Financial Services UK

  • November 28, 2017

    Sidley Hires 2 UK Private Equity Attys from Simpson Thacher

    Sidley Austin LLP has poached two counsel from Simpson Thacher & Bartlett LLP for its London office, the firm announced on Tuesday, as its global private equity practice in Europe continues to grow.

  • November 28, 2017

    ECB Seeks Feedback On Plans For Overnight Reference Rate

    The European Central Bank launched a consultation Tuesday on the main features of a new unsecured overnight interest rate it hopes to launch by 2020 as part of a global effort to find replacements for benchmarks that have been hit by scandal.

  • November 28, 2017

    FCA Review Of Troubled RBS Unit Gets Independent Approval

    A confidential report by Britain’s financial watchdog into the controversial activities of a Royal Bank of Scotland Group PLC business unit was “fair and balanced,” it was announced Tuesday

  • November 28, 2017

    BOE Tests Show UK Banks Can Withstand Brexit Shocks

    U.K. banks are three times stronger than they were in 2008 and would be able to keep lending in the event of another global recession or a “disorderly Brexit,” annual stress tests published by the Bank of England on Tuesday reveal.

  • November 27, 2017

    Top EU Court To Review ECB's Quantitative Easing Program

    The European Union's highest court will get another chance to review the legality of the European Central Bank's bond purchasing programs after Germany's top court again sought guidance on a challenge to the bloc's quantitative easing decisions.

  • November 27, 2017

    Mastercard Wins Interim Costs In £14B Swipe Fees Class Suit

    A British consumer attempting to bring a £14 billion ($18.7 billion) antitrust suit against Mastercard Inc. over credit card swipe fees was ordered by a U.K. competition appeal court on Friday to cough up around £289,000 to the credit card firm to cover its costs for defending itself.

  • November 27, 2017

    Upper UK House To Overhaul New Post-Brexit Sanctions Bill

    Senior parliamentary figures said they will attempt to water down “shocking” sections of a new bill giving the U.K. post-Brexit legal rights to impose, update and lift domestic sanctions and anti-money laundering measures during its next reading on Wednesday.

  • November 27, 2017

    Irish Regulator Fines Intesa Sanpaolo €1M For AML Failures

    Ireland's central bank said Monday it had fined an insurance unit of Italian banking group Intesa Sanpaolo €1 million ($1.2 million) after an investigation revealed “significant failures” in the firm’s money laundering controls and procedures.

  • November 27, 2017

    UK Appeals Court Finds Fund's $23M Share Payout Unlawful

    The court of final appeal for the U.K.'s overseas territories has ruled that a payment of approximately $23 million made by a now-defunct Cayman Islands investment company to one of its investors when it redeemed its shares in the investment fund was unlawful.

  • November 27, 2017

    EBA Pulls Liquidity Reporting Rules On Retail Deposits

    The European Banking Authority said Monday it has withdrawn guidelines that set out how banks report on their liquidity because they have been superseded by EU laws that force banks to have a specified liquidity coverage ratio.

  • November 27, 2017

    EU Commission Signs Off On New Payment Security Rules

    The European Commission adopted final rules on Monday for banks that will soon be forced to share customer data with financial technology firms and apply heightened security measures to accounts across the European Union.

  • November 27, 2017

    Bank Claims 1st Blockchain Trade Finance Transaction

    Spanish bank BBVA said Monday it has completed the first blockchain-based import-export transaction between Europe and Latin America, cutting the trading time from more than a week to just 2.5 hours.

  • November 24, 2017

    Forex Wrangle Triggers Late Rewrite Of EU Derivative Laws

    European financial regulators said Friday they are reviewing some aspects of the final stage of new derivative laws that enter into force across the EU in January, following concerns that the legislation clashes with U.S. and other foreign standards.

  • November 24, 2017

    UK Judge Rules Trust Co. Directors Must Be Indemnified

    A Jersey-based trust manager has succeeded in its claim that it is obliged to indemnify three employees that it provided to serve as directors at a fund invested in land in Romania, according to a High Court judgment handed down on Friday.

  • November 24, 2017

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

    The last week has seen Kazakhstan and its national bank file a Financial List claim against the Bank of New York Mellon, the Law Society sue Barclays and a Greek commercial shipping manager take on an insurance brokerage. Here, Law360 looks at those and other new claims in the U.K.

  • November 24, 2017

    High Court Rules Adviser Owes Client Over Risky Investments

    A U.K. asset manager must pay damages to a client who saw the value of a £1.5 million investment ($2 million) portfolio managed by the firm more than halved after a High Court judge on Thursday found that Full Circle Asset Management Ltd. pursued a high-risk investment strategy without the client’s consent.

  • November 24, 2017

    Watchdog Guides On Protecting Investors When Funds Terminate

    Global securities regulators have unveiled 14 steps on good practice for financial firms to follow when ending investment funds, in response to investor protection concerns.

