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Financial Services UK

  • April 26, 2019

    EU Hands Japan Equivalence Nod On OTC Derivatives Trades

    The European Commission has struck a deal with Japan's financial services regulator to recognize rules on over-the-counter derivatives as “equivalent” in a move it hopes will strengthen ties between the two jurisdictions' financial sectors.

  • April 26, 2019

    FCA Tells Insurers To Improve Handling Of Funds Payouts

    Insurers providing so-called with-profits funds, a type of pooled investment, must do more to update their payout plans to ensure that investors are getting fair returns, Britain’s financial regulator has said.

  • April 26, 2019

    UK Litigation Roundup: Here's What You Missed In London

    The past week has seen a former investment banker sue his erstwhile employer, a cloud banking company file suit against investment manager Invesco, and a debt collector for banks and financial institutions target a housing services company. Here, Law360 looks at those and other new claims in the U.K.

  • April 26, 2019

    Tycoon's Son Fights To Keep Yacht In €5M Qatari Bank Row

    The son of a fugitive Indian tycoon has filed a counterclaim to block Qatar National Bank from selling his yacht to settle a €5.2 million ($5.8 million) debt allegedly owed by his father’s company, according to documents filed with the High Court in London.

  • April 26, 2019

    FCA Postpones Policy Outline For Risky CFD Products

    The Financial Conduct Authority said on Friday that it will postpone issuing guidance to U.K. financial institutions on its plans to permanently ban them from selling speculative derivatives products, which cost consumers up to £450 million ($581 million) in annual losses.

  • April 26, 2019

    Hedge Fund Must Pay Novo Banco After €550M Debt Claim Fails

    Novo Banco has been awarded hundreds of thousands of pounds in legal costs by a London court after a hedge fund unsuccessfully accused the Portuguese lender of failing to repay another bank’s €550 million ($612 million) loan.

  • April 26, 2019

    Gov’t Pledges Not To Disclose Cyberbreach Info To Watchdog

    The U.K. government’s cybersecurity agency has told companies that it will not disclose information about data breaches to Britain’s privacy regulator as it attempts to persuade businesses to communicate details of cyberattacks and breaches.

  • April 26, 2019

    Deloitte Quits Swiss Miner Job Amid Charity Fraud Probe

    A Swiss mining company said on Friday that Deloitte LLP has quit as its auditor amid growing scrutiny into whether funds donated to a charity in Ukraine were misappropriated. 

  • April 25, 2019

    Russian Bank Widens Access In Oligarch's £1.3B Asset Freeze

    A London judge on Thursday expanded access to confidential information related to a £1.3 billion ($1.7 billion) freezing order against the brother of a jailed Russian bank boss, despite his contention that it would increase "substantial credible risks" to his safety and property.

  • April 25, 2019

    EU Takes Cautious Antitrust Approach To Loan Syndication

    Big banks can take some solace in the results of the European Commission's long-awaited report on the bloc's $800 billion syndicated loan market that found little reason to suspect misconduct. But the findings do underscore the need for vigilant antitrust compliance as lenders coordinate to fund major projects.

  • April 25, 2019

    Failed Firm Says Bahrain Law Dooms Defunct Bank’s Claim

    A defunct investment firm within a Saudi billionaire’s collapsed conglomerate that’s fighting over tens of millions of dollars told a London court it never held money for a separate family entity, Bahrain-based Awal Bank BSC, saying such an arrangement didn’t exist under the law of that sovereign state.

  • April 25, 2019

    HMRC Fights To Overturn Hargreaves Loyalty Bonus Ruling

    A tribunal in London was wrong to rule in favor of funds supermarket Hargreaves Lansdown over the tax treatment of so-called loyalty bonuses, because its reasoning flowed from a crucial error, the U.K.’s tax authority told an appeals court Thursday.

  • April 25, 2019

    Tackling Cybersecurity Failures Is A Priority, FCA Says

    Ensuring that financial markets can fight off the threat of cyberattacks and IT meltdowns will be a main supervisory priority in the coming years, the financial watchdog has said, after a series of technical failures created disruption at British banks.

  • April 25, 2019

    Saudi Must Turn Over Docs Ahead Of Real Estate Fraud Trial

    A London judge has told a Saudi Arabian businessman suing his former real estate partner for defrauding him out of £35 million ($45.2 million) on property developments to hand over documents from a criminal probe he initiated in the Middle Eastern country or explain why the information can't be found. 

  • April 25, 2019

    Prudential Seals $2.6B In Pension Deals Ahead Of Brexit

    Prudential Retirement has completed approximately $2.6 billion in reinsurance contracts against longer life expectancy this year, as U.K. pension schemes hasten to offload their liabilities ahead of Brexit, its U.S. parent company Prudential Financial has said.

