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Financial Services UK

  • June 19, 2018

    EBA Settles 1st EU Resolution Planning Dispute

    The European Banking Authority said on Tuesday that it has successfully mediated its first settlement between two resolution authorities in a dispute about the recovery planning of two separate banking groups in the European Union.

  • June 19, 2018

    Top EU Court Opens Door To Financial Regulators' Files

    The European Union’s highest court on Tuesday gave national regulators across the bloc guidance on when the public should be allowed access to their files on supervised firms, clarifying a rule within the MiFID regime on the sharing of confidential information.

  • June 19, 2018

    Shoosmiths Brings On Banking, Project Finance Pro

    Shoosmiths LLP has strengthened its banking and finance team with the hire of a new project and real estate finance partner in Birmingham, U.K., the firm has said.

  • June 19, 2018

    Businessman Leaks Internal Lloyds Report On HBOS Fraud

    A Scottish businessman on Tuesday leaked an internal Lloyds Banking Group PLC report detailing what senior managers knew about fraudulent dealings at HBOS ahead of its 2008 merger with the bank, calling it a “gift to all victims of bank crimes.”

  • June 19, 2018

    MPs Press Visa For Steps To Thwart New Systems Failure

    A British parliamentary committee said Tuesday that it is satisfied with Visa Inc.’s explanation that a June 1 systems failure blocking 2.4 million U.K. transactions was due to a technical glitch and not a cyber breach, but pressed for details on steps preventing a recurrence.

  • June 19, 2018

    EU Raises AML Due Diligence Bar For 'High-Risk' Countries

    European Union banks trading with financial firms based in “high-risk” countries outside of the bloc will be required to follow more stringent due diligence measures, the European Parliament and Council said Tuesday.

  • June 19, 2018

    SFO Euribor Case Is 'Misleading,' Defense Tells Jury

    The jury should take “huge care” when assessing the Serious Fraud Office’s case against five former traders for alleged Euribor rigging, one of the defendants’ lawyers said Tuesday during her closing, arguing the agency has given a “misleading” and unbalanced picture.

  • June 19, 2018

    UK Court Says BNY Mellon Can Freeze $23B In Kazakh Assets

    A London appeals court on Tuesday upheld a ruling allowing Bank of New York Mellon Corp. to freeze $22.6 billion of assets in Kazakhstan’s oil fund as part of a dispute over the country’s refusal to pay a $506.7 million arbitration award granted to a Moldovan investor.

  • June 19, 2018

    FRC Says Poor KPMG Audits Show Need To Step Up Quality

    The U.K. Financial Reporting Council on Monday called for urgent quality upgrades at accounting firms, but singled out KPMG over an "unacceptable deterioration" in its work for big U.K. companies after 50 percent of its 2017 audits required significant improvements.

  • June 18, 2018

    Judge Slams DOJ Jury Trial Bid In Ex-Barclays Trader Case

    A California federal judge on Monday laid into the U.S. Department of Justice, suggesting it was wasting resources by requesting a jury trial for a former Barclays PLC trader charged with scheming to defraud Hewlett-Packard Co. in a £6 billion options transaction, after the defendant said he’d prefer a bench trial.

  • June 18, 2018

    Lender Heads To Court In Dispute Over Stolen Clients

    A family-run loan company is suing one of its directors and his wife for breach of trust and dishonest assistance in allegedly diverting the company's customers to a separate firm, amounting to lost business of around £900,000.

  • June 18, 2018

    UK Judge Frees UBS From Defective Property Design Suit

    A High Court judge in London has struck out Office Depot’s claims against two subsidiaries of Swiss banking group UBS over the defective design and construction of one of the supplier’s warehouses in Manchester, deciding they have no real prospect of success.

  • June 18, 2018

    Litigation Fund Insists Law Firm Owed Duty Over Bad Advice

    A Bermuda-based fund used to finance litigation has insisted that U.K. law firm Hamilton Downing Quinn LLP owed it a duty of care which it breached when it allegedly provided negligent advice that caused the fund to lose out on the proceeds of a South African lawsuit.

