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Financial Services UK

  • August 13, 2018

    Trust Co. Seeks To Shift Liability Over $6.5M Securities Deal

    The former trust company for a British Virgin Islands-based investment trust has issued a claim against the trust’s current administrator for an indemnity covering it against potential losses stemming from its legal battle in England with Cayman Islands asset manager Falcon Asset Finance.

  • August 13, 2018

    Cryptocurrency Fraud Costs Britons £2M This Summer

    Police have warned of a rise in cryptocurrency fraud as they struggle to keep up with with criminals turning to new technology to exploit investors, after British consumers lost more than £2 million ($2.6 million) in two months.

  • August 13, 2018

    MPs Seek Public Inquiry Into FCA 'Inaction' Over RBS

    A group of MPs is calling for a “full public inquiry” into abuses by banks and their senior managers after the Financial Conduct Authority admitted it could not take action against the Royal Bank of Scotland over mistreatment of small business customers.

  • August 13, 2018

    FRC Slams PwC Over BHS Audit In Leaked Report

    The Financial Reporting Council has accused PricewaterhouseCoopers of making “incomplete, inaccurate and misleading” statements about the ability of British store chain BHS to stay afloat just before it was sold off for a nominal £1, a leaked report reveals.

  • August 10, 2018

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

    The last week has seen the Financial Conduct Authority take on a financial consulting firm, engineering company Doosan Babcock sue insurer Acasta, and a new action from private equity-linked firms that have already brought multiple actions worldwide after KPN Group acquired a Thai wind energy company. Here, Law360 looks at those and other new claims in the U.K.

  • August 10, 2018

    Feds Fight Ex-Barclays FX Trader’s Bid To Toss HP Case

    Prosecutors pushed back on an ex-Barclays trader’s motion to dismiss the criminal “front running” case against him Friday, arguing that the question of whether he had a duty to act in the best interests of Hewlett Packard Co. in a £6 billion foreign currency options transaction can only be determined by a jury.

  • August 10, 2018

    Investors Want Affiliate-Bank Claims To Stay In Libor MDL

     A class of over-the-counter investors urged a New York federal court Thursday to keep alive its antitrust claims against affiliates of Bank of America N.A. and JPMorgan Chase Bank N.A. in sprawling multidistrict litigation over alleged manipulation of the London Interbank Offered Rate.

  • August 10, 2018

    Standard Chartered Faces South Africa Suit Over Steinhoff

    Standard Chartered PLC and Commerzbank AG have been named in a potential class action brought in South Africa against global retail group Steinhoff International by investors claiming they suffered €12 billion ($13.7 billion) in losses due to accounting irregularities.

  • August 10, 2018

    EU Approves Restructuring Plan For Slovenian Bank

    The European Commission said on Friday that it has approved proposals by the Slovenian government to sell half of its stake in the country’s largest financial group by the end of the year as part of a broader restructuring plan for the ailing bank.

  • August 10, 2018

    FCA Sounds Alarm Over Cryptocurrency 'Clone' Scammers

    The Financial Conduct Authority has issued its second warning in a week alerting investors to so-called cryptocurrency "clone" companies that use the details of authorized firms to scam consumers into buying virtual money that turns out not to exist.

  • August 10, 2018

    Clydesdale Hits Back At Loan Suit, Demands £400K Payment

    A property investment firm that accused Clydesdale Bank PLC of making false statements and forcing it to take out costly loans has been countersued by the bank for more than £400,000 ($510,000) as the lender attempts to recover outstanding payments tied to deals at the heart of the dispute.

  • August 10, 2018

    Visa, MasterCard Take Swipe Fees Battle To UK's Top Court

    MasterCard and Visa have sought permission from Britain’s Supreme Court to challenge a landmark Court of Appeal decision that found the credit card companies set charges at an unlawfully high level that restricted competition.

  • August 10, 2018

    EU Sets Out New Cross-Border AML Rules For Payment Firms

    The European Commission on Friday told payment firms that offer services in more than one EU state that they will be required to appoint so-called central contact points to help ensure they comply with the host country’s anti-money laundering rules.

  • August 9, 2018

    Tax Residence Means Physical Presence, UK Isles Say

    Banks, insurers and company headquarters wanting to be taxed in the British dependencies of Jersey, Guernsey and the Isle of Man may have to show they hold physical board meetings and have sufficient staff on the islands as of next year, recently published government documents show.

  • August 9, 2018

    UBS Gets Trial Date For Dispute With F1 Team Owner

    A dispute over a London property and an outstanding £20 million loan between Swiss bank UBS AG and an Indian businessman who is separately fighting extradition from the U.K. to face fraud allegations will go to trial in May 2019, a judge has ordered.

  • August 9, 2018

    EBA Points Regulators Toward Systemically Risky Banks

    The European Banking Authority published updated financial information about the largest banks in the bloc on Thursday in a bid to help national regulators identify institutions that are so systemically important their failure would send shocks across Europe’s financial market.

  • August 9, 2018

    FCA Fires Back In Suit Over Music Business Investment

    The Financial Conduct Authority has disputed the defense of a company director it is suing, saying in new court documents that he and others involved in a share sale to revive the brand behind one of Britain’s biggest music store chains deliberately omitted references to regulatory authorization in paperwork.

