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Financial Services UK
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September 03, 2024
BBVA Gets UK Regulatory OK For €12B Bid For TSB Owner
Spanish lending giant BBVA said Tuesday the U.K.'s Prudential Regulation Authority has given the approval for it to indirectly acquire control of British-based TSB Bank PLC as part of its €12 billion ($13.3 billion) hostile takeover bid of rival Banco de Sabadell.
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September 03, 2024
Bahamian Bank Hit With $15M Claim Over Loan Deal Breach
The director of a U.S. biotech company has filed a $15 million legal claim against a Bahamian bank, as he accused it of improperly terminating a $3 million loan agreement because of several defaults.
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September 03, 2024
Half Of Women Unsure They Will Have Enough For Retirement
More than half of women in Britain do not believe they will have enough money to support their income in retirement, findings by an investment management company suggest, amid concerns over the gender pension gap.
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September 03, 2024
Pay To Play: The 2-Tier Legal Route For Crypto-Fraud Victims
More people are falling victim to cryptocurrency scams, but their options for recovering money are few and expensive, which creates a two-tier approach — one for those who have the means to pay lawyers and consultants and another for those who don't.
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September 03, 2024
Port Operator Disputes $2M Claim For Unpaid Fees
English port operator Freetown Terminal Holding has denied that it owes a Swiss consultancy $2 million in unpaid fees tied to shareholders' dividends, saying that their agreement had been terminated before the payouts were made.
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September 02, 2024
Simpson Thacher-Led Blackstone Inks €1B Property Deal
Blackstone Inc. is snapping up an 80% holding in a portfolio of European properties valued at approximately €1 billion ($1.1 billion), seller Burstone Group Ltd. said Monday, with Simpson Thacher & Bartlett LLP advising the asset management giant.
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September 02, 2024
OFSI To Bring 1st Penalty For Sanctions Violation This Year
Britain's sanctions enforcer will bring the first penalty for breaching the banning rules later this year as the agency looks to crack down on Russian oligarchs whose assets have been frozen since the invasion of Ukraine, a senior Treasury official said Monday.
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September 02, 2024
Greensill, Gupta Deny Conspiracy In Zurich Insurance Row
Financier Lex Greensill and steel magnate Sanjeev Gupta have denied conspiring to deceive underwriters at insurance giant Zurich over allegedly fake debts, amid a $400 million court battle in London over trade credit insurance.
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September 02, 2024
Manolete Wins Nearly £1M Over Director's Breach Of Duties
An insolvency litigation financing company has secured a victory worth £918,590 ($1.2 million) against the former director of Just Recruit Group Ltd. after a court found that he had breached his duties during the financial collapse of the business.
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September 02, 2024
Tribunal Backs FCA In Denying Ashraf Wealth Management
A London tribunal upheld on Monday the Financial Conduct Authority's decision to deny authorization to Ashraf Wealth Management Ltd., finding that the company's founder was not a "fit and proper person" for carrying out regulated activities.
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September 02, 2024
William Fry Guides Ireland In AIB's €500M Buyback
Allied Irish Banks said Monday that it plans to buy back €500 million ($550 million) of its shares from the Irish state to reduce its crisis-era bailout stake in the lender after it disclosed "a very strong first half" of the year.
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September 02, 2024
EU Asset Managers Seek Strong Governance On Data Feeds
A trade body for European asset managers called on Monday for strong governance of providers of consolidated tapes, which set out prices and volumes of shares and bonds in bloc-wide feeds for investors.
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August 30, 2024
UK's Labour Gov't Urged To Raise Capital Gains Tax
The Labour government is facing calls to raise the capital gains tax despite financial firms advising investors to sell off their assets or even leave the United Kingdom over the possible tax hike.
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August 30, 2024
Couple Accused Of £29B Fraud Forced To Disclose Wealth
A Chinese couple could be forced to divulge how they built a multimillion-pound property business in the U.K. after a London judge ruled Friday that investigators had reason to suspect their money came from an alleged £29 billion ($38 billion) banking fraud.
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August 30, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen television property developer Kambiz Babaee hit with a fraud claim, a Bitcoin podcaster reignite a dispute with Australian computer scientist Craig Wright and football club owner Massimo Cellino's company file a claim against ClearBank. Here, Law360 looks at these and other new claims in the U.K.
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August 30, 2024
Swiss Banks Face Legal Issues On Instant Payments
The Swiss Banking Association has warned that the requirement for the largest banks to offer instant payments from August is raising challenges around legal requirements like verifying the recipient's identity and sanctions checks.
