Libor European Union

News & Analysis as of

Serious Fraud Office Closes Forex Investigation

The Serious Fraud Office (SFO) recently announced that it had closed its criminal investigation into allegations of fraudulent conduct in the foreign exchange (FX) market. The SFO began its investigation in July 2014...more

UK Financial Regulatory Developments - April 2016 #3

FCA considers competition powers - FCA Director of Competition, Deb Jones, spoke on FCA’s use of its competition powers. She looked at the problems faced when promoting competition without a “race to the bottom”...more

UK Financial Regulatory Developments - March 2016 #16

Lloyd’s reports on complaints handling rules - Lloyd’s has published the March edition of its Conduct Standards Newsletter. It provides updates on recent changes to the complaints handling rules and requirements. It also...more

Financial Regulatory Developments Focus - March 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

UK Financial Regulatory Developments - March 2016 #2

Regulators issue compliance statement for Sound Remuneration Policies PRA and FCA have issued a joint statement notifying EBA that the regulators will fully comply with EBA guidelines on Sound Remuneration Policies with...more

Your daily dose of financial news The Brief – 2.23.16

It’s a whole new ballgame for Wall Street traders—and one suspects it’s involving a lot fewer actual ballgames and a lot more algorithms, as the advanced-degree coders and their ETF firms take on the old guard – NYTimes...more

Top Finance Litigation And Regulatory Developments In 2015

This is a summary of the most interesting banking litigation and regulatory developments in 2015. The selection is necessarily subjective and draws from a wide range of cases and developments that are of direct relevance to...more

Global Cartel Enforcement 2015 Year in Review

Developing trends: Auto parts and financial services penalties dominated global enforcement fine totals in 2015. And while financial services will remain a focus for enforcers in 2016, several new antitrust...more

The New EU Benchmark Regulation

There has been increased pressure on the EU to restore confidence in the integrity and accuracy of benchmarks following the LIBOR and EURIBOR market-rigging scandals. Multi-million Euro fines have already been levied against...more

The Defeat Device: Compliance and Ethics in the Auto Industry

Things are seriously bad when one of the world’s most respected business focused publications, the Financial Times (FT), asks if the auto “industry faces ‘Libor moment’”? Yet that was a headline yesterday in the lead article...more

EU Clearing Obligation for Interest Rate Swaps Looms

Implementation of the obligation for central clearing of OTC derivatives under the European Market Infrastructure Regulation now seems imminent. The European Commission has adopted a Delegated Regulation that would impose a...more

Dodd-Frank Turns Five, What Comes Next?

The 2008 credit crisis was the beginning of an era of unprecedented government management of the capital markets. July 21, 2015 marked the fifth anniversary of the hallmark congressional response, the Dodd-Frank Wall Street...more

ICAP – one fine too many?

On 4 February 2015, the European Commission (Commission) fined cash broker ICAP plc (ICAP) €14.9 million for its involvement in the Japanese Yen (JPY) LIBOR cartel. Unlike the other participants in the alleged cartel, ICAP...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Enforcement – FCA Fines £13.2 Million for Transaction Reporting Failures - The FCA fined Merrill Lynch International (MLI) £13.2 million on 22 April 2015 for incorrectly reporting 35,034,810 transactions and failing to...more

Financial Services Regulation: Exchange – International Newsletter - Issue 26 – May 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-sixth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

Benchmarks: Agreement Reached on ECON Committee

On March 31, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) adopted its report on benchmarks. Key issues include: The Economic and Monetary Affairs Committee backed a draft EU law to make the...more

Financial Services Regulation: Exchange International Newsletter - Issue 25 - February 2015

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fifth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

Financial Regulatory Developments Focus - January 2015 #3

In this issue: - US Office of the Comptroller of the Currency Releases Community Reinvestment Act Evaluations - Amendment to Regulation on Supervisory Reporting of Institutions on Asset Encumbrance, Single Data...more

What Price Market Integrity? The Various “Benchmark Reviews”

When the LIBOR scandal first came to light, governments and regulators quickly took the view that “something had to be done” about pricing indices (Benchmarks). Since that moment, the FX scandal and further investigations...more

Orrick's Financial Industry Week in Review

EBA Updates Single Rulebook Q&As - On October 17, the European Banking Authority (EBA) updated its Q&As on the single rulebook, publishing two new answers to questions relating to supervisory reporting and credit risk....more

Section 1 Claims Dismissed in LIBOR, TIBOR Class Action

On March 28, 2014, Judge Daniels of the Southern District of New York dismissed antitrust and unjust enrichment claims against over 20 banks accused of manipulating prices in the Euroyen interbank lending market by submitting...more

Credit Crunch Digest -- September 2013

This issue of the Credit Crunch Digest focuses on JPMorgan’s $920 million “London Whale” settlement; interdealer broker fines for Libor manipulation; the European Union’s proposed regulations for Libor oversight; cost...more

ICAP Fined £14 Million by FCA

The FCA has fined broker ICAP Europe Ltd £14 million for misconduct regarding the London Interbank Offered Rate (LIBOR), according to the final notice published by the FCA on September 25. ICAP was found to be in...more

European Commission Proposes Measures to Restore Confidence in Benchmarks

On 18 September 2013, the European Commission (the Commission) published a draft proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts (the Regulation). The Regulation will...more

Credit Crunch Digest -- June 2013

This issue of the Credit Crunch Digest focuses on new proposed Libor guidelines; a CFTC lawsuit against U.S. Bank stemming from Peregrine Financial’s fraud and collapse; a settlement between Citigroup and a large coalition of...more

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