UK Financial Services

  • April 4, 2017

    EU Might Encourage National Firms To Tackle Bad Loans

    The European Union could empower national asset management companies to coordinate efforts to cut its near-€1 trillion ($1.07 trillion) mountain of bad loans, the European Commission’s vice president said Tuesday.

  • April 4, 2017

    Shift Euro Dealings From London, Senior EU Lawmaker Urges

    A senior member of the European Parliament called Tuesday for financial-market transactions denominated in euros to be shifted from London to European Union trading centers if the U.K. exits the EU in 2019.

  • April 4, 2017

    EU Unveils Antitrust Probe Into RBS Restructuring Plans

    The European Commission announced Tuesday that it has launched an in-depth antitrust investigation into the U.K.’s latest restructuring plans for state-backed lender Royal Bank of Scotland Group PLC.

  • April 4, 2017

    EU Regulator Clarifies MiFID II Investor Protection Guidance

    Europe’s top securities regulator issued fresh guidance Tuesday on how financial institutions should apply new investor protection rules as part of a cumbersome European Union reform.

  • April 4, 2017

    FCA Official Warns Senior Manager Rules Won't Shield Banks

    The U.K. Financial Conduct Authority will continue to punish banks with heavy fines despite new rules making top managers more accountable for misconduct, a top FCA official cautioned in a speech issued Tuesday.

  • April 3, 2017

    City Firms Feel Rising Heat Of Economic Crime Enforcement

    The recent spate of activity from under-pressure enforcement agencies, coming as the Criminal Finances Bill nears the end of the legislative process, puts the onus on firms to think differently about how they repel economic crime, lawyers say.

  • April 3, 2017

    UK’s Toughened Penalties For Sanctions Breaches Go Live

    The U.K. government can now use its heightened enforcement powers to impose seven-figure monetary penalties starting Monday on offenders who commit serious financial sanctions breaches.

  • April 3, 2017

    BLP Launches Restructuring Practice With Dentons Legal Ace

    Berwin Leighton Paisner LLP launched its first restructuring capability in Germany this week as a former Dentons’ corporate and restructuring legal expert joined its Frankfurt office as partner.

  • April 3, 2017

    EBA Warns Bad Loans Are Main Risk For EU Banking Sector

    The European Banking Authority on Monday singled out the stubbornly high level of nonperforming loans on the books of European banks as one of the main challenges for the European Union’s financial sector in the near future.

  • April 3, 2017

    Credit Suisse Responds To Tax Probe With Ad Campaign

    Credit Suisse has taken out a series of advertisements in British Sunday newspapers to underline its zero-tolerance policy on tax evasion as the bank attempts to limit damage to its reputation over its involvement in a sweeping tax evasion investigation.

  • April 3, 2017

    ECB Bond Buying No Threat To Market Stability, Official Says

    The European Central Bank's attempts to boost liquidity throughout the European Union via its bond-buying program is not causing financial systemic instability and is just one of the drivers, alongside regulation, affecting bond prices, a senior ECB official said on Monday.

  • April 3, 2017

    EU Adopts Beefed-Up Asset Managers Transparency Rules

    Asset management companies will have to be more transparent about how they deal with shareholders in the companies in which they invest under laws adopted by the European Union on Monday.

  • April 3, 2017

    EU Plans Transparency Boost To Help Shift Bad Loans

    The European Union could increase the publicly available data on its €1 trillion ($1.07 trillion) mountain of bad debt to make nonperforming loans more alluring to potential buyers, a European Commission spokeswoman said Monday.

  • April 3, 2017

    Watchdog Seeks To Make UK Lenders Help Struggling Clients

    British lenders will have to provide more help to customers struggling with persistent credit card debt, including suspending their card use and canceling interest charges, under proposals the Financial Conduct Authority put out Monday.

  • March 31, 2017

    AIG Sues Bank Leumi Over Unpaid Tax Dodge Reinsurance

    U.S. insurance giant AIG's European unit has filed a claim in London’s High Court seeking almost $600,000 from Bank Leumi allegedly owed in the aftermath of the bank’s tax evasion scheme scandal under a reinsurance agreement between the two firms.

  • March 31, 2017

    Why UK Now Needs To Worry About EU’s Article 218

    The U.K. government wants Brexit talks to run parallel to preparations for a quick trade deal, but lawyers say a key piece of European Union law firmly backs the EU's argument that formal trade talks can only begin when the U.K. is no longer a member of the union.

  • March 31, 2017

    EU Sets Plans To Pump Out Post-Trade Data

    Europe’s top securities regulator on Friday revealed the full scope of impending live streams of publicly available trading information to cover bonds, derivatives and structured finance products.

