Financial Services UK

  • February 13, 2018

    MoFo Boosts London Office With Ex-Clifford Chance Atty

    Morrison & Foerster LLP announced on Tuesday that it has snagged a veteran lawyer from Clifford Chance with experience in cross-border financial transactions to join its finance practice in London as a partner.

  • February 13, 2018

    Lawmakers Accuse Big 4 Of 'Feasting On Carillion's Carcass'

    KPMG will be grilled by lawmakers later this month after it was revealed the auditor and the other Big Four accounting firms have billed Carillion PLC, its pension plans and the government £71 million ($98.6 million) since 2008, a parliamentary committee said Tuesday.

  • February 13, 2018

    IOSCO Proposes Safeguards In Leveraged Products Market

    A global securities standards setter on Tuesday proposed a series of new guidelines protecting retail investors against heavy losses from leveraged investment products such as spread-bets and binary options.

  • February 13, 2018

    Debt Managers Banned After Customers Lost Up To £2M

    Two debt managers have been disqualified from holding the position of director for a combined eleven-and-a-half years because their actions caused distress to customers who were already in financial difficulty, the U.K. government said on Tuesday.

  • February 13, 2018

    FCA, PRA Appoint New Head Of UK Compensation Scheme

    A former manager of the government’s bank holdings is to head the Financial Services Compensation Scheme, a statutory fund that pays customers and depositors compensation when financial institutions go bust, U.K. regulators said on Tuesday.

  • February 13, 2018

    Security Firm Boss Gets 10-Year Ban For Bank Deal Breach

    A security firm boss has been disqualified from acting as a director for 10 years after he breached an invoice financing agreement, making off with more than £100,000 ($139,000) and leaving the bank that ran the facility with irrecoverable losses, the U.K. government said Tuesday.

  • February 13, 2018

    Lawmakers Threaten FCA Over RBS Report Amid New Leaks

    The head of a key parliamentary committee warned the Financial Conduct Authority on Tuesday that it could be in contempt of Parliament if it does not deliver a full report on the Royal Bank of Scotland PLC's controversial treatment of troubled small businesses by Friday.

  • February 13, 2018

    Barclays Bank Heading To Court For Qatar Loan Charges

    Lawyers for Barclays Bank PLC will appear in court on Wednesday for the first time to hear charges brought against the firm by the Serious Fraud Office of unlawful financial assistance relating to a $3 billion loan it made to Qatar in 2008, the SFO said Tuesday.

  • February 12, 2018

    Feds, Ex-UBS Trader Spar Over Fraud, Spoofing Counts

    Federal prosecutors traded barbs Monday with a former UBS trader accused of scheming to manipulate the precious metals market, arguing he is right to say six of the seven counts against him do not belong in Connecticut federal court but wrong to say they should be thrown out for good.

  • February 12, 2018

    CCUK Pushes To Scrap Barclays Misselling Counterclaim

    CCUK Finance Ltd. — a credit card services firm suing Barclays PLC for around £1.1 billion ($1.5 billion) over the sale of allegedly ‘worthless’ debt waiver product credit card agreements similar to payment protection insurance — on Monday said that the bank’s counterclaim that it is owed £321.4 million by the firm should be struck out.

  • February 12, 2018

    Gibraltar Aims To Become First To Legislate On ICOs

    Gibraltar's financial services watchdog said Monday it was drafting legislation to regulate initial coin offerings, which would make the British overseas territory the first jurisdiction to create dedicated rules for digital tokens.

  • February 12, 2018

    ESMA Adds Nasdaq's Europe Legal Counsel To Expert Group

    The European Securities and Markets Authority announced on Monday that it has appointed four experts, including a top Nasdaq lawyer, to a body that helps the regulator carry out consultation on policy developments.

  • February 12, 2018

    Genworth Bids To Dump £28.5M Misselling Suit On Santander

    A British subsidiary of Santander should be liable for claims for payment protection insurance misselling made against two U.K. companies that French insurer Axa SA acquired from Genworth, the U.S. insurer has argued.

