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.
Legal, Regulation & Compliance
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.”
05/29/2014
Ex-JP Morgan Cazenove banker loses appeal against market abuse ruling
The decision follows a year-long re-evaluation of the original 2012 verdict from by the Financial Services Authority, the then City regulator, which found that Hannam had sent two emails breaching insider trading rules.
05/28/2014
Three U.S.-based former Barclays traders appear in UK court
British and U.S. prosecutors have charged 16 individuals to date in connection with the investigation into alleged rigging of benchmarks
05/28/2014
Credit Agricole Said to Accuse EU of Bias in Euribor Case
The EU’s Euribor case became strained when three banks including Credit Agricole rejected an accord.
05/28/2014
FCA calls on insurance intermediaries to better manage conflicts of interest when dealing with small business clients
Research into the understanding of small business customers also demonstrated that few understood that there was a possibility for their insurance intermediary to be conflicted.
05/28/2014
Jailing bankers will not fix bad behaviour, says Mark Carney
Mark Carney, Governor of the Bank of England, says fundamental flaws in the industry can only be resolved by changing how markets operate
05/28/2014
Jersey finance industry statistics Q1 2014
The latest figures for all sectors of Jersey’s finance industry show resilience, with the funds industry growing in size.
05/27/2014
New recovery division launched by DSW
Dow Schofield Watts takes on top team to head business recovery unit
05/27/2014
NAMA sold 26 properties with ‘no evidence of open marketing’
The state’s bad bank is also unable to say how much it takes in rental income.
05/27/2014
IMF's Lagarde says bank reforms slowed by fierce industry pushback
The bad news is that progress is still too slow, and the finish line is still too far off
05/26/2014
How 'Fast Eddie' came skidding off the rails
Eddie Davenport’s court appearance this week marked the end to a life of fame, fortune – and audacious fraud