UK Financial Services

  • January 17, 2017

    Plans To Shake Up UK Retail Banks On Track, Agency Says

    The U.K. competition watchdog is on track to deliver a series of reforms that will shake up retail banking in Britain and ensure they are aligned with incoming European Union laws, the agency said Tuesday.

  • January 17, 2017

    Russia Pushes For Quick Win In $3B Ukraine Bond Fight

    Ukraine’s arguments that Russia coerced its government into a $3 billion bond issuance in 2013 that breached domestic rules do not apply under English law, and leave the country with little prospect of successfully defending a suit brought by the bonds’ trustee after the securities were never repaid, London’s High Court heard on Tuesday.

  • January 17, 2017

    UK Officials Warn EU Against Punitive Brexit Deal

    The European Union should not pursue a Brexit policy that imposes a punitive trade agreement on the U.K. after it leaves the bloc, top British government officials said Tuesday amid claims such a move would find the EU excluded from Britain's financial services.

  • January 17, 2017

    Simmons & Simmons Snags Allen & Overy Cap Markets Vet

    U.K.-headquartered law firm Simmons & Simmons announced Tuesday it has hired Jonathan Mellor from Allen & Overy as a partner in its capital markets group, as the firm continues to build its European financial services offering.

  • January 17, 2017

    Britain Looks To Shield Fintech Amid Post-Brexit Uncertainty

    A senior U.K. lawmaker said Tuesday that Britain will not abandon incoming European Union banking reforms as the country seeks to shield its multibillion-dollar financial technology sector from Brexit-related disruption.

  • January 17, 2017

    Banks, Law Firms Say Goodbye To Keeping EU Status Quo

    Britain's financial and legal services on Tuesday lost any hope of retaining a semblance of a status quo with the important European Union single market, lawyers say, as Prime Minister Theresa May sets course for a full secession from the EU and its trade and legal structures.

  • January 17, 2017

    London Stock Exchange Fines Brokerage Firm For Misselling

    The London Stock Exchange announced Monday that it had publicly censured stockbroking firm Cornhill Capital Ltd. and fined it £210,000 ($255,000) for breaking the exchange’s internal rules while misselling shares to private investors.

  • January 17, 2017

    More Work Needed To Make Open Banking Successful, FCA Says

    A senior official at one of the U.K.’s leading regulators said Tuesday that the financial sector faced a number of challenges before it could fully embrace "open banking," including ensuring consumers understand what it means, and that risks must be addressed.

  • January 17, 2017

    Eversheds Appoints Top Atty To Boost UK Insurance Coverage

    International law firm Eversheds expanded its insurance coverage on Monday with the appointment of a former K&L Gates partner to its London practice.

  • January 17, 2017

    EU Regs Push Banks To Cut Risky Assets, Strengthen Capital

    European banks have responded to continuing regulatory and supervisory changes in the second half of 2016 by further strengthening their capital positions and reducing their risk-weighted assets, the European Central Bank said Tuesday.

  • January 17, 2017

    UK Reforms Will Create New Limited Partnership Category

    The U.K. is to create a new category of limited partnerships for private investment funds under legislative reforms laid before Parliament Monday by the country’s finance department.

  • January 17, 2017

    British Gov't Seeks Clean Break From EU Single Market

    U.K. Prime Minister Theresa May on Tuesday outlined plans for a clean break from the European Union, including its single market for goods and services and the jurisdiction of the European Court of Justice, but held out hope for possible transitional arrangements for legal and financial services.

  • January 16, 2017

    Windhorst’s Sapinda Settles Generali €25M Bonds Claim

    Sapinda Holding BV, the investment group chaired by German entrepreneur Lars Windhorst, has settled a damages claim over a €25 million ($27 million) bond repurchase agreement with a unit of Italian insurance giant Generali Group, the company told Law360 on Monday.

  • January 16, 2017

    5 Big Headaches For Financial Firms Ahead Of MiFID II

    As U.K.’s financial firms race to comply with sweeping European Union rulebook changes ahead of a January 2018 deadline, lawyers told Law360 that five sets of imponderables were particularly vexing.

  • January 16, 2017

    Lehman Unit's £10B Liability ‘A Mistake,’ Court Hears

    Lawyers representing a U.K.-based services unit of the defunct Lehman Brothers investment banking group called the structure that left it facing a possible £10 billion ($13 billion) in debt liabilities a “mistake” that breached fiduciary care in London’s High Court on Monday.

  • January 16, 2017

    UK Bank Lobby Urges May To Back Transitional Brexit Deal

    The U.K.’s top banking lobby on Monday urged Prime Minister Theresa May to commit publicly to a transitional deal preserving Britain’s financial access to the European Union, on the eve of her much-anticipated speech on plans for leaving the bloc.

