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Financial Services UK
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February 04, 2025
UniCredit Bids To Undo Ruling Blocking Gazprom Unit's Claim
UniCredit Bank AG urged an appeals court Tuesday to overturn an order blocking a Gazprom joint venture from bringing a €450 million ($467 million) claim against it in Russia under bond guarantees linked to an aborted gas plant project.
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February 04, 2025
Sustainable Growth Must Take Pensions Priority, LCP Says
Government plans to drive growth in the U.K. through redirected investment from retirement savings schemes must prioritize environmental concerns and sustainability, a consultancy said Tuesday.
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February 04, 2025
MPs Launch Inquiry Into AI Use In Financial Services
A cross-party group of members of Parliament has started an inquiry into the use of artificial intelligence in financial services, after recent revelations about Chinese AI startup DeepSeek showed the market's volatility.
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February 04, 2025
3 Firms Advise On £25M Pension Deal For Redress Program
The U.K.'s financial compensation scheme has passed £25 million ($31 million) of its staff pension liabilities to Pension Insurance Corp. PLC, the insurer said, in a deal guided by Herbert Smith Freehills LLP, Eversheds Sutherland and Arc Pensions Law LLP.
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February 04, 2025
FCA Warns Smaller Payment Firms Of Consumer Duty Failings
The City watchdog has warned smaller payments firms that they sometimes fail to act in the best interests of customers and have weaknesses in their financial crime controls.
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February 03, 2025
White & Case Gets Tax Pro From Latham
White & Case LLP has added a former Latham & Watkins LLP senior associate to serve as a partner in its London office, the firm announced.
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February 03, 2025
'Far-Reaching' EU Ban On High-Risk AI Models Now In Effect
The European Union on Sunday ushered in key laws to rein in the use of artificial intelligence systems that pose an "unacceptable risk," but a lack of guidance from the bloc has companies in the dark.
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February 03, 2025
Pillsbury Hires Ex-McDermott London Office Chief
The former managing partner of McDermott Will & Emery LLP's office in London is joining Pillsbury Winthrop Shaw Pittman LLP to help boost the firm's corporate offering to clients in areas including life sciences and healthcare.
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February 03, 2025
Trading Biz Files New Infringement Claim Over 'Joule' Tech
A software business has accused two German companies in a London court of infringing its intellectual property rights over an electronic trading platform, adding to a similar claim it recently filed against SAP.
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February 03, 2025
Thames Water Seeks Court Approval For £3B Rescue Plan
Thames Water needs the High Court's approval for a £3 billion ($3.7 billion) rescue package if it is to avoid falling into special administration, a top lawyer for the struggling utility company said as he gave evidence on Monday.
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February 03, 2025
Uyghur Rights Group To Sue FCA If Shein Gets LSE Listing
A Uyghur human rights group has threatened to take the Financial Conduct Authority to court if it permits Shein to list on the London Stock Exchange, stepping up its fight against the ultra-fast-fashion giant over slavery concerns.
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February 03, 2025
FCA Response To Critical Report 'Disappointing,' MPs Say
The Financial Conduct Authority's response to a highly critical parliamentary report has been lackluster and continues to demonstrate that the regulator is "in dire need of transformation," the MPs who penned the report said Monday.
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February 03, 2025
Freshfields-Led Barclays Sells German Consumer Biz
Barclays PLC said Monday that it has completed the sale of its German consumer finance business to Austrian lender BAWAG Group AG in a move to simplify its operations.
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February 03, 2025
IG Group Begins £50M Share Buyback Extension
IG Group Holdings PLC kicked off a share buyback program of up to £50 million ($62 million) on Monday, extending the online trading platform's £150 million stock repurchase scheme aimed at downsizing its share capital.
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February 03, 2025
EU Watchdog Warns That All Crypto Firms Are High Risk
The European Union's finance watchdog has briefed national regulators authorizing crypto-assets firms to consider every candidate high risk, particularly from money laundering.
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February 03, 2025
Ex-Goldman Analyst Told To Pay £586K For Insider Trading
The Financial Conduct Authority said Monday that it has secured £586,000 ($722,000) from a former Goldman Sachs employee imprisoned for insider dealing after using price-sensitive information to trade in shares.
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February 03, 2025
Watchdog Launches 1st Stage Of Probe Into SME Auditing
The accounting watchdog launched a study on Monday to gauge how effectively the audit market supports small and midsized businesses amid a wider campaign to improve the access of smaller companies to services in the sector that help to raise capital.
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January 31, 2025
Brexit Five Years On: The Legal Landscape After Europe
Five years after the U.K. formally left the European Union, Law360 looks at how Brexit has changed the legal, regulatory and financial terrain.
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January 31, 2025
Ex-IP Co. Director Says Lawyer, Founders Hid $40M Takeover
A former director of a celebrity intellectual property licensing company has claimed in court filings that two fellow directors, aided by an ex-Russells Solicitors partner, concealed plans for a $40 million takeover to try to convince him to sell his shares on the cheap.
