Financial Services UK

  • November 27, 2017

    UK Appeals Court Finds Fund's $23M Share Payout Unlawful

    The court of final appeal for the U.K.'s overseas territories has ruled that a payment of approximately $23 million made by a now-defunct Cayman Islands investment company to one of its investors when it redeemed its shares in the investment fund was unlawful.

  • November 27, 2017

    EBA Pulls Liquidity Reporting Rules On Retail Deposits

    The European Banking Authority said Monday it has withdrawn guidelines that set out how banks report on their liquidity because they have been superseded by EU laws that force banks to have a specified liquidity coverage ratio.

  • November 27, 2017

    EU Commission Signs Off On New Payment Security Rules

    The European Commission adopted final rules on Monday for banks that will soon be forced to share customer data with financial technology firms and apply heightened security measures to accounts across the European Union.

  • November 27, 2017

    Bank Claims 1st Blockchain Trade Finance Transaction

    Spanish bank BBVA said Monday it has completed the first blockchain-based import-export transaction between Europe and Latin America, cutting the trading time from more than a week to just 2.5 hours.

  • November 24, 2017

    Forex Wrangle Triggers Late Rewrite Of EU Derivative Laws

    European financial regulators said Friday they are reviewing some aspects of the final stage of new derivative laws that enter into force across the EU in January, following concerns that the legislation clashes with U.S. and other foreign standards.

  • November 24, 2017

    UK Judge Rules Trust Co. Directors Must Be Indemnified

    A Jersey-based trust manager has succeeded in its claim that it is obliged to indemnify three employees that it provided to serve as directors at a fund invested in land in Romania, according to a High Court judgment handed down on Friday.

  • November 24, 2017

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

    The last week has seen Kazakhstan and its national bank file a Financial List claim against the Bank of New York Mellon, the Law Society sue Barclays and a Greek commercial shipping manager take on an insurance brokerage. Here, Law360 looks at those and other new claims in the U.K.

  • November 24, 2017

    High Court Rules Adviser Owes Client Over Risky Investments

    A U.K. asset manager must pay damages to a client who saw the value of a £1.5 million investment ($2 million) portfolio managed by the firm more than halved after a High Court judge on Thursday found that Full Circle Asset Management Ltd. pursued a high-risk investment strategy without the client’s consent.

  • November 24, 2017

    Watchdog Guides On Protecting Investors When Funds Terminate

    Global securities regulators have unveiled 14 steps on good practice for financial firms to follow when ending investment funds, in response to investor protection concerns.

  • November 24, 2017

    Lloyds, PwC Secure Costs In £54M Car Auction Firm Theft Suit

    The U.K.’s appellate court on Thursday ordered a defunct car auction company to stump up £4 million ($5.3 million) in security to Lloyds Banking Group PLC and PricewaterhouseCoopers LLP for costs in its £54 million legal claim accusing the firms of conspiring to force it into administration for profit.

  • November 24, 2017

    Banks Agree To Keep Using Imperilled Libor Until 2021

    Libor, the benchmark interest rate that was at the center of a multibillion-dollar global rigging scandal, will remain in place until 2021, it was confirmed Friday after the Financial Conduct Authority reached agreement with the 20 banks that use it.

  • November 23, 2017

    Regulator Reveals Bank Compliance Officers' Top Challenges

    The pace, volume and sheer complexity of regulatory change is the biggest challenge faced by wholesale banks, a survey of compliance departments by the U.K. finance watchdog revealed on Thursday.

  • November 23, 2017

    British Watchdog Says Investors Want Better Risk Reporting

    Investors want improved disclosures from company boards about how they identify and manage risk to protect the sustainability of banks and businesses, according to a report released Thursday by Britain’s accounting and financial reporting watchdog.

  • November 23, 2017

    Financial Adviser Left 'Out Of Pocket' By Insurers' Dispute

    Lighthouse Group PLC, a financial adviser suing two insurers over their refusal to honor claims linked to the sale of unregulated investments, has said it “should not be left out of pocket” because the insurers cannot agree which firm is liable to indemnify the company.

  • November 23, 2017

    Transparency Concerns Taint Hedge Fund Risk Analysis In EU

    European regulators are improving their ability to measure risks to the global financial system posed by the murky multitrillion-dollar hedge fund industry, but major gaps still remain, an international securities watchdog said Thursday.

  • November 23, 2017

    UK To Boost Funding For Fintech Startups to Fuel Growth

    Financial technology startups are set for a big funding boost under U.K. government budget proposals to unlock £20 billion ($26.62 billion) for new technology over the next 10 years, providing new support for a fledgling industry already boosted by special regulatory programs.

  • November 23, 2017

    City Pushes UK Gov't To Shield Legal Sector From Brexit Hit

    An influential financial services lobby group said Thursday the government needs to do more to protect Britain's legal industry and urged it to set out plans to secure the sector’s access to European markets after Brexit.

