UK Financial Services

  • March 8, 2017

    Caution Key In 1st Bail-In Law Test, Antitrust Chief Says

    The European Commission must tread carefully as it reviews a plan to recapitalize Italy's troubled Monte dei Paschi bank as the decision offers the first test of new European Union rules designed to limit taxpayer bailouts, the watchdog's top antitrust official said Wednesday.

  • March 8, 2017

    EBA Finalizes Liquidity Coverage Ratio Guidelines

    The European Banking Authority published final guidelines on Wednesday aimed at making it easier to compare the liquidity risk management standards of major financial institutions across Europe.

  • March 8, 2017

    Essar Asks UK Not To Enforce 'Kafka-esque' $172M NY Ruling

    A lawyer for a unit of multinational conglomerate Essar Group told London’s High Court on Wednesday that a judgment issued against the firm for $172 million plus interest in New York could not be enforced in the U.K. because the order lacked jurisdiction.

  • March 8, 2017

    US Cos. Warn UK Over Loss Of EU Single Market Access

    Britain’s intention to quit the European Union’s single market for goods and services will endanger its position as a gateway to the EU for U.S financial institutions, a report commissioned by the American Chamber of Commerce to the EU warned Wednesday.

  • March 8, 2017

    Top SFO Official Hits Out At Critics Of Deferred Prosecution

    A senior U.K. Serious Fraud Office official has defended his agency’s decision to pursue a deferred prosecution agreement with Rolls-Royce PLC rather than take the company through the courts on criminal charges for bribery, saying that would not have achieved the most value for money.

  • March 8, 2017

    Ex-Linklaters Senior Partner Picked To Head Irish Bank

    The former head of Linklaters LLP has been picked to chair Ireland’s majority state-owned bank, Permanent TSB Group Holdings PLC, the law firm announced Wednesday.

  • March 8, 2017

    Full Legal Framework Will Be In Place Post-Brexit, Banks Told

    The U.K.’s financial services industry will operate under a “fully functioning” legal and regulatory framework at the point the country quits the European Union, the government promised Wednesday.

  • March 8, 2017

    UK To Close Loopholes For Tax Avoidance Enablers

    U.K Chancellor Philip Hammond said Wednesday the government will introduce new legislation to clamp down on firms trying to dodge laws designed to stop the promotion of tax avoidance schemes.

  • March 8, 2017

    Target Bad Loans To Stall 'Zombie Banks,' EU Warned

    Europe’s national regulators must force financial firms to hold enough capital to survive writedowns of bad loans and adopt tools to help them avoid creating “zombie banks,” an influential think tank said Wednesday.

  • March 8, 2017

    Gaining Equivalence Can Take 4 Years, EU Briefing Suggests

    The U.S. took up to four years to win a regulatory equivalence deal to access to the European Union’s vast single market, a European Parliament report warned Wednesday — raising fresh fears about a cliff-edge Brexit scenario for London’s banks and businesses.

  • March 7, 2017

    Basel IV Could Boost EU Securitization Market, Fitch Says

    The need for banks to meet potentially tougher capital requirements under changes to existing rules could spur the European Union’s securitization market, analysts at Fitch Ratings claimed in a report published Tuesday.

  • March 7, 2017

    UK Upper House Adds 2nd Obstacle To Brexit Bill

    The upper house of British Parliament on Tuesday voted to legally require the approval of both houses of Parliament for the government’s final Brexit deal, adding a second obstacle to the government's plan to launch formal talks with the European Union to leave the bloc.

  • March 7, 2017

    FCA Decision On Dumping Private Warnings Looms

    Britain’s finance watchdog told Law360 on Tuesday it will decide in six weeks whether to ditch the secretive warnings process it uses to rebuke bank bosses accused of wrongdoing.

  • March 7, 2017

    Deutsche Bank Denies Bribery Claims In Vestia’s €830M Suit

    Deutsche Bank AG denies bribing the former treasury manager at a major Dutch housing association in order to secure around 200 interest rate swaps trades that led to an €830 million ($877 million) loss for the property firm, according to documents filed with London’s High Court.

  • March 7, 2017

    Jones Day Nabs Finance Team From Gide Loyrette In Paris

    Jones Day has bolstered its European banking and finance offering after snagging an experienced securitization partner and her team from French law firm Gide Loyrette Nouel, the firm announced on Monday.

  • March 7, 2017

    Global Standards Setter To Boost Bond Market Transparency

    Access to detailed information on derivatives trades must be greatly improved to allow regulators to properly assess and respond to liquidity challenges in the secondary bond market, a global securities watchdog said in a report published Tuesday.

