Financial Services UK

  • September 19, 2017

    Regulators Outline Approach To Enforcing EU Payment Reforms

    British regulators set out on Tuesday how they will enforce new European Union payment regulations that take force in January, warning firms they face new licensing requirements.

  • September 19, 2017

    UK Gov't Welcomes Plans For Business Takeover Reform

    The U.K. government on Tuesday backed plans to reform corporate takeover procedures that call for greater disclosure from bidders and which would give the companies in their crosshairs more time to prepare.

  • September 19, 2017

    UK Watchdog Closes Probe Into KPMG’s Audit Of HBOS

    The Financial Reporting Council announced on Tuesday that it has dropped its investigation into the conduct of KPMG LLP’s audit of HBOS PLC in the months before the bank had to be rescued during the 2008 financial crisis.

  • September 18, 2017

    Global 20: Hogan Lovells

    Hogan Lovells may have slowed its expansion, but the depth of its staff has served it well over the last year in complex and labor-intensive matters like Libor litigation, securing it a place in Law360's Global 20 for the seventh year running.

  • September 18, 2017

    EU OKs RBS Move To Drop Williams & Glyn Sale

    The European Commission gave final approval Monday to Royal Bank of Scotland PLC's bid to avoid selling off a subsidiary under the terms of its financial crisis bailout, finding a new roughly £800 million ($1.1 billion) plan to support challenger banks would do enough to improve competition.

  • September 18, 2017

    Senior ECB Supervisory Official Calls For Care In Rule-Making

    In place of exacting and complex rules, banking supervisors should be given more powers to use their discretion as they carry out oversight of the financial sector across the eurozone, a senior European Central Bank official said on Monday.

  • September 18, 2017

    US Investigates As Cyberattackers Strike UK Software Firm

    A U.K. software company said on Monday that it is working with U.S. law enforcement after hackers compromised free computer-cleaning software used by more than two million people.

  • September 18, 2017

    ISDA Outlines Framework To Wrap Up Failed Clearinghouses

    The International Swaps and Derivatives Association, a global trade association for the derivatives markets, published recommendations Monday to wrap up clearinghouses when they hit the rocks.

  • September 18, 2017

    Former US Ambassador to EU Joins Sidley's London Office

    Sidley Austin LLP announced on Monday that it has hired the former U.S. Ambassador to the European Union to serve as senior counsel at the firm’s international trade and cybersecurity practices in London.

  • September 18, 2017

    UK Gov't Launches Plan To Spur Green Finance Growth

    The U.K. government has set up a taskforce of senior financial experts, as it announced plans on Monday to accelerate the growth of green finance and boost Britain’s low-carbon economy.

  • September 18, 2017

    Firm Spun Out Of Candover Investments Says It's Owed £900K

    Arle Capital Partners Ltd., the buyout group spun out of Candover Investments PLC in 2010, is seeking around £900,000 ($1.2 million) it alleges it is owed from the private equity investment trust for managing three of Candover’s funds, according a claim filed in London’s High Court.

  • September 18, 2017

    Bank Protection At Heart Of UK's Post-Brexit Security Plan

    Britain laid out its proposals on Monday for a new security treaty with the European Union after Brexit, committing to continued membership of the EU's specialist terrorism squad as the U.K. seeks to protect financial services firms from the growing threat of cyber-crime.

  • September 18, 2017

    Firms Must Hurry To Seek MiFID II Authorization, FCA Warns

    Britain’s finance watchdog on Monday warned firms hit by wide-ranging EU market reforms due to enter into force in less than four months that they need to take "immediate action" and file all outstanding applications for authorization.

  • September 15, 2017

    Failed Italian Bank Fined €11M Amid Call For SRB Review

    The European Central Bank fined Banca Popolare di Vicenza €11.2 million ($13.4 million) Friday for running afoul of European Union disclosure rules and exposure limits, as the head of the EU's Single Resolution Board cited the failed bank as evidence of the need for more work on the bloc's rescue regime.

  • September 15, 2017

    EU Finance Ministers Push Fintech Regs To Protect Users

    European Union finance ministers emphasized Friday the need to begin crafting regulation to address the risks that new financial technology poses to consumers despite the potential benefits of innovation in the field.

  • September 15, 2017

    UK Litigation Roundup: Here's What You Missed In London

    The last week has seen an Italian wheat trader team up with AIG and other insurers to sue a shipping firm, MasterCard bring an intellectual property claim against a payroll services provider, and a conveyancing law firm take on Metro Bank. Here, Law360 looks at those and other new claims in the U.K.