  • January 16, 2017

    ECB Official Cautions On Central Bank Digital Currency

    The complexities and potential regulatory consequences surrounding the central bank adopting digital currency need further investigation, a senior European Central Bank official said Monday, warning that monetary authorities can't afford to make mistakes in the technologies they use.

  • January 16, 2017

    7 European Banks Form Blockchain Partnership

    Seven major European banks have joined forces to create a blockchain-powered, cross-border trade financing platform for small and medium-sized companies in Europe, one of the biggest financial technology initiatives of its kind.

  • January 16, 2017

    UK Raises Bank Deposit Protection Insurance Cap

    The U.K.’s Financial Services Compensation Scheme will pay depositors up to £85,000 ($102,548) if a bank collapses, a £10,000 increase on the current limit, under final rules unveiled on Monday.

  • January 16, 2017

    Regulators Seek To Hike Costs For Bankruptcy Compensation

    U.K. banks, insurers and other financial firms may have to collectively pay nearly £2 million ($2.4 million) more in administration costs for a program that compensates depositors and policy holders in case of bankruptcy, Britain's top two financial regulators said Monday.  

Expert Analysis

  • Avoiding The Hidden Costs Of Bargain-Priced E-Discovery

    Michael Cousino

    Many organizations are interested in finding electronic discovery partners who offer tantalizingly low prices for electronic discovery services. However, unforeseen gaps, lax security practices, ignorance of global practices and delayed deliverables can all add up to a surprisingly large final cost, says Michael Cousino of Epiq Systems.

  • Saving Lawyers 1 Breath At A Time: Mindfulness In The Law

    Jennifer Gibbs

    As critical as lawyers are to society, they are reported to be the most frequently depressed occupational group in the United States. In response to the inherently stressful nature of the practice of law, more and more lawyers are turning to an ancient contemplative practice called “mindfulness,” says Jennifer Gibbs of Zelle LLP.

  • Understanding How Blockchain Could Impact Legal Industry

    R. Douglas Vaughn

    Blockchain is essentially a computerized public ledger that can apply to almost anything that a person might save into a database or spreadsheet. This versatile technology may enhance the legal industry by providing an improved record keeping system, setting up "smart contracts" and tracking intellectual property and land records, say R. Douglas Vaughn and Anna Outzen of Deutsch Kerrigan LLP.

  • The Privacy Shield 5 Months Later

    Kim Roberts

    As companies ring in 2017, the challenges of navigating the new rules on transatlantic data transfers under the EU-U.S. Privacy Shield are now starting to emerge, says Kim Roberts of King & Spalding LLP.

  • 7 Legal Industry Predictions For 2017

    Haley Altman

    Since 2008, the legal relationship dynamic has consistently evolved, leading clients to demand more "value" for services received. In 2017, investment in and adoption of new technology and prioritizing cybersecurity will lead to an increase in billable hours and shifts in realization rates, says Haley Altman of Doxly.

  • Appealing An Arbitrator's Application Of Law: England Vs. US

    Odean Volker

    The policy considerations reflected in the English Arbitration Act of 1996 and the U.S. Federal Arbitration Act demonstrate a shared view favoring arbitration. However, on the question of judicial review of an arbitrator’s conclusions of law, the two jurisdictions have significantly different approaches, say Odean Volker and Helen Conybeare Williams of Haynes and Boone LLP.

  • A New Foreign Investment Regime In The UK

    Greg Lascelles

    The U.K. is expected to adopt a new foreign investment regime, the details of which are expected this month or early next year. Together with the potential impact of Brexit, this seems set to produce a foreign investment environment with more possibilities for political intervention, say Greg Lascelles and Ramon Luque of Covington & Burling LLP.

  • The Panama Papers: The Story So Far, And What Comes Next

    Jeremy Maltby

    The offshore banking industry attracted global attention earlier this year with the publication of 11.5 million leaked documents detailing decades of information about over 200,000 bank accounts and shell companies. Jeremy Maltby and Grant Damon-Feng of O'Melveny & Myers LLP examine government responses to the Panama Papers and offer tips for companies to minimize their risk of exposure to unlawful shell company activity and its consequences.

  • The Path To The California Bench

    Judge George F. Bird

    Ever consider applying for a judicial appointment in California? Get the lay of the land from Judge George Bird of the Los Angeles Superior Court and Kimberly Knill, a senior appellate court attorney for the California Court of Appeal. Additionally, hear what several recent appointees to the LA Superior Court thought of the judicial selection process.

  • Drafting A Sensible And Effective Multistep ADR Provision

    Gilbert A. Samberg

    Gilbert Samberg, a commercial litigator and arbitration practitioner with Mintz Levin Cohn Ferris Glovsky and Popeo PC, shares practical advice regarding the factors to be accommodated in fashioning multistep ADR provisions that are both useful and likely to be enforced by the courts.