Expert Analysis

• NYDFS Swedbank Order Offers Lessons On Candor

  

  The New York State Department of Financial Services' consent order with Swedbank reflects the department's broad view of its investigative authority, emphasizes transparency, and underscores the risks of intrusive investigations that can occur if a regulator believes that it was misled, say attorneys at Paul Hastings.

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  Practice Leader Insights From Broadfield's James Duncan

  

  James Duncan, Broadfield's head of U.K. funds, discusses how his journey to team leadership has had more twists than a Netflix thriller, how Brexit created a labyrinth of compliance, and why lawyers who thrive will be the ones who see change as both a challenge and an opportunity.

• Saxon Woods Ruling Clarifies Directors' Duty Of Good Faith

  

  The U.K. Supreme Court’s recent landmark judgment in Saxon Woods sends a clear message to businesses that a director's conduct must withstand objective scrutiny, affirming that even if an individual believes they are acting in the company's best interests, they cannot deceive fellow board members, says Richard Clayman at Kingsley Napley.

• Sanctions Spotlight: Rise Of Trade Measures In The UK

  

  With HM Revenue & Customs' recent settlement with Petrofac marking the first public naming of a company for breaches of U.K. trade sanctions, and regulators demonstrating an increasing emphasis on systems and controls, there is clearly a more complex landscape evolving that businesses need to navigate, says Alexandra Melia at Steptoe.

• Entain Ruling Offers Parties Key E-File Guidance

  

  The U.K. Commercial Court’s recent decision in Various Claimants v. Entain PLC provides guidance for the first time for those navigating a court document filing pilot scheme, offering a practical template for parties to litigation involving sensitive issues by balancing transparency obligations with legitimate confidentiality concerns, say lawyers at HSFK.

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  Practice Leader Insights From Mayer Brown's Ronan Mellon

  

  Ronan Mellon, Mayer Brown's finance office practice lead, discusses how working in the City is like a parallel universe to growing up in rural Ireland, the challenges of working on a bond refinancing with a highly complex escrow arrangement, and why he is a fan of client secondments for junior lawyers.

• BlueCrest Decision Tightens Test For LLP Tax Treatment

  

  The U.K. Supreme Court’s recent judgment in HMRC v. BlueCrest Capital Management clarifies the tax framework for assessing whether limited liability partnership members are genuinely operating as partners or should be treated as employees, which is likely to be significant far beyond the hedge fund sector, say lawyers at Stewarts Law.

• EU Ruling Creates Clear Separation Of Sanctions, AML Risks

  

  A recent ruling from the Court of Justice of the European Union bars banks from automatically denying basic payment accounts based on U.S. sanctions listings, emphasizing the distinction between sanctions and money laundering risks while preserving significant discretion following individualized assessments, says Vaïk Müller at CMS.

• FCA Letter Highlights Football Clubs' Crypto Deal Risks

  

  The Financial Conduct Authority’s recent warning to Premier League football clubs about sponsorship arrangements with unauthorized crypto-asset businesses demonstrates its concerns over unlawful financial promotions and anti-money laundering compliance failures, both of which run the risk of significant reputational damage and criminal prosecution, says Sushil Kuner at Freeths.

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  Practice Leader Insights From Norton Rose's Jonathan Herbst

  

  Jonathan Herbst, Norton Rose's global head of financial services, discusses the importance of encouraging a team as a whole, how increasingly complex regulation means that deals come down to managing risk across multiple regimes, and why incremental short-term goals are just as important as longer-term plans.

• UK Bill Would Transform Commercial Payments Terms

  

  A bill recently introduced to Parliament, if enacted, would replace significant areas of contractual freedom concerning payment terms with mandatory rules that would fundamentally alter the balance of power between smaller suppliers and larger counterparties, says Sam Cooper at Crowell & Moring.

• Int'l Bribery Enforcement Takeaways After SFO Conference

  

  While the U.K. Serious Fraud Office's recent conference demonstrated a global consensus on the importance of combating bribery and corruption, lagging enforcement from U.S. and U.K. regulators suggests that muscular supranational agencies may soon step up to lead cross-border investigations, say lawyers at Addleshaw Goddard.

• UK-Gulf Trade Deal Offers Key Benefits, But Hurdles Remain

  

  The U.K.’s recent free trade agreement with the Gulf Cooperation Council is expected to deliver U.K. businesses a competitive advantage, with simplified procedures and tariff removal across manufacturing, services and digital trade sectors, but navigating Gulf regional tensions and differing regulatory regimes will create challenges, say lawyers at King & Spalding.

• Crypto Sector Sees Tougher Sanctions Compliance Demands

  

  The U.K. government’s recently announced Russian sanctions package focusing on crypto-assets is a clear indication that authorities consider the crypto sector a major enforcement area, firmly within the scope of financial sanctions law, says Thomas Cattee at Gherson Solicitors.

• AI Puts Financial Firms' Human Accountability To The Test

  

  A recent Financial Services Skills Commission report illustrates the paradox that artificial intelligence increases the need for human oversight while automating the pathways through which that expertise is developed, and financial firms whose governance evolves at pace with technology are poised to benefit the most, say Louise Neave and Jack Paul at Fox Williams.