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Financial Services UK
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October 31, 2024
Dentons Rehires Financial Reg Partner From Pinsent Masons
Dentons has rehired Andrew Barber to join its regulatory and investigations team in the U.K. as financial regulatory partner, at a time of greater oversight from the Financial Conduct Authority.
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October 16, 2024
Banks Ditch Exchange's Boycott Conspiracy Suit At 2nd Circ.
The Second Circuit on Wednesday rejected a small trading exchange's effort to revive its claims that several major banks conspired to shut it out of the credit default swap market, saying the exchange failed to plausibly allege that the banks' conduct was the result of an unlawful agreement or conspiracy.
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October 16, 2024
Companies House Outlines Phased Rollout Of New Powers
Companies House announced Wednesday a two-year timetable for rolling out heightened powers granted under new economic crime legislation that it said will bring the biggest change to its register in over 175 years.
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October 16, 2024
Vanguard Group Nixes Investment Group's TM
Vanguard Group convinced European officials to nix a trademark for "VanguardRe," after its Lebanese rival failed to provide any evidence that it had genuinely used the sign to market its insurance services in years.
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October 16, 2024
EU Watchdogs Warn Digital Act Changes Will Hinder Rollout
The European Union's financial market regulators have said amendments proposed by the bloc's executive arm under the Digital Operational Resilience Act around registering information will cause "unnecessary complexity" and hinder the rollout of the legislation.
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October 16, 2024
Fresh Warnings Issued Over FCA Value-For-Money Rules
The Financial Conduct Authority's proposed new assessment of pension schemes' value is so complex it risks failing savers, trade body the Pensions and Lifetime Savings Association has warned.
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October 16, 2024
Gov't Launches Taskforce To Combat Spiraling Insurance Cost
The government said Wednesday that it would take on the surging car insurance rates faced by drivers, with a cross-party group of politicians, experts and regulators looking to get to the bottom of the problem.
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October 16, 2024
FCA Launches Probe Into Premium Finance Insurance Market
Britain's finance watchdog said Wednesday that it will investigate premium finance practices over concerns that consumers who pay for cover in installments might not be getting fair deals.
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October 16, 2024
US Fails To Revoke Bail Of Crypto Chief Wanted In Fraud Case
The U.S. government failed on Wednesday to keep the former chief executive of a $7.5 billion crypto-asset business in custody while he fights extradition for allegedly manipulating the market for his company's virtual tokens, as a judge deemed him a low flight risk.
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October 16, 2024
Argentina Denied UK Top Court Appeal In €1.3B Bond Dispute
Argentina cannot dodge paying out on an outstanding €1.3 billion ($1.4 billion) to bondholders after wrongly adjusting the way it calculates yields for government securities after Britain's highest court refused to consider the case.
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October 15, 2024
Wyndham Says Vacation Group Awaze Withheld TM Royalties
Hotel chain operator Wyndham has told a London court that a vacation group that it licensed its trademarks to as part of the purchase of Wyndham's European holiday rentals business cannot unilaterally reduce its royalty payments following an internal reorganization.
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October 15, 2024
Sustainability Assurance Market Lacks Choice, FRC Says
Market players are concerned that the U.K. sustainability assurance market could become dominated by the Big Four accounting giants, limiting choice and effective competition, the industry's regulator said Tuesday.
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October 15, 2024
Bankers Say WSJ Articles Used Criminal Data In GDPR Claim
Two investment bankers alleged Tuesday that Wall Street Journal articles on court proceedings in the Cayman Islands falsely suggested they defrauded nearly $1 billion from a Chinese entrepreneur, in an early stage of their London claim against the publisher.
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October 15, 2024
Starmer Hints At National Insurance Hike Over Capital Gains
British Prime Minister Keir Starmer on Tuesday again refused to rule out raising employers' National Insurance, a payroll levy used to fund social programs, after downplaying claims that his government is planning to raise the capital gains tax.
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October 15, 2024
Trustees Urged To Do More Than Minimum On ESG
Trustees of retirement saving schemes should do more than just what's required to comply with ESG duties, The Pensions Regulator's climate change lead said.
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October 22, 2024
Hughes Hubbard Adds Securities Pro From Clifford Chance
Hughes Hubbard & Reed LLP has hired an experienced U.S. securities and capital markets expert as a partner in Paris, as the firm looks to grow its financing and cross-border M&A practices in Europe.
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October 15, 2024
StanChart Wins UK Test Case Over Alternative To Libor Rate
Standard Chartered PLC on Tuesday was granted permission by a London court to use an alternative to the defunct London interbank offered rate to help set the interest it pays on $750 million in shares, without having to repay the investment now.
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October 22, 2024
Ex-A&O Lawyer Brings Int'l Expertise To Twenty Essex
A former solicitor at Allen & Overy LLP has joined Twenty Essex Ltd. alongside her existing position at an Australian barristers set to bolster the London chambers' team of experts in international disputes.
