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Financial Services UK

  • January 9, 2019

    MPs Ramp Up Pressure On May's Brexit Deal Ahead Of Vote

    Prime Minister Theresa May must devise a new Brexit plan within three days if her proposals are defeated in the House of Commons on Jan. 15 after lawmakers from across the political parties voted through a legislative amendment on Wednesday.

  • January 9, 2019

    EU Regulator Calls For Bloc-Wide Regulation Of Cryptoassets

    Consistent Europe-wide regulation of cryptoassets is needed to give greater protection to consumers and prevent criminals from exploiting the patchwork of rules across the bloc, the European Securities and Markets Authority warned Wednesday.

  • January 9, 2019

    EU Reinsurers Fight To Preserve Bespoke Capital Reserves

    Europe’s reinsurers defended their right to determine the size of their capital buffers on Wednesday, dismissing criticism from regulators who fear that companies will be tempted to hold less cash to protect themselves from financial crisis.

  • January 9, 2019

    Parliament Lacks Facts For Key Brexit Vote, Committee Warns

    The U.K. government has failed to hand MPs sufficient information to allow them to make an informed decision on the prime minister’s Brexit deal, Parliament’s Treasury Committee warned on Wednesday, further weakening Theresa May’s shaky position ahead of a critical vote next week.

  • January 8, 2019

    EBA Says Banks Predict Flat Profits, Higher Fees In 2019

    Most of Europe's top banks are pessimistic about making money next year, expecting profits to remain flat even as their fees and commissions rise, according to a new report from the European Banking Authority.

  • January 8, 2019

    UK Legislators’ Tax Law Ups Pressure To Avoid No-Deal Brexit

    A U.K. finance bill amendment passed Tuesday would limit the government’s ability to tweak tax legislation after Brexit, in a bid to discourage the government from leaving the European Union without a transitional trade agreement.

  • January 8, 2019

    Britain Plans Tweaks To Financial Benchmark Laws For Brexit

    The U.K. government on Tuesday set out its latest contingency plans to keep financial benchmarks alive for the country's financial institutions after Brexit, including a two-year transition period aimed at guaranteeing the legal framework for the market remains effective after Britain leaves the European Union in March.

  • January 8, 2019

    EU Watchdogs Must Cooperate On Securitization Regs: ESMA

    National regulators and European Union watchdogs must cooperate with each other to supervise securitization transactions, Europe's top securities regulator said Tuesday, detailing information that must be exchanged and the process of notifying other authorities of infringements of the bloc's Securitization Regulation.

  • January 8, 2019

    UK Floats Rules For Fulfilling Existing EU Financial Contracts

    The Financial Conduct Authority on Tuesday began consulting on Brexit preparations that it said will ensure that the bloc's financial firms can fulfill existing cross-border contracts if the U.K. exits the European Union without a transition period.

  • January 8, 2019

    Investor Ordered To Pay Up In €11M Bank Of Scotland Suit

    A property investor who unsuccessfully sued a Lloyds Banking Group PLC unit in connection with an €11 million ($12.5 million) property loan has been ordered by a court in London to pay hundreds of thousands of pounds to the bank.

  • January 8, 2019

    Central Banks Wary Of Virtual Currency, BIS Study Warns

    Most of the world’s central banks are experimenting with ways to replace cash with digital currencies, but only a few have made “firm plans” to issue their own crypto-assets within the next decade, according to a report released on Tuesday.

  • January 8, 2019

    Dechert Hires Partners In Boost To Global Funds Practice

    Dechert LLP has announced it has recruited two partners, with three decades of experience between them in advising fund managers, to bolster its global funds offering in Europe.

  • January 8, 2019

    UBS Insider Trading Case Gets April London Trial Date

    A former compliance officer with UBS Group AG and her day trader friend, who are both accused of insider dealing by the Financial Conduct Authority, will face a retrial in April after a jury failed to reach a verdict in the original trial, it was confirmed at a hearing at a London court on Tuesday.

  • January 8, 2019

    Hard Brexit May Hike Transfer Costs, Bank Scams, UK Says

    Payments received by U.K. businesses from credit cards issued by European Union banks are likely to become costlier if Britain leaves the bloc without a transition deal, the British government warned on Tuesday.

  • January 7, 2019

    NCA Can't Seize Assets In £6.5M Mortgage Fraud Suit

    A London judge has refused to let the National Crime Agency seize some £6.5 million ($8.3 million) in property in connection to an alleged mortgage fraud scheme involving a Hong Kong company, ruling that central questions tied to ownership and payment for the assets will have to be decided by a jury. 

  • January 7, 2019

    Baker Botts Boosts London Office With 2 Partner Hires

    Baker Botts LLP has added two former Latham & Watkins LLP partners to its London office in an expansion to the law firm's equity capital markets and project finance practices.

