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Featured
FCA's Investigation Regime May Tarnish Unnamed Individuals
Financial Conduct Authority proposals to name companies early in investigations will damage the careers of many individuals involved, according to lawyers, with some unnamed employees coming under suspicion that puts them at risk of losing their jobs.
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May 30, 2024
Big Tech Must Help Reimburse Fraud Victims, City Group Says
The next U.K. government should implement legislation that forces big tech and social media giants to shoulder some of the financial burden for victims of online fraud, a financial services trade group said Thursday.
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May 30, 2024
Freeze On UK Tax Thresholds Set To Expire in 2028, Hunt Says
Chancellor Jeremy Hunt said on Thursday that the freeze on income tax thresholds will continue until 2028, despite promises by the Conservative government to reduce the overall taxation burden in the future.
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May 30, 2024
Divorcee Of Putin Ex-Son-In-Law Sues Investment Co. For £1M
The ex-wife of Vladimir Putin's former son-in-law has claimed that a venture capital firm owes her £1.1 million ($1.4 million) for allegedly failing to help her to secure her divorce proceedings and a $60 million prenuptial agreement.
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May 30, 2024
EU Adopts Rules To Make Banks Withstand Economic Shock
European Union negotiators formally adopted a raft of new rules on Thursday to make banks operating in the bloc more resilient against market downturns and economic shocks.
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May 30, 2024
EU Adopts New AML Measures, Sets Up Supervisory Agency
The Council of the European Union adopted anti-money laundering measures on Thursday in a move to close loopholes exploited by organized crime, which include setting up a dedicated agency to fight illicit financial activities across the bloc.
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May 30, 2024
Odey Sues FT For Libel After Sexual Misconduct Allegations
Crispin Odey has sued the Financial Times at a London court after the newspaper published articles that contained a string of allegations of sexual misconduct against the well-known financier.
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May 29, 2024
Autonomy Founder Pushed Sales Team Hard, Jury Hears
A federal prosecutor cross-examining ex-Autonomy CEO Michael Lynch on Wednesday in a criminal fraud trial over claims the British tech tycoon conned HP into overpaying billions for his software company sought to portray Lynch as an overbearing leader who put intense pressure on his team to generate "revenue revenue revenue."
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May 29, 2024
EU Unveils Office To Police New Artificial Intelligence Law
The European Union's executive arm on Wednesday unveiled details of its new AI Office to police compliance with the newly launched Artificial Intelligence Act across member states, including financial services.
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May 29, 2024
Goldman Sachs Raises Over $20B For Direct Lending Strategy
Goldman Sachs Alternatives, advised by Fried Frank Harris Shriver & Jacobson LLP, revealed Wednesday that it clinched its latest senior direct lending fund after securing $13.1 billion from investors, and that together with other money raised for associated vehicles it has over $20 billion in fresh capital to put toward its direct lending strategy.
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May 29, 2024
Italian Airline's Chair Hits Back At €50M 'Revenge' Claim
The chair of Aeroitalia has urged a London court to throw out a €50 million ($54 million) claim over the Italian airline, arguing he had not agreed to transfer most of his stake in the business to a company claiming to have links with aviation magnate German Efromovich.
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May 29, 2024
HSF Guides £204M Pension Deal For Telcoms Biz Arqiva
Pension Insurance Corporation PLC said Wednesday it has completed a £204 million ($259.8 million) full buy-in of a retirement savings plan sponsored by telecommunications company Arqiva Ltd., in a deal guided by Herbert Smith Freehills LLP.
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May 29, 2024
Clifford Chance Guides L&G's £20M Nortel Pension Buyout
The U.K. pension liabilities of defunct Canadian telecom company Nortel Networks Corp., worth £2.5 billion ($3.2 billion), have now been offloaded fully to Legal & General Assurance Society Ltd., the insurer said Tuesday, after a final transaction steered by Travers Smith LLP, Pinsent Masons LLP, Hogan Lovells and Clifford Chance LLP.
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May 29, 2024
FCA Warns Firms To Prepare Better For Disrupted Operations
The Financial Conduct Authority has warned businesses that some are taking the wrong approach to maintaining operation of important services during a crisis, such as after a cyberattack.
