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Financial Services UK
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June 20, 2024
A&O Shearman-Led Bridgepoint Makes £626M Offer For Rival
Alpha Financial Markets Consulting Ltd. said Thursday that a company controlled by asset fund manager Bridgepoint Advisers is weighing a £578 million ($734 million) takeover and that it would recommend that to shareholders if it makes a formal bid.
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June 20, 2024
FCA Backs Police In Illegal £1B Crypto-Scheme Arrests
The Financial Conduct Authority said Thursday that it worked with the Metropolitan Police on an operation that resulted in the arrest of two individuals suspected of running an illegal £1 billion ($1.3 billion) crypto-asset business.
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June 20, 2024
Sainsbury's To Pay NatWest £125M To Exit Bank Unit
Sainsbury's will pay NatWest approximately £125 million ($159 million) to take on most of the personal banking assets of the U.K. retail giant, the companies said Thursday, as grocers look to exit the consumer banking market.
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June 19, 2024
Stripe Seeks To Revoke ATM Network's TMs
Stripe has urged a court to revoke trademarks owned by the main ATM network in the U.K., which accused the online payment processor of infringement and hijacking its reputation by using the "Link" name for a payment service.
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June 19, 2024
Mastercard Cuts Time-Barred Claims From £10B Class Action
A London tribunal has wiped out a swathe of claims from a £10 billion ($12.7 billion) class action against Mastercard for being time-barred, dismissing allegations on Wednesday that the credit card giant had hidden information about its interchange fees from consumers.
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June 19, 2024
EU Gov'ts Agree Position On Simpler Data-Sharing Rules
European Union governments agreed where they stand on new rules on Wednesday to help most financial regulators in the bloc to share data, with more efficient reporting by watchdogs and companies.
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June 19, 2024
Coinbase Loses Bid For EU Trademark Resembling Letter 'C'
Cryptocurrency exchange platform Coinbase failed to persuade a European court to upend an intellectual property office ruling that rejected its figurative trademark for a shape resembling the letter "C" as the court backed the ruling that the application lacked distinctive character.
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June 19, 2024
Plane Not 'Lost' In $15M Stranded Jet Row, Chubb Says
Chubb European Group SE has said it is not liable for $14.7 million claimed by the Irish wing of a U.S. aircraft leasing company to cover the claimed loss of a plane stranded in Russia because the insurer says it is not actually lost.
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June 19, 2024
New UK Gov't 'Should Push EU' For Extended Tax Relief Deal
A trade body for investment companies has said that whichever political parties forms the new government on July 5 should make it a priority to ensure that the European Union ratifies the U.K.'s recent decision to extend existing tax relief for venture capital trusts.
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June 19, 2024
Swiss Watchdog Ends UBS-Credit Suisse Merger Controls
Switzerland's financial watchdog said Wednesday that it has cleared the takeover by UBS of stricken rival Credit Suisse AG after finding that the rescue deal would not harm competition in any domestic market.
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June 19, 2024
Fieldfisher Steers £165M Mineral Biz Pension Deal
Insurance giant Aviva said on Wednesday that it has completed a full retirement savings plan buy-in worth £165 million ($210 million) sponsored by mineral miner and processor Sibelco UK Ltd., in a deal guided by Fieldfisher LLP.
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June 19, 2024
Nasdaq Stockholm Fined $9.6M For Compliance Breaches
The Swedish Financial Supervisory Authority said Wednesday that it has fined Nasdaq Stockholm 100 million Swedish krona ($9.6 million) for failing to maintain adequate trade monitoring systems and initiating trading in financial instruments without the necessary approval.
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June 18, 2024
Regulator Reminds Merging Firms To Put Clients First
The regulator for solicitors in England and Wales on Tuesday issued a new warning notice, reminding law firms that their clients' interests must be the top priority during legal industry mergers and acquisitions.
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June 18, 2024
Hargreaves Lansdown Backs £5.4B CVC, Abu Dhabi Bid
The board of Hargreaves Lansdown PLC said Tuesday that it would be willing to recommend to its shareholders a sweetened £5.4 billion ($6.9 billion) takeover offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.
