Recent English Court Decisions Involving Mis-selling of Financial Products

This new article examines, by reference to two recent cases, whether there has been any change in the English courts’ robust approach to cases of alleged mis-selling of financial products…

Italian Court Convicts Four International Banks of Fraudulently Selling Derivatives

An Italian judge in Milan convicted four international banks of fraudulently selling derivative investment vehicles to the City of Milan government…

UBS to Pay U.S.$1.5 Billion to U.S., Foreign Regulators in LIBOR Probe

Switzerland’s UBS AG will pay $1.5 billion in fines and related payments to resolve claims by U.S. and foreign authorities that it manipulated the LIBOR in connection with several different currencies, UBS said Dec. 19 (In re UBS AG, CFTC; United States v. UBS Securities Japan Co. Ltd) …

HSBC Agrees to Pay U.S.$1.9 Billion to Resolve U.S. Money Laundering Case

The London-based HSBC Group and HSBC Bank USA have agreed to pay $1.9 billion and enter into a deferred prosecution agreement (DPA) to resolve charges of money laundering and doing business with countries subject to U.S. sanctions…

U.S. Federal Reserve Proposes Guidelines for Foreign Banks in Keeping with U.S. Bank Capital Standards

Big foreign banks would face capital standards applied to their U.S. counterparts and be required to maintain a 30-day buffer of highly liquid assets under a proposal Dec. 14 by the Federal Reserve that makes significant change in its regulation of overseas lenders…

U.S. IRS Debuts Alternative FATCA Approach in Compliance Pacts with Switzerland, Japan

The Treasury Department announced agreements with Switzerland and Japan to pursue a new alternative approach to compliance with the Foreign Account Tax Compliance Act, with an official telling BNA the U.S. government does not expect further models to be proposed.

ANALYSIS: U.S. Federal Reserve Opens the Door to Increased Chinese Investment in U.S. Banking Organizations

On May 9, 2012, the Federal Reserve Board released three orders approving investments in the U.S. banking market by entities based in China…

U.S. Federal Reserve Proposes Rules Raising Quantity, Quality of Capital for U.S. Banks

The Federal Reserve, implementing heightened international standards known as Basel III, proposed rules at a June 7 meeting that would increase the quantity and quality of capital required for U.S. banks…

European Commission Proposes ‘Banking Union’ To Share Oversight, Deposit Guarantee Duty

BRUSSELS—The European Commission proposed May 30 that the euro zone should evolve into a “banking union” with joint supervision and a common deposit guarantee.

UAE Draft Banking Law Would Create Second Regulator for Financial Industry

DUBAI, United Arab Emirates—Global economic uncertainties have prompted officials in the United Arab Emirates to set up a second agency to closely monitor financial activity and reduce risk as the country claws back from its own debt crisis.

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