Financial Services UK

  • June 28, 2017

    HSBC Says Housing Crash Claims Too Varied For Class Action

    A unit of HSBC Holdings PLC told a New York federal judge Tuesday that billions of dollars of legal claims stemming from the failure of mortgage-backed securities it oversaw could not be resolved through class actions, saying the disputes need to be resolved on a loan-by-loan basis.

  • June 28, 2017

    FCA Rejects Consultants' Bid To Fend Off UK Antitrust Probe

    Britain’s pensions consultants have failed to fend off a likely antitrust probe later this year, as the U.K.’s financial watchdog on Wednesday rejected a series of industry pledges designed to prevent an investigation and recommended that investment advisers be absorbed into its regulatory remit.

  • June 28, 2017

    Credit Suisse Pushes To Toss Suit Over Failed £1B Skyscraper

    Counsel for a unit of Credit Suisse Group called a Norwegian construction entrepreneur's €8.25 million ($9.37 million) damages claim over a failed £1 billion ($1.29 billion) skyscraper project incoherent in London's High Court Wednesday, as the Swiss bank argued for the case to be thrown out.

  • June 28, 2017

    HSF Hires Finance Atty In Dubai From Simmons & Simmons

    International law firm Herbert Smith Freehills LLP on Wednesday announced the addition of corporate lawyer Haitham Hawashin as a partner in Dubai.

  • June 28, 2017

    ESMA To Deliver Specific IT Platforms For MiFID II Rollout

    The European Securities and Markets Authority confirmed on Wednesday it is on track to deliver the technology platforms and systems needed under onerous financial markets rules set to come into force in six months.

  • June 28, 2017

    Bank Of England Still Needs To Work On Culture, Audit Shows

    The Bank of England has made good progress in overhauling the way it runs itself in the last three years, but the central bank must tackle some “challenging elements” before it can fully "empower" its staff and deliver long-term data projects, the National Audit Office said on Wednesday.

  • June 28, 2017

    Co-op Bank Agrees £700M Rescue Deal With US Hedge Funds

    The Co-operative Bank struck a £700 million ($898 million) rescue deal with its U.S. hedge fund investors on Wednesday, saving the British lender from being wound down by the Bank of England.

  • June 28, 2017

    EU Lawmakers Push For Limited Covered Bonds Framework

    A new European Union framework for a more integrated covered bonds market should be limited to a "principles-based" approach instead of a mandatory bloc-wide model that would have undesirable consequences, EU lawmakers have said.

  • June 28, 2017

    ECB Official Fears US Move Away From Global Banking Regs

    A senior official at the European Central Bank warned on Wednesday that proposals by the U.S. to dismantle its sweeping financial regulatory framework were “worrying,” saying the move could threaten continuing global efforts to reform the banking sector.

  • June 28, 2017

    Businesses Not Ready For Cost Of Cyberattack, Lloyd’s Warns

    Businesses may face a much higher bill than they are prepared for if they fall victim to cybercriminals and the second wave of damage they can inflict, Lloyd’s of London warned on Wednesday.

  • June 28, 2017

    UK Watchdog Unveils Tough New Rules For Asset Managers

    Britain’s Financial Conduct Authority proposed a major package of remedies on Wednesday designed to clean up the U.K.'s £7 trillion ($8.6 trillion) asset management sector, including conduct codes similar to rules governing banking and insurance.

  • June 27, 2017

    UK Equity Capital Markets Begin To Shake Off Brexit

    After the initial shock of the U.K.'s vote to leave the European Union hammered Britain's equity capital markets, initial public offering activity has begun to pick up one year after Brexit and dealmakers say a potentially strong pipeline awaits in the second half of 2017.

  • June 27, 2017

    Capital Regs Should Reflect New Accounting Rules, MEPs Say

    Members of the European Parliament have proposed a number of amendments to the EU’s capital requirements regulation so that it better reflects recent developments to the forthcoming international financial reporting standard known as IFRS 9.

  • June 27, 2017

    Standards Bodies Consult On Last Piece For Swaps Reporting

    Two global financial markets standard-setting bodies on Tuesday reached out to the industry for more help in formulating guidance that will standardize the types of trade data to be collected and reported to regulators in the over-the-counter derivatives market.

  • June 27, 2017

    New Insolvency Rules Bring EU Capital Markets Union Closer

    Rules to help standardize cross-border insolvency practices across the European Union took effect on Tuesday, the first of two pieces of primary legislation that the European Commission hopes will make the bloc’s insolvency procedures more efficient and bolster efforts to create a capital markets union.

  • June 27, 2017

    EU Finalizes Plans To Counter Effects Of Flash Crashes

    National regulators and trading venues in the EU have been given increased power to suspend trading in the event of extreme market stress, following the publication of a set of guidelines finalized by Europe's top securities authority on Tuesday.

