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Financial Services UK
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August 02, 2024
BNP Paribas To Buy Axa's Investment Manager For €5.1B
BNP Paribas SA has said it will buy an investment management subsidiary from French insurer Axa SA for €5.1 billion ($5.5 billion) to create a combined platform with €1.5 trillion of assets under management.
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August 01, 2024
World's First AI Act Takes Effect In EU
The world's first comprehensive regulation of the tools known as artificial intelligence came into force Thursday, introducing restrictions on the development and use of the technology across all member states.
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August 01, 2024
Barclays Wins £13.7M Freezing Order Action Against Directors
Barclays Bank PLC has proven that two businessmen breached freezing orders on £13.7 million ($17.5 million) of assets, after a London court on Thursday ruled it was beyond reasonable doubt the men allowed the assets to move offshore.
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August 01, 2024
Investor Wins $180M Claim Over Plane Leases Against VietJet
A global private investment company's unit has won its $180 million claim against a Vietnamese budget airline it alleged was a "delinquent debtor," after a London judge said that the air carrier had waged a campaign to stop the planes being returned to their owner.
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August 01, 2024
City Firms To Invest Up To £20B Of Pension Funds In UK Biz
Phoenix Group and Schroders have announced plans to invest as much as £20 billion ($25.7 billion) of pension money into private markets over the next decade in line with wider industry commitments to direct retirement savings capital toward the British economy.
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August 01, 2024
EU Watchdog Warns Of Risk From Global Crypto-Asset Firms
Europe's financial markets watchdog has warned national regulators to address the risk that global crypto groups may seek authorization in the European Union to obtain clients unlawfully and expose them to non-EU-regulated services.
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August 01, 2024
Tragedy And A Hustle: 5 Takeaways From The 'Tuna Bonds' Ruling
A London judge took the opportunity as he delivered a ruling that Mozambique was defrauded in a controversial maritime project to raise questions about the role played by international banks and the lack of financial standards in the multibillion-dollar "tuna bonds" scandal.
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August 01, 2024
UK Capital Gains Tax Liabilities Decline, HMRC Says
Capital gains tax liability in the U.K. declined in the 2022-2023 tax year, HM Revenue & Customs said in a news release Thursday.
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August 01, 2024
Watchdog Names Banks Reimbursing Few APP frauds
The Payment Systems Regulator found Thursday that banking groups varied widely in how far they reimbursed victims of authorized push payment fraud, with AIB Group, Danske Bank and Monzo making the lowest payouts in its 2023 performance report.
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August 01, 2024
Italy's Banca Generali Beats Credit Note Issuer's Appeal
A London appeals court has ruled an Italian bank can remove and replace a special purpose vehicle's financial agents working on a series of securities transactions that went south, without needing the SPV's consent.
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August 01, 2024
Early Pension Dips Raise Long-Term Concerns, Insurer Says
Pensions insurer Just Group has said official government statistics showing that seven in 10 people taking flexible payments from their pensions are younger than 65, raising questions about the sustainability of retirement savings in later life.
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August 01, 2024
Tchenguiz Can't Dodge £8M IG Index Spread Betting Debt
Real estate investor Robert Tchenguiz has to repay an investment platform a spread-betting debt of £8 million ($10.2 million) after a court ruled Thursday that the company had correctly characterized him as a professional investor.
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August 01, 2024
Accounting Standards Setter Eyes Better Climate Reporting
A global accounting standards setter has proposed "new illustrative examples" to improve how companies report climate change-related uncertainty and other factors in their financial statements.
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August 01, 2024
Barclays Plans £750M Buyback As Profits Beat Estimates
Barclays PLC said Thursday that it will reward shareholders with a shares buyback of up to £750 million ($957 million) as it announced results for the first six months of 2024 that beat the expectations of analysts.
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July 31, 2024
HSBC Says HUD Has Closed Fair Lending Probe
HSBC's U.S. banking arm said it is no longer facing a multicity fair lending investigation from federal housing authorities after an outside complaint that prompted the probe was withdrawn.
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July 31, 2024
FCA Can't Avoid Paying Julius Baer Bankers' Legal Costs
Britain's financial watchdog lost its appeal to avoid paying part of the legal costs for two former employees of Swiss bank Julius Baer accused of acting recklessly and lacking integrity with specific foreign exchange transactions.
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July 31, 2024
Indian Businessman Loses Extradition Over $32M Loan Fraud
An Indian businessman accused of defrauding 28.6 million Swiss francs ($32.5 million) from companies in an advance fee fraud scheme lost his chance to challenge the decision to extradite him from the U.K. on Wednesday after a London judge ruled that he could not mount a double jeopardy defense.
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July 31, 2024
Dutch Regulators OK Freshfields-Guided Asset Exchange
A Dutch digital asset exchange is touting itself as the first widely accessible and regulated crypto derivatives exchange in Europe after receiving a license from the government of the Netherlands, aided by the guidance of Freshfields Bruckhaus Deringer LLP, the firm has announced.
