Financial Services UK

  • October 19, 2020

    Investor To Ask 2nd Circ. To Revive Benchmark-Rigging Suit

    An investor has let a New York federal court know he plans to appeal to the Second Circuit an August ruling that squashed his suit against numerous major banks for allegedly plotting to fix interbank exchange rates, including one tied to the Japanese yen.

  • October 19, 2020

    Ill. Judge Axes Ex-Merrill Lynch Trader's Spoofing Charge

    An Illinois federal judge has narrowed the government's case against two former Merrill Lynch traders accused of deceptive trading in the precious metals futures market, throwing out the criminal spoofing charge facing one of the traders after ruling it can't be prosecuted as a scheme.

  • October 19, 2020

    EU Presses UK To Move On Irish Border VAT, Customs Checks

    European Union leaders urged the U.K. on Monday to set up a means for conducting customs and value-added-tax checks at Britain's border with Ireland before Jan. 1 if talks fail to produce a post-Brexit free trade deal.

  • October 19, 2020

    Croatia Faces Arbitration Over Loan Currency Conversion

    Croatia has been hit with an investment treaty claim by a Hungarian bank that alleges it is owed some $35 million after the country forced the conversion of loans issued in Swiss francs to euros, the bank said on Monday.

  • October 19, 2020

    Investors, Commerzbank Employee Reach Deal In €30M Suit

    An Italian pension fund and a Luxembourg investment fund have agreed that an employee of the London unit of Commerzbank wasn't liable for their losses in connection with €30 million ($35.4 million) in investment notes, resolving part of the litigation.

  • October 19, 2020

    Antitrust Trial Over Visa, Mastercard ATM Policies Delayed

    ATM operator Euronet agreed Monday to push back a London trial on its antitrust claims seeking hundreds of millions of dollars from Visa and Mastercard over their fee policies to 2023, after a judge said the initial timetable was too tight.

  • October 19, 2020

    Greek Bank Defends Insurance Settlement In Tanker Row

    Counsel for a Greek lender told a London judge at trial on Monday that the owners of a wrecked oil tanker owe millions in unpaid loans after the lender tried to recover as much as it can from the vessel's insurers.

  • October 19, 2020

    Insurers Call On EU To Act Over Long-Term Investment Funds

    European insurers urged the European Commission on Monday to revise regulations governing long-term investment funds to make it easier for institutional investors and insurers to make contributions.

  • October 19, 2020

    Investment Consultant Sues To Keep €40M Fight In England

    A London-based investment consultancy has said that a dispute brought by its Italian client over the loss of €40 million ($47 million) in badly performing investments during the coronavirus pandemic should be decided in an English court.

  • October 19, 2020

    Tests For Superfund Transfers Could Be Too Strict, LCP Warns

    The U.K.'s retirement savings regulator should ensure that it doesn't impose "too stringent" rules on market consolidation or else risk penalizing savers, a pensions consultancy warned Monday.

  • October 19, 2020

    Advisors Hover Over Helicopter Maker For $185M Deal Fee

    British financial adviser BLMS Capital has hit Kopter Group with a $2.4 million lawsuit, claiming the Swiss helicopter manufacturer reneged on a deal to pay a fee for capital-raising work that led to the young company being acquired for $185 million.

  • October 19, 2020

    UK Sets Out Plans For Trade Repositories After Brexit

    European trade repositories will be able to apply to the finance watchdog to continue operating in the U.K. immediately after the Brexit transition ends on Dec. 31, the government has said.

  • October 19, 2020

    7 Questions For AML Task Force President Marcus Pleyer

    Marcus Pleyer, the new president of the Financial Action Task Force, talks to Law360 about his priorities, including the risks posed by crypto-assets and the role of artificial intelligence in enforcement.

  • October 19, 2020

    Financial Advisers Fear Insurance Poses 'Existential Threat'

    The soaring cost of insurance for professional advisers poses an "existential threat" to the industry, a trade body warned on Monday, as it revealed that costs have soared by 100% in the last five years for a quarter of companies.

