03/01/2016
FCA tells fund managers to make clear liquidity risks
In an update on this work, published today (29 February), the FCA said disclosure to investors in one of three areas the industry should focus on.
Legal, Regulation & Compliance
03/01/2016
Broker refused FCA authorisation
The FCA gave Cross Keys Estate & Finance Limited final notice of its refusal after the firm failed to refer the regulator’s decision to the Upper Tribunal within 28 days.
03/01/2016
Law firm opens new commercial division
A handful of new recruits are being taken on.
03/01/2016
SEC Said to Pressure Lloyds on Disputed CoCo Bonds Tender Offer
The U.S. Securities and Exchange Commission pushed Lloyds Banking Group Plc to give bondholders more details on the terms of its buyback offer as the British bank prepares for a legal battle with creditors in the U.K. Supreme Court
02/29/2016
Trusts and Privacy - A new battle front by Filippo Noseda, Withers
The use of trusts is under attack in a number of European jurisdictions, and the OECD's Common Reporting Standard poses significant further threats to their use.
02/29/2016
£1.6m in the bank for Cherie Blair’s law firm, thanks to advising 'dictatorships'
Latest accounts for Mrs Blair's law firm show massive cash boost amid deals to advise autocratic regimes in Kazakhstan and Maldives
02/29/2016
Hedge funds seek refuge from unfair European regulations
Lobbyists defend the interests of corporates against disruptive technologies, writes Paul Marshall
02/29/2016
Fund managers in talks with regulator over clarity on fees
Currently, pension fund charges are subject to both UK and EU regulatory requirements
02/29/2016
Richard Pease sues Henderson in £2.7m contract row
Pease, who joined Henderson following its acquisition of New Star
02/29/2016
Kirkland & Ellis suffers London mass exit as seven partners walk out in less than a week
The news comes after a six-partner team from Kirkland announced they would exit the firm to set up a City private equity team at Sidley Austin.
02/26/2016
Swiss banking giant charged with tax fraud and money laundering in Belgium
A statement from prosecutors said: "The Swiss bank is suspected of having directly, and not via its Belgian subsidiary, approached Belgian clients to convince them to set up constructions aimed at evading taxes."
02/26/2016
U.S. Sanctions Warning Tests Resolve of Foreign Banks in Russia
Royal Bank of Scotland Group Plc, Barclays Plc and Deutsche Bank AG have shuttered activities in the country.
02/25/2016
EU banking watchdog reveals 2016 stress test scenarios
The scenario implies negative growth in the EU’s gross domestic product in 2016 and 2017 of, in the worst case, minus 1.3 per cent
02/25/2016
Lloyds lawyer says 'no value left in HBOS' comment taken out of context
A lawyer for Lloyds told a pre-trial hearing that the note, written by former Lloyds board director Archie Kane on Oct. 10, 2008
02/24/2016
Court date set for Libyan sovereign fund dispute
The hearing is expected to run for four or five days, although the judgment may not come in the same week.
02/24/2016
Calastone launches Data Services - a unique global fund distribution solution
MiFID II, the European regulatory framework designed to improve the transparency and oversight of financial markets, is moving responsibility to understand the distribution chain
02/24/2016
UK Court Dismisses Attempt To Re-Open Swaps Mis-Selling Case
Banks accused of mis-selling of interest rate swaps may escape having to pay out more in redress to clients after a High Court in London on Wednesday dismissed an application to review the handling of the compensation process.
02/24/2016
Proposed master trust legislation must strike a balance
In an ideal world, the final rules will protect members against weak or fraudulent trusts
02/23/2016
Wealth manager WH Ireland takes fine, block on new clients
The FCA found that between 1 January and 19 June 2013, WHI failed to ensure it had the proper systems and controls in place to prevent market abuse being detected or occurring. WHI's failings, which amounted to a breach of Principle 3, included:
02/23/2016
Germany’s Deutsche Bank in crisis
The very fact that Cryan felt the need to make such a statement was seen as a sign of weakness.