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July 31, 2024
Retired Couple Can't Duck Ex-Solicitor's Forex Deceit Win
A London appellate court ruled Wednesday that a financial advisor and his wife cannot escape liability to compensate a former lawyer over £500,000 ($642,135), after the appellate judge found they were partners in a now-defunct foreign exchange trading scheme.
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July 31, 2024
DMH Stallard Adds Tax Atty To London Practice
DMH Stallard LLP hired a tax attorney for its London office who spent more than a decade at HM Revenue & Customs working on compliance and policy, according to a news release.
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July 31, 2024
SocGen To Invest €250M In Energy Transition Biz
French-based multinational financial services company Societe Generale said Wednesday that it has agreed to invest €250 million ($271 million) to acquire 75% of alternative asset management company Reed Management SAS as part of its strategy to invest in emerging energy transition companies.
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July 31, 2024
SFO Eyes Potential £237M Legal Bill For ENRC Misconduct
The Serious Fraud Office has registered a potential £237.7 million ($305 million) payment to ENRC for damages over findings that its officers encouraged a former partner at Dechert LLP to divulge confidential information about alleged corruption at the Kazakh miner.
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July 31, 2024
Budget Cuts 'Jeopardize' Pension Portals, Aegon Warns
The Labour government's decision to cut £50 million ($64 million) from its communication and marketing budget for the next two years could jeopardize the successful rollout of the long-delayed pensions portal program, provider Aegon has warned.
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July 31, 2024
Holding Co. Can't Dodge Liability In IP Misrepresentation Feud
A London court has rejected a holding company's bid for a declaration that a cashpoint software business it sold in 2020 owns a disputed set of intellectual property, dashing the company's hopes of shielding itself from potential liability for other shareholders' alleged misrepresentations during the sale.
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July 31, 2024
Gov't Plans Backstop Legislation To Tackle Audit Backlog
The new Labour government said Wednesday it is preparing legislation to introduce a statutory backstop as the U.K. faces a growing backlog of audits of local authorities.
Expert Analysis
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Consultation Docs Can Help EU Firms Prep For Crypto Regs
Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.
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A Closer Look At Novel Jury Instruction In Forex Rigging Case
After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.
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Investors' Call For Voting Changes Faces Practical Challenges
A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.
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Litigation Funding Implications Amid Post-PACCAR Disputes
An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.
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What Extension Of French FDI Control Means For Investors
The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.
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What To Expect For Private Capital Investment Funds In 2024
As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.
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Cayman Islands Off AML Risk Lists, Signaling Robust Controls
As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.
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Cos. Should Plan Now For Extensive EU Data Act Obligations
The recently enacted EU Data Act imposes wide-ranging requirements across industries and enterprises of all sizes, and with less than 20 months until the provisions begin to apply, businesses planning compliance will need to incorporate significant product changes and revision of contract terms, say Nick Banasevic, Robert Spano and Ciara O'Gara at Gibson Dunn.
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How Decision On A Key Definition Affects SMEs
The Financial Conduct Authority's decision not to extend the definition of small and midsized enterprises may benefit banks and finance providers in the current high interest rate environment and where SMEs in certain sectors may be under financial pressure in light of the cost-of-living crisis in order to streamline it, says Rachael Healey at RPC.
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What New Digital Sandbox Regs Hold In Store For UK Markets
The recently enacted Digital Sandbox Regulations will be key to incorporating distributed ledger technology into the activities of a central securities depository, but despite being a potentially transformative innovation, a number of considerations may need to be addressed to accommodate the trading, settlement and maintenance of shares, say Tom Bacon and Andrew Tsang at BCLP.
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Why Investment In Battery Supply Chain Is Important For UK
The recently published U.K. battery strategy sets out the government’s vision for a globally competitive battery supply chain, and it is critical that the U.K. secures investment to maximize opportunities for economic prosperity and net-zero transition, say lawyers at Watson Farley & Williams.
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What Extending Corporate Liability Will Mean For Foreign Cos.
Certain sections of the Economic Crime Act enacted in December 2023 make it easier to prosecute companies for economic crimes committed abroad, and organizations need to consider their exposure and the new ways they can be held liable for the actions of their personnel, say Dan Hudson at Seladore Legal and Christopher Coltart at 2 Hare Court.
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A Consequential Moment For Sanctions Activity
It is clear from the U.K. Office of Financial Sanctions Implementation's review of the 2022-2023 financial year that the unprecedented scale of designated persons and the value of assets frozen as a result has placed enormous pressure on OFSI and its partners, say lawyers at Greenberg Traurig.
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ECJ Ruling Triggers Reconsiderations Of Using AI In Hiring
A recent European Court of Justice ruling, clarifying that the General Data Protection Regulation could apply to decisions made by artificial intelligence, serves as a warning to employers, as the use of AI in recruitment may lead to more discrimination claims, say Dino Wilkinson and James Major at Clyde & Co.
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Economic Crime Act Offers Welcome Reform To AML Regime
The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.