  • February 12, 2018

    UK Regulators Want Tighter Controls In Automated Trading

    U.K. financial regulators said on Monday that British financial firms lack suitable procedures for running and monitoring high-speed electronic trading programs that use automated algorithms, which the authorities say can increase risk.

  • February 12, 2018

    EU Watchdogs Urge Caution On Cryptocurrency Investment

    Three of Europe’s major regulatory bodies joined forces on Monday to remind consumers of the risks they are exposing themselves to by investing in highly speculative digital currencies.

  • February 12, 2018

    Barclays Hit By Fresh Charges In Qatar Capital-Raising Case

    The Serious Fraud Office charged Barclays Bank PLC with unlawful financial assistance on Monday over a $3 billion loan it made to Qatar in 2008, adding to the same charges brought in 2017 against the bank’s financial services parent company, Barclays PLC.

  • February 9, 2018

    2 Mitsubishi Banks To Settle Libor Rigging Suit For $30M

    The Bank of Tokyo-Mitsubishi UFJ Ltd. and Mitsubishi UFJ Trust and Banking Corp. have struck a $30 million deal to escape two investor suits alleging they rigged Libor, according to a memo filed Friday in New York federal court.

  • February 9, 2018

    Judge OKs Late Expert Evidence In NatWest Misselling Claim

    A U.K. property firm can submit expert evidence in its lawsuit against National Westminster Bank PLC over allegations it lost around £14 million ($19.3 million) from missed property investments because of an interest rate hedging product it claims the bank missold it.

  • February 9, 2018

    Banking Union Reforms Could Boost M&A, ECB Head Says

    European regulators could make it easier for banks to merge after several years of limited activity in the region by making sure capital requirements and other rules get applied consistently and forging ahead with the region's banking union, the president of the European Central Bank has said.

  • February 9, 2018

    EU Securities Authority Sharpens Focus On ICO Risk Analysis

    Europe’s top securities regulator said on Friday it will step up its scrutiny of initial coin offerings over the coming year to make sure existing rules are up to scratch, as well as launch a new series of risk assessment reports.

Expert Analysis

  • ESMA Guidance Creates Questions For EU Exchanges

    Thomas Donegan

    The European Securities and Markets Authority has published a dubious interpretation requiring exchange members of EU exchanges to be locally regulated if they provide clients with access to the exchanges. This directly conflicts with the U.K.'s regulators and Parliament and creates potential issues in other countries such as Germany, says Thomas Donegan of Shearman & Sterling LLP.

  • A GDPR Primer For US-Based Cos. Handling EU Data: Part 1

    Caroline Krass

    While many U.S. companies have already begun work on complying with the General Data Protection Regulation, it has such a long reach that it may encompass many organizations that would not ordinarily expect to be subject to European data privacy laws, say attorneys at Gibson Dunn & Crutcher LLP.

  • Keeping Your Law Library Relevant In The Age Of Google

    Donna Terjesen

    Google’s status as a go-to research tool has transformed legal research habits, leading critics to view law libraries as cost centers. Law firms should embrace Google-style research tools and manage costs efficiently in order to position their libraries as valuable assets for years to come, says Donna Terjesen of HBR Consulting.

  • UK Merger Control Regime Is More Than Just Voluntary

    Douglas Lahnborg

    The United Kingdom has a voluntary merger control regime, and many companies choose not to notify transactions to the Competition and Markets Authority. However, it may be preferable to notify the CMA of an anticipated merger in order to avoid seriously disruptive initial enforcement orders, say Douglas Lahnborg and Saira Henry of Orrick Herrington & Sutcliffe LLP.

  • The Johnson Conviction And Fallout For Forex Market

    Paul Hinton

    The recent conviction of former HSBC foreign exchange executive Mark Johnson has shocked market participants and could lead to a reduction in liquidity for block trades in the foreign exchange and other over-the-counter markets, say members of The Brattle Group and AGN Advisory.

  • 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.