Financial Services UK

  • May 26, 2017

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

    Late May has seen a commodity exchange transaction suit by Deutsche Bank against a Hong Kong food company, a petition by HM Revenue and Customs to wind up Duet Asset Management Ltd., and a Greek shipper's lawsuit against more than a dozen insurers. Here, Law360 looks at those and other new claims in the High Court of England and Wales.

  • May 26, 2017

    World Watching As Forex Market Aims To Clean Up Act

    A new global code of conduct to clean up the $5 trillion daily foreign exchange market is a golden opportunity for financial firms to restore faith after a spate of trading scandals, lawyers say — but, they warn, the voluntary code also provides regulators a handy playbook to dish out massive fines for any future misconduct.

  • May 26, 2017

    UK's First Publicly Traded Law Firm Hikes Revenue 15%

    Gateley, the first publicly traded law firm in the U.K., grew its revenue by 15 percent during the most recent fiscal year, preliminary figures recently released by the firm show.

  • May 26, 2017

    Basel Plan Will Hike Bancassurers' Systemic Value, Fitch Says

    Banks with sizable insurance subsidiaries, or bancassurers, will be slapped with higher scores for their systemic importance if a new method for assessing firms outlined by an umbrella group of central bankers and regulators is adopted, Fitch Ratings said Friday.

  • May 26, 2017

    EBA Reveals Details Of 2017 Transparency Test For Banks

    European banks will not be required to report any additional data when taking part in the European Banking Authority’s latest probe into firms’ balance sheets, which will scrutinize their composition capital, risk-weighted assets and other financial measures, the European Union’s top banking watchdog said on Thursday.

  • May 26, 2017

    Paul Weiss Nabs Ex-Simpson Thacher M&A Lawyer In London

    Paul Weiss welcomed a former Simpson Thacher partner to its London office, adding an attorney with experience in cross-border deals and finance transactions, particularly those with a private equity element, to the firm’s U.K. corporate team, according to a recent statement.

  • May 26, 2017

    Russia Seeks $325M From Ukraine Before Bond Dispute Appeal

    The Russian Federation wants Ukraine to hand over $325 million (£254.2 million) as security in exchange for not attempting to enforce its London High Court win in a dispute over $3 billion in unpaid Ukrainian bonds, counsel told the court on Friday.

  • May 26, 2017

    EU Watchdog To Cut Contagion Risk Of Connected Clients

    Europe’s banking watchdog announced a consultation late Thursday on its plans to expand the rules for connected clients, where two or more parties are so intertwined that the financial difficulties of one may drag the other into trouble.

  • May 26, 2017

    SFO Delays Barclays Qatar Funding Probe Result To Mid-June

    The U.K.’s Serious Fraud Office will complete its investigation into Barclays PLC’s 2008 fundraising from Qatar and decide whether to press charges by the the middle of June, a spokesman for the agency confirmed on Friday.

  • May 25, 2017

    DOJ To Send Fraud Prosecutor To UK Financial Watchdog

    The U.S. Department of Justice expects to detail an anti-corruption prosecutor to Britain’s Financial Conduct Authority in the coming months in the first assignment of its kind, a high-ranking DOJ official said in a speech Wednesday.

  • May 25, 2017

    Competition Expert Joins Monckton From Brick Court

    Competition barrister Mark Brealey has joined Monckton Chambers from Brick Court Chambers, where the queen's counsel litigated high-profile cases ranging from Sainsbury's £68 million win against MasterCard to a landmark U.K. Supreme Court statute of limitations ruling.

  • May 25, 2017

    UK Senior Manager Conduct Rules Poised To Go Global

    The feared individual accountability scheme that makes Britain’s financial services managers responsible for misconduct happening on their watch has caught the eye of global regulators, and lawyers say it is only a matter of time before a similar program is rolled out internationally.

  • May 25, 2017

    CIMB Wins Court OK To Demand Info In $10M Deutsche Spat

    London's High Court on Thursday ruled that Malaysian bank CIMB Berhad has the right to demand information on how Deutsche Bank paid out $10 million under letters of credit to a Hong Kong trading firm accused by CIMB of fraud.

  • May 25, 2017

    EU Lawmakers Push For Wider Whistleblower Protections

    The European Commission must do more to protect whistleblowers against reprisals from their employers and extend protection to individuals who report wrongdoing that is not illegal, a group of influential lawmakers said ahead of a European Parliament hearing next week.

  • May 25, 2017

    Firms Will Struggle To Obey EU Data Rules, Analysts Warn

    Firms may need months to map their personal data stores in order to dodge massive fines for information breaches under European Union rules starting next year, a security firm said Thursday.

  • May 25, 2017

    'Output Floor' Remains Final Hurdle In Basel III Reforms

    A long-awaited package of banking reforms that force firms to hold enough capital to withstand market shocks could soon be finalized after global regulators edged closer to agreement on the final piece of the legislative jigsaw, the head of the body that sets the worldwide standard said Thursday.