  • November 24, 2017

    Lloyds, PwC Secure Costs In £54M Car Auction Firm Theft Suit

    The U.K.’s appellate court on Thursday ordered a defunct car auction company to stump up £4 million ($5.3 million) in security to Lloyds Banking Group PLC and PricewaterhouseCoopers LLP for costs in its £54 million legal claim accusing the firms of conspiring to force it into administration for profit.

  • November 24, 2017

    Banks Agree To Keep Using Imperilled Libor Until 2021

    Libor, the benchmark interest rate that was at the center of a multibillion-dollar global rigging scandal, will remain in place until 2021, it was confirmed Friday after the Financial Conduct Authority reached agreement with the 20 banks that use it.

  • November 23, 2017

    Regulator Reveals Bank Compliance Officers' Top Challenges

    The pace, volume and sheer complexity of regulatory change is the biggest challenge faced by wholesale banks, a survey of compliance departments by the U.K. finance watchdog revealed on Thursday.

Expert Analysis

  • How Midsize Law Firms Can Minimize Cybersecurity Threats

    K. Stefan Chin

    It can be challenging for midsize law firms to develop an enterprise cybersecurity program that mitigates the eminent threat of data breach and meets the regulatory and compliance requirements of the firm and its clients. This challenge becomes daunting when considering the steady rise in client audits, say K. Stefan Chin of Peckar & Abramson PC and John Sweeney of Logicforce.

  • Assessing The Path Forward For The Serious Fraud Office

    Collingwood Thompson

    The debate over the possible merger between the United Kingdom's National Crime Agency and Serious Fraud Office has underlined the chronic underfunding of law enforcement. Increasing the budgets of the police and Crown Prosecution Service would be more helpful than an unnecessary merger, says Collingwood Thompson QC of 7 Bedford Row.

  • 2nd Circ. Libor Ruling Helps Subjects In Int'l Investigations

    Gregory O’Connell

    The Second Circuit's Allen decision Wednesday tilts the scales toward subjects and targets in multinational investigations. U.S. prosecutors could be forced to get involved in international investigations earlier than they might like, say Gregory O’Connell and Peter Sluka of De Feis O’Connell & Rose PC.

  • The BVI's Recent Beneficial-Ownership Efforts

    Omonike Robinson-Pickering

    With increasing international focus on matters of beneficial-ownership information, the British Virgin Islands has taken steps aimed at making such information readily available without compromising the privacy of those who, for perfectly legal and acceptable reasons, choose the BVI as the domicile of an entity, say members of Walkers and BDO.

  • Corporate Criminal Liability Continues To Expand In The UK

    Robert Amaee

    With the recent charges brought against Barclays PLC, the U.K. Serious Fraud Office and Financial Conduct Authority have made clear their intention to expand the law on corporate criminal liability beyond the current identification doctrine and punish those who fail to keep up new legal standards, say Robert Amaee and James McSweeney of Quinn Emanuel Urquhart & Sullivan LLP.

  • Get Ready For The UK's New Unexplained Wealth Order

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    The U.K. Criminal Finances Act 2017 allows for court orders requiring individuals and companies to explain the origin of assets in the U.K. and beyond that appear disproportionate to their known incomes. But the controversial nature of the new orders means that legal challenges are likely, say attorneys from Dechert LLP.

  • Rebuttal

    The Future Of Litigation Finance Is Analytics

    Eva Shang

    In a recent Law360 guest article, Christopher Bogart of Burford Capital LLC claimed that "while theoretically well designed to find the proverbial needle in a haystack, big data and AI currently lack the ability to do so usefully in a commercial litigation financing context." But AI can manage many of the tasks that litigation financiers would otherwise perform, says Eva Shang, co-founder of Legalist Inc.

  • Looking At The EU Market Abuse Regulation 1 Year Later

    Michelle Moran

    The European Union's Market Abuse Regulation, which went into effect in July 2016, contains rules on insider dealing, unlawful disclosure of inside information and market manipulation. As a consequence of the increased burden on asset managers and bond issuers, the popularity of listing debt in European multilateral trading facilities has declined, say Michelle Moran and John Young of Ropes & Gray LLP.

  • Privacy Considerations For US Fintech When Going Global

    Jeewon Serrato

    For U.S. fintech firms that have a global presence or are looking to expand globally, going across the pond often means being subjected to European, U.K. or other non-U.S. laws that address privacy and data protection issues very differently, say Jeewon Serrato, Oliver Linch and Kyle Koh of Shearman & Sterling LLP.

  • 6 Ways Teaching A Law School Class Can Benefit Lawyers

    Steven Allison

    Though teaching a law school class may be one of the last things on a busy practitioner's to-do list, it's a misconception that teaching will benefit only those who are looking to leave the practice of law and enter academia. It also offers several practical benefits, especially for more junior lawyers looking for stand-up experience, say Steven Allison and Samrah Mahmoud of Crowell & Moring LLP.