02/03/2020
Default judgments – Why a trial on the merits can be more beneficial
The Court noted its responsibility to take “special care” to ensure that the process is fair and that the interests of the absent defendant are properly safeguarded.
Legal, Regulation & Compliance
02/03/2020
FCA rounds on credit card firms over customers in persistent debt
Under our rules, firms must help customers to reduce the level of debt they have on their credit card more quickly.
02/03/2020
Central banks pool brainpower on digital currencies
The group will be co-chaired by the BoE’s deputy governor, Jon Cunliffe, and former ECB executive and recently appointed head of the newly formed BIS Innovation HUB, Benoît Cœuré.
02/02/2020
City lawyer accused of intimidation campaign on behalf of Gulf clients
Dechert partner denies High Court claim over ‘interrogation’ of emirate’s captive
01/31/2020
BoE slashes growth forecasts for three years but holds rates
The bank’s quarterly forecast revealed they are expecting the economy to have flatlined at the end of 2019.
01/31/2020
Vanguard claims it is 73% cheaper than market
Vanguard’s assessment of value report is the first to be published by the asset manager since the new Financial Conduct Authority rules mandating the reports have been implemented.
01/31/2020
Markets Committee calls for wider adoption of global code of conduct for foreign exchange markets
The Markets Committee recommended exploring additional ways to encourage adoption of the Code in buy-side firms.
01/31/2020
EU Investment Firms Directive And Regulation: Overview Of New Prudential Regime For 2021
The IFD/IFR includes new and detailed provisions on capital requirements, liquidity, reporting, disclosure and remuneration.
01/31/2020
UBS Europe probed in Italy in asset manager fraud investigation: sources
Prosecutors have looked in to whether Sofia committed fraud by applying higher-than-average fees to 117 clients
01/31/2020
Furious lawyers berate their firms for ‘dismal, bargain bucket’ pay
In second-to-last spot, a senior lawyer at Blake Morgan (28%) said that he hadn't received any "pay rise in 3 years...Not even to match inflation!"
01/31/2020
Regional lawyers bemoan huge salaries of London colleagues
One Cambridge lawyer complained that salary should rise "to reflect the cost of living".
01/31/2020
Russia puts out arrest warrant for ex-banker in embezzlement case
A spokesperson for Mints said the case appeared to be an attempt to intimidate him and his family.
01/31/2020
Netherlands delays beneficial ownership register
Under the original Bill, each corporate or other entity incorporated or founded in the Netherlands must obtain and register information on the persons who ultimately own or control them.
01/31/2020
CBI Enhances Asset Suitability Review for UCITS Applications
The UCITS regime contains various requirements designed to support investor protection, including rules around eligible assets, diversification, liquidity, valuation, risk management, compliance and oversight and safekeeping of assets.
01/30/2020
LIBOR Transition: Litigation Risk Observations on Suite of Documents Published by the Regulators in January 2020
The latest publications build on the warning given by the FCA at the end of 2019 about conduct risks during LIBOR transition and proposed next steps, as discussed in our banking litigation blog post.
01/30/2020
Lloyds Banking Group set to close 56 bank branches
So far, all branch closures have been managed without compulsory redundancies and Accord expects the same outcome here.
01/30/2020
Sharp rise in equity savings accounts in Norway
The transition period enabled shifting existing investments in equities and equity funds into an account without triggering a tax payment on gains.
01/30/2020
AML, KYC and Sanctions Fines for Global Financial Institutions Top $36 Billion Since Financial Crisis
Fines related to AML, KYC and sanctions violations increased in the 15 months since the last Fenergo report by 160% as the ramifications from the global financial crisis bear a significant impact.
01/30/2020
For whom the Brexit bell tolls
Good advice, even if its scope is vague – but how helpful is this going to be in practice?
01/30/2020
Police investigate "several" Latvian non-resident banks
Police have conducted investigations at various Latvian banks associated with the non-resident banking sector, according to unofficial information reported by Latvian Television (LTV) January 29.