Financial Services UK

  • March 9, 2018

    Barclays Gets High Court Nod For Pensions Ring-Fence Plan

    Barclays won approval from the High Court in London on Friday for plans to place its 230,000-member pension scheme within its investment banking arm under new ring-fencing rules due to take effect in 2019.

  • March 9, 2018

    EBA Details Guidance For Banks To Reduce €850B In Bad Debt

    The European Banking Authority is seeking industry feedback on proposed guidelines that set out how lenders in the European Union can effectively cut back the €850 billion ($1.05 trillion) mountain of bad debt that is weighing on the bloc’s banking sector.

  • March 9, 2018

    EU Probes UK 'Zero VAT' Tax On Commodity Derivatives

    The European Commission is investigating whether the British government is infringing European law over the way it taxes some commodity derivatives when they are traded on an exchange, HM Treasury said on Friday.

  • March 8, 2018

    UK Pledges Gibraltar Financial Services Access Until 2020

    Gibraltar financial services firms will be guaranteed access to the U.K. markets until 2020 under the terms of an agreement signed by both governments on Thursday as the two regions sought to bring certainty to their relationship after Brexit.

  • March 8, 2018

    Oceanwood Wins Right To Instruct Citi Over €290M Securities

    The U.K. High Court said Thursday that Oceanwood Opportunities Master Fund has the right to instruct Citibank over how to dispose of €290 million ($357 million) of debt securities issued by a Norwegian paper mill, finding the investor did not control the company despite holding most of the debt.

  • March 8, 2018

    ECB's Draghi Tells EU To Step Up War On Money Laundering

    Europe is not doing enough to fight money laundering and should consider creating a dedicated authority to combat the circulation of illegal funds in the European Union’s banking system, the head of the European Central Bank said Thursday.

  • March 8, 2018

    Court of Appeal Sets Bar For Atty Integrity In Conduct Dispute

    The Court of Appeal has ruled that professionals are bound by higher expectations of integrity beyond “mere honesty,” as it dismissed a solicitor’s attempt to shake a disciplinary action over his conduct dealing with his firm's £930,000 ($1.3 million) debt to HBOS PLC.

  • March 8, 2018

    Axa Denies It Needed Consent To Make £28.5M PPI Payouts

    Axa SA has said Genworth Financial Inc.’s counterclaim against it in a payment protection insurance lawsuit fails because the French insurer did not require the U.S. firm’s consent before paying compensation over the missold product, according to documents filed with the High Court on Tuesday.

  • March 8, 2018

    Asset Manager Sets Aside £1M For FCA Competition Probe

    A U.K. asset management firm has said it set aside £1 million ($1.4 million) for an ongoing Financial Conduct Authority antitrust probe that accuses the firm and three others of disclosing inside information ahead of two initial public offerings and a share placing. 

  • March 8, 2018

    ESMA Reveals Stocks To Be Suspended From 'Dark Pools'

    The European Securities and Markets Authority has finally published a list of stocks which will be subject to limits in so-called dark pools from March 12 as the European Union pushes for increased transparency in the private exchanges.

  • March 8, 2018

    Europe Sets Out Plan To Push Banks Toward Green Bonds

    The European Commission announced on Thursday that it will introduce new rules to steer banks and other financial institutions toward environmentally-friendly finance and investment, including introducing a stamp of approval to help identify "green" financial products.

  • March 8, 2018

    EU To Ease Fintech Funding Regs To Spur Sector Growth

    The European Commission unveiled proposals on Thursday to make it easier for crowdfunding platforms to back financial technology startups across the European Union, part of a new plan to harmonize rules for national regulators overseeing the fast-developing sector and its funding sources.

  • March 7, 2018

    Banco Popular Investors Aim To Shore Up Claim Vs. Spain

    A group of Mexican former shareholders in Banco Popular Español SA, which was restructured last summer and sold to Banco Santander for a token €1, asked a New York federal court Tuesday for its help in tracking down information needed for an upcoming arbitration against Spain over its alleged role in the sale.

  • March 7, 2018

    Standards Setter Floats New Responses To Market Volatility

    The leading international policy forum for securities regulators proposed recommendations on Wednesday aimed at countering extreme stress to the securities markets.

  • March 7, 2018

    Lloyds Must Turn Over Some Docs In £54M PwC Plot Suit

    A London judge ordered Lloyds Bank on Wednesday to disclose documents that a car auction company says will show its business was sustainable when the lender allegedly forced the company into administration for profit, but the bank can keep its communications about its business recovery unit with PricewaterhouseCoopers under wraps.

  • March 7, 2018

    Distressed Asset Fund Says Law Firm Fell Short In Land Deal

    A bankrupt Gibraltar-based distressed asset investor seeking £5.6 million ($7.3 million) from a U.K. law firm over an “inflated” land deal has hit back at the law firm's defense, saying it was not relieved of due diligence obligations that would have directly alerted the fund to the dangers of the transaction.