  • October 19, 2020

    Amigo Forced To Ask FCA Permission When Paying Dividends

    Guarantor loans lender Amigo Holdings said on Monday that it will have to get permission from the Financial Conduct Authority before paying out dividends and bonuses, as it continues to struggle with a backlog of complaints and regulatory investigation.

  • October 19, 2020

    Investors Force FTSE 100 Execs To Take Pension Cuts

    Most companies are cutting down their executive pension contributions under mounting pressure from shareholders, who believe managers should not take home extra cash amid the financial turmoil brought on by the COVID-19 crisis, the Investment Association has said.

  • October 16, 2020

    Forcing UK Attys To Reveal Fees Gets Results, Agency Says

    More than a year after a new rule began requiring U.K. lawyers to publish common pricing information online, fewer consumers think hiring an attorney is out of their price range, new research shows.

  • October 16, 2020

    UK Won't List Cos. Receiving Aid After Virus Fraud Exposed

    The U.K. doesn't plan to name companies that received funds for COVID-19 relief, a British government spokesperson said in response to a comment Friday from the House of Commons' Public Accounts Committee.

  • October 16, 2020

    Banks May Keep Borrowers' Salary As Security, ECJ Says

    European banks cannot force consumers to deposit their entire salary into a savings account for favorable loan terms — but they can hold part of a worker's salary for up to a decade, the European Union's top court has ruled.

  • October 16, 2020

    Puerto Rican Bank Seeks Early Win In PDVSA Loan Suit

    A Puerto Rican bank told a London judge Friday that Petróleos De Venezuela SA cannot rely on U.S. sanctions to avoid paying £29.2 million ($37.7 million) allegedly due under two loans.

  • October 16, 2020

    Standards Setter Publishes Timetable For Libor Exit

    The Financial Stability Board on Friday outlined a timetable for a smooth transition by financial market participants from the scandal-ridden London Interbank Offered Rate, saying the move will require "significant commitment" by industry.

  • October 16, 2020

    Drink Maker Sues Chinese Bank For 'Fraudulent' £20M Deal

    A producer of health drinks has sued the Shanghai Commercial & Savings Bank after a business development manager at the lender allegedly arranged a fraudulent £20 million ($26 million) investment that cost the company a sponsorship deal with tennis star Andy Murray.

  • October 16, 2020

    Credit Suisse Sued For £12.7M Over COVID-Crash Margin Call

    A family trading firm has sued Credit Suisse for £12.7 million ($16.4 million) for allegedly refusing to accept additional collateral to support its leveraged debt during the market crash sparked by the pandemic, forcing it to liquidate its share portfolio at a "severely depressed price."

  • October 16, 2020

    UK Litigation Roundup: Here's What You Missed In London

    This week in London has seen Societe Generale become the latest big bank to face a suit from a major Dutch housing group, credit reporting giant Experian target Zurich, and the British music copyright collective face an intellectual property claim. Here, Law360 looks at those and other new claims in the U.K.

  • October 16, 2020

    BoE Puts Capital Markets At Forefront Of Climate Fight

    The move toward a green economy is paying dividends, and the financial sector must take advantage of that progress by focusing on sustainability in capital markets, a central banker said on Friday.

Expert Analysis

  • Emerging ESG Compliance Obligations For Private Funds

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    In the absence of U.S. regulation of environmental, social and governance investments, private funds should be aware of two new EU regulations that will apply to all sponsors managing or marketing funds in Europe, says Debbie Klis at Rimon Law.

  • Perspectives

    Law Commission's New Idea For Confiscation Orders Is Unfair

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    The recent proposal by the Law Commission of England and Wales to recall prisoners who fail to settle their confiscation orders when they have already served a sentence for nonpayment would, in effect, punish them twice for the same act, says Brian Swan at Stokoe Partnership.

  • UK Pandemic Recovery Offers Opportunities For Green Cos.

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    The U.K. government's plans to use regulations and funding to accelerate the transition to a green economy after the COVID-19 pandemic promise significant opportunities for companies and investors focused on clean technologies, says Samantha Deacon at Goodwin.

