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Financial Services UK
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November 27, 2024
Banco BPM Rejects UniCredit's €10B Takeover Offer
Italian lender Banco BPM SpA has rebuffed a €10 billion ($10.5 billion) offer from its domestic rival UniCredit SpA, a move that would create the country's biggest bank, stating that the bid fails to reflect its profitability and prospects.
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November 27, 2024
HSBC Loses Challenge To €32M Euribor Rigging Fine
HSBC Holdings PLC has lost its challenge to a €31.7 million ($33.4 million) European Union fine for rigging Euribor, as a European court rejected on Wednesday the bank's argument that the penalty was imposed out of time.
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November 27, 2024
Simpson Thacher Hires Funds Trio To New Luxembourg Office
Simpson Thacher & Bartlett LLP said Wednesday that it has hired three funds partners for a new office in Luxembourg, which it plans to open in early 2025.
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November 26, 2024
'Incompetent' FCA Needs Gov't-Led Radical Reform, MPs Say
The Financial Conduct Authority is not fit for purpose and requires government intervention for an extensive overhaul to address its "significant shortcomings" if it is to be an effective regulator, a group of cross-party MPs said in a report published Tuesday.
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November 26, 2024
Brokerage Service Denies Helping $129M Forex Fraud
A provider of brokerage services has denied giving credit for a company that carried out an alleged $129 million Ponzi scheme, saying in court filings that it had no knowledge of the fraud.
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November 26, 2024
UK Regulators Propose Relaxing Rules On Bankers' Pay
The Prudential Regulation Authority and Financial Conduct Authority jointly announced plans on Tuesday to ease restrictions on bonuses for senior bankers, with the aim to make the U.K. more competitive while ensuring accountability in risk management.
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November 26, 2024
Accredited Insurance Denies £61.4M Liability In Loan Dispute
An insurer has hit back at a £61.4 million ($77.4 million) claim by a legal loans company, arguing a number of regulatory breaches by the lender mean it's not liable to pay out under a litigation funding arrangement.
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November 26, 2024
OFSI Boss Promises Tougher Fines For Sanctions Breaches
The head of the U.K. sanctions watchdog told MPs on Tuesday to expect more fines with tougher penalties for breaches of financial restrictions to be imposed on oligarchs in the coming months as he admitted that the crackdown has been slower than hoped.
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November 26, 2024
UK Audit Watchdog Wants Better Risk Management Reporting
Britain's audit watchdog called on Tuesday for companies to adopt a more strategic approach to corporate reporting that focuses on outcomes, urging businesses to improve their disclosures on risk management before its new governance code takes effect.
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November 26, 2024
Macquarie Bank Fined £13M For 'Serious' Control Failings
The Financial Conduct Authority said Tuesday that it has fined the London branch of Macquarie Bank Ltd. £13 million ($16.4 million) for significant weaknesses in its systems and controls that allowed a trader to conceal more than 400 fictitious trades over 20 months.
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November 26, 2024
FCA Plans Regulation As UK Crypto-Asset Ownership Grows
The financial regulator published a plan Tuesday for regulating crypto-assets in the U.K. as it reported a rise in the number of British adults who now own digital currency and assets, up from 10% to 12% — or 7 million people.
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November 25, 2024
Bugsby Denied Arbitration In Olympia Case Funding Battle
A real estate sponsor failed in its bid to arbitrate a dispute stemming from its attempt to buy London's Olympia Exhibition Center, when a London judge ruled Monday that its argument "falls far short."
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November 25, 2024
Eversheds Steers M&G In UK's 1st 'Value Share' Pension Deal
The insurance company M&G PLC said Monday it has agreed a £500 million ($629 million) value share bulk purchase annuity, or BPA, deal with an unnamed pension scheme, the first transaction of its kind in the U.K.
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November 25, 2024
Immovable Rule Shields Bedzhamov From Russian Bankruptcy
A recent decision by Britain's highest court that the £35 million ($44 million) London home of a fugitive banker is beyond the reach of Russian bankruptcy laws has made it clear that a foreign court cannot enforce orders over English land.
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November 25, 2024
'Knight' Can't Lift Freeze On Woodland Mansion, Supercar
A self-styled knight convicted of fraud failed to get a freezing order lifted against £1.1 million ($1.4 million) of his assets as a London court ruled on Monday that the civil recovery proceedings do not unfairly relitigate criminal confiscation efforts.
