10/17/2012
UBS found 3 other unauthorized trading incidents, court told
Adoboli, 32, faces two counts of fraud and two of false accounting, which he denies
Legal, Regulation & Compliance
10/16/2012
Ex-Bluebay Salesman Seeks $2.7 Million Bonus After Joining Rival
Bluebay is owned by Royal Bank of Canada, which paid 963 million pounds in 2010 for the firm to expand its wealth management business.
10/16/2012
Ex-Banker Girlfriends Doubled Money on Insider Trading
“These two women managed to almost double their money by trading on just one stock
10/16/2012
Société Générale Is Ordered to Halt Some Japan Activity
Orders based on Article 26(1) of the Banking Act and Article 9 of the Act on Provision, etc. of Trust Business by Financial Institutions
10/16/2012
Top European regulator backs EU-wide commission ban
ESMA is reponsible for ensuring financial stability and enhancing investor protection across the EU
10/15/2012
UBS CFO Says 550 Fired After $2.3 Billion Trading Loss
Bonuses at the investment bank were also reduced by about 60 percent after the loss.
10/15/2012
Ayrault Says Art Will Not Be Included in French Wealth Tax
The French government will not include art works in its wealth tax, the prime minister and budget minister said in separate interviews today.
10/15/2012
Spanish Court Bars Santander CEO From Banking
Late last year, Spain's previous administration had granted Saenz a partial pardon,
10/14/2012
Esma rejects Aima/BVI challenge
The European Securities and Markets Authority has rejected last-ditch attempts by two trade associations representing fund managers to reconsider new guidelines aimed at strengthening investor protection and harmonising regulatory practices.
10/14/2012
Two grad students discovered Libor rate rigging in 2010
Students Connan Snider and Thomas Youle were repeatedly turned down by academic finance journals
10/14/2012
HMRC tightens screw on expat workers in City
HMRC received £117.2m from its expat team’s compliance work in 2011-12, on top of the tax already paid by foreign workers in the City.
10/14/2012
New bank watchdog to monitor profits as well as their conduct
This week’s approach document will give extra detail on the FCA’s planned mode of operations.
10/14/2012
International law firm bolsters London private client team with Withers partner hire
The appointment also comes as increasing numbers of wealthy French families are reportedly moving their assets to locations such as London and Belgium for tax purposes.
10/14/2012
RBS Said to Suspend European Rates Trading Head in Libor Probe
He was suspended on Oct. 12 after Bloomberg News reported he instructed colleagues to lower the British lender’s submission to the London interbank offered rate in 2007, said the people, who asked not to be identified because the matter is private.
10/14/2012
Linklaters and Slaughters lead as Santander scraps RBS branches buy
Linklaters and Slaughter and May have advised as Santander pulls out of a £1.65bn deal to buy 316 branches from the Royal Bank of Scotland (RBS).
10/11/2012
FSA bans and fines ex-director of sub-prime lender £100k
Welcome accounted for around 90 per cent of Cattles’ revenue.
10/11/2012
UBS Executive Probing Adoboli Trades Ignored Co-Workers
Prosecutors say Adoboli, who is on trial for fraud and false accounting tied to the trading loss
10/11/2012
Shearman & Sterling Strengthens UK Derivatives and Structured Products Capabilities
He joins the firm from Berwin Leighton Paisner LLP, where he was a partner in the Banking & Capital Markets group.
10/11/2012
Addleshaw Goddard hires former Barclays counsel
He will join Addleshaw Goddard’s business support and restructuring team in London as a partner.
10/11/2012
Top personal income tax rates increase in 2012: KPMG
Even prior to the rate reduction, the UK drops from 4th highest to 5th highest in the EU