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Financial Services UK
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March 05, 2024
FCA Warns Firms To Remedy Failings In AML Controls
The Financial Conduct Authority has fired off a warning to the chief executives of 1,000 firms it regulates for money laundering purposes, telling them on Tuesday to tackle failings in their controls.
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March 04, 2024
FERC Slams Brakes On $1.1B Bridgepoint-ECP Deal
The Federal Energy Regulatory Commission has blocked U.K. asset manager Bridgepoint Group PLC's proposed £835 million ($1.1 billion) purchase of Energy Capital Partners LP, saying the companies haven't shown the merger wouldn't affect competition in U.S. electricity markets.
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March 04, 2024
Ex-Integer Strategic Exec Wins £100K Sex Harassment Payout
A tribunal has ordered the chairman of Integer Wealth to pay a female director almost £100,000 ($127,000) in compensation for sex-based discrimination and harassment after it ruled that he demoted her after she rejected his romantic advances.
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March 04, 2024
Dentons Failed To Make AML Checks On PEP Client, SRA Says
Dentons faced a battle at a London tribunal on Monday over its anti-money laundering procedures after the U.K. legal regulator said it had failed to conduct adequate checks on a politically exposed client for years.
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March 04, 2024
Most UK Pension Schemes Offering Below-Inflation Increases
Most defined benefit pension schemes are offering their members increases below inflation levels, prompting calls for discretionary payment boosts in light of funding improvements, pensions consultancy Broadstone said on Monday.
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March 04, 2024
Funds Seek €46M Debt Payment From Swedish Property Giant
Three New York hedge funds have hit Nordic property company SBB with a €46 million ($50 million) claim, alleging that it has defaulted on debt that is now "immediately due" following a dip in its profits.
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March 04, 2024
Associate Of Ex-Dechert Partner Says Settlement Ends Claims
A British-Canadian businessman accused of conspiring with former Dechert partner Neil Gerrard to hack aviation tycoon Farhad Azima told an English judge on Monday that Azima's settlement with the law firm brings the claims against him to an end.
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March 04, 2024
FCA Warns Asset Managers To Follow Sustainability Rules
The Financial Conduct Authority has warned chief executives of asset management companies that it will focus on their compliance with rules on sustainability disclosure that come into force this year.
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March 04, 2024
5 Questions For Peter Carter On Insider Dealing Prosecutions
The Financial Conduct Authority's successful prosecution of a former Goldman Sachs analyst for insider dealing provides new insights into what a determined criminal will do to get around compliance procedures and break the law. Here Peter Carter KC at Doughty Street Chambers, who led the prosecution for the FCA, talks to Law360 about the intricacies of tackling these kinds of cases.
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March 04, 2024
Gov't To Require Pensions To Disclose UK Investments
The U.K. government said it will require pension schemes to disclose how much they invest in U.K. businesses, as part of a wider effort to tap into the sector for economic growth.
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March 04, 2024
BNP Paribas Kicks Off €1B Share Buyback Program
BNP Paribas SA launched a share repurchase program on Monday worth up to €1.055 billion ($1.1 billion) aimed at lowering its outstanding share capital and rewarding investors.
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March 04, 2024
KPMG Fined £1.46M For Ad Agency Accounting Breaches
The Financial Reporting Council said on Monday that it has fined KPMG £1.46 million ($1.85 million) for a string of "serious failings" during the audit of advertising group M&C Saatchi PLC.
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March 01, 2024
WealthTek Case Paused For FCA To Weigh Bringing Charges
A judge on Friday delayed the Financial Conduct Authority's enforcement proceedings against a wealth manager over an £80 million ($101 million) shortfall, finding the watchdog should prioritize deciding whether to charge the company's founder over one of the "most significant frauds" it ever investigated.
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March 01, 2024
Wright Blames Enemies For Forged Email In Satoshi Trial
Craig Wright hit back on Friday at accusations that he forged an email amid a trial over his claims that he is the inventor of bitcoin, telling a London court that an enemy could have doctored the message to sabotage his case.
