UK Financial Services

  • March 24, 2017

    Ex-Barclays Trader Tells Court Fixing Libor 'Couldn’t Hurt'

    A former Barclays trader accused of attempting to manipulate a key global interest rate benchmark in a bid to boost profits told a London court on Friday that a successful rig would only have a “small” impact on his desk’s position and that he made requests just because they “couldn’t hurt.”

  • March 24, 2017

    UK Lobby Tells EBA To Clarify Bank Supervision Rules

    The U.K.’s top banking lobby urged the European Union on Friday to clarify that non-EU lenders will fall beyond sweeping new rules to coordinate the supervision of major bank branches.

  • March 24, 2017

    UK Payments Regulator Will Keep Fines To Cut Fees

    Financial penalties paid to the U.K.’s Payment Systems Regulator will be retained by the watchdog to reduce the amount it collects from payment service providers as part of regulatory fees, it confirmed Friday.

  • March 24, 2017

    Banks Told To Apprise Customers Of UK Ring-Fencing

    Banks gearing up for the U.K.’s complex ring-fencing reforms should be briefing their customers on how they will be affected, including raising awareness of increased fraud risks related to confirmation of account details, the government said Friday.

  • March 24, 2017

    Linklaters Snags Goldman Sachs Exec For Finance Practice

    Linklaters LLP is hiring the managing director of Goldman Sachs Group Inc. as a partner is its London-based bank restructuring team, the international law firm said Friday.

  • March 24, 2017

    BOE To Hike UK Bank Fees To Meet £5.4M Brexit Bill

    The Bank of England said Friday it will hike the fees levied on the financial institutions and insurance firms it regulates to recover the £5.4 million ($6.7 million) of regulatory costs associated with Britain’s withdrawal from the European Union, and warned firms might need to cough up more money later on.

  • March 24, 2017

    Complaints To EU Regulators Surged In 2016, ESMA Says

    The number of complaints made directly to national regulators in Europe jumped markedly in 2016, the European Securities and Markets Authority revealed Friday, with the most common causes for grievances being execution of orders, quality of information and unauthorized business activity.

  • March 24, 2017

    RBS To Close 158 Branches As Online Banking Soars

    Embattled Royal Bank of Scotland Group PLC will close 30 branches of RBS and 128 branches of its subsidiary NatWest, the group announced Friday, blaming a dramatic rise in online banking.

  • March 24, 2017

    SFO’s Hazy Future Harming Britain’s AML Fight, OECD Warns

    Uncertainty surrounding the future of the Serious Fraud Office is damaging Britain’s fight against money laundering and foreign bribery, an international think tank warned Thursday, as it called on the U.K. government to boost the crime agency’s funding.

  • March 24, 2017

    ECB Official Urges More Local Oversight As Populism Rises

    The European Union should hand greater powers to national and even regional regulators, a top European Central Bank official said Friday, in the face of surging nationalism in key member states.

  • March 23, 2017

    Collaboration, Not Regulation, Is Key To Policing Cybercrime

    As hacking threats and elaborate attacks on banks’ internal systems soar, the leader of the influential Treasury Select Committee has called for the creation of a U.K. cybersecurity regulator, but lawyers say such a move would be misguided and would not solve the problems facing the financial sector.

  • March 23, 2017

    ESMA Sheds Light On Securities Depository Default Rules

    Europe’s top securities watchdog published guidance Thursday on how regulators and businesses should implement new rules geared toward protecting providers of settlement, clearing and other securities trading services from the fallout if their clients go bust.

  • March 23, 2017

    EU To Probe Fears Firms Are Exploiting MiFID II Loopholes

    Europe’s executive arm will investigate whether investment firms have found a way to circumvent sprawling financial services reforms due to enter force next January, according to a letter published Thursday.

  • March 23, 2017

    ECB To Launch Review Of Bank Internal Risk Models In Q2

    Banks using internal calculations to determine the amount of capital they need to withstand market shocks will be on standby as the European Central Bank's more demanding on-site risk management checkups get underway in the next few months, a senior official confirmed Thursday.

  • March 23, 2017

    AmEx Can't Escape EU Swipe Fee Caps, UK Regulator Rules

    American Express will be subject to new European Union payment services rules that cap the merchant fees it can charge through its card offerings, Britain’s payments watchdog said Wednesday.

  • March 23, 2017

    Tesco Accused Of Mischaracterizing £100M Damages Claim

    The investors bringing a £100 million ($125 million) class action against Tesco PLC over the disastrous effects of the firm’s 2014 accounting scandal on its share price have accused the grocery giant of purposefully misinterpreting their claims in a U.K. court filing seen by Law360 on Thursday.

