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Financial Services UK

  • September 11, 2018

    Ex-SFO Head To Join Slaughter & May's Investigations Team

    The Serious Fraud Office's former director will join Slaughter and May as a senior consultant in October to counsel clients on regulatory investigations, the firm announced Tuesday.

  • September 11, 2018

    EU Watchdogs Warn Regulators To Plan For Brexit Contagion

    European regulators must gear up to prevent financial woes spreading between troubled securities, banking and insurance companies amid heightened risk from Brexit, three major financial watchdogs said Tuesday.

  • September 11, 2018

    Senior Bankers Call For More Certainty On Contracts Post-Brexit

    The banking industry needs more guarantees from government on the continuity of financial contracts after Brexit, as well as greater reciprocity from European Union regulators on cross-border treatment, senior banking executives told a U.K. parliamentary committee Tuesday.

  • September 11, 2018

    ING CFO Steps Down Over Money Laundering Scandal

    ING Group's chief financial officer will resign, the bank announced Tuesday as it revealed that he was responsible for the Dutch unit during the period that compliance failings led to money laundering and other financial crimes at the branch.

  • September 10, 2018

    UK Adviser Sued After Pension Investments Turn Sour

    A troubled investment adviser and wealth manager already barred by regulators from accepting new client money is being sued in London's High Court for allegedly advising a pensioner to put his savings into a series of high-risk investments that went sour.

  • September 10, 2018

    Forex Group Backs Ex-HSBC Exec, Says $3.5B Deal Was Fair

    A leading foreign currency exchange trade group has come out in support of former HSBC executive Mark Johnson's bid to overturn his conviction for defrauding Cairn Energy PLC in a $3.5 billion transaction, calling it an industry-standard deal that the banker had no reason to believe was illicit.

  • September 10, 2018

    Litigation Funder Vannin Capital Plans $91M IPO

    Litigation funder Vannin Capital on Monday unveiled plans to float on the London Stock Exchange in a £70 million ($91.2 million) initial public offering, the same day it announced that a former Allen & Overy LLP senior partner has joined the firm as its newest chairman.

  • September 10, 2018

    ISDA Calls For Reforms To Derivatives Clearing Mandates

    The International Swaps and Derivatives Association urged global regulators on Monday to introduce more flexibility to clearing rules and improve the capacity of the market as part of their efforts to incentivize the central clearing of over-the-counter derivatives.

  • September 10, 2018

    Brown Rudnick Snags London Private Equity Partner

    Brown Rudnick LLP has strengthened its mergers and acquisitions team with the hire of a private equity partner in its London office, the firm has said.

  • September 10, 2018

    Director Of Fake Co. Gets 4.5 Years For Binary Options Fraud

    The director of a fake binary options company that defrauded 42 victims out of a combined £475,000 ($618,900) has been sentenced to four and a half years at a London crown court, the City of London Police revealed Monday.

  • September 10, 2018

    EU Watchdog Warns Of Risks In Shadow Banking Sector

    The European Systemic Risk Board urged supervisors on Monday to monitor the €42.3 trillion ($54.7 trillion) European Union shadow banking system, as the watchdog warned of liquidity and leverage risks as well as vulnerabilities caused by how interconnected banks and non-bank entities are.

  • September 7, 2018

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

    The last week has seen a software developer sue Citibank for breach of contract, a new filing between British Airways and its pension trustees, and a claim brought by African food distributors and major insurers Axa, Allianz Generali and Swiss Re against container shipping giant MSC. Here, Law360 looks at those and other new claims in the U.K.

  • September 7, 2018

    EU Needs Common Crypto Regulator, Think Tank Says

    Cryptocurrency assets should be regulated in the European Union and financial institutions should limit their exposure given their high levels of price volatility, a think tank has urged in a new study.

  • September 7, 2018

    Litigation Funder Adds 8 In UK With An Eye On Group Claims

    Litigation funder Augusta Ventures has boosted its London team with a string of high-profile hires from firms like Hogan Lovells, Eversheds Sutherland and Hausfeld LLP as it signaled plans to pursue larger-scale cases.

  • September 7, 2018

    FCA Chair Slams Quality Of Big Four Financial Audits

    The chairman of the U.K.’s Financial Conduct Authority has piled pressure on major accounting firms over the quality of their bank audits and urged the profession to act fast to address the problem, as the biggest accounting firms continue to face calls for more competition and oversight amid a series of scandals.

  • September 7, 2018

    Debt Managers Banned For Improperly Managing Client Funds

    Two debt management directors have been disqualified from running companies for a combined 15 years after a court heard that they used client money to pay their salaries and running costs while owing client creditors nearly £580,000 ($753,000), the government said Friday.

  • September 7, 2018

    EU Open To US-Style Equivalence Deal For UK Finance Firms

    The European Union’s chief Brexit negotiator has indicated that Britain could be granted a regulatory equivalence deal on financial services similar to arrangements already enjoyed by the U.S., according to minutes of a meeting released on Friday.

  • September 7, 2018

    Deutsche Bank Can Force Monaco Billionaire To Return To UK

    Deutsche Bank AG can serve an order on Monaco-based billionaire Alexander Vik compelling him to return to the U.K. for questioning over his assets or face prison as the bank continues its hunt for $300 million owed by the entrepreneur, a London appeals court ruled Thursday.

  • September 7, 2018

    EBA Calls On Banks For Data To Help Implement Basel IV

    The European Union’s banking watchdog has told banks to hand over information about their financial stability, including details of how much capital they hold and their risk-weighted assets, which the authority said it will use to prepare rules for how firms will implement Basel III revisions across the bloc in 2019.

  • September 7, 2018

    CMA To Review PPI Disclosure Rules In Light Of EU Directive

    Britain’s antitrust watchdog has revealed that it will review U.K. rules requiring lenders to disclose to their customers the payment protection insurance premiums they have paid as a new European Union directive will place a similar burden on banks.

Expert Analysis

  • 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.

  • GDPR — Coming Soon To A Merger Near You

    Emma Flett

    Beginning May 25, European regulators will be able to enforce the EU General Data Protection Regulation. The possibility of enforcement means the GDPR will now have greater bearing on M&A activity in the U.S. and elsewhere, say Emma Flett and David Higgins of Kirkland & Ellis International LLP.

  • Innovation Theories Of Harm Are Crucial In Merger Control

    Can Celiktemur

    While the broad theoretical considerations that are relevant to an economic assessment of whether a merger is likely to reduce innovation are undisputed, the European Commission's interpretation of the relevant economic literature in recent mergers is contentious, say economists at Cornerstone Research.

  • UK Public Beneficial Owner Register Will Be 1st Of Its Kind

    Simon Airey

    Earlier this year, U.K. Business Secretary Greg Clark announced that a public register containing details about owners of overseas companies that buy or own property in the U.K. will be made available by early 2021. While the true impact of the new register is difficult to predict, it is clear that the days of anonymous property ownership are over, say Simon Airey and Joshua Domb of Paul Hastings LLP.

  • A Missed Opportunity For Whistleblower Protections In UK

    Lynne Bernabei

    U.K. financial regulators recently decided the first test case under the country’s whistleblower protection provisions in a matter involving Barclays CEO Jes Staley. The decision not to take action against Barclays calls into question the extent to which regulators will give teeth to the protections, say Lynne Bernabei and Kristen Sinisi of Bernabei & Kabat PLLC.