  • March 7, 2018

    Judge Slams Long Delay Over £200M RBS Rights Issue Payout

    A U.K. High Court judge said Wednesday it is “appalling” that Royal Bank of Scotland PLC shareholders are still waiting for their share of £200 million ($278 million) the bank paid to settle allegations it misled investors over its 2008 rights issue eight months after the deal was struck.

  • March 7, 2018

    EU Seeks To Limit City's Access To Bloc's Single Market

    The European Union will offer U.K. banks and insurers only restricted access to the bloc's single market in a Brexit trade deal because Britain will be leaving the EU's regulatory and judicial regimes, draft guidelines circulated on Wednesday reveal.

  • March 7, 2018

    Locke Lord Nabs K&L Gates Financial Services Veteran

    Locke Lord LLP has continued to expand its London office with the addition of a partner from K&L Gates LLP who brings experience in risk, compliance and regulatory affairs, the firm said.

  • March 7, 2018

    Convicted FX Fraudster Pleads Guilty To Perverting Justice

    A convicted fraudster who scammed investment clients out of £5 million ($6.7 million) through ostensible foreign exchange trading admitted perverting the course of justice at a London court on Wednesday, the Financial Conduct Authority said.

Expert Analysis

  • Financial Institutions Must Invest In FATCA Compliance

    Ashly Elmore Drew

    The deadline for foreign financial institutions to sign up with the U.S. Internal Revenue Service's Foreign Account Tax Compliance Act registration system came and went last month. While deregulatory and tax reform efforts in Washington could eventually change FATCA enforcement, for the time being, failure to be in compliance can have serious implications, say attorneys with Burr & Forman LLP.

  • Initial Coin Offerings May Face A Global Crackdown

    Paul Anderson

    In recent years, initial coin offerings have exploded into the spotlight, but following their recent ban in China and South Korea, and mobilization from a number of top financial regulators in the U.S., U.K. and Australia, it is almost certain that we will see rapid developments in ICO regulation, say Paul Anderson and Harriet Rogers of Squire Patton Boggs LLP.

  • MiFID II Research Unbundling — Crisis Averted?

    Rob Moulton

    Recent guidance from key securities regulators on both sides of the Atlantic reflects a coordinated effort to address the incompatibilities between the U.S. regulatory regime and the European Union's new MiFID II rules on research unbundling. However, that the problem arose at all points to a much larger issue, say attorneys with Latham & Watkins LLP.

  • Negotiating Interest Rate Provisions As Libor Demise Looms

    Charles Guerin

    As Libor’s discontinuation comes closer, lawyers will grapple with interest rate language in current and proposed commercial loan documents. Charles Guerin of Munsch Hardt Kopf & Harr PC offers some suggestions to help meet parties’ expectations, match industry practice and avoid disputes.

  • Regulatory Crosshairs Focus On Individual Accountability

    Francis Kean

    Criticized for lacking teeth during the financial crisis, U.K. regulators are now intent on establishing the personal accountability of individuals at all levels, not just in the boardroom, says Francis Kean of Willis Towers Watson.

  • Applying The Investors' Playbook To Legal Career Planning

    Howard Cohl

    Nothing has been more instrumental in my role as a legal recruiter than what I learned from a variety of hedge fund managers, venture capitalists and investment bankers — how to analyze a deal and make a decision quickly. It boils down to the traditional SWOT analysis, says Howard Cohl, director in Major Lindsey & Africa’s emerging markets group.

  • The Potential Effect Of Data Portability Under GDPR

    José Vega

    While many aspects of the EU's General Data Protection Regulation may be causing consternation in boardrooms around the world, one particularly innovative provision could benefit individuals and businesses alike by leveling the competitive playing field — the right to data portability, say José Vega and Amy Puckett of Bradley Arant Boult Cummings LLP.

  • Tackling The Problem Of Nonperforming Loans In Europe

    Omar Shah

    More than 1 trillion euros' worth of nonperforming loans are concentrated in the periphery of the European Union, causing banking regulators and market participants to petition the European Union for help. However, EU laws could complicate a public intervention, say Omar Shah and Leonidas Theodosiou of Morgan Lewis & Bockius LLP.

  • Make Way For The 'Unicorns'

    Lucy Endel Bassli

    By "unicorn" I don’t mean the next great tech startup with a valuation of $1 billion. I mean the new breed of lawyers realizing that there are better ways to get their day jobs done, says Lucy Endel Bassli, assistant general counsel leading the legal operations and contracting functions at Microsoft Corp.

  • Opinion

    Representing Women At The Intersection Of Law And Finance

    Andrea Mitchell

    To the extent that companies have tolerated predominantly male leadership in the past because it was deemed necessary for growth and prosperity, or viewed diversity and the underrepresentation of women strictly as human resources issues, a growing body of research suggests otherwise, say Andrea Mitchell and Valerie Hletko of Buckley Sandler LLP.