  • June 27, 2017

    BOE To Hike Banks' Leverage Ratio Amid Calculation Changes

    The Bank of England said Tuesday it intends to raise its so-called leverage ratio for British banks by 0.25 points to 3.25 percent of a bank’s total balance sheet to provide a cushion against shocks to the financial system and ensure that monetary policy measures do not restrict lending.

  • June 27, 2017

    FSB Warns National Regulators Of Emerging Fintech Risks

    The finance watchdog for the G-20 group of nations said on Tuesday it believes there are minimal immediate risks surrounding emerging innovations in financial technology, but added it is watching the situation closely.

  • June 27, 2017

    FCA Sets Out Rules Banning Restrictive Contractual Clauses

    The Financial Conduct Authority finalized rules on Tuesday that will ban the use of clauses in primary market contracts which restrict a client’s choice of future providers, after it concluded that the practice hampers competition and does not benefit the customer.

  • June 27, 2017

    BOE Orders Banks To Boost Capital Buffers By £11.4B

    British lenders have been ordered to put aside an extra £11.4 billion ($14.5 billion) over the next 18 months by the Bank of England, which said Tuesday it was raising a key capital buffer designed to protect against financial shocks amid concerns over spiraling consumer lending.

Expert Analysis

  • Rules Of The Road For Accessing Capital In Europe

    Peter Astleford

    Despite the advances of the European single market, there remains a confusing combination of EU and nation-specific rules governing the sale of fund products in Europe. Attorneys with Dechert LLP answer some commonly asked questions and explain how to sell alternative investment funds in the European Economic Area.

  • An Interview With Floyd Abrams

    Randy Maniloff

    It was a privilege to spend a half-hour on the phone with the nation's foremost First Amendment lawyer. Floyd Abrams and I discussed his career, his new book and what he sees in his free-speech crystal ball. And he was a very good sport when I asked if it is constitutionally protected to yell inside a movie theater: “Citizens United is a terrible decision and should be set on fire,” says Randy Maniloff of White and Williams LLP.

  • The UK's New Suspicious Activity Reporting Regime: Part 2

    Neil Gerrard

    Under the U.K. Criminal Finances Act 2017, the procedures for reporting suspicious financial activity have changed. Law firms, accounting firms and banks must now take on a more active role in identifying sources of information relevant to determining whether a money laundering offense has taken place, and must respond to information requests from other regulated firms, say attorneys with Dechert LLP.

  • The UK's New Suspicious Activity Reporting Regime: Part 1

    Neil Gerrard

    The U.K. Criminal Finances Act 2017 introduces major changes to the regime for suspicious activity reports. To minimize the risk of serious business disruption, financial services firms, accounting firms and law firms doing business in the U.K. must be prepared to take a more considered approach to analyzing whether a suspicious activity report is genuinely required, say attorneys with Dechert LLP.

  • A Resurgence Of Synthetic Securitizations

    Daniel Budofsky

    After a major market contraction in the wake of the financial crisis, risk-pooling transactions show signs of gaining favor once more, says Daniel Budofsky of Pillsbury Winthrop Shaw Pittman LLP.

  • Tips For Securing Antitrust Clearance Around The World

    Rebecca Nelson

    Early attention to the antitrust considerations of a given transaction can go a long way toward promoting the chances of a timely or early clearance. However, promoting a speedy and efficient review in the EU requires different procedures compared to when a U.S. filing is needed, say attorneys with Bryan Cave LLP.

  • Post-Election Britain: Soft, Softer Or Softest Brexit?

    Markus Gehring

    Following the results of the United Kingdom's general election earlier this month, a much softer form of Brexit is now more likely. However, a softer Brexit would likely mean giving up some of the freedoms that motivated the U.K. to leave the European Union in the first place, says Markus Gehring of the Centre for International Governance Innovation.

  • Tips For Complying With ABA’s New Encryption Guidance

    Nick Holda

    Last month, the American Bar Association published revised guidance regarding an attorney’s duty to protect sensitive client material in light of recent high-profile hacks. The first step in compliance is understanding how your data is being stored and accessed. There are three key questions you should ask your firm’s information technology staff and/or external solution vendors, says Nick Holda of PreVeil.

  • UK's Marex Ruling May Lead To New Tortious Cause Of Action

    Lincoln Caylor

    In Marex Financial Ltd. v. Carlos Sevilleja Garcia, the England and Wales High Court considered whether a claim in tort exists against a person who, anticipating a final judgment and freezing order, dishonestly asset-strips a corporation to ensure it cannot pay its judgment debt. This decision may lead to the creation of a valid tortious claim in asset dissipation, says Lincoln Caylor of Bennett Jones LLP.

  • British Airways' Pensions Saga Is Flying Under The Radar

    Rosalind Connor

    While most of the world is talking about the IT problem that grounded British Airways planes, pension lawyers have been discussing British Airways v. Airway Pension Scheme Trustees, and the danger of leaving the power to direct scheme benefits in the hands of someone who does not have to pay for it, says Rosalind Connor of ARC Pensions Law.