News & Analysis as of

FSA Report Relating to the LIBOR Scandal

On March 5, The FSA published a report and management response concerning the manipulation of LIBOR. The report finds that the FSA was aware of disruption in the LIBOR market during the period between summer 2007 and early...more

Orrick's Financial Industry Week in Review - March 11, 2013

In This Issue: *Financial Industry Developments - SEC Risk Alert and Investor Bulletin on Investment Adviser Custody Rule - FHFA Outlines 2013 Goals for Fannie and Freddie - Rating Agency Developments ...more

FSA Challenges Accusations That It Was Slow on LIBOR Scandal

On February 21, the Treasury Select Committee published the FSA’s response in relation to its August 2012 report on LIBOR. The report had criticized the FSA for being behind the US regulator in formally investigating market...more

DOJ Announces Criminal Charges And Penalties For LIBOR Manipulation, Regulators Announce Parallel Civil Enforcement Actions

On February 6, U.S. and U.K. authorities announced that a Japanese financial institution and its British bank parent company agreed to pay roughly $612 million to resolve criminal and civil investigations into the firms’ role...more

RBS Fined £87.5 Million over LIBOR Rates

On February 6, the FSA issued a final notice to RBS imposing a fine of £87.5 million for misconduct in submitting rates for the calculation of LIBOR....more

RBS Fined £87.5 Million over LIBOR Rates

On February 6, the FSA issued a final notice to RBS imposing a fine of £87.5 million for misconduct in submitting rates for the calculation of LIBOR....more

Taken Out Of Context: The Danger In Employee Emails

Imagine walking past a conversation between your supervisor and another manager in which you hear the supervisor say “it’s really terrible” and the manager replies “yeah, we really need to cut back, but it’s going to be...more

UBS Fined £160 Million for Significant Failings in Relation to LIBOR and EURIBOR

On December 19, 2012, the FSA announced that it had fined UBS £160 million for misconduct relating to LIBOR and EURIBOR....more

Financial Regulatory Update - December 2012

This newsletter highlights some of the key financial regulatory measures affecting the UK and EU during the period from 1 August to 14 December 2012. In This Issue: - Regulation of Banks and Investment...more

Libor Fixing Probe – UBS Facing Potential $1 Billion Fine

UBS, Switzerland’s largest bank, is set to become the second financial institution to enter into a settlement arising out of the Libor rate-fixing scandal. The potential agreement would reportedly allow UBS to pay...more

FSA Consults on Regulation of Benchmarks

On December 5, the UK Financial Services Authority (FSA) announced a consultation on its new regulatory framework for financial benchmarks – CP12/36 The Regulation and Supervision of Benchmarks. This follows on from the work...more

Orrick's Financial Industry Week in Review - December 3, 2012

In This Issue: - Financial Industry Developments · CFTC Final Rule on Clearing of Credit Default Swaps and Interest Rate Swaps · Fed, Treasury Proposed Amendments to Bank Secrecy Act Definitions...more

12 Results
|
View per page
Page: of 1