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March 01, 2024
SPAC New Energy One To Wind Up Amid UK Deal Drought
Blank-check company New Energy One said Friday it has decided to dissolve itself as it could not acquire a target business since it listed on the London Stock Exchange in March 2022, because of "challenging U.K. public equity market conditions."
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March 01, 2024
Greenwashing Risk Warning As EU Plans Benchmark Change
European asset managers warned on Friday that expected revisions to the rules on benchmarks would remove transparency, hindering the explanations about sustainability that they need to give investors to fight against greenwashing.
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March 01, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen a legal battle between confectionary heavyweight Mars Wrigley UK and a frozen food manufacturer, a trademark infringement claim by Abbott Diabetes Care over glucose monitoring meters, Mercedes-Benz Group hit with two commercial fraud disputes, and the Mediterranean Shipping Company tackle a cargo claim by an insurance company. Here, Law360 looks at these and other new claims in the U.K.
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March 01, 2024
Spanish Lender BBVA Progresses With €781M Share Buyback
Spanish lender BBVA on Friday unveiled the details of its up to €781 million ($845.7 million) share repurchase program aimed at lowering its outstanding share capital after regulators gave the green light for the scheme.
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March 01, 2024
Simmons & Simmons Hires Banking Pro From DLA Piper
Simmons & Simmons LLP has bolstered its Dublin office by hiring Kate Curneen as a new banking partner from DLA Piper where she worked for four years.
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March 01, 2024
Mike Ashley Widens Claims In £10M Loan Fight With Financier
Former Newcastle United owner Mike Ashley has added fresh allegations to his legal claim against financier Amanda Staveley over a £10 million ($12.6 million) loan, claiming she breached the deal by using proceeds earmarked to help fund the takeover of the club to pay a consultant.
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February 29, 2024
Judge Nixes Enforcement Of 'Fabricated' $88M Award
An English judge on Thursday set aside his order enforcing a £70 million ($88.4 million) arbitral award against a Kuwaiti bank after concluding the award was a "fabrication" that included "substantial" passages lifted directly from a 2022 decision issued by the High Court.
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February 29, 2024
Morgan Stanley Exec Denies 'Snobbery' In Frasers Fight
A senior Morgan Stanley banker has denied hitting Frasers with a $1 billion margin call because of "snobbery," telling a London court Thursday that he had "no personal animus" toward the former CEO of the British retailer.
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February 29, 2024
HMRC Uncovers Complex Offshore Tax Avoidance Scheme
The U.K. tax authority said Thursday that it had exposed a complex tax avoidance scheme operating through a Singapore-based company.
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February 29, 2024
Drax May Face Group Litigation Over Greenwashing Claims
Drax Group PLC shareholders could launch a group legal action against the energy company over claims it faked its environmental credentials to secure £6.5 billion ($8.2 billion) in U.K. government subsidies, the law firm helming the action said.
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February 29, 2024
Mozambique President Beats 'Tuna Bonds' Immunity Appeal
Mozambique's president cannot be sued in England by shipbuilder Privinvest in the country's wide-ranging litigation over the $2 billion "tuna bonds" corruption scandal as a London appellate court on Thursday upheld a ruling that he has immunity as a sitting head of state.
Expert Analysis
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Russian Bank Ruling Clarifies UK Sanctions Regime
The recent U.K. High Court judgment of PJSC National Bank Trust v. Mints, a case brought by two Russian banks, is significant in clarifying that the U.K. sanctions regime does not deprive designated persons of their fundamental common law right to bring a claim in an English court, despite their assets being frozen, says Zoe O’Sullivan KC at Serle Court.
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EU Act Offers Financial Sector A Cybersecurity Framework
Although unlikely to be a complete solution to all risk management issues, the Digital Operation Resilience Act, effective from 2025, will increase regulatory pressure substantially in the EU financial sector and demand compliance with several new requirements, say attorneys at DLA Piper.
