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Financial Services UK
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October 25, 2024
Sidley Hires Capital Markets Duo From Latham
Sidley Austin LLP has recruited two capital markets partners from Latham & Watkins LLP for its London office, further boosting its finance capabilities in the city after it recently snapped up a group of five partners from its U.S.-based rival.
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October 18, 2024
Gov't Warned Over Axing National Insurance Pension Relief
Slashing the tax relief on pension contributions paid by employers could cost businesses nearly £500 ($653) per worker and reduce future retirement savings pots at a time of growing concern that Britons aren't saving enough for later life, Hymans Robertson said Friday.
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October 18, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Professor Cat Jarman, Earl Spencer's new girlfriend, sue his ex-wife, Bitcoin fraudster Craig Wright file a £911 billion ($1.18 trillion) claim against BTC Core, journalist Oliver Kamm hit novelist Ros Barber with a defamation claim, and a barrister at Cloisters face a claim from a former client. Here, Law360 looks at these and other new claims in the U.K.
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October 18, 2024
Lender KMBL Buys StanChart India's $490M Loan Biz
Indian lender Kotak Mahindra Bank said Friday it has inked an agreement to buy the personal loan book of Standard Chartered, India worth an estimated 4,100 crore Indian rupees ($490 million), in a move to bolster its retail credit business.
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October 18, 2024
BoE To Tighten Capital Rules For Banks
The Bank of England proposed Friday to tighten the capital requirements rules protecting banks and investment firms from large losses caused by failures of firms with which they conduct business.
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October 18, 2024
Fraud Losses Reach £571M In 2024, But APP Scams Down
Fraudsters stole £571.7 million ($745 million) from individuals and businesses in the U.K. during the first six months of 2024, 1.5% down on the same period a year ago as banks crackdown on authorized fraud, a banking industry trade body said Friday.
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October 18, 2024
Trade Body Calls For FCA To Clarify UK Rules On PEPs
A trade body for financial institutions called Friday for the Financial Conduct Authority to clarify in proposed amendments to guidance when firms should treat U.K. politically exposed persons and linked entities as lower risk.
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October 18, 2024
Naming And Shaming To Hit 'Relatively Few' Firms, FCA Says
The City watchdog on Friday sought to reassure the financial sector that its controversial plan to name and shame the companies it investigates would affect "relatively few" because many firms in the sector voluntarily disclose when they are under investigation.
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October 18, 2024
FCA's 'Pension Value' Rules Criticized for Over-Simplification
The Financial Conduct Authority's proposed regime for assessing the value of pension plans through standardized measures risks overlooking the "unique characteristics" of retirement savings plans in Britian, a financial consultancy warned on Friday.
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October 17, 2024
Equip FCA And BoE For Green Transition Finance, Study Says
The U.K.'s financial watchdogs need to be equipped to help with green transition financing, a government-sponsored study said Thursday.
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October 17, 2024
Government Sets Out Plan To Regulate Buy Now, Pay Later
HM Treasury set out plans Thursday to protect millions of people using buy now, pay later products through legislation that will lead to a new regulatory regime run by the Financial Conduct Authority.
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October 17, 2024
Macfarlanes-Led Dignity To Acquire Farewill For £12.9M
Investment company Castelnau Group said Thursday that its funeral business Dignity has agreed to acquire its competitor Farewill Ltd. at an enterprise value of £12.9 million ($16.8 million).
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October 24, 2024
Weil Hires Private Funds Pro From Cleary
Weil Gotshal & Manges LLP has added a private funds expert to its London team, as the firm moves to bolster its offering in the growing private capital sector.
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October 17, 2024
Insurer Launches UK's 1st Cybercrime Recovery Service
Digital risk insurer Coalition has launched what it says is the U.K.'s first dedicated service for recovering cash stolen from cyberattacks — and has already recouped £1.4 million ($1.8 million) for a law firm.
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October 17, 2024
Vestager Urges EU Politicians To Push Ahead With Pillar 1
European Union competition chief Margrethe Vestager urged EU politicians Thursday to push ahead with work to finalize the Pillar One plan to redistribute taxing rights among countries.
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October 17, 2024
BOE To Simplify Banking Rules To Boost Growth
The Prudential Regulation Authority said Thursday that it intends to simplify key policy reforms introduced after the 2008 financial crisis that were designed to make bankers more accountable for wrongdoing or failings under their watch.
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October 17, 2024
VC Firm Denies Failing Putin's Ex-Son-In-Law's Divorcee
A venture capital firm has denied owing the ex-wife of Vladimir Putin's former son-in-law a £1.1 million ($1.4 million) refund for allegedly valueless help with securing her $60 million prenuptial agreement, claiming it spent hundreds of hours working for her.
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October 17, 2024
Nordea To Kick Start €250M Buyback After ECB Greenlight
Nordea Bank Abp said Thursday it plans to begin a share repurchase scheme of up to €250 million ($271 million) after getting the go-ahead from the European Central Bank.
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October 17, 2024
StanChart Libor Decision Splits Bank And Investor Interests
The High Court's landmark decision allowing Standard Chartered to use an alternative to Libor has provided certainty to contracts that fail to provide for the abolition of the benchmark rate, but gives investors less flexibility than they might consider the wording provides.
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October 17, 2024
Pensions Watchdog To Extend Professional Trustee Oversight
Britain's retirement savings watchdog has confirmed that it will extend its regulatory approach with professional trustee firms amid significant growth in the sector.
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October 17, 2024
Daily Mail Withdraws Articles In Privacy Battle With Tax Pro
The publisher of the Daily Mail will withdraw articles about an Alvarez & Marsal managing director's relationship with a billionaire, a lawyer for the senior tax professional told a London court on Thursday.
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October 17, 2024
FCA Launches AI Lab To Boost Fintech Innovation
Britain's financial watchdog unveiled Thursday its new artificial intelligence lab, which aims to help firms develop and deploy AI solutions in the financial sector and better understand the technology's impact.
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October 17, 2024
Barclays, NCA Lead Data Project To Target Sexual Exploitation
Barclays Bank and the National Crime Agency are leading a project to tackle sexual exploitation in the U.K. that involves organizations across both the public and private sectors sharing information with the agency to disrupt organized crime.
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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.
Expert Analysis
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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.
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Continuation Funds: What You Need To Know
As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.
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EU Anti-Greenwashing Guide Analyzed For Fund Managers
Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.
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FCA 'Finfluencer' Trial Exposes Social Media Promo Risks
The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.
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A Look At US-EU Consumer Finance Talks' Slow First Steps
The unhurried and informal nature of planned discussions between the U.S. Consumer Financial Protection Bureau and the European commissioner for justice and consumer protection suggests any coordinated regulatory action on issues like AI and "buy now, pay later" services is still a ways off, say attorneys at DLA Piper.
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FCA Doubles Down On New Priorities With Target ID Plan
Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
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Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
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FCA Brokerage Changes Offer Asset Managers Wider Options
The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
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'Debanking' Complaints Highlight Need For Flexibility In AML
The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.