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Financial Services UK
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March 22, 2024
87-Year-Old Billionaire Lewis Seeks No Jail For Insider Trading
Lawyers for British billionaire Joe Lewis have asked a Manhattan federal judge not to impose any prison time after his plea to insider trading, saying a term of probation is appropriate because the 87-year-old is "nearing the end of life in declining health."
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March 22, 2024
Oil Shipper Fails To Have UK Sanctions Temporarily Lifted
A Dubai-based oil shipping company failed in its attempt to have U.K. sanctions temporarily lifted after a London judge ruled Friday that the British foreign secretary has to review the decision to designate the company before the courts have jurisdiction to rule on its claim.
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March 22, 2024
EU Watchdog Fines Ratings Firm €2M For Conflict Of Interest
The markets watchdog of the European Union said Friday that it has fined German credit ratings agency Scope Ratings GmbH €2.2 million ($2.4 million), and issued a public notice after it failed to avoid potential conflicts of interest.
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March 22, 2024
Audit Agency Backs Gov't Non-Financial Reporting Reforms
The Financial Reporting Council voiced its support for the U.K. government's plans to update non-financial reporting requirements on Friday, emphasizing the importance of simplifying the framework to help companies access capital.
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March 21, 2024
Banksy Co. Calls Instagram Post True In £1.3M Libel Case
The company that manages anonymous street artist Banksy has defended a £1.35 million ($1.7 million) claim that he posted a defamatory Instagram post about a licensing company using his artwork on clothing without his permission, saying it was substantially true.
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March 21, 2024
LC&F Was 'Doomed From The Start,' Administrator Tells Trial
An administrator of London Capital & Finance said on Thursday that the mini-bonds provider was "doomed from the start," as he gave evidence at the £237 million ($300 million) investment scandal trial at a London court.
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March 21, 2024
HSBC Settles Investors' £240M Claim Over Disney Tax Scheme
HSBC has settled a £240 million ($304 million) claim brought by more than 100 investors alleging that the bank misled them to finance a Disney film tax relief scheme it developed which turned out to be worthless.
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March 21, 2024
Ex-OneCoin Attorney Says 1 Year In Prison Is Enough
A Bulgarian woman who held the title of legal and compliance executive at the fraudulent OneCoin cryptocurrency exchange asked a Manhattan federal judge to credit her for the year she'd spent in prison in harsh conditions and not sentence her to any more jail time.
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March 28, 2024
White & Case Hires 2nd Funds Pro From Ropes & Gray
White & Case LLP has recruited a private funds lawyer from Ropes & Gray LLP — the second time it has hired a specialist as a partner from the London office of its U.S. rival in recent months.
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March 21, 2024
Influencer Denies Contempt Charge Over 'Lavish Lifestyle'
The founder of a French startup argued against accusations of contempt of court on Thursday after his former company accused him of "flagrantly" breaching a worldwide freezing order by continuing to live a "lavish lifestyle."
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March 21, 2024
Audit Watchdog To Probe UK Sustainability Assurance Market
The Financial Reporting Council on Thursday said it would be studying the quality of sustainability assurance services in the U.K. to ensure the market is providing high-quality guarantees over companies' reporting.
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March 21, 2024
FCA Tells Consumer Lenders To Detect Financial Crime Better
The City watchdog has warned chief executives of consumer lending firms that they must improve on their detection of financial crime.
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March 21, 2024
ECJ Adviser Rejects Taxing Foreign Pension Funds Differently
Taxing dividends paid to foreign public pension funds while exempting dividends paid to the source country's general retirement savings funds contravenes European Union law, an adviser to the bloc's highest court said Thursday, backing Finnish pension funds' challenge of a Swedish law.
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March 21, 2024
Nationwide Agrees To Buy Virgin Money For £2.9B In Cash
Nationwide Building Society said Thursday that it will buy Virgin Money UK for £2.9 billion ($3.7 billion) in cash, in a deal backed by the boards of both companies.
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March 20, 2024
Spanish Investment Co. Beats Slovak TM Opposition In EU
A Spanish investment company has won an appeal to revive its trademark application, as European officials ruled that buyers of financial services paid a "high degree of attention" and wouldn't think that the sign was linked to a Slovak company.