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Expect UK And EU Cybersecurity Laws To Mature And Diverge
Anticipated changes in cybersecurity legislation will strengthen both the U.K.'s and the EU's respective network and information systems, but potential inconsistencies mean organizations operating in both regimes should prepare for increased due diligence, say Louisa Chambers and Helen Reddish at Travers Smith.
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Warranty & Indemnity Insurance Considerations For M&A
With increased competition and greater capacity leading to lower premiums and deal costs, warranty and indemnity insurance is now available to the wider M&A market, and may help to limit risk and help parties focus on other key elements of the transaction, says Alice Wooler at Birketts.
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What Firms Can Learn From FCA Consumer Duty Plan Review
Based on the Financial Conduct Authority's review of around 60 consumer duty implementation plans, firms should focus on prioritizing effectively, implementing necessary changes and collaborating with other firms, all while considering the wider findings in developing their own plans and approach, say attorneys at Hogan Lovells.
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How Regulation May Affect The Role Of Crypto In The UK
For crypto-asset firms to find a place in the U.K.’s burgeoning digital financial sector, the key is for regulators to strike the right balance between effective regulation and a regime that is sufficiently light-touch to make it attractive to the world’s major crypto companies, says Richard Cannon at Stokoe Partnership.
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8 Steps To Improve The Perception Of In-House Legal Counsel
With the pandemic paving the way for a reputational shift in favor of in-house corporate legal teams, there are proactive steps that legal departments can take to fully rebrand themselves as strong allies and generators of value, says Allison Rosner at Major Lindsey.
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Lessons To Be Learned From Twitter's Latest Hacking Scandal
Following the report of a recent data breach at Twitter, it is clearly vital for companies to adhere to best practices in data protection and IT security arrangements, including technical measures, and proper processes and procedures that mitigate risk and provide adequate training for staff, says Simon Ridding at Keller Postman.
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Crypto Regulation Demands A More Cooperative Approach
Instead of implementing ever-increasing fines and unduly restrictive regulation, regulators should establish a more collaborative approach to the conundrum of cryptocurrency compliance that seeks to develop an understanding of both the industry's needs and its potential, says Mandeep Kaur Virdee at KaurMaxwell.
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Preparing For EU's Pay Gap Reporting Directive
An agreement has been reached on the European Union Pay Transparency Directive, paving the way for gender pay gap reporting to become compulsory for many employers across Europe, introducing a more proactive approach than the similar U.K. regime and leading the way on new global standards for equal pay, say attorneys at Lewis Silkin.
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A New FCA Gateway For Financial Promotion Approval
The Financial Conduct Authority's recent consultation paper regarding firms that approve financial promotions sheds light on its plans to narrow the scope for such promotions in order to better protect consumers from multiple areas of concern, says Gavin Punia at Bird & Bird.
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How Geopolitical Change Is Affecting M&A Activity In Europe
Several factors are leading businesses to divest from Russia and invest in central and Eastern European EU member states, with particular sectors attractive to U.K. companies and certain trends in M&A transactional activity emerging, says Oksana Howard at Colman Coyle.
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Examining The UK Government's Attempts To Combat Fraud
The U.K. government’s response to a parliamentary committee report on fraud and the justice system lays bare a disappointing lack of consensus and frustratingly fails to support a plan for the introduction of a strict liability offense of corporate failure to prevent fraud, as strongly recommended, say Lloyd Firth and Katy O’Connor at WilmerHale.
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7 Areas To Look Out For In The Edinburgh Reforms Package
Most of the proposed Edinburgh Reforms to facilitate the growth of U.K. financial services are already in progress, and while they may take months or even years to come to fruition, regulated firms should be aware of the considerable reach of the changes outlined and bookmark the areas of particular relevance, says Jill Lorimer at Kingsley Napley.
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EU Double Jeopardy Ruling May Complicate US Extraditions
The European Court of Justice’s recent judgment in Germany v. HF refines the European Union’s double jeopardy protections, weakening U.S. authorities’ ability to extradite defendants if charges involving the same set of facts are resolved in any EU member state, says Gabrielle Friedman at Lankler Siffert.