  • May 25, 2017

    FCA Puts UK Muscle Behind New Global FX Trading Code

    Britain’s financial watchdog said on Thursday it will enforce a new global foreign exchange code by linking it to the U.K.’s own manager accountability rules for bankers operating in London, the world’s largest foreign exchange trading center.

  • May 25, 2017

    UK Privacy Agency Tells Firms To Shape Up For Data Overhaul

    The head of the U.K.’s privacy watchdog said on Thursday that banks, insurance companies and businesses must act now to ensure they are compliant when the biggest change to data protection law in a generation comes into force in a year’s time, or risk “large fines for getting it wrong.”

  • May 25, 2017

    Global Regulators Set FX Market Conduct Code After Scandals

    Central bankers and foreign exchange players on Thursday unveiled a voluntary global code of conduct establishing good practices for wholesale foreign exchange markets, hoping to restore faith in a $5 trillion daily market beset by several enforcement probes and antitrust litigation alleging manipulation.

  • May 24, 2017

    Euribor Six's London Trial Pushed Back 4 Months

    The London trial for six former Deutsche Bank AG and Barclays PLC bankers accused of rigging a key European interest rate benchmark has been postponed by four months to January 2018, according to the Serious Fraud Office website.

Expert Analysis

  • Countdown To GDPR Compliance: 1 Year To Go

    Heather Sussman

    The EU's sweeping General Data Protection Regulation will take effect on May 25, 2018. With so much on the line, data controllers and processors will want to take immediate action to prepare for enforcement. The first step is determining whether the GDPR applies to your organization, say attorneys with Ropes & Gray LLP.

  • Questions Following Prevezon Money Laundering Settlement

    Elizabeth Prewitt

    The Prevezon case stands out as an example of the extraordinary lengths the U.S. government can and will go to assert jurisdiction over matters involving foreign entities and persons who commit crimes abroad to the detriment of foreign countries and citizens. However, since the matter settled, the government’s case was not tested at trial, say attorneys with Hughes Hubbard & Reed LLP.

  • Unaoil Judgment Shows Judicial Support For SFO Authority

    Kevin Roberts

    In its Unaoil ruling, the High Court of Justice in England and Wales recently provided a rare insight into the difficulties that companies can face when challenging the basis of a Serious Fraud Office investigation. The stance of the judiciary seems to be in line with authorities and legislators, allowing prosecuting authorities a wide remit of independence with which to investigate financial crimes, say attorneys with Morrison & Foerster LLP.

  • An Overview Of Silent 2nd-Lien Loans In The US And Europe

    Frederick Fisher

    Although used often in deal negotiations, the term “silent second” has different meanings for different institutions and different meanings in the United States and Europe. Capital structures that include silent second-lien debt can therefore be complicated, particularly in cross-border transactions involving different insolvency or contract laws, say attorneys with Mayer Brown LLP.

  • UK Internal Investigations Are Taking An Ungainly Turn

    Matthew Herrington

    The London High Court's decision in Serious Fraud Office v. Eurasian Natural Resources Corporation has a lot to say on the vitality of legal professional privilege and the conduct of internal investigations in the U.K., but its flawed logic and lack of pragmatism feel like the latest installment in SFO Director David Green's pushback against U.S.-style investigation procedures, say Matthew Herrington and Tom Best of Steptoe & Johnson LLP.

  • The FX Global Code And Its Enforcement: What To Expect

    Matthew Kulkin

    With the second phase of the Foreign Exchange Global Code releasing this week, Matthew Kulkin and Micah Green of Steptoe & Johnson LLP analyze how U.S. courts have historically looked to or relied upon financial services global codes of conduct or industry best practices documents.

  • How Client Feedback Programs Benefit Law Firms And Clients

    Elizabeth Duffy

    Despite an increase in engagement with client feedback programs over the last 15 years, law firms — and their clients — have a way to go before realizing the maximum benefits such programs can deliver, says Elizabeth Duffy of Acritas US Inc.

  • UK Investment Managers Should Not Fear Brexit

    Peter Astleford

    Though some experts have claimed that there is huge uncertainty ahead for U.K. investment management, the industry is largely secure. Investment management groups should get on with business, and those frozen in doubt over the next two years will have only themselves to blame, says Peter Astleford of Dechert LLP.

  • A New Era Of Heightened Shareholder Activism In The UK

    Andrew Wingfield

    Some of the U.K.'s largest companies are increasingly being targeted by activist investors pushing for corporate change, with a growing support for activism from institutional investors and the general public. Companies must therefore seek to engage in constructive dialogue with activists, say attorneys with Proskauer Rose LLP.

  • 5 Mistakes That End Law Firms

    Randy Evans

    Although the end often comes quickly, law firms do not fail overnight. Randy Evans of Dentons and Elizabeth Whitney of Swiss Re Corporate Solutions review five mistakes that expedite law firm failures.