  • November 23, 2017

    Clyde & Co Snags 2 Senior Partners To Launch Bristol Base

    Clyde & Co. LLP has hired two leading insurance dispute lawyers to launch a new office in the southwest city of Bristol in 2018, the London-headquartered firm announced on Thursday.

  • November 22, 2017

    EU Pension Plan Like 'Octagonal Rubik's Cube,' MEP Says

    Developing the pan-European pension product is like “trying to solve an octagonal Rubik’s Cube,” a European Parliament rapporteur admitted on Wednesday, urging policymakers to keep proposals as simple as possible.

  • November 22, 2017

    UK Promises Tough Paradise Papers Response In Budget

    Britain’s Treasury promised new measures to tackle tax dodging on Wednesday in its budget statement and is set to bolster enforcement following a string of leaks that highlight how the U.K. is a major conduit for tax evasion.

Expert Analysis

  • Enforcing Non-US Court Judgments In The US Can Be Difficult

    Rodney Page

    As business litigation becomes more international in scope, the ability to enforce a judgment across national boundaries is increasingly a key consideration in any litigation strategy. In the U.S., however, the multiple judicial systems among the states and federal system of courts add complexity to issues of enforcement for non-U.S. judgment creditors, say Rodney Page and Joseph Smallhoover of Bryan Cave LLP.

  • Series

    Notes From A Law Firm Chief Privacy Officer: New Demands

    Phyllis Sumner

    For outside counsel, oftentimes efficiency and responsiveness collide with security measures as clients are increasingly requiring their law firms to comply with third-party risk management programs. To meet these challenges, law firms are focusing more on the roles of chief privacy officer and chief information security officer, says Phyllis Sumner, chief privacy officer for King & Spalding LLP.

  • Companies Subject To OFSI Jurisdiction Should Beware

    Christopher David

    The United Kingdom's Policing and Crime Act 2017 significantly increases the Office of Financial Sanctions Implementation's powers to enforce U.K. sanctions. Some are skeptical that the OFSI will use its new powers aggressively, but companies who may have breached the sanctions regime should prepare for the worst, say Christopher David and David Horn of WilmerHale.

  • How The IPad Can Be A Litigator's Best Friend

    Paul Kiesel

    New mobile computing tools — both hardware and applications — are changing the technology paradigm for legal practitioners. In particular, the combination of the 12.9-inch iPad Pro, the Apple Pencil and the LiquidText annotation app can revolutionize both trial preparation and courtroom litigating, says attorney Paul Kiesel, in his latest review of tech trends.

  • Legal Incubators Can Help New Lawyers And Society

    Martin Pritikin

    Legal incubators serve as an important bridge to practice and a crucial step toward aligning the incentives of new lawyers with the needs of their clients. They may even pose a threat to the traditional law school model itself, and that's not necessarily a bad thing, says Martin Pritikin, dean of Concord Law School at Kaplan University.

  • Extradition To The United States: Fight Or Flight?

    Ben Isaacs (9).jpg

    Recent extradition cases have demonstrated that individuals in the United Kingdom facing charges in the United States can either fight extradition proceedings tooth and nail, or voluntarily travel to the U.S. An approach carefully tailored to the facts of each case is required in order to best protect a requested person's interests, says Ben Isaacs of 7 Bedford Row.

  • Series

    15 Years Of SOX: A Significant Footprint In US And Abroad

    Paul Lanois

    Sarbanes-Oxley has been quite successful if one of its purposes was to screen out marginal foreign firms. In addition, the drop in the number of publicly listed companies may actually be a blessing in disguise, says Paul Lanois, senior legal counsel at Credit Suisse Group AG.

  • How To Prioritize Your Law Firm's Crisis Response Plan

    Michelle Samuels

    If the media is going to cover your law firm’s crisis, they are going to cover it with or without your firm’s input. But your involvement can help shape the story and improve your firm’s image in the public eye, says Michelle Samuels, vice president of public relations at Jaffe.

  • New Guidance From UK High Court On Recusal Applications

    Luka Krsljanin

    In his recent judgment on a recusal application in Miley v. Friends Life, Justice Mark Turner of the English High Court has given practitioners guidance on how to approach applications for judicial recusal, and has highlighted the key points to be aware of when contemplating such an application, says Luka Krsljanin of 2 Temple Gardens.

  • Without The SFO, The DOJ Would Be The Only Sheriff In Town

    Roger Burlingame

    Just as the U.K.'s Serious Fraud Office is beginning to find its feet, its fate is now in doubt — a prospect that would hobble U.K. domestic enforcement and lead to further expansion of the U.S. Department of Justice’s already-robust role in policing London markets and U.K. corporates, say Roger Burlingame and Rachel Goldstein of Kobre & Kim LLP.