Financial Services UK

Expert Analysis

• Countdown To GDPR Compliance: 1 Year To Go

  

  The EU's sweeping General Data Protection Regulation will take effect on May 25, 2018. With so much on the line, data controllers and processors will want to take immediate action to prepare for enforcement. The first step is determining whether the GDPR applies to your organization, say attorneys with Ropes & Gray LLP.

• Questions Following Prevezon Money Laundering Settlement

  

  The Prevezon case stands out as an example of the extraordinary lengths the U.S. government can and will go to assert jurisdiction over matters involving foreign entities and persons who commit crimes abroad to the detriment of foreign countries and citizens. However, since the matter settled, the government’s case was not tested at trial, say attorneys with Hughes Hubbard & Reed LLP.

• Unaoil Judgment Shows Judicial Support For SFO Authority

  

  In its Unaoil ruling, the High Court of Justice in England and Wales recently provided a rare insight into the difficulties that companies can face when challenging the basis of a Serious Fraud Office investigation. The stance of the judiciary seems to be in line with authorities and legislators, allowing prosecuting authorities a wide remit of independence with which to investigate financial crimes, say attorneys with Morrison & Foerster LLP.

• An Overview Of Silent 2nd-Lien Loans In The US And Europe

  

  Although used often in deal negotiations, the term “silent second” has different meanings for different institutions and different meanings in the United States and Europe. Capital structures that include silent second-lien debt can therefore be complicated, particularly in cross-border transactions involving different insolvency or contract laws, say attorneys with Mayer Brown LLP.

• UK Internal Investigations Are Taking An Ungainly Turn

  

  The London High Court's decision in Serious Fraud Office v. Eurasian Natural Resources Corporation has a lot to say on the vitality of legal professional privilege and the conduct of internal investigations in the U.K., but its flawed logic and lack of pragmatism feel like the latest installment in SFO Director David Green's pushback against U.S.-style investigation procedures, say Matthew Herrington and Tom Best of Steptoe & Johnson LLP.

• The FX Global Code And Its Enforcement: What To Expect

  

  With the second phase of the Foreign Exchange Global Code releasing this week, Matthew Kulkin and Micah Green of Steptoe & Johnson LLP analyze how U.S. courts have historically looked to or relied upon financial services global codes of conduct or industry best practices documents.

• How Client Feedback Programs Benefit Law Firms And Clients

  

  Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.

• UK Investment Managers Should Not Fear Brexit

  

  Though some experts have claimed that there is huge uncertainty ahead for U.K. investment management, the industry is largely secure. Investment management groups should get on with business, and those frozen in doubt over the next two years will have only themselves to blame, says Peter Astleford of Dechert LLP.

• A New Era Of Heightened Shareholder Activism In The UK

  

  Some of the U.K.'s largest companies are increasingly being targeted by activist investors pushing for corporate change, with a growing support for activism from institutional investors and the general public. Companies must therefore seek to engage in constructive dialogue with activists, say attorneys with Proskauer Rose LLP.

• 5 Mistakes That End Law Firms

  

  Although the end often comes quickly, law firms do not fail overnight. Randy Evans of Dentons and Elizabeth Whitney of Swiss Re Corporate Solutions review five mistakes that expedite law firm failures.