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Financial Services UK
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March 06, 2024
PE Firm Continues Shedding Stake In Ads Biz For £47M
An investment company backed by private equity firm Apax Partners said Wednesday that it has diluted its stake in online classifieds group Baltic Classifieds Group PLC and raised £47.3 million ($60.2 million) in the process.
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March 06, 2024
Dentons Says Client Checks Adhered To Relevant AML Rules
Dentons told a tribunal on Wednesday that the Solicitors Regulation Authority's case accusing the firm of breaching money laundering regulations by failing to adequately investigate a former client's wealth is based on current regulations rather than those in force at the time.
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March 06, 2024
Businessman Can't Escape €50M Investment Fraud Case
A judge has declined to throw out a chunk of a €50 million ($54.4 million) investment fraud case brought by an Italian investment vehicle, finding allegations against company secretary Federico Faleschini cannot be divorced from the wider claim.
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March 06, 2024
UK Cuts Tax, Reforms Non-Dom Rules In Pre-Election Budget
The U.K. government unveiled another cut in payroll taxes and changes to rules on non-domicile status on Wednesday as it presented its election-year spring Budget.
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March 06, 2024
Gov't Cools Its Tone On Pension 'Pot For Life' Plans
A U.K. government update on Wednesday on policy plans for pension pots for life for retirement savers appeared to signal a more cautious tone after pushback from the sector, financial experts have said.
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March 06, 2024
Lloyd's Says Women Hold 35% Of Top Insurance Market Jobs
Lloyd's of London has said the proportion of women in leadership roles at the specialist insurance marketplace has now increased by three percentage points to 35%, fulfilling the short-term target it set in 2020.
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March 06, 2024
Pensions Watchdog Outlines New Funding Strategy Reporting
The pensions watchdog has laid out new requirements for trustees when they report on their funding plans, as analysts warned of the growing regulatory burden on the sector.
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March 06, 2024
Blackstone, Thomson Reuters Sell £1.4B Shares In LSE Owner
A consortium including Blackstone Inc. and Thomson Reuters Corp. has sold off £1.4 billion ($1.8 billion) worth of shares in the London Stock Exchange Group, Citigroup, which is acting as a bookrunner, said Wednesday.
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March 05, 2024
DLA Piper Brings On HMRC Vet For Corp. Crime Team
DLA Piper added a member to its corporate crime and investigations team in London, an HM Revenue & Customs veteran most recently at Pinsent Masons, the firm announced.
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March 05, 2024
Repsol Beats Lufthansa Unit In R+, AirPlus EU TM Clash
Repsol has fought off a Lufthansa unit's bid to block its "R+" trademark after convincing a European appeals board that consumers would not confuse the sign with the German carrier's "AirPlus" set of logos.
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March 05, 2024
PwC Did Not Push Trainee Of 11 Years To Quit Over Absence
PricewaterhouseCoopers LLP did not force a staffer who had been a trainee for 11 years to resign when it invited him to a disciplinary hearing over his unauthorized absence and rejected his bid to write it off as retrospective holiday leave, a tribunal has ruled.
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March 05, 2024
SRA Investigator Calls Dentons' AML Checks 'Concerning'
Dentons faced allegations from a Solicitors Regulation Authority investigator at a tribunal Tuesday that the way the firm handled a politically exposed client were "concerning" amid claims it breached money laundering regulations by failing to make adequate checks.
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March 05, 2024
Ex-Russian Minister Renews Bid To Jail Deripaska In UK
Former Russian minister Vladimir Chernukhin urged an appeals court Tuesday to revive his bid to jail his ex-business associate Oleg Deripaska for contempt of court, arguing an earlier judge was wrong to find than an agreement to preserve assets had not been breached.
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March 05, 2024
Taylor Wessing Hires Fintech Reg Pro From Freshfields
Taylor Wessing LLP has hired a financial services regulatory expert Freshfields Bruckhaus Deringer LLP as a partner, as it eyes a boost to advising on U.K. and European laws, with a particular focus on financial technology.
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March 05, 2024
Spending Watchdog Warns BoE As Compliance Breaches Rise
The U.K. public spending watchdog has urged the Bank of England to examine its controls after it found a significant increase in breaches of staff policies at the central bank.
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March 05, 2024
Disruptor Bank Monzo Valued At $5B After $430M Fund Raise
Monzo Bank Ltd. said Tuesday that it has raised $430 million in its latest funding round, boosting the valuation of the British challenger bank to $5 billion as it eyes accelerating expansion.
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March 05, 2024
FCA Warns Firms To Remedy Failings In AML Controls
The Financial Conduct Authority has fired off a warning to the chief executives of 1,000 firms it regulates for money laundering purposes, telling them on Tuesday to tackle failings in their controls.
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March 04, 2024
FERC Slams Brakes On $1.1B Bridgepoint-ECP Deal
The Federal Energy Regulatory Commission has blocked U.K. asset manager Bridgepoint Group PLC's proposed £835 million ($1.1 billion) purchase of Energy Capital Partners LP, saying the companies haven't shown the merger wouldn't affect competition in U.S. electricity markets.
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March 04, 2024
Ex-Integer Strategic Exec Wins £100K Sex Harassment Payout
A tribunal has ordered the chairman of Integer Wealth to pay a female director almost £100,000 ($127,000) in compensation for sex-based discrimination and harassment after it ruled that he demoted her after she rejected his romantic advances.
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March 04, 2024
Dentons Failed To Make AML Checks On PEP Client, SRA Says
Dentons faced a battle at a London tribunal on Monday over its anti-money laundering procedures after the U.K. legal regulator said it had failed to conduct adequate checks on a politically exposed client for years.
