulatory System Proves Illusory in Libor Scandal
Governor Mervyn King’s failure then to take greater responsibility for Libor now poses a new threat to London’s drive to rival New York in the battle for a larger share of a shrinking international financial industry.
07/15/2012
Deutsche Bank gets prosecution witness status in rate probe
They said Deutsche Bank has applied to cooperate with authorities in their investigation under the leniency programmes of the European Union and in Switzerland, but that it did not mean the bank was admitting any guilt.
07/15/2012
German bank under fire in Florida and at home
Deutsche Bank was a heavyweight financial player during the American mortgage meltdown and its aftermath: empty and neglected properties that blight local neighborhoods.
07/15/2012
Committee to grill regulator, Barclays executive
Del Missier is said by Barclays to have misinterpreted a message from Diamond and told the bank's staff that the Bank of England had sanctioned them submitting lower rates to massage down the London Interbank Offered Rate, or Libor, the rate that und
07/15/2012
Ulster Bank seeks regulation from UK
The move, if it goes ahead, is understood to be motivated by new European Union bank solvency regulations, due to come into effect next year, which will oblige the funding of Ulster Bank by its British parent Royal Bank of Scotland (RBS) to be capital-bac
07/15/2012
German state buys Swiss data to track tax frauds
It can be assumed that these customers avoided paying large amounts of tax, the paper said.
07/15/2012
Banking industry in new row over paid for current accounts
Britain's banking industry is facing fresh questions over the way it operates with new figures showing a major rise in the number of people paying ever increasing fees for their bank accounts.
07/15/2012
German tax officials target clients of British private bank Coutts' Swiss unit
The Financial Times Deutschland reports that officials in the western state of North Rhine-Westphalia paid 3.5 million for a CD containing the names of some 1,000 rich German clients.
07/15/2012
Four charged over Rowan Dartington transactions
Avon and Somerset police have charged four people with money laundering offences in relation to suspicious transactions at Rowan Dartington.