  • 2 High Court Cases Highlight Comity Principles

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    High Court decisions in National Bank of Kazakhstan v. Bank of New York Mellon and Riverrock Securities v. Bank of St. Petersburg serve as a useful reminder that the principle of comity may require English courts to exercise judicial restraint, even where their assistance has been sought by foreign courts, say Egishe Dzhazoyan and Kabir Bhalla at King & Spalding.

  • Enforcement Numbers Offer Insight Into FCA Priorities

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    Financial crime, insider dealing and whistleblowing figured prominently in the U.K. Financial Conduct Authority's recent enforcement report, suggesting these areas may be a critical focus for the regulator going forward, say Tracey Dovaston and Michael Jacobs at Boies Schiller.

  • Why Cum-Ex Tax Fraud Probes Are On The Rise

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    ​​​​​​​Neil Williams at Rahman Ravelli outlines why European regulatory investigations into cum-ex — a 1990s-era dividend arbitrage trading practice involving tax rebate claims worth tens of billions of euros — are gaining momentum years after the activities that sparked them, and who should be concerned.

  • Key Points From New Blockchain Legal Guidance

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    Mark Dawkins and Jenny Arlington at Akin Gump analyze the Law Society and Tech London Advocates' recent guidance on blockchain, smart legal contracts, crypto assets and other advanced technologies, and explain why legal practitioners should familiarize themselves with it.

  • Competing Libor-Transition Proposals Create More Problems

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    While the U.S., U.K. and EU have proposed legislation in anticipation of the approaching Libor end date, the multiplicity of their approaches gives rise to uncertainty for market participants rather than eliminating it, say Anne Beaumont at Friedman Kaplan and Janine Alexander and Audrey Favreau at Collyer Bristow.

  • Leveraged Trading, Margin Calls And The 'Retail Client'

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    A rise in margin losses due to pandemic-related market turbulence could lead to disputes in the context of leveraged trading products, and retail investors involved in such disputes should pay particular attention to recent additions to the Financial Conduct Authority Handbook, says Katherine Harper at Forsters.

  • Comparing UK's Foreign Investment Bill To US Law

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    The U.K.'s forthcoming National Security and Investment Bill differs significantly from the Committee on Foreign Investment in the United States' framework for reviewing potentially dangerous foreign investment transactions by establishing nonmandatory notifications and a six-month time limit for formal review, say Angella Castille and Jonathon Gunn at Faegre Drinker.

  • Creditors Welcome UK Supreme Court's Reflective Loss Decision

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    The U.K. Supreme Court's recent Sevilleja v. Marex decision benefits creditors and other stakeholders by excluding their claims from the reflective loss principle, which precludes third-party complaints that merely reflect company loss, say Robert Fidoe and Jack Moulder at Watson Farley.

  • Parsing The DOJ's Flawed Spoofing Theory

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    In U.S. v. Vorley, the U.S. Department of Justice has signaled it may present high-frequency traders as victims of a spoofing scheme, but analysis of testimony from two similar cases reveals flaws in this approach, says Joshua Ray at Rahman Ravelli.

  • Challenging The Use Of Anchor Defendants In UK Litigation

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    With the merits test for anchor defendants in U.K. litigation involving European Union defendants back before the English courts this summer, the London High Court's recent decision in Tsareva v. Ananyev provides useful precedent for jurisdictional challenges to anchor defendants' inclusion, say Egishe Dzhazoyan and Kateryna Frolova at King & Spalding.

  • How Credit Card Fee Antitrust Cases Fare In UK Versus US

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    When compared with the U.S. Supreme Court’s Ohio v. American Express opinion, two recent U.K. Supreme Court rulings holding that credit card companies' payment schemes violated antitrust law suggest that corporations operating two-sided platforms are much more likely to win an antitrust case in the U.S., say Allison Gorsuch and Lauren Weinstein at MoloLamken.

  • Wirecard Class Action Raises Regulator Immunity Questions

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    Investors in German payment processor Wirecard are suing the German Federal Financial Supervisory Authority, calling attention to whether allegations of gross failings can overcome regulator immunity, say Anna Battams and Isobel McNaught at Collyer Bristow.

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