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June 18, 2024
HSBC Hit With Swiss Restrictions After Compliance Breaches
Switzerland's financial regulator said Tuesday that HSBC's Swiss private bank had breached anti-money laundering requirements in banking transactions with two high-profile individuals, restricting its new business relationships until it completes reviews overseen by a monitor.
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June 18, 2024
HSBC Manager Won't Be Reinstated After Unfair Dismissal
An employment tribunal has refused to order HSBC to reinstate a former manager after it unfairly dismissed her in a flawed redundancy process, finding that the bank would have ended her employment on the same day anyway.
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June 18, 2024
Lifeboat Scheme Names PwC As Partner For Claims Service
The Financial Services Compensation Scheme said Tuesday it has awarded its core claims service contract to Big Four accounting firm PwC as the scheme expands its in-house team.
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June 18, 2024
Akin Elects US, London Duo To Take Over From Veteran Chair
Akin Gump Strauss Hauer & Feld LLP said on Tuesday that it has elected the partner in charge of its New York office and a corporate specialist in London to jointly lead the firm as its longtime chair prepares to step down next year.
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June 18, 2024
EU Finance Watchdogs Call For Improved Sustainability Rules
The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.
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June 18, 2024
Serco Settles Landmark Shareholder Dispute Mid-Trial
Serco settled a landmark shareholders' claim on Tuesday with investors who sued the outsourcing giant for compensation over an overbilling scandal that caused its share price to nosedive.
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June 17, 2024
Ex-Energy Minister Revives Bid To Ax Libel Defense
A lawyer for an Iraqi politician said an investigative journalism article about the Iraqi oil business is "cherry-picking" bits of a court judgment to "create a story of corruption," urging a judge Monday to throw out the journalists' defense to his libel claim.
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June 24, 2024
Leading Blockchain Lawyer Joins Lawrence Stephens
Lawrence Stephens Ltd. has hired a litigator with expertise in blockchain technology and digital assets from Shoosmiths amid growing demand from clients for advice on cryptocurrency asset recoveries and all other issues associated with emerging technologies.
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June 17, 2024
Feds Take Hard Line On Tycoon's Pilots After He Goes Free
Manhattan federal prosecutors asked a sentencing judge to consider aggravating circumstances for two pilots who allegedly traded on stock tips from U.K. billionaire Joe Lewis, despite not seeking a prison term for the private equity honcho and former soccer club owner.
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June 17, 2024
Foreign Exchange Biz To Pay £61K Over Demotion
A foreign exchange firm must pay £61,993 ($78,535) to a senior employee after an employment tribunal ruled that its decision to nix his desk management role was a demotion that amounted to a dismissal.
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June 17, 2024
SFO Intends To Charge Individuals In Glencore Bribery Case
The Serious Fraud Office is seeking permission to charge individuals in its bribery probe into international commodities trader and miner Glencore, the crime-fighting agency confirmed at a London court on Monday.
Expert Analysis
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Considering Sanctions Enforcement From An EU Perspective
The creation of the European G-7 Enforcement Coordination Mechanism and a sanctions environment with increased enforcement on a multijurisdictional level aims to streamline enforcement at EU level, essential for an effective implementation of the sanctions, say attorneys at Baker McKenzie.
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Analyzing The UK Proposal For A Digital Pound
While the HM Treasury and Bank of England’s consultation makes clear that a central bank digital currency will likely be needed in the future, and there is certainly momentum in the space, there are still a number of concerns to be addressed, say attorneys at Simmons & Simmons.
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How The LDI Crisis May Lead To Pensions' Negligence Claims
Following the liability-driven investment crisis and its impact on pension schemes, employers and trustees may now be considering if anyone is to blame for any losses arising, say Rachael Healey and Andrew Oberholzer at RPC.
