UK Financial Services

  • March 6, 2017

    One Year On, Banking Accountability Regime Gears Up

    Widened conduct rules for British bankers take effect Tuesday, adding more teeth to a regulatory framework that has been a game changer for financial firms since it was first introduced 12 months ago.

  • March 6, 2017

    ICE Loses Antitrust Appeal To Keep Trading Software Firm

    The U.K.’s antitrust agency was right to order Intercontinental Exchange Inc. to sell off a recently acquired trading software firm last year over concerns about the impact the deal would have on competition for trading and clearing European utilities, a London-based tribunal ruled Monday.

  • March 6, 2017

    EBA Urges Tougher Phase-In For New Accounting Rules

    Europe’s top banking watchdog, the European Banking Authority, on Monday called for the European Commission to adopt a tougher approach to how banks will phase in the impact of new accounting rules on their core regulatory capital, warning that the current framework is not sufficiently prudent and open to abuse.

  • March 6, 2017

    Deutsche Bank Set To Face Forex Rigging Suits In Europe

    A law firm steering a class action against Deutsche Bank AG in the U.S. over allegedly rigged foreign exchange trades said Monday it plans to file similar suits in Europe — and has already secured 40 parties that intend to make claims against the bank.

  • March 6, 2017

    FCA Seeks Greater Disclosure From Insurance Brokers

    The U.K. Financial Conduct Authority wants to be able to demand greater disclosure from insurance brokers to tackle potential conflicts of interest under looming reforms from the European Union, the regulator said Monday.

  • March 6, 2017

    Ex-Barclays Libor Traders Lacked Training, Jury Told

    Lawyers for two former Barclays PLC traders charged with rigging the London Interbank Offered Rate told jurors at a London court on Monday that their clients acted in a way that was "so routine" at the bank they couldn’t have known it was wrong.

  • March 6, 2017

    Allen & Overy Snaps Up Banking Team From Mayer Brown

    Magic Circle law firm Allen & Overy LLP said Monday it has strengthened its German banking regulatory practice with the hire of a three-lawyer team from Mayer Brown LLP.

  • March 6, 2017

    CMA To Speed Up Market Probes After Deadline Failures

    The U.K.’s competition regulator announced plans on Monday to dramatically accelerate its market investigation procedures after twice struggling to meet the government’s more rigorous timetable in probes of the banking and energy industries.

  • March 6, 2017

    EBA Sets Out Tougher Rules On Data Disclosure

    The European Banking Authority published draft rules Friday that will mean a substantial hike in the amount of data banks must disclose about the makeup and availability of assets that can be used to support the firm’s funding needs.

  • March 6, 2017

    Lawmakers Float Immigration Plan To Save EU Market Access

    The U.K. might bolster its chances of retaining access to the European Union single market for banks and businesses by offering EU nationals preferential immigration treatment after Brexit, a key committee in the upper house of Parliament said in a report on Monday.

  • March 3, 2017

    FCA Hits Out At Investment Managers Over Commissions

    Investment management firms are failing to give value for money when charging customers “dealing commissions” for research, the U.K.’s Financial Conduct Authority said Friday, also accusing them of providing consistently poor oversight on ensuring clients get the best deals on orders.

  • March 3, 2017

    EBA Wants Closer Look At How Banks Model Risky Loans

    The European Banking Authority on Friday called for further analysis of how banks consider risky loans when calculating capital requirements, amid concerns among regulators over the internal risk models used by financial institutions.

  • March 3, 2017

    Billionaire Vik Playing Cat And Mouse, Deutsche Bank Says

    A lawyer for Deutsche Bank AG accused Monaco billionaire Alexander Vik at London’s High Court on Friday of daring the bank to catch him, as it continues attempts to collect more than $300 million after winning a 2013 decision against a fund owned by the entrepreneur.

  • March 3, 2017

    Bank Of Scotland Escapes Some Broad Claims In Swaps Suit

    London's High Court on Friday threw out various "wide-ranging" claims from a former property investment firm's suit against Bank of Scotland PLC, including allegations the bank embarked on a general strategy to shift risky assets from its balance sheet, because they were deemed irrelevant.

  • March 3, 2017

    Reed Smith Boosts Paris Office With 3 Partner Hires

    Reed Smith LLP has hired from Winston & Strawn LLP three finance lawyers specializing in tax advice for private equity transactions and mergers and acquisitions to its Paris office, the international law firm announced on Thursday.

  • March 3, 2017

    UK Capital Rules Holding Back Challenger Banks, PWC Says

    The ability of Britain’s challenger banks to compete with more established players is being hindered by regulatory capital rules which force some new entrants to hold up to five times the capital of high street lenders, according to new research published Friday by accounting giant PricewaterhouseCoopers.

  • March 3, 2017

    EU Weighs Whistleblower Protection Measures

    The European Commission called Friday on judges, prosecutors, regulators and private-sector firms to share their views on what protection is needed at a European level for whistleblowers exposing misconduct across the region.

  • March 3, 2017

    PRA Denies Favoring Biggest Banks In Capital Reforms

    Global capital reforms have helped create an "unlevel playing field" for U.K. retail banks and building societies, a top Prudential Regulation Authority official said Friday, though he denied the biggest names have won an unfair advantage.

  • March 3, 2017

    Hedge Fund Giants Want 'Maximum' Freedom In Brexit Deal

    British ministers said Friday they will push for a Brexit deal that allows financial services firms “maximum” freedom to trade between the U.K. and Europe, raising hopes for a bespoke arrangement favored by City lobbyists.

  • March 3, 2017

    ESMA Seeks To Avoid Regulatory 'Arms Race' During Brexit

    Europe’s top securities regulator said Friday it is investigating how to prevent an “arms race” between national regulators if they start cutting core standards to attract banks and securities businesses from London during the Brexit process.

Expert Analysis

  • London Calling: On The Cusp Of A UK Biotech Revolution

    Mark E. Thompson

    The question for those who have had a hand in the biotech market for a long time is no longer whether the U.K. will deliver on its biotech promise, but when. The money has become more organized, the government has started to take steps to create an affirmative place for action, and the universities are getting better at facilitating the commercialization of research, say attorneys at Sidley Austin LLP.

  • Assessing Unitranche Financing In Europe And Germany

    Dr. Jens Linde

    In the last few years, unitranche financing has been heralded as the new trend in European corporate financing and as an alternative to traditional bank financing. But, when analyzed, does unitranche financing in the European and German markets live up to expectations? ask Dr. Jens Linde and Michael Schuhmacher of P&P Pollath & Partners.

  • The Striking Breadth Of UK's New Small Business Law

    David Gerber

    While the British government’s attempts to deliver on its commitments to enhance corporate transparency can be welcomed, there are concerns over the potential breadth of certain measures in the Small Business, Enterprise and Employment Act 2015, including the scope of the “significant influence and control” test and its application to, for example, limited partners in non-U.K. funds that are invested in U.K. portfolio companies, sa... (continued)