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Financial Services UK

  • September 17, 2018

    UK Firms Must Diversify In The Boardroom, Watchdog Says

    The Financial Reporting Council urged U.K. businesses on Monday to treat diversity as part of their business strategy,  as it unveiled research that found only one in three FTSE 100 companies have policies on ethnic diversity in boardrooms.

  • September 17, 2018

    UK Supreme Court To Hear Financial Adviser Liability Suit

    A British family suing a financial adviser over a failed property investment can take their lawsuit to the Supreme Court after Britain’s top appellate court granted them permission to appeal against a lower court’s verdict that the company could not be held liable for their losses.

  • September 17, 2018

    Nasdaq Trader's €114M Loss Prompts Swedish Investigation

    Sweden’s market regulator has said it will investigate how a trader was able to blow a €114 million ($133 million) hole in a Nasdaq clearing house contingency fund that helps ensure the safety of derivatives trading in European electricity markets.

  • September 17, 2018

    Swiss Regulator Rebukes Credit Suisse Over AML Failings

    Switzerland’s financial regulator reprimanded Credit Suisse AG on Monday after it revealed the bank had failed to comply with due diligence requirements in its dealings with clients linked to football's scandal-ridden international body and state-owned oil companies in Brazil and Venezuela.

  • September 14, 2018

    Irish Bank Reps Say Ch. 15 Suit Has No American Nexus

    The foreign representatives of Chapter 15 debtor Irish Bank Resolution Corp. Ltd. objected Friday to a move by an Irish creditor to lift the automatic stay of litigation to allow the creditor to move forward with an adversary proceeding in Delaware, saying the loans at issue in the complaint are governed by Irish law.

  • September 14, 2018

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

    The last week has seen Denmark's tax authority file another fraud suit against more investment firms, insurance giants like Amlin and Axa sue a seafood distributor, and a bid to appeal a decision from former shareholders of a business in RBS' controversial restructuring unit. Here, Law360 looks at those and other new claims in the U.K.

  • September 14, 2018

    Madeira Investment Scam's Ringleader Sentenced To 13 Years

    A man whom the Financial Conduct Authority has called the “controlling mind, instigator and the main beneficiary” of a £2.8 million ($3.59 million) investment scam was jailed at a London court on Friday for a total of 13 years.

  • September 14, 2018

    FCA Bans Jailed Ex-Deutsche Bank Trader Over Euribor

    The Financial Conduct Authority said Friday it has banned a former Deutsche Bank AG derivative trader currently serving time in jail from any role in the U.K. financial services industry for his part in plotting to rig a key interest rate benchmark.

  • September 14, 2018

    Tech Firm Otello Gets UK Court Win Over Barred Share Sale

    Directors of a U.S. investment firm acted unfairly when they blocked a proposed sale of shares in English company Last Lion Holdings Ltd., unreasonably citing links to a regulatory investigation into alleged insider trading, a U.K. judge said Friday.

  • September 14, 2018

    US Investment Firm Fights UK Asset Manager's £6M Fee Claim

    A group of Luxembourg entities owned by U.S. real estate investment firm Colony NorthStar Inc. have rejected claims they owe U.K. asset manager Quidnet Capital Partners LLP £6.4 million ($8.4 million) in payments after they canceled asset management agreements tied to various commercial property investment portfolios.

  • September 14, 2018

    EU Exchanges Warned To Apply To FCA Before Brexit

    European trading venues will lose their right to facilitate exchanges in U.K. markets unless they apply to the Financial Conduct Authority to become a recognized overseas platform before Britain withdraws from the European Union, the watchdog warned on Friday.

  • September 14, 2018

    ECB Irons Out Process To Authorize Fintech Firms In The EU

    The European Central Bank published guidance on Friday to ensure that financial technology firms have a “smooth and effective” process when applying for licenses that allow them to perform banking services in the eurozone, given the rise of interest from alternative lenders.

  • September 14, 2018

    RBS Boss Withheld Details Of Criminal Activity, MPs Say

    British lawmakers on Friday accused the chief executive of the Royal Bank of Scotland of withholding information when he gave evidence to MPs during a hearing on the bank’s mistreatment of small businesses.

  • September 14, 2018

    Russia-Ukraine $3B Bond Dispute Set For Full UK Trial

    A dispute between Ukraine and Russia over $3 billion in unpaid Ukrainian bonds is set to go to a full trial, a London appeals court ruled Friday, finding allegations that Russian aggression against its neighbor voided the loan must be tested in court.

