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Financial Services UK

  • May 29, 2018

    FCA Says Asset Recovery Could Take Beaufort Clients 4 Years

    The Financial Conduct Authority said it may take clients of U.K. brokerage Beaufort Securities up to four years to recover their money and assets following the watchdog’s decision to close the firm and hire administrators amid concerns of its financial health.

  • May 29, 2018

    Insurer Says Dishonesty Moots Surveyor's Policy In £14M Suit

    A British unit of insurer Markel Corp. has denied it owes nearly £14 million to a U.K. agricultural lender that claims the insurer is liable for a judgment against a now-defunct surveyor accused of negligence, arguing that a broker’s “dishonest” representations means it has no obligation to pay out.

  • May 29, 2018

    Commodities Co. Fights African Bank Unit's $4M Loan Suit

    A commodities global value chain manager has filed a countersuit against the London-based unit of BMCE Bank which suing it over a $4.2 million loan, saying the bank failed to safeguard the loan’s collateral and also owes the company nearly $800,000 for a detained shipment of sesame seeds.

  • May 29, 2018

    FCA Steps Up Vetting Of Senior Managers

    The U.K. Financial Conduct Authority stepped up its scrutiny of senior managers at financial services firms last year as part of its efforts to tighten up its regulatory supervision of the top roles, according to data published by law firm Cleveland & Co. on Tuesday.

  • May 29, 2018

    Make Public Data Access Easier, ESMA Tells Trade Venues

    Europe’s top securities regulator on Tuesday laid out guidance for making post-trade transparency reports freely available to the public, saying that wider access to such information means regulators can more quickly detect and investigate suspect market abuse.

  • May 25, 2018

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

    The last week has seen an Irish real estate developer sue Ireland's "bad bank," a contract dispute between two African banks and a French fishing operator, and several major insurers take Danish shipping giant Maersk to court. Here, Law360 looks at those and other new claims in the U.K.

  • May 25, 2018

    EU Reaches Deal To Advance Banking Reform Package

    The European Union's finance ministers reached an agreement Friday after a year and a half of negotiations on a comprehensive package of reforms that the European Commission has proposed to strengthen the bloc’s banking sector, sending the rules on capital requirements and systemic risks on to lawmakers to review.

  • May 25, 2018

    EU Says Irish Credit Union Wind Up Scheme Passes Muster

    The European Commission on Friday renewed an Irish scheme that helps to wind up member-owned financial cooperatives in an orderly way, saying it is in line with European Union state aid rules.

  • May 25, 2018

    Criminals Going Phishing Amid GDPR Confusion, Lobby Says

    Criminals are exploiting the confusion around Europe’s new data protection regime by masquerading as financial firms and persuading consumers to disclose their banking details, a major trade organization warned on Friday.

  • May 25, 2018

    Soccer Club Owner Must Pay $25M To Thaw Assets

    A London court has ruled that a freezing order over the assets of the owners of English soccer club Blackpool FC must remain in place until the owners pay a firm owned by a Latvian investor the £25 million they owe for his shares in the Championship football club.

  • May 25, 2018

    Property Investor Loses €30M Polish Development Dispute

    A London court has tossed an investment company’s claim that it lost €30 million ($35 million) in profits from a Polish property development after its shares in the company that owned the project were sold to a Korean investor.

  • May 24, 2018

    Germany Charges Lawyer, Bankers In Stock-Sale Tax Scam

    Prosecutors in Germany have indicted five investment bankers and a prominent tax lawyer on charges of obtaining €106 million ($124 million) in improper tax refunds on dividends from a series of stock trades a decade ago, according to official statements.

  • May 24, 2018

    Blockchain Users To Walk Tightrope In Age Of GDPR

    Confusion reigns over how the European Union's new data regime coming on the books Friday will address blockchains, the decentralized data trails that facilitated the rise of the cryptocurrency bitcoin. Elements of the emerging technology appear to clash directly with the law's rules for deleting and minimizing data. But industry lawyers say a delicate coexistence between blockchain and the General Data Protection Regulation is on the horizon — though getting there won't be easy.