  • January 7, 2019

    EU Regulators Report Rapid Growth In Fintech Testing

    Most European Union financial regulators have launched programs to test new financial technology products offered by banks and insurance companies but are concerned they could be creating a two-tier market for fintech products, according to a report published Monday by the bloc’s top supervisors.

  • January 7, 2019

    EU Council Floats New Rules For Investment Firms

    European Union lawmakers on Monday floated new rules overhauling how the bloc regulates and oversees investment firms, proposing to supervise companies based on their size and treating the very largest to the same liquidity and capital rules as banks.

  • January 7, 2019

    Ex-PwC Manager Loses Bid For Anonymity In Court Battle

    An employment tribunal in London has dismissed an appeal by a former senior manager at PwC seeking to have a ruling linked to a discrimination suit she brought against the accounting giant withheld from the public or made anonymous.

  • January 7, 2019

    London Trial Of Ex-Barclays Execs Over Qatari Funds Starts

    The long-awaited criminal trial of four former Barclays PLC directors began on Monday over charges connected to a £12 billion ($15.3 billion) rescue package that the bank secured from investors including Qatar at the height of the financial crisis.

Expert Analysis

  • Relief For Cos. Conducting UK Internal Investigations

    Simon Airey

    After almost a year and a half of uncertainty, the U.K. Court of Appeal has restored the eminently sensible position that documents created in an internal investigation are capable of being covered by litigation privilege when a criminal investigation or prosecution is in prospect, say Simon Airey and Joshua Domb of Paul Hastings LLP.

  • SEC Action Brings Lessons For Quantitative Fund Managers

    Brian Daly

    The U.S. Securities and Exchange Commission last week announced settlements with Aegon and several of its affiliates for alleged misconduct involving faulty quantitative investment models. The case illustrates the pitfalls of implementing an ambitious investment program poorly, say Brian Daly and Anna Maleva-Otto of Schulte Roth & Zabel LLP.

  • Breaking Down The UK's Revised Corporate Governance Code

    Joseph Ferraro

    Recent changes to the U.K. Corporate Governance Code should reassure investors that companies with a premium listing on the London Stock Exchange are committed to being standard-bearers. Issuers may also benefit from the workforce engagement, corporate culture and diversity changes that will be brought into businesses, say Joseph Ferraro and Jennifer Tait of Willkie Farr & Gallagher LLP.

  • Q&A

    Back To School: Widener's Rod Smolla Talks Free Speech

    Rodney Smolla

    In this new series featuring law school luminaries, Widener University Delaware Law School dean Rodney Smolla discusses teaching philosophies, his interest in First Amendment law, and arguing before the U.S. Supreme Court in Virginia v. Black.

  • When To Use Options Analysis In Damages Assessments

    Ronnie Barnes

    In both the U.K. and abroad, the discounted cash flow methodology is often considered the "go to" valuation approach when conducting a damages assessment. However, DCF is not always appropriate and damages experts should know when to use the option analysis methodology instead, says Ronnie Barnes of Cornerstone Research Inc.

  • Opinion

    UK 'Unexplained Wealth Orders' Will Discourage Investors

    Simon Bushell

    The United Kingdom has taken the unusual step of introducing significant retrospective powers that could unravel acquisitions and transactions from decades ago. The government's intentions are laudable, but its new "unexplained wealth orders" cast doubts on the U.K.'s appetite for foreign investment and may hurt national interests, says Simon Bushell of Signature Litigation LLP.

  • 2nd Circ. Restricts The FCPA's Reach

    Brad Karp

    The Second Circuit’s opinion last week in U.S. v. Hoskins limits the U.S. Department of Justice’s ability to prosecute foreign individuals or companies for Foreign Corrupt Practices Act violations. The opinion also flatly contradicts the U.S. Securities and Exchange Commission’s 2012 FCPA resource guide, say attorneys with Paul Weiss Rifkind Wharton & Garrison LLP.

  • Brexit: Bracing For A No-Deal Scenario

    Ross Denton

    Once considered the “cliff edge,” the possibility of the United Kingdom exiting from the European Union without agreeing on a trade deal has moved from unthinkable to increasingly likely. Both sides are ramping up preparations for a no-deal scenario, which would have significant implications for businesses in all sectors, say attorneys with Baker McKenzie LLP.

  • Considering Contract Termination Under English Common Law

    John Laird

    The U.K. High Court Commercial Division's recent decision in Phones 4U v. EE is a reminder of the care with which contracting parties should consider their rights when their English law contracts appear to be failing, says John Laird of Crowell & Moring LLP.

  • UK Corporations Face Growing Risk Of Class Actions

    Gregg Rowan

    Recent years have seen an increased focus on class action litigation in U.K. courts, with a rise in high-profile and high-value claims being brought against corporate defendants. Furthermore, various factors suggest that the trend is likely to continue, say attorneys at Herbert Smith Freehills LLP.