Expert Analysis

• FCA Sends Banks Strong AML Message With Santander Fine

  

  The recent nine-figure financial penalty imposed on Santander by the U.K. Financial Conduct Authority shows the regulator's appetite to go after big banks for AML failings remains undiminished after the landmark case against National Westminster Bank in 2021, says Tom Bushnell at Hickman Rose.

• Why Your Fund Name Needs To Be Trademarked

  

  It is a common misconception that the mere formation of a fund vehicle provides a trademark for its name — but the rights of brand owners are not safeguarded without trademark registration, and the fund is vulnerable if a third party registers the same or a similar mark and seeks to enforce it, says Sophie Peat at Ogier.

• ESG Initiative From FCA Likely To Inform Future Regulation

  

  The code of conduct for environmental, social and governance data and ratings providers to be developed by the U.K. Financial Conduct Authority may be voluntary, but market participants should be aware that compliance will likely offer the best mitigation against potential regulatory and litigation risks, say Ferdisha Snagg and Andreas Wildner at Cleary.

• 5 Tips For Adding Value To Legal Clients' Experience In 2023

  

  Faced with a potential economic downturn this year, attorneys should look to strengthen client relationships now by focusing on key ways to improve the client experience, starting with a check-in call to discuss client needs and priorities for the coming year, say attorneys at Troutman Pepper.

• ECJ Fiat Ruling Sets Clear Boundaries For EU State Aid Law

  

  The European Court of Justice's recent landmark decision in Fiat v. Commission limiting the commission’s attempts to circumvent the lack of EU powers in the area of tax law has important implications in EU state aid law and beyond, say Andreas Reindl and Pietro Stella at Van Bael.

• Key Considerations For Charities Receiving Crypto Legacies

  

  With an increase of cryptocurrency donations, charities should ensure they are aware of the implications of being a beneficiary of a crypto legacy and understand what to expect from executors, say Natasha Stourton and Hannah Brearley at Withers.

• A Look Ahead At ESG Expectations For 2023

  

  There are a number of themes that will shape market developments and legislative agendas in the environmental, social and corporate governance sphere in 2023, and a continuing shift from the development of standards to their implementation is likely, say Rebecca Perlman and Ernst Muller at Herbert Smith.

• Cos. Can Expect Intense Antitrust Enforcement This Year

  

  In 2023, authorities in the U.K. and Europe are expected to push the boundaries of antitrust enforcement, merger control and foreign investment screening with the goal of achieving positive outcomes for consumers, say Nicole Kar and Tara Rudra at Linklaters.

• What Slovak Labor Code Changes Will Mean For Employers

  

  With newly effective amendments to the Slovak Labor Code strengthening employees’ rights in a number of ways, the default mindset of the employee being the weaker party may no longer be the right approach, says Katarina Pfeffer at Bird & Bird.

• An ICO Reminder On Managing Subject Access Requests

  

  Although the U.K. Information Commissioner's Office’s recent seven reprimands regarding mismanagement of data subject access requests are unusual, it is worth organizations considering what resources and training may be available to ensure these are properly managed in the future, says Ross McKenzie at Addleshaw Goddard.

• Foreign Direct Investment Considerations For Buyers, Sellers

  

  The rapidly developing legal and regulatory foreign direct investment landscape means the challenge for deal makers is in navigating the continuously changing rules and understanding the manner in which regulators interpret them, says Kurt Ma at BCLP.

• Widely Forecast UK Recession Is Likely To Reshape M&As

  

  Despite the economic downturn in the U.K., transactions will continue to get done in 2023, albeit with more complex terms and a greater focus on undertaking vigorous due diligence on customer relationships and contracts, say attorneys at Skadden.

• New Economic Crime Bill Brings Welcome Reforms

  

  The proposed amendments to the Proceeds of Crime Act in the new Economic Crime and Corporate Transparency Bill have so far largely gone under the radar, but they are a positive step that will reduce the burden on the National Crime Agency, says Ruth Paley at Eversheds Sutherland.

• EU Beneficial Owners' Privacy Ruling Conflicts With UK Law

  

  A recent decision by the Court of Justice of the EU to strike down a requirement for registers of corporates’ beneficial owners to be available to the public is an example of EU-U.K. divergence, with the EU valuing privacy over transparency and the U.K. making the opposite calculation, says John Binns at BCL.

• How Overseas Property Verification Poses Risks To Attorneys

  

  The recently launched register of overseas entities, requiring verification of foreign owners hoping to purchase U.K. property, could expose attorneys to criminal prosecution, professional negligence claims and reputational damage if they do not complete these checks to the required standard, which nevertheless remains murky, says Harriet Holmes at Thirdfort.