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Financial Services UK
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June 06, 2024
Shein's London Float Invites Scrutiny Of ESG Issues
The decision by Shein to choose London for its much-anticipated flotation is a boon for the U.K. market — but it exposes the ultra-fast fashion company to scrutiny of perceived ESG shortfalls that might serve as a new litmus test for other businesses seeking a listing in the British capital.
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June 06, 2024
ProMarine To Act As Underwriter For Allianz
Allianz Commercial entered into a new partnership with ProMarine UW Ltd. Thursday, to provide comprehensive insurance for the smaller commercial marine industry of up to £10 million ($12.7 million) across the U.K., Ireland and Europe.
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June 05, 2024
Debevoise-Led Ambac Unveils 2 Deals Totaling $702M
Debevoise & Plimpton LLP-led Ambac Financial Group on Wednesday announced two deals totaling $702 million, as the insurance holding company said it agreed to sell its financial guarantee business for $420 million in cash and separately announced that it will purchase a majority stake in Beat Capital Partners for roughly $282 million.
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June 05, 2024
Billionaire's 'Naive' Stock-Trading Pilot Asks For No Prison
A private pilot for U.K. billionaire Joe Lewis is asking for no prison time after pleading guilty to insider trading on stock tips provided by his boss, arguing that he has otherwise lived a law-abiding life and is less culpable than many white-collar defendants who've come through the Manhattan federal court.
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June 05, 2024
Binance Fights To Ax Crypto Investors' £9B Delisting Claim
The cryptocurrency exchange Binance asked a U.K. tribunal on Wednesday to strike out a £9 billion ($11.5 billion) claim brought by investors who say the exchange illegally colluded with other trading platforms to delist the Bitcoin Satoshi Vision cryptocurrency.
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June 05, 2024
Gov't UK ISA Savings Proposal Gets Cold Shoulder
More financial firms on Wednesday warned that the U.K. government's plans to give consumers a new tax break for investing in U.K. companies was unworkable, adding it could conflict with the Financial Conduct Authority's consumer protection rules.
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June 05, 2024
Swiss Bank Escapes Investor's Unlawful Conspiracy Claim
Lombard Odier has partially succeeded in blocking the claims of an investor who says the private bank withheld inside information about the merits of a British nanotech company's U.S. legal dispute with Samsung to convince him to buy shares in the company just before its price tanked.
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June 05, 2024
Climate Risk Must Form Part Of Trustee Role
A quarter of pension scheme trustees want a new interpretation of their fiduciary duties to allow them to consider climate risk because doing so will help tackle the dangers posed by a changing environment, Lane Clark & Peacock LLP said Wednesday.
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June 05, 2024
Trafigura Settles Nickel Fraud Suit With Reuben Brothers Co.
Trafigura has settled a London legal claim allegedly linked to a major ongoing nickel fraud scandal, the commodities trader confirmed Wednesday.
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June 05, 2024
FCA Research Access Plan Is Flawed, EU Finance Body Says
A group representing European financial firms said Wednesday that the Financial Conduct Authority's proposals to give asset managers more choice in how they obtain and pay for research are too inflexible, failing to make the U.K. more competitive.
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June 05, 2024
Labour's Pension Tax Plans Backed By Fiscal Research Body
An influential economics think tank has backed plans by the Labour Party to reintroduce the lifetime allowance, arguing that there should be a cap on the tax-free accumulation of pensions wealth.
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June 05, 2024
EU Financial Watchdogs Team Up With Cybersecurity Agency
The three financial regulators of the European Union signed an agreement with the EU cybersecurity agency on Wednesday to join forces to protect the pensions, markets and banking sectors in the bloc from cyberattacks and similar risks.
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June 04, 2024
HP Fraud Charges Against Ex-Autonomy Execs Head To Jury
Closing arguments wrapped Tuesday in a California federal criminal trial over claims that former Autonomy CEO Michael Lynch and ex-finance vice president Stephen Chamberlain duped HP into overpaying billions for the British tech company, with Chamberlain's lawyer saying his client did his job "in good faith," which, in the court's eyes, is a "complete defense."
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June 04, 2024
Investor Rules Offer Shield To IG Index Debt, Tycoon Says
Real estate investor Robert Tchenguiz fought against an investment platform's claim over an alleged £7.9 million ($10 million) spread-betting debt at a London court on Tuesday, arguing that he has not run up the bill because the company failed to properly categorize him as a professional investor.