  • May 24, 2018

    Collaboration Is Key To Fighting Financial Crime, FCA Says

    Global regulators must take up arms with technology specialists and financial services firms to devise controls and erect barriers powerful enough to stop financial criminals in their tracks, a senior figure at the Financial Conduct Authority said Thursday.

  • May 24, 2018

    HSBC Secures Costs In £1.7M Investment Bond Dispute

    England’s High Court of Justice has ordered a privately owned investment firm to stump up £27,500 ($36,800) in security to HSBC Bank PLC for costs in its £1.7 million legal claim accusing the bank of breaching the terms of a series of investment bond contracts entered into by the parties in 2007.

  • May 24, 2018

    PE Adviser Seeks Introduction Fee Over €24M Investment

    Private equity adviser Real Assets Partners London has slammed an investment fund’s bid to dodge fees allegedly owed over a €24 million ($28 million) investment, saying the fund’s claim the fee is uneconomically viable cannot be enforced.

  • May 24, 2018

    EU Aims To Choke Criminals’ Access To Dirty Money

    European Union member states and Parliament on Wednesday agreed to strengthen measures aimed at fighting terrorist financing by putting tighter controls on illicit funds flowing into and out of the bloc, the European Commission has announced.

  • May 24, 2018

    Last-Minute GDPR Registrations Overwhelm Regulator's Site

    Companies rushing to register with the U.K.’s data regulator have overwhelmed the agency’s website on the day before Europe’s General Data Protection Regulation goes live, the watchdog said on Thursday.

  • May 24, 2018

    Cohen & Gresser Taps Fund Manager GC To Head New Office

    Cohen & Gresser LLP announced Thursday that it has hired a partner with experience advising investment clients to launch its new London office, in a move to continue its international expansion.

  • May 24, 2018

    Still Not Ready For GDPR? Attys Say Don’t Sweat It

    Banks and insurers are scurrying to prepare for Europe's sweeping data regime that comes into force on Friday, but legal advisers predict that regulators will likely offer a grace period as they adjust to their own formidable new duties.

Expert Analysis

  • Takeaways From The Capita Financial Managers Sanction

    Greg Lascelles

    Last month, the U.K. Financial Conduct Authority publicly censured Capita Financial Managers with respect to the collapsed unregulated collective investment scheme known as the Connaught Income Fund. This serves as a salutary reminder that those in the fund administration and outsourcing fields take on a high level of responsibility and liability, says Greg Lascelles of Covington & Burling LLP.

  • Navigating Whistleblower Protections Across The Atlantic

    Lynne Bernabei

    Both the Dodd-Frank Act in the U.S. and rules under the Financial Conduct Authority in the U.K. provide whistleblower protections for financial industry employees who report fraud and regulatory breaches. Whereas the specific protections in the U.S. and U.K. differ somewhat, many of the protection mechanisms are remarkably similar, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.

  • Regulators, Whistleblowers And The Paradise Papers

    Adam Pollock

    Clients of "Paradise Papers" law firm Appleby Global should now expect that tax authorities in the U.S., the U.K. and elsewhere will closely scrutinize the leaked documents for evidence of tax evasion. And individuals with inside information that sheds further light on these cases stand to reap sizable rewards by filing qui tam actions, says Adam Pollock of Ford O'Brien LLP.

  • The Future Of Foreign Direct Investments In The EU

    Isabelle MacElhone

    Until recently, there has not been any regulation harmonizing control toward foreign direct investments at the European Union level. However, a proposal introduced in September may be an appropriate first step toward developing an adapted, cohesive regime regarding foreign investments, say Isabelle MacElhone and Samantha Chavane de Dalmassy of Reed Smith LLP.

  • 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.