UK Financial Services

  • March 29, 2017

    Capita Unit Loses £2.4M Indemnity Fight In UK Supreme Court

    Business outsourcing giant Capita PLC's insurance arm on Wednesday lost its U.K. Supreme Court bid to recoup £2.4 million ($3 million) the unit was forced to pay out after a specialist brokerage firm it bought was found to have missold car insurance products.

  • March 29, 2017

    Former EU Commissioner Hill Joins Freshfields As Adviser

    The U.K.’s former European commissioner for financial services, Jonathan Hill, will take up a position as a senior adviser at Freshfields Bruckhaus Deringer LLP, the law firm confirmed Wednesday.

  • March 29, 2017

    Basel Aims To Protect Banks From Reporting Rule Shocks

    Global regulators revealed detailed plans Wednesday to shield banks from capital shocks when looming new rules force the institutions to account for future losses in little over nine months' time.

  • March 29, 2017

    DLA Piper Boosts Brexit Advisory Service With New Hire

    A former EU legal adviser to the U.K. Parliament will be joining DLA Piper’s London office as a legal director and lead Brexit specialist, the law firm announced Wednesday.

  • March 29, 2017

    Russia Wins 'Extraordinary' $3B Ukraine Bond Case In UK

    London’s High Court on Monday ordered Ukraine to pay Russia more than $3 billion owed since 2015 on Ukrainian bonds, despite the beleaguered former Soviet Union member’s protestations that Russia’s suit was a “tool of oppression” in a case the High Court called “extraordinary.”

  • March 29, 2017

    ECB Official Calls For Global Standard For Granular Data

    Standards for high-quality regulatory and market data should be agreed on and implemented at a global level, a senior European Central Bank official urged Tuesday.

  • March 29, 2017

    Europe Aims For 'Damage Control' As It Puts Continent First

    European Council President Donald Tusk warned on Wednesday that Brexit would be a matter of “damage control,” with the European Union to focus on protecting its own businesses and citizens in the remaining 27 member states.

  • March 29, 2017

    UK's May Officially Starts Country's Exit From EU

    British Prime Minister Theresa May on Wednesday formally launched the process of taking Britain out of the European Union after more than four decades of shared institutions and laws, setting the stage for at least two years of complex divorce negotiations.

  • March 29, 2017

    EU Shoots Down £24B LSE-Deutsche Börse Merger

    The European Commission on Wednesday formally blocked a proposed £24 billion ($29.8 billion) merger between Deutsche Börse AG and the London Stock Exchange Group PLC to form Europe's largest stock exchange, citing antitrust issues.

  • March 28, 2017

    Brexit State Aid Uncertainty Leaves Lenders Hanging

    Figuring out the future of European state aid rules in the U.K. is likely low on the list of priorities for both sides as the British government prepares to officially begin the Brexit process on Wednesday. But uncertainty over what regime will apply, and how vigorous any enforcement the U.K. might face in the meantime would be, is causing headaches for state-supported projects and the banks that fund them.

  • March 28, 2017

    Deutsche Bank Unit Gets $150M Libor-Rigging Deal Approved

    A Connecticut federal court on Tuesday signed off on a Deutsche Bank subsidiary’s $150 million settlement with prosecutors that admitted the company’s traders helped rig the London Interbank Offered Rate for the U.S. dollar and several other currencies.

  • March 28, 2017

    UK Litigation Against Banks Soars Over Past Year, RPC Says

    The number of suits filed against the world’s top 50 biggest banks in the U.K. shot up by more than a third last year compared with 2015, as disputes arising from the fallout of the 2008 financial crisis show no signs of abating, according to a study released Tuesday by Reynolds Porter Chamberlain LLP.

  • March 28, 2017

    EU Continues To Weigh Bloc-Wide Covered Bonds Framework

    European Union lawmakers said Monday that domestic and cross-border investments in covered bonds work well under the current legislative framework, shaking off suggestions from some regulators and industry bodies for a new pan-EU law.

  • March 28, 2017

    Ex-Barclays Trader Claims Many Libor Rigs Were 'Pointless'

    A former Barclays PLC swaps trader on trial in London for conspiring to fix a key global interest rate in order to boost profits claimed on Tuesday that often the requests that were made for specific rates were “pointless” and made no sense to him in retrospect.

  • March 28, 2017

    Gov't Updates Code Of Practice For Winding Up Failing Banks

    The U.K. Treasury published updates to a Banking Act code of practice on Tuesday to reflect recent regulatory changes that give the Bank of England backstop powers to shut down failing U.K. branches of overseas banks.

  • March 28, 2017

    SFO Marches On With Another DPA As US Parallels Emerge

    For the second time in a matter of months, a major corporation has agreed to a multimillion-dollar settlement with Britain’s fraud squad to avoid prosecution, which lawyers say signals a renewed vigor from U.K. enforcers in targeting financial crime and corruption.

  • March 28, 2017

    Regulators Castigate Big Banks Over Risk Compliance

    Many of the world’s biggest banks are failing to meet key post-financial crisis rules on reporting and aggregating risk data, the Basel Committee on Banking Supervision said Tuesday.

  • March 28, 2017

    Watchdog Questions RBS Over Money Laundering Claims

    The U.K. Financial Conduct Authority has sought information from Royal Bank of Scotland Group PLC over allegations that British banks unknowingly laundered £740 million ($927.8 million) from Russia, RBS said Tuesday.

  • March 28, 2017

    PRA Clarifies Rules For Banks' Internal Ratings Program

    The Prudential Regulation Authority on Tuesday acknowledged the problems smaller financial institutions face collecting data, as it launched a consultation setting out its expectations for firms applying to use an internal-ratings-based model for calculating capital.

  • March 28, 2017

    Anti-Corruption NGO Pushes ECB To Boost Transparency

    The European Central Bank must urgently boost its democratic oversight and accountability if the euro is to survive the next financial crash, a major anti-corruption group said Tuesday.

Expert Analysis

  • 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.

  • 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)