Financial Services UK

  • September 22, 2017

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

    The last week has seen Deutsche Bank sue a British law firm, a new insolvency filing by a Lehman creditor against the defunct bank's trustees and a dispute between an insurance-backed guarantee underwriter and a Lloyd's broker. Here, Law360 looks at those and other new claims in the U.K.

  • September 22, 2017

    UK Clears Cardtronics' $460M DirectCash Buy

    The U.K.'s antitrust watchdog on Friday said it has approved Texas-based Cardtronics Inc.'s $460 million acquisition of DirectCash Payments Inc. after an independent panel found that various factors could prevent the pair from hiking surcharges at their ATMs. 

  • September 22, 2017

    FCA Finalizes Scope For Asset Manager Disclosure Group

    The Financial Conduct Authority has formally validated the terms on which a new industry working group will operate as it seeks to agree on new disclosure templates for asset management services provided to institutional investors.

  • September 22, 2017

    Global 20: Latham & Watkins

    Latham & Watkins LLP worked its way back onto Law360’s Global 20 list after a year of continent-spanning work representing the Kingdom of Saudi Arabia and Vista Oil & Gas, among others, in deals and offerings that were sometimes firsts of their kind in the client’s homeland.

  • September 22, 2017

    EU Urges UK To Finally Set Out Its Brexit Expectations

    The European Union’s chief Brexit negotiator welcomed Theresa May’s “constructive” speech on Britain’s exit from the EU on Friday, but urged the U.K.'s prime minister to swiftly establish a precise negotiating position.

  • September 22, 2017

    Final AML Guidance Issued For EU Electronic Fund Transfers

    Payment service providers need to fine-tune their procedures for tackling terrorist financing and money laundering in electronic fund transfers to bring themselves into line with European Union standards, according to final guidelines issued by the bloc's financial regulators on Friday.

  • September 22, 2017

    World Bank Consultant Jailed Over £1.7M Corrupt Payments

    An independent medical procurement consultant employed by the World Bank was sentenced to six years’ imprisonment at a London court on Friday after he was found to have received £1.7 million ($2.3 million) in corrupt payments to help medical supply companies win tenders.

  • September 22, 2017

    UK's May Pitches Transition Period To Break Brexit Deadlock

    British Prime Minister Theresa May on Friday proposed a two-year transition period following Britain’s exit from the European Union that would see the country's current regulatory framework stay in place until 2021.

  • September 22, 2017

    EBA Floats Changes To Supervisory Disclosure Standards

    The European Banking Authority said on Monday it will amend its rules on regulators’ supervisory reporting requirements to clarify the split of responsibilities to disclose information between the European Central Bank and national bank watchdogs as part of a banking union project to harmonize financial services policy across the European Union.

  • September 22, 2017

    $700M Islamic Bond Trial To Go Ahead Without Claimant

    A London lawsuit over the validity of a $700 million Islamic bond issued by an energy company based in the United Arab Emirates will go ahead on Monday even though a UAE court injunction is blocking the firm from taking part in the trial, a High Court judge ruled.

  • September 22, 2017

    ECJ Rules Foreign Currency Loans Need Full Disclosure

    The European Union’s highest court has ruled that lenders must explain to borrowers in plain, intelligible language the economic risks involved in a loan denominated in a foreign currency.

  • September 22, 2017

    Eurozone Banks Face 'Survival Of The Fittest' Test

    Europe’s troubled banks risk collapse unless they act to remove nonperforming loans from their balance sheets and adapt to new technology, a senior bloc regulator warned on Friday.

  • September 21, 2017

    Ex-Deutsche Exec's Firm Slams 'Vague' Share Rights Claim

    An investment vehicle set up by the former CEO of Deutsche Bank’s U.K. operations, Colin Grassie, has said claims that it reneged on a share rights agreement are "embarrassing" in their vagueness, according to court documents seen by Law360 on Thursday.

  • September 21, 2017

    Financial Services Can't Get EU Cross-Border Tax Exemption

    The European Union’s highest court said Thursday that financial services do not pass the necessary “public interest” test for certain value added tax exemptions, in a pair of judgments that narrow the scope of cost-sharing regimes in member states.

  • September 21, 2017

    Global 20: Dechert

    In the past year, Dechert has provided Brexit-related advice across a spectrum of practice areas, guided WhiteWave Foods through competition issues pertaining to its acquisition by Danone and defended Ecuador against arbitration brought by a ConocoPhillips subsidiary, again earning it a spot on Law360’s Global 20 list.

  • September 21, 2017

    EU Regulators See Brexit, Fintech As Market Stability Risks

    The European Union's top financial regulators see Britain's exit from the EU and the booming financial technology sector as significant risk factors for the banking sector and the economy, according to their latest market assessment issued Thursday.

  • September 21, 2017

    Luxembourg Fund Defends Damages Bid In Put Option Suit

    Luxembourg-based investment fund Altera Capital LLC has defended its claim to recover €22 million ($26 million) from a Sapinda Holding BV unit in a put option dispute, saying it had no outlet to offload shares in a German tech company that Sapinda refused to buy.

  • September 21, 2017

    ECB Sets Out Fintech License Plan And Warns City Firms

    The European Central Bank published detailed proposals on Thursday for licensing financial technology firms which perform banking services in the eurozone, warning British firms they will have extra hurdles to clear if they want to continue serving the bloc.

  • September 21, 2017

    City Firms Make Last Plea To May Ahead Of Key Brexit Speech

    Britain's financial industry on Thursday called on Prime Minister Theresa May to use her speech on Brexit terms in Florence on Friday to clarify what banks and insurers can expect when the U.K. leaves the Europea Union.

  • September 21, 2017

    European Officials Begin Work On Euribor Replacement

    European financial authorities announced Thursday the launch of a working group tasked with developing a risk-free overnight interest rate that will replace scandal-hit benchmarks currently under reform.

Expert Analysis

  • What To Expect In Forex Fraud Trial Of Ex-HSBC Exec

    Scott Schirick

    The prosecution of HSBC’s former global head of foreign exchange spot trading — whose trial begins on Monday in the Eastern District of New York — will test whether the government can turn sharp dealing and deception in the unregulated institutional spot forex market into criminal fraud, says Scott Schirick of Pryor Cashman LLP​.

  • When Contract Liability Exclusion Clauses Go Too Far

    Iain Campbell

    One way that contractors and subcontractors limit liability is through the use of exclusion clauses in a contract. Two recent U.K. cases involving the interpretation of such clauses make for interesting reading, particularly for institutions that may be seeking to claim back costs relating to poorly installed materials or unsafe systems, says Iain Campbell of Hill Dickinson LLP.

  • 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.