  • June 18, 2018

    Mayer Brown Taps New Head Of EU Leveraged Finance Team

    Mayer Brown LLP announced Monday that it has hired a banking partner with cross-border experience from Fried Frank Harris Shriver & Jacobson LLP to head its European leveraged finance team in London.

  • June 18, 2018

    Virgin Money Accepts £1.7B CYGB Offer Amid FCA Probe

    Banking and insurance group Virgin Money Holdings PLC said Monday it has accepted a £1.7 billion ($2.25 billion) takeover offer by rival banking group CYBG PLC, despite ongoing scrutiny from the Financial Conduct Authority over a sharp spike in its share price ahead of the announcement of its bid.

  • June 18, 2018

    EBA Widens Data Collection To Supervise Bad Loans

    The European Banking Authority revealed Monday that it will widen the scope of banks that it collects information from in order to improve its data about bad loans and new global capital rules, which it will use to monitor Europe's financial health.

  • June 18, 2018

    RBS Denies Traders Knew Carbon Market Riddled With Fraud

    Royal Bank of Scotland PLC has denied claims that two traders at the bank turned a blind eye to a carbon trading tax scam, telling a London court Monday they did not suspect they were carrying out deals that helped fraudsters conduct a series of carousel fraud transactions.

  • June 18, 2018

    UK To Empower Pension Savers To Push For Sustainability

    The U.K. government on Monday set forth proposals to give Britain’s pension scheme members new powers to demand their savings pots are used to tackle environmental issues like climate change rather than seeking the best financial return.

  • June 18, 2018

    Cryptocurrencies Cannot Take Place Of Cash, BIS Says

    Cryptocurrencies cannot scale up to meet demand and offer a “poor substitute” for traditional currency, the Bank for International Settlements has said in its annual report, throwing cold water on ambitions for revolutionary virtual currencies.

  • June 15, 2018

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen AIG lodge a claim against a major European construction operation, two Hong Kong asset managers sue Noble Group, and a new suit against RBS and NatWest. Here, Law360 looks at those and other new claims in the U.K.

Expert Analysis

  • Why US Investment Into The UK Is On The Rise

    Simon Rous

    While political uncertainty is pushing U.K. corporations toward defensive consolidation, inward mergers and acquisitions investment into the U.K. remains strong, with American acquirers leading the way. Factors contributing to this trend include Brexit, U.S. tax changes and saturation of the U.S. target market, say Simon Rous of Ashfords LLP and Laurie Sanders of Osborn McDerby LLP.

  • ENRC Appeal Is Coming, But Don't Expect Fireworks

    David McCluskey

    Justice Geraldine Andrews' judgment in Serious Fraud Office v. Eurasian Natural Resources Corp last year is a reality check, but not a change in the law. With the case's appeal currently pending, it is becoming more clear that British lawyers have been lulled into an ever-expanding definition of litigation privilege which is not supported by the law, say Davis McCluskey and Georgina Jones of Taylor Wessing LLP.

  • 5MLD Is A Step Forward In EU's Fight Against Financial Crime

    Keily Blair

    The European Parliament recently voted in favor of the fifth money laundering directive, 5MLD, which creates stricter rules and increases transparency around financial transactions and legal entities. 5MLD will create uniformity across the European Union and close any possible loopholes that may have existed previously, say Keily Blair and Andrea Holder of PricewaterhouseCoopers.

  • Unique Considerations In Cryptocurrency Estate Planning

    Michael Kearney

    Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.

  • How Fair Is Fair Market Value In The UK?

    Abdulali Jiwaji

    The U.K. Court of Appeal recently ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition. The decision demonstrates the difficulty of challenging a nondefaulting party's valuation, provided that its process is reasonable, say attorneys at Signature Litigation LLP.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

    Stephan Roussan

    Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.

  • FCA Enforcement Strategy May Influence Litigation Privilege

    Abdulali Jiwaji

    The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.

  • GDPR Is Here — What If You Didn't Prepare?

    Joseph Facciponti

    Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.

  • Opinion

    OFAC Digital Currency Plan Will Hurt Business, Not Terrorists

    Clif Burns

    The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.

  • GDPR — Coming Soon To A Merger Near You

    Emma Flett

    Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.