Financial Services UK

Evaluating Ethical And Legal Risk In Ransomware Payments

Deciding whether to pay the demanded ransom during a cyberattack is complex and requires a careful balancing of the risks to the firm's business against the reputational and regulatory risks, but companies can also prepare for this eventuality by taking concrete steps now, say Rob Dedman and Kim Roberts at King & Spalding.

Top Court MasterCard Ruling Lowers Bar For UK Class Suits

Although the U.K. Supreme Court's recent decision in MasterCard v. Merricks removes some certification barriers for collective actions, aspects of the court's opinion may provide comfort for defendants, say Louise Freeman and Harry Denlegh-Maxwell at Covington.

UK Biz Relief Extensions Back Debtor-Friendly Restructuring

New extensions of the Corporate Insolvency and Governance Act's temporary protections for struggling businesses, allowing delays to creditor enforcement actions, indicate that the U.K.'s restructuring process is increasingly prioritizing the survival of businesses amid the ongoing pandemic, say attorneys at Haynes and Boone.

ECJ Ruling Could Extend Double Jeopardy Protections In EU

If the European Court of Justice decides to extend the principle of double jeopardy throughout the EU's free travel zone in WS v. Bundesrepublik Deutschland, it would allow individuals who have received a final judgment on criminal charges from any member state to travel freely within the bloc without fear of arrest or extradition for the same offense, says Edward Grange at Corker Binning.

How Climate, Finance And Trade Will Intersect In 2021

In the coming year, the Biden administration will likely align its policies on climate change, finance and trade more closely with those of international partners and organizations, leading to more coordinated action on climate standards that will be applied across the global economy, say consultants at C&M International.

What UK Art Market Participants Must Know About AML Law

Jonah Anderson and Lucy Rogers at White & Case discuss how and why U.K. anti-money laundering regulation has evolved to include the art market, what the regulation means for participants, and the extent to which the U.K.'s increased separation from the EU is likely to affect the requirements.

UK Whistleblowing Laws May Be Ripe For Reform

COVID-19 has reignited calls to expand U.K. whistleblowing laws, with many advocating for enhanced reporting protections and independent oversight of cases, says Pia Sanchez at CM Murray.

5 GDPR Compliance Tips From UK Ticketmaster Fraud Fine

The U.K. Information Commissioner's Office's £1.25 million fine against Ticketmaster over cybersecurity failings that exposed customer payment card data offers several technical and organizational compliance lessons for companies subject to the EU's General Data Protection Regulation, say attorneys at Debevoise.

Response Options For Danish Cum-Ex Interview Targets

As the Danish tax authority prepares for the first of a three-part U.K. trial involving cum-ex fraud, U.K. recipients of interview requests from the Danish prosecutorial agency should neither automatically accept, nor ignore the invitations, despite that agency's seeming lack of power to compel their attendance, says David Corker at Corker Binning.

What UK Corporate Criminal Liability Reform Might Look Like

The Law Commission's recently announced review of Britain's corporate criminal liability laws could lead to reform options such as the introduction of a strict liability offense, which would be sure to improve prosecutorial chances of corporate convictions, says Aziz Rahman at Rahman Ravelli.

Increasing Investment Scams Can Implicate Lawyers, Too

With the pandemic serving as a catalyst for increased financial fraud, it's important to recognize that these scams are not only devastating for victims, they also pose a significant threat to law firms and individual solicitors who fail to do their due diligence, say James Darbyshire at the Financial Services Compensation Scheme and Heather Clark at Burness Paull.

UK's Sanctions Regime Requires Unique Compliance Efforts

When the U.K.'s transition out of the European Union ends on Dec. 21, its own sanctions regime will come into effect, and though it will initially be similar to the European Union's, important differences and potential future divergences mean that the U.K. rules should be considered separately, say attorneys at Linklaters.

Contractual Takeaways From Payment Providers Ruling

The U.K. High Court's recent decision in Travelport v. WEX, dissecting a material adverse effect clause in the context of the pandemic's impact on the payments industry, highlights contractual ambiguity and provides practical drafting pointers for mergers and acquisitions lawyers in the U.K. and U.S., say attorneys at King & Spalding.

Divergent Paths To Open Banking In UK And US

As open-banking fintech models proliferate, regulators in both the U.S. and the U.K. appear to be embracing technology, albeit in different ways, say attorneys at Latham.

Opinion

BVI Ruling Clarifies Jurisdiction's Stance On Legal Finance

The Eastern Caribbean Supreme Court's recent Crumpler v. Exential Investments decision, officially allowing legal financing in the British Virgin Islands, represents a continuation of litigation funding's acceptance across key jurisdictions for insolvency litigation during a time when these types of cases are set to spike, says Robin Ganguly at Burford Capital.