  • March 23, 2017

    EU To Standardize Credit Checks, Cut Payments Costs

    The European Commission announced plans Thursday to standardize credit checks, cut costs on payment services and help consumers switch financial service providers across the European Union.

  • March 23, 2017

    EU 'Bad Bank' Won’t Solve Problem Loan Issue, SRB Warns

    Plans to create a pan-European "bad bank" to help clear the €921 billion ($993.5 billion) of problem loans weighing down the region’s banking system would fail to solve the underlying problem of firms with large portfolios of nonperforming loans, the head of the Single Resolution Board said on Wednesday.

  • March 23, 2017

    EU Regulator Floats Plans To Fuel Fintech Expansion

    The European Commission on Thursday proposed reducing regulatory obstacles that hinder the development of financial technology, aiming to kickstart a new era in financial services.

  • March 23, 2017

    Gov't Must Shield Banking In Crown Dependencies, Lords Say

    The U.K. must move to protect financial services in its self-governing Crown dependencies when Brexit negotiations begin in less than a week, a key House of Lords committee said Thursday.

Expert Analysis

  • The Rise Of The Modern Carveout

    Crozier_Jannan.jpg

    It's not just trade buyers who are taking advantage of the growing trend of carveout transactions. In a market where there are fewer standalone opportunities, financial sponsors are increasingly prepared to tackle carveout transactions as a means of generating higher returns, say Jannan Crozier and Richard Needham of Baker & McKenzie LLP.

  • Google, NASA, Planes And A Stronger Legal Team

    Nicholas Cheolas

    Why did minor mechanical issues bring down two airplanes, while a catastrophic engine explosion did not bring down a third? The answers lie, in part, in research conducted by NASA in the wake of those crashes and, more recently, by Google. And those answers can help organizations build better teams to meet today’s legal industry challenges, says Nicholas Cheolas of Zelle LLP.

  • 10 Tips For Better Legal Negotiations

    Marc J. Siegel

    Like everything else, the art of negotiation starts by having a conversation. It’s about being respectful, finding common ground, knowing what you want and, most importantly, listening. A conversation between two lawyers can be complicated at best, but by employing a few techniques and tactics, it doesn’t have to be that way, says Marc Siegel of Siegel & Dolan Ltd.

  • Monthly Column

    Gray Matters: Decision Error

    Gray Matters

    Lawyers make hundreds of decisions during the course of advising a client, consummating a transaction or litigating a case. In this new column, dispute resolution experts Bob Creo and Selina Shultz explore the theory, science and practical aspects of how decisions are made in the legal community.

  • Inside FCA Consultation Paper 17/5

    Nicholas Holmes

    The U.K. Financial Conduct Authority recently published CP 17/5 — "Reforming the availability of information in the U.K. equity IPO process." Ashurst LLP attorneys Nicholas Holmes and Caroline Chambers explain the details of the consultation paper and what it means for stakeholders.

  • Contracting Accidentally Through Preliminary Agreements

    Glenn D. West

    One of the more litigated issues in transactional law is whether parties to a writing evidencing preliminary intent to proceed with a proposed transaction actually contracted and, if so, to what extent. Two recent cases, one from England and one from New York, illustrate the difficulty this issue can present to deal professionals and their counsel, says Glenn West of Weil Gotshal & Manges LLP.

  • MiFID 2: The Essential Checklist

    Emma Radmore

    The revised Markets in Financial Instruments Directive means change to significant parts of the U.K. legislative and regulatory structure, and no firm will be unaffected. Those that have not by now produced their gap analysis and action plan may struggle to ensure they are compliant by January 2018, say Emma Radmore and Andrew Barber of Bond Dickinson LLP.

  • How The Most Profitable Law Firms Structure Their C-Suites

    Anita Turner

    The most successful Am Law 200 law firms have evolved from being partner-run to being run by a group of highly skilled professionals reporting to firm shareholders. The data collected from our recent survey indicates this model is generally conducive to increased profitability, says Anita Turner, senior director at Colliers International.

  • Don't Bet On Unsupported Worldwide Order To Secure Assets

    Lincoln Caylor

    The approach by the English Court of Appeal in Saleh v. U.K. Serious Fraud Office is welcome from an asset-recovery perspective. Parties seeking to freeze or seize assets in a foreign jurisdiction should not be hamstrung by a blindly made order rendered without evidence or argument, says Lincoln Caylor of Bennett Jones LLP.

  • UK Limited Partnership Reform Will Benefit Investors

    Matt Lewy

    A deficiency of the U.K.'s current limited partnership legislation is that it does not set out what constitutes “management.” But investors will soon have comfort that they will not lose their limited liability status on the basis that undertaking any management activity constitutes management of the partnership, says Matt Lewy of Baker Botts LLP.