  • April 25, 2019

    Identify Risk To Consumers In New Products, FCA Tells Firms

    Financial institutions should ensure that new products and services do not create potential harm for their customers, and must minimize incentives for staff to push products onto vulnerable consumers, the Financial Conduct Authority has said.

  • April 25, 2019

    Swedbank Sets Up Financial Crime Unit In AML Battle

    Troubled lender Swedbank announced Thursday it is setting up a unit to tackle financial crime as it struggles to get to grips with a money laundering scandal that has cost senior managers their jobs and sent its market value tumbling.

  • April 25, 2019

    Boss Of RBS To Step Down, Says 'Right Time To Leave'

    Ross McEwan, chief executive of Royal Bank of Scotland, announced his resignation on Thursday, more than five years after taking the top job and inheriting law suits and investigations dating from the financial crisis.

  • April 24, 2019

    LIA To Pay Opponents' Fees To Continue JPMorgan Fraud Suit

    A London High Court judge has ordered the Libyan Investment Authority to pay a further £450,000 ($501,000) to the court as security for the cost of defending its lawsuit seeking to cancel allegedly fraudulent and corrupt securities issued by a Bear Stearns unit now owned by JPMorgan.

  • April 24, 2019

    Key UK Pension Reforms Delayed By Brexit-Distracted Gov't

    Key U.K. pensions reforms risk long delays as the government is consumed by the protracted Brexit process, with new powers for The Pensions Regulator and plans to centralize workers’ savings data being forced to the legislative back burner.

Expert Analysis

  • UK Ruling Signifies Greater Cross-Border Sharing Of Data

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    In KBR v. SFO, the U.K. High Court confirmed that the Serious Fraud Office can require foreign companies to produce documents held outside the U.K. as long as there is a sufficient connection between the company and the jurisdiction. This judgment will embolden other agencies with similar compulsory document production powers, says Andrew Smith of Corker Binning.

  • Why Law Firms Should Monitor The Dark Web

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    Dark web monitoring allows law firms to see what sensitive information may have made its way onto the thriving global underground marketplace where cybercriminals buy and sell exposed data. It can also help lawyers advise clients on a wide range of legal and business matters, say Anju Chopra and Brian Lapidus of Kroll.

  • Lessons From UK's Data Backlash

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    Tesco Bank and British Airways are the latest British icons to find themselves in legal difficulties regarding data breaches, exemplifying the breadth of breach-related risks beyond the established route of the Information Commissioner's Office, says Kim Roberts of King & Spalding LLP.

  • Tech, Media, Telecom Investor-State Arbitration Is On The Rise

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    Disputes between foreign investors from the technology, media and telecommunications sector and host states are a substantial feature of the investor-state claims landscape. The recent growth of investor-state arbitrations in this sector could be explained by several factors, says Florencia Villaggi of Herbert Smith Freehills LLP.

  • Treat GDPR Compliance As A Marriage, Not A Wedding

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    Earlier this year, many businesses were so focused on ensuring that their privacy notices and customer lists were compliant by May 25 that they forgot that General Data Protection Regulation D-Day was just the first day of a new regime, rather than a one-day event, say Ben Pilbrow and Joanna Boag-Thomson of Shepherd and Wedderburn LLP.

  • New UK And US Regimes May Deter Foreign Investment

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    Newly proposed U.K. rules and the amended regime for the Committee on Foreign Investment in the United States will radically change how the two governments review sensitive transactions, which will affect the likelihood of deal clearance, deal timing and the drafting of appropriate contractual provisions, say Robert Bell and Jennifer Mammen of Bryan Cave Leighton Paisner LLP.

  • BVI Companies May See More 'Just And Equitable' Petitions

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    Courts in the British Virgin Islands have mostly resisted the temptation to appoint liquidators in soft wind-downs. However, a recent decision in Delco Participation v. Green Elite has opened the door to more "just and equitable" liquidation petitions, say Andrew Willins and Eliot Simpson of Appleby.

  • UK Employees May Soon Gain The 'Right To Disconnect'

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    Several European countries have recently incorporated the "right to disconnect" from work into their domestic legislation. Currently, there is no equivalent law in the U.K., but as stress levels continue to rise, it is likely that U.K. legislators will follow suit, says Sarah King of Excello Law.

  • Cayman Derivative Cases Brought Overseas Still Face Hurdles

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    Two court decisions within the past year have simplified the process for bringing derivative claims outside the Cayman Islands on behalf of Cayman companies, as shareholders no longer need permission from a Cayman court. However, such claims still face two difficulties, say Peter McMaster and Anna Snead of Appleby.

  • Q&A

    A Chat With Faegre Client Development Chief Melanie Green

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    In this monthly series, Amanda Brady of Major Lindsey & Africa interviews management from top law firms about the increasingly competitive business environment. Here we feature Melanie Green, chief client development officer at Faegre Baker Daniels LLP.