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November 25, 2024
Odey Can't View Medical Records Of Sexual Assault Accusers
Crispin Odey failed on Monday to gain access to the medical records of five women who accuse him of sexual abuse, after a judge weighed in favor of the alleged victims' right to privacy.
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November 25, 2024
MPs Raise 'Deep-Rooted' Problems At FCA In Critical Report
A report by a cross-party group of MPs will highlight the failures in the way the Financial Conduct Authority handles major scandals, despite its efforts to reform its culture and operations, according to advance details released Monday.
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November 25, 2024
Italy's UniCredit Makes €10B Offer For Rival Banco BPM
UniCredit SpA said Monday that it has offered to buy rival Italian lender Banco BPM SpA for €10 billion ($10.5 billion) in an all-share deal, with the aim of creating a pan-European banking giant.
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November 25, 2024
DLA, Mayer Brown Steer £1.7B Pension Deal For National Grid
The U.K.'s largest utilities provider has offloaded £1.7 billion ($2.1 billion) of its pension liabilities to Aviva PLC, the insurer said Monday, in a deal guided by DLA Piper UK LLP and Mayer Brown International LLP.
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November 25, 2024
FCA Rewrites Disclosure Rules, Handing Suspects The Reins
Changes to disclosure rules at the Financial Conduct Authority will give defendants more insight into its investigations than ever before — though the development might swamp those that cannot afford top legal advisers, lawyers say.
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November 25, 2024
Barclays Fined £40M For Failing To Disclose Qatari Deals
Barclays has been fined £40 million ($50.2 million) for the "reckless" arrangements the bank made with Qatari investors when it was raising fresh capital during the 2008 financial crisis, the Financial Conduct Authority said Monday.
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November 22, 2024
Simpson Thacher Hires Finance Pro From Linklaters
Simpson Thacher & Bartlett LLP has recruited a newly promoted banking partner at Linklaters LLP to continue building its finance offering in London.
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November 22, 2024
Teacher Stern Cleared Of Rules Breach Over Client Payments
Teacher Stern LLP and two partners were cleared by a London disciplinary tribunal on Friday of breaching legal accounting rules and ethical regulations by allowing clients to transfer money that was not related to an underlying legal transaction or service.
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November 22, 2024
Fraud Victim Can't Revive Duty Claim Against NatWest
A fraud victim failed Friday to revive its claim against National Westminster Bank PLC for not stopping more than £420,000 ($526,000) in payments to the scammers' bank account, after a London judge ruled the company did not have a reasonable chance of overturning the dismissal.
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November 22, 2024
Paragon Auditor Denied Interim Pay In Whistleblowing Claim
An internal auditor at Paragon Bank has lost his bid for interim pay in his whistleblowing claims against the property finance lender as an appeals tribunal found he would struggle to prove that this was the reason he was sacked.
Expert Analysis
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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Analyzing The Implications Of 1st FCA Crypto ATM Crackdown
The Financial Conduct Authority’s recent criminal prosecution of Olumide Osunkoya, its first enforcement action against a crypto-asset trading firm's owner, is an unambiguous sign of the regulator’s commitment to actively pursue transgressors, but may be a hindrance to the U.K. crypto industry, says Asim Arshad at Lawrence Stephens.
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Draft Merger Control Guidance Allows CMA To Cast Wide Net
The Competition and Markets Authority's recent draft merger control guidance, reflecting the regulator's strengthened powers under the Digital Markets, Competition and Consumer Act, introduces extensive change and potential procedural improvements, specifically concerning reviews of private equity firms, say lawyers at Travers Smith.
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Key Points From Cayman's Beneficial Ownership Regime
While recent expansion of the Cayman Islands Beneficial Ownership Act's scope means it now encompasses many entities with previously minimal obligations, the changes ensure a welcome level playing field with workable alternative routes to compliance, says Lucy Frew at Walkers Global.
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HMRC Transfer Pricing Guide A Vital Resource For Businesses
HM Revenue & Customs' recent guidelines on common transfer pricing compliance risks should be required reading for affected businesses in indicating HMRC's expected benchmark for documents and policies, say Tomoko Ikawa and Kapisha Vyas at Simmons & Simmons.
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Insights From FRC's Report On Good Corporate Governance
Although the Financial Reporting Council’s recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
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What To Know About The UK Overseas Funds Regime
The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.