Financial Services UK

Key Reforms In UK Anti-Money Laundering Proposal

In response to concerns about an excess of suspicious activity reports, the U.K. Law Commission recently published a report recommending improvements to the U.K.'s anti-money laundering regime. The proposed reform is welcome, but may have missed an opportunity to advocate for some additional changes, says Jonah Anderson of White & Case.

A Timely Review To Enhance UK’s Company Register

The U.K. government's review of its company and persons of significant control registers, which have struggled with information reliability issues, will provide a useful yardstick on the progress of fighting money laundering and other nefarious activities, say Ian Hargreaves and Deirdre Lyons Le Croy of Covington.

Answers To Key Legal Finance Ethics Questions

While there is discussion in some quarters about new regulations on commercial legal finance, the hands-off approach taken by the majority of courts and legislatures is an implicit recognition that it is already sufficiently regulated, says Danielle Cutrona of Burford Capital.

Brexit Outlook: The Future Of EU Cross-Border Disputes

Natasha Harrison of Boies Schiller discusses how key areas of cross-border commercial litigation will be affected when the U.K. withdraws from the EU, depending on how — if at all — Brexit happens.

Adapting English Law To Cryptoassets And Smart Contracts

The U.K. Jurisdiction Taskforce's recent public consultation seemingly attempts to reassure fintech stakeholders that English law is amenable to the development of cryptoassets and smart contracts, in contrast with other jurisdictions that have sought to legislate the space without first fully understanding it, say Guy Robson and Elliott Fellowes of Signature Litigation.

International Arbitration Can Help Africa's Energy Sector

As an emerging force in the energy industry, sub-Saharan Africa offers attractive investment opportunities but also presents elevated risk profiles for inbound foreign direct investments. International arbitration clauses, which African governments are gradually embracing, will boost investors' confidence, says Leigh Crestohl of Zaiwalla & Co.

Perspectives

Addressing Modern Slavery Inside And Outside The UK

As the problem of modern slavery persists, U.K. companies must take a broad approach when rooting out slave labor in their supply chains, and should not ignore the risk posed by suppliers within the U.K., says Maria Theodoulou of Stokoe.

Why Data Breach Group Litigation Remains Rare In The UK

While the General Data Protection Regulation would seem to create a fertile area for group litigation, U.K. data breaches have not resulted in much litigation so far, say Oran Gelb and Sarah McAtominey of Bryan Cave.

What The Howey Test Misses About Crypto Assets

The U.S. Securities and Exchange Commission's recently released “Framework for ‘Investment Contract’ Analysis of Digital Assets” centers around the traditional Howey test, signaling that the SEC will continue to treat cryptocurrencies as securities. A new approach that recognizes the unique economic nature of crypto assets is needed, says Boris Richard of FTI Consulting.

New EU Public Prosecutor's Office Will Likely Struggle

The planned European Public Prosecutor's Office faces structural and jurisdictional issues that may complicate EU investigations and prosecutions, including those in the U.K., say Peter Binning and Alex Cummins of Corker Binning.

The Challenges Of Replacing Interbank Offered Rates

Interbank offered rates for financial products are set to be replaced soon with market-based rates. But any new benchmarks will undoubtedly be more volatile, and the sheer size of the existing asset pool they will be tied to ensures that the impact of the shift will be large, says Timothy McKenna of NERA Economic Consulting.

Opinion

Danske AML Scandal Is A Wake-Up Call For Bank Regulators

While discussion of the Danske Bank scandal has focused on what went wrong and who was to blame, it is the financial regulators' failures that must be corrected in order to prevent such a massive money laundering scandal from happening again, says Neil Williams of Rahman Ravelli.

New UK Data-Gathering Powers May Be Stalled For Now

While the Crime Overseas Production Orders Act appears to significantly extend U.K. enforcement authorities' data-collection powers, overseas production orders are unlikely to be granted until a cooperation agreement is achieved with the U.S., say Peter Burrell and Francesca Sherwood of Willkie.

Norwich Pharmacal Orders Remain Vital In The Internet Age

Norwich Pharmacal orders, which can require third parties to reveal vital information despite duties of confidentiality, have proven to be a versatile remedy in a wide range of cases over the decades. Today, they remain relevant because websites provide platforms for anonymous wrongdoing, says Simon Bushell of Signature Litigation.

What To Expect When You're Expecting The End Of Libor

The significant adjustments that market participants need to make when Libor is phased out will be undertaken while replacement rates and fallback provisions remain unresolved. Now is the time to take stock of your company’s exposures and map a path forward, say Gregory Harrington and Arturo Caraballo at Arnold & Porter.