06/02/2014
Spanish Bankers Convicted for First Time Since Economic Crisis
They were convicted of using €28.6m of the state aid for retirement plans that they granted themselves before the bank was bought.
Legal, Regulation & Compliance
06/02/2014
UBS Probed in Belgium Over Money Laundering, Organized Crime
UBS Belgium, the bank’s local arm, helped to organize the transfer of large amounts of money to Switzerland
06/02/2014
New York regulator wants BNP executives fired, say sources
The other source said Lawsky was not expected to want the bank’s top two or three executives fired
06/02/2014
HMRC guidance on Social Investment Tax Relief by Chris Priestley, Withers
The government is aiming to support social investment by providing valuable tax reliefs to individual investors (SITR).
06/02/2014
Changes to Tier 1 (Investor) visas for the UK – what you need to know by Philip Barth, Withers
The Investor visa has been in existence for about 20 years. It allows a person who can show liquid wealth of at least £1m to apply for the right for themselves, and their dependant family members, to live in the UK.
06/02/2014
Pre-Nups and Post-Nups to be binding in England by Mark Harper, Withers
In February 2014 the Law Commission of England and Wales published their proposals for the law on Qualifying Nuptial Agreements (QNAs), together with a draft Bill, to be put before Parliament at some point in the future.
06/02/2014
English courts are getting tough on individuals who claim to have no control over trust assets by Dawn Goodman, Withers
In several recent cases concerning Russian and CIS nationals, people have been held in contempt of court for failing to disclose information about their assets. In this article we look at two recent cases where the English Court’s remit stretched fa
06/02/2014
UK’s fast-growing model for legal services launches in Australia
A new model for providing legal services enters the Australian market today, with the official launch of Keypoint Law.
06/02/2014
L&G chief: providers should not deliver guidance guarantee
Legal & General chief executive has hit out at plans for providers to have a role in the government’s guidance guarantee.
06/02/2014
European Left prepares for regulatory push
Sven Giegold, economic and financial spokesman for the Greens/European Free Alliance, has told Financial News he will campaign for effective regulation for banks and shadow banks when the European parliament reconvenes and will remain a critic of high pay
06/02/2014
Russian anti-offshore initiatives: Updated Draft Law on Controlled Foreign Company rules and other measures
On the 18th of March the Russian Ministry of Finance published a draft law on anti-offshore measures.
05/30/2014
US seeks more than €7 billion from BNP for violating sanctions
The US is seeking more than $10 billion from French bank BNP Paribas to settle criminal charges that it violated US sanctions on Iran, Sudan and Cuba, and the two sides remain in negotiations
05/30/2014
Sahara to sell assets in London, New York to raise money
The bench of Justice T.S. Thakur and Justice A.K. Sikri reserved its order on Sahara's application
05/30/2014
Barclays overhauls legal team to create global litigation and financial crime group
The bank’s new global financial crime group will now take on all financial crime work, which will be split off from the rest of the litigation function as well as bribery and corruption and money-laundering matters.
05/29/2014
Prosecution seeks suspended sentences in HSH bank trial
HSH - along with other regional state-owned German lenders known as landesbanks - lost billions of euros
05/29/2014
WMA advises EU against 'blunderbuss' regulation
Retail and wholesale financial markets differ and require a different regulatory approach
05/29/2014
Former Top JPMorgan Banker in Britain Loses Appeal in Insider Case
We consider that it could never be in the proper course of a person’s employment for him to disclose inside information to a third party
05/29/2014
Fraud investigators probe Quintillion’s failed Kratos fund
Fraud investigators are probing the failed Kratos Ucis fund, managed by discretionary firm Quintillion, following a report by the Public Interest Unit which alleges criminality.
05/29/2014
UK watchdog wants an "innovation heaven" in financial products
Britain's markets regulator pledged on Thursday to offer a more sympathetic ear to financial firms wanting to develop new products that help customers save for their old age.
05/29/2014
BGC Sued by Broker Who Refused Water-Throwing Initiation Ritual
BGC Partners Inc. was sued by a former broker who said he was subjected to a campaign of abuse after refusing to take part in a “boorish” initiation ritual called “the run.”