05/24/2012
Swiss bank surveillance gets tougher
Finma was established in 2009 shortly after UBS was bailed out by the federal government. Its activities cover the entire financial industry.
Legal, Regulation & Compliance
05/24/2012
Global law firm appoints M&A partner in London
He joins Jones Day from the London office of Dewey & LeBoeuf.
05/23/2012
City watchdog reform clears hurdle
Treasury Financial Secretary Mark Hoban told MPs the old system, put in place as one of Gordon Brown's first acts as chancellor, had failed.
05/23/2012
Credit Suisse’s Spencer: RDR will give UK a competitive edge
The UK’s financial services industry will have an advantage over the rest of the EU following the implementation of the retail distribution review (RDR), says Credit Suisse’s Matthew Spencer.
05/23/2012
Spain Court Closes Botin Family Tax Case Without Charges
Spain's National Court said Tuesday it has shelved an investigation into potential tax evasion against Banco Santander SA (STD) Chairman Emilio Botin and his family without pressing any charges.
05/23/2012
Linklaters named European tax firm of the year
Linklaters has been named European tax firm of the year by International Tax Review, at its seventh annual European Tax Awards ceremony, held on 16 May, at The Dorchester Hotel in London.
05/23/2012
Linklaters overhauls international board with seven new members
Linklaters has overhauled its international board, with partners electing seven new members to represent both regions and practice groups on the firm's main oversight body.
05/23/2012
CC and A&O take top roles on Man Group hedge fund takeover
Clifford Chance and Allen & Overy have advised on Man Group’s takeover of $8bn (£5bn) hedge fund Financial Risk Management (FRM) Holdings.
05/22/2012
UBS traders fined £1.3m for unauthorised trading
UBS rogue traders Sachin Karpe and Laila Karan have been fined £1.3m and banned from working in the City for carrying out billions of pounds of unauthorised trades.
05/22/2012
7IM: Third party model portfolios threatened by FSA rules
Sheridan, chief executive of 7IM, said that under the FSA’s paper on centralised investment propositions (CIPs) if an adviser puts a client in a DFM-provided model portfolio they need either discretionary authority or the client needs to sign an agr
05/21/2012
Proskauer hires Dewey City steering group duo
All three partners were in the Dewey team acting for creditors of bankrupt financial derivatives broker MF Global, with this ongoing instruction cited as a cue for their decision to join Proskauer together.
05/21/2012
UK Bribery Act – There's a New Constable in Town
He has taken office promising, in remarks to the Financial Times, to "rebalance the relationship between prosecution and civil settlement" and focus on "strategically significant cases". This would suggest a departure in approach from
05/21/2012
Jailed fraudster Michael Brown's links to Pritchard Stockbrokers
Fraudster and Lib Dem donor Brown controlled broker linked to former Rangers owner Craig Whyte during his 2005/06 crime spree
05/21/2012
Barclays backs RBS share deal for voters
Barclays is known to have discussed the plan with UKFI, which manages the Government’s stakes in the two banks, and it is also known that the Treasury is aware of its involvement.
05/18/2012
Analysis: HSBC victory in UK case a relief to money-laundering monitors
Wednesday's High Court judgment is also a relief to financial firm professionals who feared the impact of a Shah victory on their processes for suspicious activity reporting.
05/18/2012
Northern Rock sale costs $762m on taxpayers
Making the bank back into a customer-owned lender or selling the shares would have made less money, it said.
05/18/2012
Serious Crime Office 'offered to drop investigation of property tycoons in return for donation'
Property tycoons the Tchenguiz brothers were told that a criminal investigation against them would be dropped if they made a multi-million pound donation to charity, it has been alleged.
05/17/2012
FSA crackdown on Ucis to hit private wealth management hardest
The UK Financial Services Authority's (FSA) draft of new regulations preventing unregulated collective investment schemes (Ucis) being marketed to retail investors will have most impact on the UK private wealth management sector, according to market
05/17/2012
JP Morgan hit by lawsuit over 'clandestine conversion' that caused $2bn trading loss
Jamie Dimon, JP Morgan’s chairman and chief executive, and Douglas Braunstein, the bank’s finance director, are accused of breaching fiduciary duty to investors and wasting the bank’s assets in a suit filed in New York by Californian sha
05/17/2012
Lloyds Banking Said to Suspend Two Traders Amid Libor Probe
Foreign-exchange derivatives trader Alexandre Dube and interest-rate derivatives trader John Argent, both based in London, were sent home about two months ago, said the people, who declined to be identified because they weren’t authorized to discuss