  • August 9, 2018

    UK Gov't To Roll Out Brexit Plan For Financial Regulation

    The U.K. Treasury said on Thursday it is preparing to publish plans to hand responsibility for financial regulation from European Union regulators to British entities including the Bank of England and the Financial Conduct Authority, with the first details due later this summer and fall.

  • August 9, 2018

    Hong Kong Regulator To Oversee Prudential As Biz Splits

    Prudential PLC said it is making “good progress” in carving off its M&G Prudential operation as it revealed that Hong Kong's Insurance Authority will become its principal regulator rather than the Bank of England when the split is complete.

  • August 9, 2018

    Brexit Moves Must Be In Clients' Interests, FCA Warns

    Banks planning to move their investment books from London to rival European hubs after Brexit are being warned by the Financial Conduct Authority that any decisions must be made in the “best interest” of their clients.

Expert Analysis

  • UK Regulators Grapple With Cryptocurrencies And ICOs

    Sergey Kvitkin

    Currently, regulation of cryptocurrencies and initial coin offerings in the U.K. is handled primarily by the Financial Conduct Authority, Bank of England and Her Majesty's Revenue & Customs. Trading in cryptocurrencies themselves is not a regulated activity, but trading in derivatives using digital assets will require FCA authorization and new forms of market intervention are likely on the horizon, say attorneys at Crowell & Moring LLP.

  • Why US Investment Into The UK Is On The Rise

    Simon Rous

    While political uncertainty is pushing U.K. corporations toward defensive consolidation, inward mergers and acquisitions investment into the U.K. remains strong, with American acquirers leading the way. Factors contributing to this trend include Brexit, U.S. tax changes and saturation of the U.S. target market, say Simon Rous of Ashfords LLP and Laurie Sanders of Osborn McDerby LLP.

  • ENRC Appeal Is Coming, But Don't Expect Fireworks

    David McCluskey

    Justice Geraldine Andrews' judgment in Serious Fraud Office v. Eurasian Natural Resources Corp last year is a reality check, but not a change in the law. With the case's appeal currently pending, it is becoming more clear that British lawyers have been lulled into an ever-expanding definition of litigation privilege which is not supported by the law, say Davis McCluskey and Georgina Jones of Taylor Wessing LLP.

  • 5MLD Is A Step Forward In EU's Fight Against Financial Crime

    Keily Blair

    The European Parliament recently voted in favor of the fifth money laundering directive, 5MLD, which creates stricter rules and increases transparency around financial transactions and legal entities. 5MLD will create uniformity across the European Union and close any possible loopholes that may have existed previously, say Keily Blair and Andrea Holder of PricewaterhouseCoopers.

  • Unique Considerations In Cryptocurrency Estate Planning

    Michael Kearney

    Security features unique to cryptocurrency put investors at risk of losing such assets upon incapacity or death. Understanding these features and crafting a plan that addresses certain important factors will help assure digital assets are effectively passed on to heirs and beneficiaries, say Michael Kearney and Joseph Doll at Cole Schotz PC.

  • How Fair Is Fair Market Value In The UK?

    Abdulali Jiwaji

    The U.K. Court of Appeal recently ruled on the meaning of the words "fair market value" in the default valuation provisions in the Global Master Repurchase Agreement 2000 edition. The decision demonstrates the difficulty of challenging a nondefaulting party's valuation, provided that its process is reasonable, say attorneys at Signature Litigation LLP.

  • BigLaw Blogs In A Post-GDPR Marketing Universe

    Stephan Roussan

    Connecting with potential prospects is now more challenging due to the EU General Data Protection Regulation, meaning that law firm microsites, blogs and social media will become more valuable than ever. The firms that deploy them strategically will increase their relative visibility and accelerate the rebuilding of their opt-in distribution lists, says Stephan Roussan of ICVM Group.

  • FCA Enforcement Strategy May Influence Litigation Privilege

    Abdulali Jiwaji

    The U.K. Financial Conduct Authority's recently published annual business plan and mission statement indicate an uptick in enforcement activity. Alongside this, the past year has seen a number of interesting court decisions dealing with claims for litigation privilege, say Abdulali Jiwaji and Elliott Fellowes of Signature Litigation LLP.

  • GDPR Is Here — What If You Didn't Prepare?

    Joseph Facciponti

    Businesses that are only now waking up to the reality of the EU General Data Protection Regulation, which took effect on Friday, must prioritize their compliance efforts to mitigate potential regulatory risks as they work quickly to achieve full compliance, say Joseph Facciponti and Katherine McGrail of Murphy & McGonigle PC.

  • Opinion

    OFAC Digital Currency Plan Will Hurt Business, Not Terrorists

    Clif Burns

    The U.S. Department of the Treasury's Office of Foreign Assets Control's plan to add digital currency addresses to the specially designated nationals list will do little to advance OFAC's goals. However, it will impose additional and pointless screening duties on digital currency transactions for both U.S. and non-U.S. companies and financial institutions, says Clif Burns of Bryan Cave Leighton Paisner LLP.