UK Financial Services

  • April 10, 2017

    Insurance Lobby Demands Clarity On EU Fund Rules

    A major insurance lobby urged the European Union on Monday to explain how its new disclosure rules for investment products will affect indemnities, saying big legal questions remain over how the regime will work.

  • April 10, 2017

    BOE Vows To Release Libor Docs After SFO Cases Wrap

    The Bank of England said Monday that it will publish material relating to investigations into the manipulation of a key global interest rate benchmark once it is able, after a secret recording reportedly emerged that allegedly implicates the central bank in the Libor rigging scandal.

  • April 10, 2017

    Barclays, CEO Face Probe Over Bid To Unmask Whistleblower

    Barclays PLC and its chief executive are being investigated by British regulators over the handling of a whistleblowing incident, the bank said Monday.

  • April 7, 2017

    Judge Slams 'Haphazard' FCA In Rogue-Investment Suit

    A judge in London's High Court berated the Financial Conduct Authority on Friday for "complacency" and taking a "haphazard" approach toward disclosure, serving defendants and other procedures, in the agency's suit over illegal sales of four collective investment schemes in the U.K.

  • April 7, 2017

    Ex-UBS Trader Hayes To Cite Latest Libor Trial For Appeal

    Former Citigroup Inc. and UBS AG banker Tom Hayes, the first trader to be convicted for rigging a key global interest rate benchmark, plans to argue that developments in a separate trial support his case for an appeal, his lawyer said Friday.

  • April 7, 2017

    Lawmakers Push UK To Stay In EU Debates Until Brexit

    A U.K. parliamentary committee said Friday that ministers must keep poring over and voting on EU policies up until the day of Brexit, citing growing concern that some departments may let their focus slide over the next two years as the U.K.’s departure from the bloc looms.

  • April 7, 2017

    Bank Lobby Challenges FCA On Compensation Scheme

    Britain’s top banking lobby challenged the Financial Conduct Authority on Friday over the regulator's plans to change the way firms fund a bankruptcy compensation scheme, saying the proposals favored a small minority of businesses.

  • April 7, 2017

    ESMA Clarifies Cross-Border Rules For Alternative Funds

    The European Securities and Markets Authority clarified on Thursday how firms should apply specific cross-border investment rules for umbrella funds and alternative fund managers.

  • April 7, 2017

    Ashurst Lures Ex-Norton Rose Lawyers To Boost Italian Team

    Ashurst LLP announced Friday it has expanded its banking team in Milan, Italy, hiring three lawyers from Norton Rose Fulbright including a finance partner who has close to 20 years’ experience advising banks and investors.

  • April 7, 2017

    EXCLUSIVE: Fund Rules Saga Ends As Lawmakers OK Reform

    A long-running saga over European Union disclosure regulations for investment products has cleared its final hurdle, after a plan was quietly approved by the legislators holding up the reforms, a European Commission spokesperson revealed exclusively to Law360 Friday.

  • April 7, 2017

    Eurozone Finance Ministers Push For Nonbank Funding

    European finance chiefs said Friday that greater emphasis needs to be placed on nonbank sources of funding to help the region’s small and midsized enterprises ride out capital shocks and undertake cross-border activities.

  • April 7, 2017

    BOE Asks Banks To Submit Brexit Contingency Plans

    Bank of England Governor Mark Carney on Friday urged banks to submit contingency plans for Brexit to ensure they are prepared for all potential outcomes once Britain exits the European Union.

  • April 7, 2017

    UK Regulator Fines Former Spread-Bet Bosses Who Hid £15M

    The U.K.’s Financial Conduct Authority announced Friday it has fined and banned two former employees of a now-collapsed spread-betting business for engaging in market abuse relating to the company’s flotation on the London Stock Exchange in 2007 and hiding a £15 million ($18.6 million) cash shortfall.

  • April 7, 2017

    FCA Re-Opens Investigation Into HBOS £245M Fraud Failures

    The U.K.’s financial services watchdog announced Friday it is reopening an investigation into the events surrounding a £245 million loan fraud at HBOS PLC, almost a year after lawmakers slammed regulators for failing to hold senior management at the bank to account for negligence that resulted in its collapse in 2008.

  • April 6, 2017

    Finance Watchdog Warns Against Laxity On Global Rules

    Failure to fully implement international financial regulations will undermine cross-border regulation and jeopardize the reforms that have been put in place since the 2008 financial crisis, a top global regulator warned Thursday.

  • April 6, 2017

    Euro-Clearing Locale A Vital Brexit Priority, EU Chief Says

    European regulators are frantically analyzing where, following Brexit, to situate the trillion-dollar euro-denominated derivatives clearing market, which is mostly carried out in London, a vice-president of the European Commission said Thursday.

  • April 6, 2017

    ESMA Spots Transparency Gaps In New EU Shareholder Rules

    New European Union investor transparency rules expected to be officially passed in June still leave significant scope for shareholders in some member states to avoid disclosing their identities, the EU’s securities watchdog said in a report published Thursday.

  • April 6, 2017

    Banks Keen To Ramp Up Fintech Partnerships, PwC Says

    A fear within big banks that their revenue is at risk to stand-alone innovative companies has led to an increasing number of partnerships between large financial firms and financial technology providers, according to a report published Thursday by PricewaterhouseCoopers.

  • April 6, 2017

    World Regulators Guide Central Banks On Crisis Bailouts

    A key global regulatory committee set out guiding principles on Thursday for central banks weighing up whether to rescue major lenders if there's a repeat of the 2008 financial crisis.

  • April 6, 2017

    EU Moves To Boost Competition Among Rating Agencies

    Europe’s top securities regulator spelled out on Thursday exactly when issuers of structured finance must consider hiring a smaller credit rating agency to help make the agencies more competitive against the industry’s biggest players.

Expert Analysis

  • 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.

  • The Horrible Conflict Between Biology And Women Attorneys

    Anusia Gillespie

    Women leave law firms for many of the same reasons men do, but also face challenges including headwinds with respect to assignment delegation and social outings, as well as potential disruptions if they choose to have children. Firms can increase investment in talent management and improve retention and engagement of women attorneys, says Anusia Gillespie of Banava Consulting.

  • 8 Things You Need To Know About EU's Insolvency Proposal

    Howard Morris

    The European Commission is going way beyond its previous Pan-European insolvency project of mutual recognition of insolvency procedures and entering the world of harmonizing laws. The U.K. has to keep pace — and must look west to the U.S., says Howard Morris, senior of counsel in the London office of Morrison & Foerster LLP.

  • Managing Intergenerational Differences Within Your Law Firm

    Najmeh Mahmoudjafari

    We are privileged to be part of an employment market that hosts employees from various generations. While “differences” may imply inherent conflict, intergenerational differences can actually be used to an advantage for organizations — especially law firms, say Najmeh Mahmoudjafari, founder of ImmigraTrust Law, and William Martucci of Shook Hardy & Bacon LLP.