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June 04, 2024
EU Watchdogs Demand Tighter Greenwashing Controls
The European Union's financial regulators on Tuesday called on national regulators across the bloc to take tougher steps to combat greenwashing, using more resources and stepping up enforcement.
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June 04, 2024
Nearly A Third Of Over 55s Dipping Into Pensions Early
Almost three in 10 retirees over the age of 55 have said they had withdrawn money from their pension before retirement as savers continue to feel squeezed by rising living costs, Just Group said Tuesday.
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June 04, 2024
UK Finance Firms 'Triple Clean Energy Investment' To $2.3B
Britain's financial firms tripled their investments in clean energy projects to $2.3 billion in 2023, up from $800 million the year before, according to a new study published Tuesday.
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June 04, 2024
Enviro Assets Investor To Launch £10M Share Buyback
Green assets investor Octopus said on Tuesday that it is launching a share buyback worth up to £10 million ($12.8 million) — the first chunk of a wider program that aims to reduce outstanding share capital amid concerns its stock is undervalued.
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June 03, 2024
Ex-Autonomy CEO 'Had 500M Reasons' For Fraud, Jury Told
Autonomy's ex-CEO Michael Lynch "had 500 million reasons to defraud HP," since he reaped $500 million by selling his company to the tech giant at an inflated price, a federal prosecutor argued Monday during closings for the businessman's criminal trial, while Lynch's lawyer told jurors, "HP was not a victim."
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June 03, 2024
Mammoth Swipe Fees Cases Joined Together In Pass On Trial
Two mammoth class actions against Mastercard and Visa will be heard together at a trial in November to resolve common issues about whether retailers passed on the credit and debit card giants' fees to consumers, a London tribunal has ruled.
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June 03, 2024
UK Voters Want Pension Reform In Election Manifestos
Three in four workers with a defined contribution pension are more likely to vote for a political party that reforms workplace pensions, research from a retirement savings company shows.
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June 03, 2024
Squire Patton Steers WH Ireland On £5M Asset Sale
Wealth manager WH Ireland Group PLC said Monday it has conditionally agreed to sell its capital markets arm and some of its assets to Zeus Capital Ltd. for up to £5 million ($6.4 million).
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June 03, 2024
IT Biz To Buy Tech Consultant's Banking Software For €330M
Franco-American information technology company Axway said Monday that it will buy most of the banking software activities of Sopra Steria Group, in a deal that values the platform at €330 million ($358 million).
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June 03, 2024
Geale Takes Helm At Payments Watchdog, Hemsley Resigns
The Payment Systems Regulator said on Monday that its managing director Chris Hemsley has resigned and Financial Conduct Authority Director David Geale will replace him temporarily with almost immediate effect.
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May 31, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen financier Crispin Odey file a defamation claim against the Financial Times, Ford hit with the latest "Dieselgate" claim and a human rights activist bring a privacy claim against Saudi Arabia. Here, Law360 looks at these and other new claims in the U.K.
Expert Analysis
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Consultation Docs Can Help EU Firms Prep For Crypto Regs
Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.
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A Closer Look At Novel Jury Instruction In Forex Rigging Case
After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.
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Investors' Call For Voting Changes Faces Practical Challenges
A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.
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Litigation Funding Implications Amid Post-PACCAR Disputes
An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.
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What Extension Of French FDI Control Means For Investors
The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.
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What To Expect For Private Capital Investment Funds In 2024
As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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Cos. Should Plan Now For Extensive EU Data Act Obligations
The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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What New Digital Sandbox Regs Hold In Store For UK Markets
The recently enacted Digital Sandbox Regulations will be key to incorporating distributed ledger technology into the activities of a central securities depository, but despite being a potentially transformative innovation, a number of considerations may need to be addressed to accommodate the trading, settlement and maintenance of shares, say Tom Bacon and Andrew Tsang at BCLP.
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Why Investment In Battery Supply Chain Is Important For UK
The recently published U.K. battery strategy sets out the government’s vision for a globally competitive battery supply chain, and it is critical that the U.K. secures investment to maximize opportunities for economic prosperity and net-zero transition, say lawyers at Watson Farley & Williams.
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What Extending Corporate Liability Will Mean For Foreign Cos.
Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.
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A Consequential Moment For Sanctions Activity
It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.
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ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring
A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.
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Economic Crime Act Offers Welcome Reform To AML Regime
The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.