  • September 13, 2018

    UK Rejects Ex-UBS Trader's Bid To Avoid Deportation

    A former UBS AG trader convicted for causing the biggest trading loss in British banking history faces imminent deportation to his native Ghana after the government rejected his latest bid to stay in the U.K., his lawyer said Thursday.

  • August 28, 2018

    Former UBS Trader's Lawyer Fights Deportation Attempt

    A lawyer representing a former UBS trader jailed for fraud after he caused the largest trading loss in British banking history, which cost the bank $2.25 billion, is fighting attempts to have him deported from the U.K., his MP has revealed.

  • September 13, 2018

    ECJ Backs Cautious Take On MiFID Info Disclosure Rule

    The European Union’s highest court said Thursday that financial regulators can be forced to disclose confidential information linked to a criminal case, but it is up to national courts to strike a balance between a person’s human rights and professional secrecy requirements before ordering them to do so.

  • September 13, 2018

    EU Disclosure Rules Are Misleading Investors, Lobbyists Say

    The Association of Investment Companies has called for the suspension of "actively misleading" European rules that require fund managers to provide investors with details on how they expect their products to perform, urging U.K. politicians to launch an inquiry into the issue.  

  • September 13, 2018

    Hedge Funds Hit By Default Judgment In £1B Fraud Suit

    A London court judge has entered a default judgment against two defunct U.K. hedge funds for failing to respond to a lawsuit alleging they took part in a massive multinational fraud to cheat the Danish government out of £1 billion ($1.3 billion) in reimbursed taxes.

  • September 13, 2018

    UK Puts Limits On Ex-SFO Chief's New Role At Slaughter

    The former head of the Serious Fraud Office will be kept away from working on any matters he was involved with while he led the U.K.'s white collar watchdog when he joins City law firm Slaughter and May as a senior consultant, according to a government letter published Wednesday.

Expert Analysis

  • When To Use Options Analysis In Damages Assessments

    Ronnie Barnes

    In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.

  • Opinion

    UK 'Unexplained Wealth Orders' Will Discourage Investors

    Simon Bushell

    The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.

  • 2nd Circ. Restricts The FCPA's Reach

    Brad Karp

    The Second Circuit’s opinion last week in U.S. v. Hoskins limits the U.S. Department of Justice’s ability to prosecute foreign individuals or companies for Foreign Corrupt Practices Act violations. The opinion also flatly contradicts the U.S. Securities and Exchange Commission’s 2012 FCPA resource guide, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Brexit: Bracing For A No-Deal Scenario

    Ross Denton

    Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.

  • Considering Contract Termination Under English Common Law

    John Laird

    The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.

  • UK Corporations Face Growing Risk Of Class Actions

    Gregg Rowan

    Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.

  • Tax Enforcers Unite Against International Tax Crime

    Kyle Womboldt

    In light of the launch of the Joint Chiefs of Global Tax Enforcement alliance against transnational tax crime and money laundering, it is more important than ever for corporations and professional services firms to carefully manage their exposure to higher risk clients and business activity, say Kyle Wombolt and Jeremy Birch of Herbert Smith Freehills LLP.

  • Goldman Sachs Decision Raises Bank Failure Questions In UK

    Ben Pilbrow

    Depending on your political beliefs, the U.K. Supreme Court's recent judgment in Goldman Sachs v. Novo Banco either illustrates the benefits of remaining in the European Union or highlights the dangers of not breaking free from it, says Ben Pilbrow of Shepherd and Wedderburn LLP.

  • Opinion

    A Revolution For 3rd-Party Funding In The UK

    Guy Harvey

    Only 10 years ago, third-party funding was an exotic black art at the fringes of appropriate behavior in the United Kingdom. Now it is formally approved and championed by Court of Appeal judges and there is a wide range of funding options available to practitioners, says Guy Harvey of Shepherd and Wedderburn LLP.

  • UK Seeks To Balance Asset Protection And Protectionism

    William Charnley

    In response to the evolving geopolitical threats of the 21st century, the United Kingdom at the end of July began an initiative to enhance its powers to review or block foreign acquisitions of sensitive British assets. The challenge will be striking a balance between protecting legitimate strategic concerns and facilitating international investment, say attorneys at King & Spalding LLP.