  • March 7, 2017

    German Official Warns Proportionality On Regs Is Key

    Supervisors must remember that proportionality is "the name of the game" as they monitor the implementation of new regulatory requirements at firms, a senior German central banker responsible for banking and financial supervision warned on Monday.

  • March 7, 2017

    UK Finalizes Bank Rules On Lifetime Savings Accounts

    The U.K. Financial Conduct Authority on Tuesday published final rules on lifetime individual savings accounts a year after the product aimed at the under-40s was unveiled in the government's 2016 budget.

  • March 7, 2017

    FCA To Widen New Accountability Regs To All Financial Firms

    New manager accountability rules for British bankers also could apply to all financial services firms and insurance companies from 2018, the Financial Conduct Authority said Tuesday.

  • March 7, 2017

    Financial Lobby Group Urges EU To Rethink Startup Rules

    A major financial lobby urged the European Union on Tuesday to build a single regulatory framework for startups that would let them expand across the bloc, putting them within reach of tens of millions of potential new customers.

Expert Analysis

  • New Life For Hague Choice Of Court Convention

    Ivan Shiu

    Few lawyers have heard of the 2005 Hague Convention on Choice of Court Agreements, which is hardly surprising given that until recently it lay dormant, having been ratified by Mexico alone. But now Hague has sprung into life, with recent ratification, signatures and interest from a string of countries. In time, the convention may do for litigation what the 1958 New York Convention does for arbitration, say attorneys with Hogan Lovells.

  • The Big Picture: EU's Financial Regulation Offensive

    Peter Green

    It is important that the European Union authorities focus on finalizing and implementing the outstanding regulatory agenda, but it is erroneous to point to a lack of new legislation and initiatives as evidence that the approach to financial regulation is weakening, says Peter Green of Morrison & Foerster LLP.

  • Inside The FCA’s Regulatory Sandbox

    Charlotte Hill

    The U.K. Financial Conduct Authority recently opened its “regulatory sandbox” scheme to financial services firms and technology companies. Covington & Burling LLP partner Charlotte Hill discusses the FCA’s thinking on the sandbox and how it is addressing certain challenges.

  • Brexit Or Non-Exit?

    Robert Bell

    The accepted wisdom is that Brexit will happen, there will be a raft of separate trade deals with third countries, and Britain will still retain single market access without signing up to the free movement of people provisions. But is it really that easy? Or could Brexit really turn into non-exit? Robert Bell, head of Bryan Cave LLP's EU and U.K. competition team, explores potential scenarios.

  • Brexit: An Unexpected Boost For UK Commercial Real Estate

    Michael Speranza

    Brexit has presented increased opportunities for investment in the U.K. commercial real estate market and while there is some uncertainty regarding value, lenders are still making funds available for real estate acquisitions and development, says Michael Speranza at Katten Muchin Rosenman UK LLP.

  • IP In A Financial Center: Ireland Vs. Cayman Islands

    Ramesh Maharaj

    The portable nature of intellectual property allows it to be readily structured in jurisdictions such as the Cayman Islands and Ireland — two important and robust international financial centers — so as to maximize returns. Whether a particular jurisdiction is well suited for the IP requires analysis of not only the protection afforded but also where the IP is to be sold and how any returns generated will be taxed, say Ramesh Mahar... (continued)

  • Global Tax Enforcement In 2016: What You Need To Know

    Jay R. Nanavati

    The investigation and prosecution of tax evasion has grown from a specialized subcategory of law enforcement into a first-tier policy concern, and the U.S. and foreign governments will not back down anytime soon. Banks must draw a clear line between present compliance and inappropriate past practices. Bankers and advisers must consider approaching the authorities, says former prosecutor Jay Nanavati now with BakerHostetler.

  • The Benefits Of Establishing An Offshore Presence

    Ramesh Maharaj

    At some point in a company's life cycle may surface the curiosity whether the company, its subsidiary or any of its assets should be offshore. The truth is, many companies that can potentially benefit from an offshore presence fail to grasp the opportunity, say Ramesh Maharaj and Adrian Cochrane of Walkers Global.

  • How Will London’s Specialist Court Affect US Companies?

    Andrew Stafford

    On Oct. 1, the Financial List of the High Court opened for business in London. This new subdivision of the High Court will specialize in handling high-value cases relating to complex financial matters. The creation of the Financial List offers a valuable strategic alternative to federal jury trials in the United States, say barristers with Kobre & Kim LLP.

  • With New Office, UK Steps Up Its Financial Sanctions Game

    JohnForrestDLAPIPEr.jpg

    Comparisons to the U.S. Office of Foreign Assets Control aside, the U.K.'s new Office of Financial Sanctions Implementation will hopefully provide clarity and certainty for U.K. companies in regard to the application and interpretation of sanctions measures, says John Forrest at DLA Piper.