04/11/2016
Panama Papers: Bermuda mentioned in UK media
The article explains that blind trusts are used to prevent ministers from using their positions from influencing their own investments, but also keeps their financial affairs private.
Legal, Regulation & Compliance
04/11/2016
Police probe £20m Scottish golf hotel development after investors claim they've yet to see a penny from their investment
NOT a brick has been laid since the hotel development at Whitekirk, East Lothian, since the development was first mooted in 2012.
04/11/2016
Deutsche Bank Swiss unit to pay fine in tax avoidance case
Deutsche Bank and the Cologne prosecutor's office declined to comment on either case.
04/11/2016
Long reach of US law spawns a demand for American legal experts
Prosecutors are relocating to London to capitalise on their sought-after expertise
04/11/2016
No need to look offshore for a private equity tax scandal
It would be understandable if UK private equity executives felt alarm at the uproar about the Panama Papers, but they need not worry too much.
04/11/2016
Ten biggest bank scandals have cost £53bn in fines
The research found that Royal Bank of Scotland has paid out £6.4bn in misconduct charges but there has been no dividend for shareholders since the financial crisis. RBS has paid £3.8bn in bonuses to staff.
04/11/2016
Bank of Italy conducting supervisory inspection at Bank of China offices
The source said the supervisory inspection, which started a few days ago and is continuing, had been triggered by the judicial investigation in Florence.
04/08/2016
EU backs separation of asset managers' research and trading costs
The European Commission published long-awaited draft rules on Thursday to flesh out a key section of the bloc's reform of securities markets, known as MiFID II.
04/08/2016
Bank of England fines Qatar Islamic Bank's UK unit nearly $2 mln
"In failing to assess, maintain and report on its financial resources for over a year, QIB failed to meet some of the most basic regulatory standards," said Andrew Bailey, chief executive of the PRA.
04/08/2016
Libor defendant implicates senior Barclays executives
Trader on trial for manipulating rate says superiors were aware of practice
04/08/2016
SocGen 'benefits' from $248m mistake
The amended fine of about $259.2m is based on corrected value of sales supplied by SocGen in February, the commission said.
04/08/2016
Spanish court says banks must remove mortgage floor, repay clients
Some Spanish banks, such as BBVA which had been hit by the 2013 ruling, have already removed the mortgage floor.
04/08/2016
Mayo solicitors announced as finalists in the AIB Private Banking Irish Law Awards
The two firms have been shortlisted in the ‘Connaught Provincial Law Firm of the Year’ category and P O'Connor & Son Solicitors has also been shortlisted for ‘Irish Language Practitioner of the Year
04/08/2016
FCA clamps down on closet tracker funds
In response, the FCA has demanded fund groups do more to clarify how products are managed in relation to their underlying indices.
04/08/2016
Crackdown ‘overdue’ on funds ‘riddled’ with closet trackers
Five of these used a “benchmark-related approach”, which the FCA said should have been disclosed.
04/07/2016
Ex-Barclays traders earned substantial bonuses, Libor trial hears
"Making money was the name of the game," said Hines.
04/07/2016
JAILED: Drugs firm boss who masterminded £3m HSBC fraud
When two of Brad’s companies went into administration in March 2013, he broke down and confessed that around £2 million worth of invoices were “not right”.
04/07/2016
BNP Paribas Sued by Ex-Spot Currency Trading Head
Panicked by regulatory probes, firms ignored employment law and were too quick to fire traders, according to three rulings published so far.
04/06/2016
Asset managers sue Portuguese central bank over bond losses
Fourteen fund management groups, including TwentyFour Asset Management and BlackRock, are suing the Portuguese central bank over losses incurred from Novo Banco.
04/06/2016
Ex-State Street executives charged for defrauding clients
The United States Attorney’s Office and the Fraud Section have also received valuable assistance from the Securities & Exchange Commission as well as from authorities in the United Kingdom, including the City of London Police.