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October 15, 2024
Barclays Challenges UK Motor Finance Ruling In Test Case
Barclays launched a legal challenge Tuesday against a decision that found it had treated a consumer unfairly by paying a commission to a car finance broker, in a test case with potential implications for future complaints over motor financing arrangements.
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October 15, 2024
EU To Create Governance Structure For Faster Settlements
The financial watchdogs and executive arm of the European Union said Tuesday that they will establish a governance structure that will work with the sector to oversee a move toward faster one-day settlements of securities trades.
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October 15, 2024
UBS Told To Bolster Crisis Plans After Credit Suisse Deal
UBS must boost its emergency plans after buying stricken rival Credit Suisse to ensure that the combined group can wind down or be sold without cost to taxpayers, Switzerland's finance watchdog said on Tuesday.
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October 14, 2024
Tycoon Sentenced To 8 More Years Over Real Estate Fraud
A businessman imprisoned for a £2.5 million ($3.3 million) property fraud has been sentenced to another eight years in prison for defaulting on a £4.5 million court order that was part of legal proceedings to recover money taken in a failed deal to develop a luxury apartment.
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October 14, 2024
Finance Firms Urge EU To Back Shorter Settlement Period
Europe's financial institutions urged the bloc's public authorities on Monday to commit to moving to one-day settlement of securities trades in coordination with the U.K. and Switzerland.
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October 14, 2024
African Bank Sues Engineering Biz For $111M In Unpaid Debt
One of Africa's largest trade banks has sued Kaztec Engineering Ltd. for $111 million, accusing the Nigerian business of failing to pay back a loan it used to acquire oil assets in the country.
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October 14, 2024
Crypto-CEO Faces US Extradition In Market Manipulation Case
The former chief executive of a $7.5 billion crypto-asset company appeared at a London court Monday accused by the U.S. government of manipulating the market for the company's dog-themed "Saitama Inu" crypto-tokens before selling them for tens of millions in profit.
Expert Analysis
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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.
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New Directors' Code Of Conduct May Serve As Useful Guide
Although the Institute of Directors’ current proposal for a voluntary code of conduct is strongly supported by its members, it must be balanced against the statutory requirement for directors to promote their company’s success, and the risk of claims by shareholders if their decisions are influenced by wider social considerations, says Matthew Watson at RPC.
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Exploring The EU's Draft Standards On Crypto Authorization
The European Securities and Markets Authority’s recently published draft standards aim to promote fair competition and a safer environment for crypto providers and investors, detailing precisely the information to be provided to national authorities in charge of screening the acquisitions of a qualifying holding, says Mathieu de Korvin at Norton Rose.
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How FCA Guidance Aligns With Global Cyberattack Measures
The U.K. Financial Conduct Authority’s recent guidance on preparing for cyberattacks aligns with the global move by financial regulators to focus on operational resilience, highlighting the importance of proactive strategies and robust resilience frameworks to mitigate disruptions, while observing a disappointing level of engagement by the industry, say Alix Prentice and Grace Ncube at Cadwalader.
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Takeaways From Regulators' £61.6M Citigroup Trading Fine
Following the Financial Conduct Authority and Prudential Regulation Authority’s recent significant fining of Citigroup for its catastrophic trading error, and with more enforcement likely, institutions should update their controls and ensure system warnings do not become routine and therefore disregarded, says Abdulali Jiwaji at Signature Litigation.
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Factors For London Cos. To Consider If Adding US Listings
Recent reports of a continuing valuation gap between London and New York have resulted in some London-listed companies considering U.S. listings to gain an increased investor base, but with various obligations and implications involved in such a move, organizations should consider whether there is a real benefit from trading there, say lawyers at Winston & Strawn.
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Assessing The Energy Act 2023, Eight Months On
Although much of the detail required to fully implement the Energy Act 2023 remains to be finalized, the scale of change in the energy sector is unprecedented, and with the U.K. prioritizing achieving net-zero, it is likely that developments will continue at pace, say lawyers at Paul Hastings.
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Opinion
Why Timing Makes UK Libor Judgments Controversial
The recent U.K. Court of Appeal decision in the R v. Hayes and Palombo appeal against Libor convictions demonstrates that had U.K. regulators probed with the facts known today, civil claims in all jurisdictions would be dismissed and a decadelong wasted investigation should be put to rest, says Charles Kuhn at Clyde & Co.
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Tips For Orgs Using NDAs In Light Of New UK Legislation
The recent passage of the Victims and Prisoners Act follows a crackdown on the misuse of nondisclosure agreements, but although NDAs are not prohibited and regulators recognize their legitimate justification, organizations relying on them must be able to clearly explain that justification if challenged, say attorneys at Macfarlanes.
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What Alternative Fuel Proposals Mean For EU Infrastructure
The European Union’s proposed Alternative Fuels Infrastructure Facility, covering activities in the transport sectors supporting the decarbonization process, sets ambitious standards regarding the deployment of adequate supply infrastructure and offers new funding opportunities for port operators and shipowners, says Christian Bauer at Watson Farley.