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March 04, 2024
Most UK Pension Schemes Offering Below-Inflation Increases
Most defined benefit pension schemes are offering their members increases below inflation levels, prompting calls for discretionary payment boosts in light of funding improvements, pensions consultancy Broadstone said on Monday.
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March 04, 2024
Funds Seek €46M Debt Payment From Swedish Property Giant
Three New York hedge funds have hit Nordic property company SBB with a €46 million ($50 million) claim, alleging that it has defaulted on debt that is now "immediately due" following a dip in its profits.
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March 04, 2024
Associate Of Ex-Dechert Partner Says Settlement Ends Claims
A British-Canadian businessman accused of conspiring with former Dechert partner Neil Gerrard to hack aviation tycoon Farhad Azima told an English judge on Monday that Azima's settlement with the law firm brings the claims against him to an end.
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March 04, 2024
FCA Warns Asset Managers To Follow Sustainability Rules
The Financial Conduct Authority has warned chief executives of asset management companies that it will focus on their compliance with rules on sustainability disclosure that come into force this year.
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March 04, 2024
5 Questions For Peter Carter On Insider Dealing Prosecutions
The Financial Conduct Authority's successful prosecution of a former Goldman Sachs analyst for insider dealing provides new insights into what a determined criminal will do to get around compliance procedures and break the law. Here Peter Carter KC at Doughty Street Chambers, who led the prosecution for the FCA, talks to Law360 about the intricacies of tackling these kinds of cases.
Expert Analysis
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Questions Raised By UK Plan For ESG Ratings Providers
HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.
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Why The Royal Mint Failed To Launch An NFT
Without a clear objective it is unsurprising that The Royal Mint’s attempt to launch a nonfungible token ended with a whimper rather than bang, says Dion Seymour at Andersen.
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Review Of Senior Managers Regime Provides Useful Insight
Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.
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Highlights Of The UK's New Economic Crime Plan
With the direction of the U.K. government’s newly launched second economic crime plan undeniably altered by the recent focus on kleptocrats and their money, the emphasis is now on how the U.K. can deliver a more effective approach to reducing the threat of economic crime, says Kathryn Westmore at the Royal United Services Institute.
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Fresh View Ruling Offers Clarity On Forfeiture Orders
The pragmatic focus on property rather than the defendants’ wrongdoing in Fresh View v. Westminster Magistrates' Court will be welcomed by enforcement authorities, although the low bar where mere knowledge or suspicion of unlawful conduct may be sufficient for forfeiture could be of concern to innocent recipients, says Joseph Sinclair at Mountford Chambers.
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Considering Sanctions Enforcement From An EU Perspective
The creation of the European G-7 Enforcement Coordination Mechanism and a sanctions environment with increased enforcement on a multijurisdictional level aims to streamline enforcement at EU level, essential for an effective implementation of the sanctions, say attorneys at Baker McKenzie.
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Analyzing The UK Proposal For A Digital Pound
While the HM Treasury and Bank of England’s consultation makes clear that a central bank digital currency will likely be needed in the future, and there is certainly momentum in the space, there are still a number of concerns to be addressed, say attorneys at Simmons & Simmons.
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How The LDI Crisis May Lead To Pensions' Negligence Claims
Following the liability-driven investment crisis and its impact on pension schemes, employers and trustees may now be considering if anyone is to blame for any losses arising, say Rachael Healey and Andrew Oberholzer at RPC.
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UK Financial Services Bill May Not Be Quick Fraud Fix
While the U.K. Financial Services and Markets Bill is expected to pass into law this year and will make it easier for fraud victims to achieve redress, the reforms could result in increased costs and greater friction in payment processing and may not directly make it more difficult for criminals to operate scams, say Daniel Murphy and Gary Orritt at Eversheds Sutherland.
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A Look At Key Trends In UK Enforcement Of G-7 Sanctions
In light of the recent creation of a G-7 Enforcement Coordination Mechanism that is opening the door for greater collaboration between the U.K. and G-7 countries, together with a more aggressive approach to enforcement in the U.K., an uptick in investigations is likely, particularly regarding Russia, say attorneys at Baker McKenzie.
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Proposed EU Directive May Bring Harmony To Insolvency Law
The diverging insolvency regimes across European Union member states often lead to significant discrepancies in the recovery value for creditors, but a recent proposal for a directive that would affect areas like directors' duties and prepack processes represents a welcome move toward the harmonization of these laws across the EU, say attorneys at Taylor Wessing.
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UK Enviro Ruling Takes Narrow View Of Standard Of Review
In an important case that should provide comfort to investors involved in large public-finance backed infrastructure projects, the U.K. Court of Appeal's judgment against Friends of the Earth suggests that English courts will only intervene in limited circumstances where the U.K. government is challenged on the basis of an international treaty, say Holly Stebbing and Maddie Hallwright at Norton Rose.
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How Changes To 'Acting In Concert' Will Affect UK Takeovers
The recent changes made to the rules by the U.K. Takeover Panel on who is presumed to be acting in concert will be of most interest to parties proposing to make a bid for a U.K. listed company, and give welcome clarity as to how the U.K. takeover regime operates, say attorneys at Herbert Smith.
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Crypto And The Potential For Insider Dealing Offense
Recent cases have raised concerns about crypto providing new opportunities for insider dealing, and while it isn't more vulnerable to schemes than any other security, the lack of regulation and the newness of the technology exasperate its susceptibility to insider trading and potential criminal offense, say Adam Craggs and Alice Kemp at RPC.
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UK Ruling Guides On Appropriation Of Financial Collateral
While a London court’s recent ruling in ABT Auto Investments v. Aapico sets out practical guidelines for enforcement of security over financial collateral by appropriation — particularly amid a breakdown of relations with the collateral provider — a recently proposed bill could mean the future of this method is in question, say Bruce Johnston and Paul Denham at Morgan Lewis.