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March 20, 2024
Investor Seeks To Toss €10M Case Over Share Deal Row
An investment company urged a London court on Wednesday to throw out a €10.2 million ($11 million) claim by an asset management firm, arguing that it had not consented to the terms of the sale of shares in a luxury Greek resort.
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March 20, 2024
Russian F1 Driver's EU Sanctions Over Oligarch Father Lifted
A Formula One racing driver and son of a Russian oligarch has won his fight to lift European Union sanctions, with a court ruling Wednesday there was insufficient evidence to prove that his business interests were benefiting from his fathers' wealth.
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March 20, 2024
Health And Safety Top Risk For Directors, Global Survey Says
Health and safety is the top risk for directors and officers worldwide, according to a survey published Wednesday, in a "surprise" result partly attributed to the lingering impact of the COVID-19 pandemic on businesses and increasing mental health considerations.
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March 20, 2024
Ex-Russian Minister Fails To Renew Bid To Jail Deripaska
The Court of Appeal dismissed on Wednesday an attempt by Vladimir Chernukhin, a former Russian minister, to have his ex-business associate Oleg Deripaska jailed for contempt of court, finding that a judge had been entitled to conclude the case had not met the criminal standard of proof.
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March 20, 2024
Bank of Cyprus Eyes €137M Investor Return After ECB Nod
The Bank of Cyprus Group said Wednesday it intends to boost shareholder returns to €137 million ($149 million) by launching a share buyback and ramping up dividends, after receiving the green light for both payouts from the regional banking watchdog.
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March 20, 2024
Swiss Watchdog To Inspect UBS Closely For Merger Impact
The Swiss financial markets regulator said Wednesday it plans 40 on-site supervisory reviews at UBS AG in Switzerland and abroad and two in-depth stress tests in 2024 to assess the result of the bank's merger with Credit Suisse last year.
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March 20, 2024
AI Misuse Will Drive Cyber Insurance Demand, Actuary Says
The use of artificial intelligence by criminals and other evolving threats will boost demand for cyber-insurance for at least the next decade, according to analysis published Wednesday by actuarial consultancy OAC.
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March 20, 2024
British Bank CEOs Shift Blame For Pay Fraud To Social Media
Britain's largest banks told a cross-party group of MPs Wednesday they blamed social media and telecommunications companies for a rise in authorized push payment fraud in the banking sector, calling for mandatory requirements to help prevent it.
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March 20, 2024
EU Insurers Warn Regulators Of Gaps In Greenwashing Rules
European insurers have urged the bloc's insurance and pensions watchdog to be consistent and clear with its greenwashing rules for investment products, pointing to discrepancies between jurisdictions and inconsistencies with other sustainability frameworks.
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March 20, 2024
Dentons AML Ruling Deals Blow To SRA's Enforcement Plans
The failure by the Solicitors Regulation Authority to secure a sanction against Dentons over the firm's handling of anti-money laundering checks on a former client is a blow to the regulator's enforcement ambitions which – if upheld – could prompt caution in future prosecutions, lawyers say.
Expert Analysis
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Green Loans May Be Hungary's Path To Sustainable Financing
Fueled by a rising trend in the use of green loans, Hungary is making impressive progress in its journey toward achieving a net-zero future, although the development of social and sustainability-linked loans is still a work in progress, say Gergely Szalóki and Bálint Bodó at Schönherr.
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How The Law Must Change To Accommodate Digital Assets
The Law Commission's recent report shows that the common law of England and Wales is well suited to adapt to digital assets, and with targeted statutory reform to unlock the possibility of recognizing property in intangible things, the U.K. can become an ideal hub for parties to transact with emerging technology, says Sarah Green at the commission.
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Tackling Global Inflation Is A Challenge For Antitrust Agencies
Recent events have put pressure on antitrust agencies to address the global cost-of-living crisis, but the relationship between competition and inflation is complex, and with competition agencies’ reluctance to act as price regulators, enforcement is unlikely to have a meaningful impact, say lawyers at Linklaters.