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August 30, 2024
Widow Alleges Stake To $3B Oligarch Fortune Is Made Up
The widow and daughter of a Russian cement tycoon have argued that his family "invented" a business partnership agreement to rob them of inheritance, in the latest development of a fight over more than $3 billion in assets.
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August 30, 2024
Standard Life Named 'Safe Haven' For Defrauded Pensioners
Insurer Standard Life has been appointed as a "safe haven" pension provider for members of retirement schemes that have lost out to fraud, the company said.
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August 29, 2024
Fight Against Dirty Money Should Target Lawyers, Report Says
Britain's use of foreign aid to fund the fight against dirty money overseas falls short of what is needed, an anti-corruption charity warned Thursday, as it urged law enforcement authorities to take action against those who help perpetrators.
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August 29, 2024
Feds Say Ex-BigLaw Atty Can't Shake OneCoin Conviction
Federal prosecutors have told the Second Circuit that former Locke Lord LLP partner Mark S. Scott has "greatly exaggerate[d]" the importance of testimony from a government witness, some of which was later shown to be perjury, in a bid to have his money laundering conviction reversed.
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August 29, 2024
Oil Execs Get 13 Years For $1.8B 1MDB Fraud
Two former PetroSaudi executives have been sentenced at a Swiss court to a combined 13 years in prison for embezzling more than $1.8 billion from Malaysia's state-backed investment fund in what prosecutors said was one of the biggest frauds ever perpetrated.
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August 29, 2024
Pension Consolidator Would Be Useful, Broadstone Says
Proposals put forward by the previous government to launch a public sector consolidator of retirement savings plans run by the pensions lifeboat fund would be a "welcome addition" to the market, Broadstone said Thursday.
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August 29, 2024
EU Warns That Greenwashing Risk Could Hit Investment
The European Union's markets watchdog said Thursday in its latest risk monitoring report that greenwashing and related malpractices are undermining investor trust and the credibility of green finance.
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August 29, 2024
Another British Steel Pension Adviser Declared In Default
A financial adviser connected to the British Steel pension scandal has been declared in default by the U.K.'s lifeboat scheme.
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August 29, 2024
UK Teetering On Pensions Crisis, Mercer Warns
The U.K. needs pension reform to avert a looming crisis that threatens a secure retirement for pensioners, according to a report by American consultancy firm Mercer LLC released Thursday.
Expert Analysis
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EU Investment Fund Standards Offer Welcome Clarity
The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
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Unpacking The New Concept Of 'Trading Misfeasance'
In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
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Key Takeaways From Proposed EU Anticorruption Directive
The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
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How Regulation Of Tech Providers Is Breaking New Ground
The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.
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What EU Net-Zero Act Will Mean For Tech Manufacturers
Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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Why Ukraine Aircraft Insurance Case Failed To Take Off In UK
In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.
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Labour's 'Fresh Approach' To Tackling Financial Crime
Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.
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Unpacking Pressures, Trends Affecting Global Supply Chains
A recent HSBC report reveals a number of trends and challenges for global supply chains in the current uncertain geopolitical landscape, and with constant emerging opportunities, companies that can stay informed, be proactive and adapt to change will be well positioned to succeed, says Michelle Craven-Faulkner at Shoosmiths.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.
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What New UK Labour Gov't Is Planning For Financial Services
Following the Labour Party’s U.K. election win on July 4, the new government has already announced its key missions for economic growth, green investment and tax reform, so affected Financial Conduct Authority-regulated entities should be prepared for change and on the lookout for details, says Rachael Healey at RPC.
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Companies Trading In The EU Should Heed Mondelēz Ruling
The European Commission’s recent €337.5 million fine of Mondelēz is the latest decision targeting restrictions on EU cross-border trade, and serves as a warning to companies active in the region to check their contracts and practices for illegal restraints, and to perform audits to ensure compliance, says Matthew Hall at McGuireWoods.
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Why Reperforming Loan Securitization In UK And EU May Rise
The recently published new U.K. securitization rules will largely bring the U.K.’s nonperforming loan regime in line with the European Union, and together with the success of EU and U.K. banks in reducing loan ratios, reperforming securitizations may feature more prominently in relevant markets going forward, say lawyers at Morgan Lewis.
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What French Watchdog Ruling Means For M&A Landscape
Although ultimately dismissed due to lack of evidence, the French competition authority’s recent post-closing review of several nonreportable mergers is a landmark case that highlights the increased complexity of such transactions, and is further testament to the European competition authorities’ willingness to expand their toolkit to address below-threshold M&As, say lawyers at Cleary.