Financial Services UK

Opinion

SRA Should Not Condemn Lawful Tax Avoidance

In suggesting that solicitors who facilitate tax avoidance breach its code of conduct, the Solicitors Regulation Authority fails to distinguish between legal tax avoidance and illegal tax evasion, says attorney Martin Kenney.

Series

Why I Became A Lawyer: Completing The Journey Home

My mother's connection to her Native American heritage had a major influence on my career — my decision to enter the legal profession was driven by the desire to return to my tribal community and help it in any way I could, says Jason Hauter of Akin Gump.

UK Confiscation Order Ruling Is A Win For Prosecutors

Prosecutors will be glad that an English appeals court's recent judgment in Fulton v. Regina joins other Proceeds of Crime Act decisions in confirming that a court does not need to show leniency or resolve ambiguities in favor of an offender when making a confiscation order, says Nick Barnard of Corker Binning.

Where The Post-Libor Litigation Tsunami Will Hit

The permanent cessation of the Libor rate in 2021 will likely trigger a flood of litigation over many existing contracts that lack effective replacements. Marc Gottridge of Hogan Lovells identifies the types of products that may be most susceptible to disputes.

What Gov't Outsourcing Ruling Means For Investigations

A New York federal court's recent decision in U.S. v. Connolly is a warning to prosecutors against outsourcing their investigations to companies and outside counsel, but it should also be used by companies to determine the framework for internal investigations, says Rachel Maimin of Lowenstein Sandler.

Foreign Banks Should Remain Wary Of US Sanctions Laws

While major enforcement actions against foreign banks for U.S. sanctions violations have slowed down in the past few years, recent settlements against three foreign banks show that federal and state authorities are still enforcing sanctions laws — and the pace of enforcement will likely increase, say Andrew Zimmitti and Richard Hartunian of Manatt.

Despite Decline In Cyberattacks, UK Cos. Should Stay Vigilant

The U.K. Department for Digital, Culture, Media and Sport's latest cybersecurity survey shows that U.K. cyberattacks have decreased in the last 12 months, likely thanks in part to the General Data Protection Regulation. But companies' cybersecurity efforts should continue to evolve, say experts at PriceWaterhouseCoopers.

UK Antitrust Watchdog Proposals Would Bolster Enforcement

The U.K. Competition and Markets Authority's proposals for reshaping competition enforcement and consumer protection would shift the historical balance in U.K. competition policy, increasing regulatory burden on companies while weakening judicial scrutiny of CMA actions, says Bill Batchelor of Skadden.

Compliance Certifications Jack Up Sanctions Violation Costs

The U.S. Department of the Treasury’s Office of Foreign Assets Control has recently increased the real cost of sanctions violation settlements by requiring annual compliance certifications. This alters the cost-benefit analysis of implementing robust sanctions compliance programs at nonfinancial institutions, says Jeremy Paner of Holland & Hart.

Guest Feature

Preet Bharara On The Human Factor In The Justice System

A key theme in Preet Bharara's new book is the enormous role the human element plays in the administration of justice. The former U.S. attorney for the Southern District of New York discussed this theme, among other topics, in a recent conversation with White and Williams attorney Randy Maniloff.