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Key Findings From EBA's Money Laundering Report
The European Banking Authority's recent report on money laundering and terrorist financing risks, highlighting that payment institutions may be ineffectively assessing or managing those risks, makes clear that addressing its findings will be essential to protecting the European Union from financial crime, say lawyers at Hogan Lovells.
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Cos. Using AI Should Note Regulators' Privacy Concerns
The past year’s unprecedented explosion in the use of artificial intelligence tools has sparked fears over the way personal data may be collected and treated, and organizations adopting AI will need to ensure that they have a lawful basis to use data collected in this way, says Paula Williamson at Excello Law.
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Comparing EU And UK Proposals To Regulate ESG Ratings
Ferdisha Snagg and Andreas Wildner at Cleary examine the key aspects of the EU proposal for regulating environmental, social and governance rating activities and draw comparisons to the U.K. proposal regarding scope, substantive provider obligations on regulated providers and the likely timeline for adoption and implementation.
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Digital Assets Consultation Offers First Step In Regulation
The recently published International Organization of Securities Commissions consultation intending to establish coordinated international regulation of cryptocurrency and digital assets, will benefit and protect retail investors against financial crime risk, also allowing legitimate market entrants to distinguish themselves from less scrupulous participants, says Fred Saugman at WilmerHale.
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EU And UK Crypto-Asset Consumer Rights Look Set To Differ
The U.K. government's recent consultation paper lacks an extended cooling off period to cancel crypto-asset purchases, which notably deviates from the European Union Markets in Crypto Assets Regulation, but depending on feedback, the U.K. may eventually adopt similar consumer protection measures, say Felicity Forward and Matt Green at Shoosmiths.
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EU Sustainability Initiatives Will Affect Emissions Trading
The measures recently adopted by the EU in its "Fit for 55" legislative package to revise its emissions trading system and establish a carbon border adjustment mechanism have far-reaching implications for companies needing to implement changes to offset the potential effects of their business operations, say Melanie Bruneau, Giovanni Campi and Annette Mutschler-Siebert at K&L Gates.
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The Benefits Of Uniformity In EU Anti-Corruption Proposals
The proposed directive requiring European Union member states to incorporate uniform anti-bribery measures would bring greater harmony and consistency, doing much to facilitate the prevention of bribery and drive common standards in the compliance culture of companies, say lawyers at White & Case.
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What To Know About 'Prior Obligations' Sanctions Exemption
The U.K. Office of Financial Sanctions Implementation recently issued a "prior obligations" general license authorizing U.K. persons to receive funds or economic resources owed to them by any person targeted by U.K. asset freeze sanctions, and it is novel for its scope but by no means a panacea, say Jane Shvets and Konstantin Bureiko at Debevoise.
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Recent Cases Mark Maturation Of CAT Class Cert. Approach
The Competition Appeal Tribunal's recent refusal to grant collective proceedings applications against Visa and MasterCard in the Commercial and Interregional Card Claims case shows that the tribunal takes its role as a gatekeeper seriously, and that it will likely continue to be difficult for defendants to defeat certification first time around, say lawyers at Linklaters.
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Why The UK Needs Tougher Fraud Enforcement
The Crown Court's recent conviction of Anthony Constantinou for running a Ponzi scheme is a rare success for prosecutors, highlighting the legal system's painfully slow course when it comes to complex fraud, and the need for significant funds and resources in the fight against financial crime, says James Clark at Quillon Law.
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What New FCA Management Will Mean For Enforcement
Therese Chambers’ first speech since becoming the U.K. Financial Conduct Authority’s joint executive director provided insightful observations about the expected behaviors of firms and their legal advisers during investigations, indicating the advent of a proactive, prosecution-minded enforcement agency trying to do the right thing, says Richard Burger at WilmerHale.
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Global M&A Outlook: Slow But Moving Along
Global merger and acquisition markets had a tough start to the year, with inflation, rising interest rates and the Ukraine conflict knocking sentiment, but in the macroeconomic, deal makers have continued to unearth pockets of activity to keep deal volumes ticking over, say lawyers at White & Case.