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UK Financial Services Bill May Not Be Quick Fraud Fix
While the U.K. Financial Services and Markets Bill is expected to pass into law this year and will make it easier for fraud victims to achieve redress, the reforms could result in increased costs and greater friction in payment processing and may not directly make it more difficult for criminals to operate scams, say Daniel Murphy and Gary Orritt at Eversheds Sutherland.
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A Look At Key Trends In UK Enforcement Of G-7 Sanctions
In light of the recent creation of a G-7 Enforcement Coordination Mechanism that is opening the door for greater collaboration between the U.K. and G-7 countries, together with a more aggressive approach to enforcement in the U.K., an uptick in investigations is likely, particularly regarding Russia, say attorneys at Baker McKenzie.
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Proposed EU Directive May Bring Harmony To Insolvency Law
The diverging insolvency regimes across European Union member states often lead to significant discrepancies in the recovery value for creditors, but a recent proposal for a directive that would affect areas like directors' duties and prepack processes represents a welcome move toward the harmonization of these laws across the EU, say attorneys at Taylor Wessing.
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UK Enviro Ruling Takes Narrow View Of Standard Of Review
In an important case that should provide comfort to investors involved in large public-finance backed infrastructure projects, the U.K. Court of Appeal's judgment against Friends of the Earth suggests that English courts will only intervene in limited circumstances where the U.K. government is challenged on the basis of an international treaty, say Holly Stebbing and Maddie Hallwright at Norton Rose.
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How Changes To 'Acting In Concert' Will Affect UK Takeovers
The recent changes made to the rules by the U.K. Takeover Panel on who is presumed to be acting in concert will be of most interest to parties proposing to make a bid for a U.K. listed company, and give welcome clarity as to how the U.K. takeover regime operates, say attorneys at Herbert Smith.
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Crypto And The Potential For Insider Dealing Offense
Recent cases have raised concerns about crypto providing new opportunities for insider dealing, and while it isn't more vulnerable to schemes than any other security, the lack of regulation and the newness of the technology exasperate its susceptibility to insider trading and potential criminal offense, say Adam Craggs and Alice Kemp at RPC.
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UK Ruling Guides On Appropriation Of Financial Collateral
While a London court’s recent ruling in ABT Auto Investments v. Aapico sets out practical guidelines for enforcement of security over financial collateral by appropriation — particularly amid a breakdown of relations with the collateral provider — a recently proposed bill could mean the future of this method is in question, say Bruce Johnston and Paul Denham at Morgan Lewis.
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How Lenders And Borrowers Can Prepare For Libor's End
While the end of Libor in just over three months isn't expected to greatly affect the syndicated loan market, borrowers and lenders should check their agreements for fallback provisions and references to Libor in order to implement the applicable benchmark replacement, say attorneys at Cahill Gordon.
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Key Points In Draft EU Foreign Subsidies Regulation
The draft implementing regulation on EU foreign subsidy control provides eagerly awaited guidance on the submission of mandatory notifications, but there are still many open questions, say Paul van den Berg and Merit Olthoff at Freshfields.
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Sanctions Enforcement Around The G-7: View From The US
The recent creation of the G-7 Enforcement Coordination Mechanism, to be chaired by the U.S. in its first year, signals that companies should prepare for increased enforcement of Russia sanctions and better coordination of such efforts among member nations, say attorneys at Baker McKenzie.
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Danske Bank Deal Offers Corporate Compensation Warning
The recent Danske Bank settlement opens doors for aggressive prosecution of fraud committed against U.S. banks that maintain correspondent relationships and instructs companies to implement compensation systems restricting executive bonuses in response to misconduct, say Michael Volkov and Alexander Cotoia at The Volkov Law Group.
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Why UK Bitcoin Ruling Is Important To The Digital Asset World
The recent U.K. Court of Appeal decision in Tulip Trading v. Van der Laan, as the first to consider the scope of fiduciary duty in cryptocurrency software development, is a significant ruling with wide-ranging implications for the international crypto community, say Ellen Keenan-O'Malley and Mark Lubbock at EIP.