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May 29, 2024
Three EU Countries Urge Tax Reform To Boost Investment
Three smaller European Union countries, Austria, Croatia and Slovenia, are backing tax reforms in the 27-country bloc to support investment in capital markets, including exemptions from capital gains tax for long-term retail investment products, according to a joint declaration.
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May 29, 2024
Pensions Provider Sells Biz Before Entering Administration
A provider of self-invested personal pensions has sold its retirement savings business before it entered administration when its directors expressed concerns over its financial liabilities caused by some of the investments it had allowed.
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May 28, 2024
Autonomy Founder Says HP 'Panicked,' Tried To Unwind Deal
Autonomy founder Michael Lynch testified Tuesday in a California federal criminal trial over claims he conned HP into overpaying for his company that HP's board "panicked" after news of the acquisition leaked and HP's stock dropped 20%, that HP fired its CEO and that it attempted to back out of the deal.
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May 28, 2024
RBS, Lloyds Bank, Others Ink $1.9M Libor Settlement
A group of plaintiffs in the yearslong suit alleging several big banks manipulated the London Interbank Offered Rate, or Libor, have reached a $1.9 million settlement with the Royal Banks of Scotland, Lloyds Bank and others, bringing the total settlement recovery amount to more than $780 million.
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May 28, 2024
Property Firm Fined £12K For Anti-Money Laundering Failures
The Solicitors Regulation Authority fined a London property solicitors £12,777 ($16,300) after the firm carried out transactions for partners and their family members without appropriate anti-money laundering policies.
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May 28, 2024
Labour Party Rules Out Any Additional Tax Rises
The Labour Party on Tuesday ruled out introducing any more tax rises in addition to measures it has already announced in the event it wins the July 4 general election.
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May 28, 2024
Aviva Completes £130M Pension Deal With Telereal
A property investment company has offloaded £130 million ($166 million) of its pension liabilities to Aviva PLC, the insurer said Tuesday.
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May 28, 2024
EU Investment Firms Told To Upgrade Marketing Reports
The European Union's financial markets regulator has said that investment firms should improve their marketing disclosures to investors, calling on national watchdogs to act against rule-breakers.
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May 28, 2024
Pension Deals Market Working For Small Providers, Aon Says
The deal market for small pension schemes looking to offload their liabilities to insurers is working despite fears that such plans are being crowded out of the market, Aon said Tuesday.
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May 28, 2024
Israeli Aquaculture Firm Sued Over $21M Unpaid Settlement
An asset management firm based in the Cayman Islands is seeking more than $21 million from an Israeli aquaculture company over an allegedly unpaid settlement agreement intended to resolve earlier arbitration proceedings.
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May 28, 2024
NatWest Unaware Of Former Trader's Asperger's Diagnosis
A former NatWest trader has lost his bid to revive his disability discrimination claim against the high street lender's investment banking arm as an appeals tribunal upheld findings that it did not know about his Asperger's syndrome diagnosis when he unsuccessfully applied to rejoin the company.
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May 28, 2024
White & Case Guides ABN Amro On €672M German Bank Buy
Dutch lender ABN Amro said Tuesday that it plans to a buy German private bank for €672 million ($730 million) in a move to become one of the largest providers of banking services to wealthy clients in Germany.
Editor's Picks
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5 Questions for Osborne Clarke Partner Nick Price
The Payment Systems Regulator is due to start forcing payment firms to reimburse victims of scams who have been tricked by a fraudster into transferring them money. Here, Law360 talks to Osborne Clarke partner Nick Price about how this new regime could mean uncertainty about compliance.
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Ex-Barclays Litigation Head Joins M&A Startup As 1st CLO
The former leader of Barclays PLC's litigation team and longtime in-house lawyer there has taken on the role of chief legal officer for Tidal Partners, the new mergers and acquisitions advisory boutique has announced.
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Sberbank Unit 'Failing' As Deposits Pulled, ECB Warns
The European subsidiary of one of Russia's biggest banks is "failing or likely to fail" as customers pull deposits after the Russian invasion of Ukraine, according to a notice issued by the European Central Bank on Monday.
Expert Analysis
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Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
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FCA Brokerage Changes Offer Asset Managers Wider Options
The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
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'Debanking' Complaints Highlight Need For Flexibility In AML
The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Decoding Arbitral Disputes: The Benefits Of Non-EU Venues
In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.
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How Proposed Platforms For Unlisted Co. Trading May Work
The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.