  • September 15, 2017

    Pension Fund Trustees Win Tax Credit Fight At Top EU Court

    The European Union’s highest court on Thursday handed a win to the trustees of British Telecommunications’ pension fund in their challenge to U.K. legislation denying shareholders tax credits on their cut of foreign-sourced earnings, finding the government flouted an EU law regarding the free movement of capital.

  • September 15, 2017

    EU Weighs ICO Risk-Reward To Ease Capital Markets Pain

    The emergence of initial coin offerings, which promise investors huge returns through digital currency instead of stock, may be the unlikely answer to jump-starting Europe’s sluggish capital markets, giving regulators the first test of their pledge to take a hands-off approach to fintech.

  • September 15, 2017

    Asset Managers On Board For European Blockchain Tool

    London-based financial blockchain company SETL said Friday it has partnered with four of the largest asset managers in France to launch a pan-European fund record-keeping platform based on blockchain technology, in the latest collaborative tie-up for the financial sector.

  • September 15, 2017

    City Lobbyists Call On UK For Clarity As Banks Ready Exit

    London’s financial services sector is at a crossroads and desperately needs more clarity from the government on Brexit to safeguard its future, industry lobbyists told Law360 on Friday.

Expert Analysis

  • What Libor Replacement Will Mean For Derivatives

    Mark Young

    The increasing attention to Libor's phaseout is sending a strong signal to derivatives markets and derivatives market participants to prepare for this major financial change. The phaseout will also raise intriguing regulatory issues, say attorneys with Skadden Arps Slate Meagher & Flom LLP.

  • Preparing For Data Protection Harmonization After Brexit

    Sarah Delon-Bouquet

    Last month, the U.K. government announced its plan to implement a data protection bill that will avoid disadvantageous divergence with the EU's data protection regime. Companies in the U.K. should take this opportunity to clean up their data protection practices, and may need to look at other protective measures depending on the U.K.'s data protection adequacy, say Sarah Delon-Bouquet and Roman Madej of Bryan Cave LLP.

  • The Psychology Of Hourly Fee Arrangements

    J.B. Heaton

    The range of possible and better fee agreements is wide. But such alternatives will become popular only if litigants confront the psychological tendencies shaping their existing fee arrangements, says J.B. Heaton, a partner at Bartlit Beck Herman Palenchar & Scott LLP.

  • 10 Tips For Banks Responding To Regulatory Requests

    Tilcia Toledo

    Responding to regulatory requests is a normal part of a bank’s operations, but a poorly written or confusing response may cause an agency to make assumptions about a bank that are not true. Tilcia Toledo of FTI Consulting Inc. offers 10 ways financial institutions can avoid sending negative messages in their responses.

  • Whistleblower Protection: When Private Turns Public

    Emma Vennesson

    In Chesterton v. Nurmohamed, a U.K. appeals court recently found that disclosing a breach of a worker's contract may satisfy the public interest requirement for whistleblower protection if a sufficiently large number of other workers are affected. This decision may cause some concern for well-known employers, say Emma Vennesson and Katherine Newman of Faegre Baker Daniels LLP.

  • Self-Collection In E-Discovery — Risks Vs. Rewards

    Alex Khoury

    As judges become better educated about the complexities of collecting electronically stored information, in particular the inefficacy of keyword searching, they are increasingly skeptical of self-collection. And yet, for many good reasons (and a few bad ones), custodian self-collection is still prevalent in cases of all sizes and in all jurisdictions, says Alex Khoury of Balch & Bingham LLP.

  • 6 Common Lateral Partner Myths Debunked

    Dan Hatch

    It’s safe to say that while demand ebbs and flows for legal services, there will never be a shortage of opinions about lateral partner hiring, which is positive for the industry, as anything with such vital importance to careers should attract significant attention. However, there is a unique mythology that travels with the discussions, says Dan Hatch of Major Lindsey & Africa.

  • 4 Ways Law Firms Can Help Battle Addiction

    Link Christin

    With more than a third of lawyers showing signs of problem drinking, and untold others abusing prescription drugs and other substances, it is time for law firms to be more proactive in addressing this issue, says Link Christin, executive director of the Legal Professionals Program at Caron Treatment Centers.

  • A Look At The Present State Of Privilege In Investigations

    Georgina Jones

    The current trend of rolling back privilege in an investigatory context is a troublesome development for companies, and may lead to a reduction in self-reporting and investigation. Even more concerning are the implications on litigation privilege, meaning that defendants will need to incriminate themselves in order to satisfy the evidential test as to when a prosecution was reasonably anticipated, says Georgina Jones of Taylor Wessing LLP.

  • 5 Tips For A Successful Legal Blog

    David Coale

    David Coale, leader of the appellate practice at Lynn Pinker Cox & Hurst LLP, shares his insights into what works — and what does not — when setting up and maintaining a legal blog.