  • March 31, 2017

    UK Watchdog U-Turns On MIFID II Client Call Recording Rules

    Britain’s financial watchdog has rolled back plans to force financial advisers to record all phone calls to clients, as it published near-final rules Friday on the implementation of sprawling European Union rules governing the financial services sector. 

  • March 31, 2017

    Turkish Construction Giant Hit with $237M Unpaid Bonds Suit

    Investors are suing troubled major Turkish construction company Yuksel Insaat A.S. in London's High Court for more than $237 million owed on bonds which matured at the end of 2015 after the firm failed to complete a restructuring of its debt amid domestic political turmoil, according to a London High Court filing seen by Law360 Friday.

  • March 31, 2017

    European Lawmakers Weigh Expanding Venture Capital Regs

    Proposals to expand an EU regulation aimed at strengthening Europe’s venture capital and social entrepreneurship funds market passed through a first reading by the European Parliament on Thursday.

Expert Analysis

  • Foreign Affairs Outlook For Trump Presidency, 115th Congress

    Andrew Zausner.jpg

    In assessing how domestic and foreign affairs issues may play out during President-elect Trump’s term, it’s important to keep in mind that not everything a presidential candidate says during an election campaign is predictive of exactly how he will act as president. This is particularly the case for Mr. Trump, who, more than most presidential candidates, relied on general foreign policy prescriptions without providing many details,... (continued)

  • 100 Days Of Cayman Islands Limited Liability Companies

    Tim Buckley

    Although a new form of entity under Cayman Islands law, the Cayman Islands LLC is familiar in form to U.S. lawyers and industry participants; Cayman Islands LLCs operate in an almost identical way to Delaware LLCs, say Tim Buckley and Andrew Barker of Walkers Global.

  • OPINION: 3rd-Party Litigation Funding Needs Transparency

    Lisa A. Rickard

    The practice of third-party litigation funding, in which funders front money to plaintiffs law firms in exchange for a cut of any settlement or money judgment, is growing increasingly popular. Currently, litigators are not required to disclose the involvement of third-party funders, but transparency will improve justice in courts, say Lisa Rickard, president of the U.S. Chamber Institute for Legal Reform, and Mark Behrens, a partne... (continued)

  • What Is The Future For Regulation Of Crowdfunding?

    Lucy Frew

    Regulators worldwide may be under pressure to compete to provide attractive regimes for crowdfunding. Indeed, many overseas operators have sought to set up in the U.K., following the introduction of a new bespoke regime in 2014, which was campaigned for the crowdfunding industry, says Lucy Frew of Walkers Global.

  • Limited Guidance For UK Financial Services In The Cloud

    Yvonne Dunn

    Financial services companies operating in the UK can make use of cloud-based services without falling foul of regulatory obligations, the Financial Conduct Authority has said. However, firms may be disappointed that some of the guidance the regulator has issued is not more specific or prescriptive, say Yvonne Dunn and Luke Scanlon of Pinsent Masons LLP.

  • Coming Soon: The 3-D (And 4-D) Brief

    Martin Bienstock

    From e-discovery to attorney profitability, the technologies of the 21st century have had a major impact on legal practice. Yet the tech revolution has had surprisingly little impact on the form and content of legal briefs — the very bread-and-butter of many legal practices. This is about to change, according to Martin Bienstock of Weisbrod Matteis & Copley PLLC.

  • What Licci Means For US And Foreign Bank Relationships

    Owen Pell

    Licci v. Lebanese Canadian Bank is significant because the Second Circuit found that the bank’s alleged use of its New York correspondent account could be sufficient at the pleading stage to allege that the bank intended to aid and abet Hezbollah’s terrorist activities, say attorneys with White & Case LLP.

  • Selection Of English Governing Law, Jurisdiction Post-Brexit

    Stuart Pickford

    Among the multitude of issues arising from the United Kingdom's likely departure from the EU, for those drafting and negotiating international commercial contracts a key concern will be the potential implications of Brexit on the selection of governing law and jurisdiction, say Stuart Pickford and Daniel Hart of Mayer Brown LLP.

  • Curbing Bribery And Corruption In International Arbitration

    Mathew Rea

    There are concerns that parties to contracts procured through corruption may choose arbitration because the process is confidential and consensual, and because arbitrators have been traditionally reluctant to investigate corruption on their own initiative. If true, that creates a very real risk, says Mathew Rea, co-head of Bryan Cave’s global international arbitration team.

  • How Brexit Can Change Britain’s Relationship With Africa

    Tina Blazquez-Lopez

    The uncertainty surrounding Brexit is indeed worrying, but it also presents some unique possibilities for Africa. A post-Brexit Britain may afford the latitude and flexibility needed to meaningfully engage with the continent, says Tina Blazquez-Lopez of Pillsbury Winthrop Shaw Pittman LLP.