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January 31, 2025
Valorem Sues Former CEO For Violating Russia Sanctions
A luxury perfume group has sued its former chief executive officer, who is accused of bragging to a private investigator about selling his product to Russia in breach of sanctions, for fiduciary and contractual breaches and failure to protect its intellectual property rights.
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January 31, 2025
Ex-BigLaw Atty Can't Escape OneCoin Conviction At 2nd Circ.
The Second Circuit on Friday upheld a former Locke Lord LLP partner's conviction and 10-year sentence for helping launder roughly $400 million in proceeds from the multibillion-dollar OneCoin cryptocurrency scheme, rejecting the attorney's contention that a sole cooperating government witness' perjury and other purported errors warranted reversing his punishment.
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January 31, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen another claim by Woodford investors against Hargreaves Lansdown in the widening £200 million ($248 million) dispute over the fund's collapse, a solicitor barred for his role in a suspected advance fee fraud face action by a Swiss wholesaler, and The Resort Group, which markets investments in luxury hotel resorts, hit with a claim by a group of investors. Here, Law360 looks at these and other new claims in the U.K.
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January 31, 2025
JPMorgan Sues WeRealize In Widening Dispute Over JV
A JPMorgan Chase & Co. unit has filed a new claim in the investment bank's protracted battle with fintech business WeRealize, saying the company is planning to breach the terms of a joint venture shareholder agreement by acquiring another fintech firm.
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January 31, 2025
EU Extends UK CCP Equivalence Regime By Three Years
The European Union's executive body said Friday it has adopted a decision to extend equivalence for U.K. central counterparties for three years until June 30, 2028, following agreement between the European Parliament and the Council of the EU.
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February 07, 2025
BCLP Adds Finance Regulatory Team From Parisian Firm
Bryan Cave Leighton Paisner LLP has hired a financial regulation and asset management team in Paris, as the U.S.-based firm takes a "significant next step" in its strategy of growing and diversifying its practice in France and Europe.
Expert Analysis
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FCA Savings Update Focuses On Good Customer Outcomes
The Financial Conduct Authority’s recent cash savings update emphasizes its expectations of firms to deliver fair value to consumers by documenting the rationale for actions at each stage, considering customer communications and demonstrating that potential harms are acted upon, say Matt Handfield, Charlotte Rendle and Caroline Hunter-Yeats at Simmons & Simmons.
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5 Takeaways From UK Justices' Arbitration Jurisdiction Ruling
The U.K. Supreme Court's recent judgment in UniCredit Bank v. RusChemAlliance, upholding an injunction against a lawsuit that attempted to shift arbitration away from a contractually designated venue, provides helpful guidance on when such injunctions may be available, say attorneys at Fladgate.
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FCA's Broad Proposals Aim To Protect Customer Funds
The Financial Conduct Authority’s proposed changes to payments firms’ safeguarding requirements, with enhanced recordkeeping and fund segregation, seek to bolster existing regulatory provisions, but by introducing a statutory trust concept to cover customers’ assets, represent a set of onerous rules, says Matt Hancock at Greenberg Traurig.
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Takeaways From Upcoming Payment Fraud Delay Legislation
Lawyers at Hogan Lovells discuss what to know about new legislation that will allow payment service providers to delay payments when third-party fraud is suspected, and share pointers for providers to consider ahead of the Oct. 30 effective date.
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Modernizing UK Trade Settlement Standard: The Road Ahead
Andrew Tsang and Tom Bacon at BCLP consider the rationale and challenges of a potential U.K. trade settlement acceleration, part of an initiative to modernize the financial market infrastructure, and suggest that incorporating distributed ledger technology as a synchronized recording system would facilitate the move.
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Analyzing The Implications Of 1st FCA Crypto ATM Crackdown
The Financial Conduct Authority’s recent criminal prosecution of Olumide Osunkoya, its first enforcement action against a crypto-asset trading firm's owner, is an unambiguous sign of the regulator’s commitment to actively pursue transgressors, but may be a hindrance to the U.K. crypto industry, says Asim Arshad at Lawrence Stephens.
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Draft Merger Control Guidance Allows CMA To Cast Wide Net
The Competition and Markets Authority's recent draft merger control guidance, reflecting the regulator's strengthened powers under the Digital Markets, Competition and Consumer Act, introduces extensive change and potential procedural improvements, specifically concerning reviews of private equity firms, say lawyers at Travers Smith.
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Key Points From Cayman's Beneficial Ownership Regime
While recent expansion of the Cayman Islands Beneficial Ownership Act's scope means it now encompasses many entities with previously minimal obligations, the changes ensure a welcome level playing field with workable alternative routes to compliance, says Lucy Frew at Walkers Global.
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HMRC Transfer Pricing Guide A Vital Resource For Businesses
HM Revenue & Customs' recent guidelines on common transfer pricing compliance risks should be required reading for affected businesses in indicating HMRC's expected benchmark for documents and policies, say Tomoko Ikawa and Kapisha Vyas at Simmons & Simmons.
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Insights From FRC's Report On Good Corporate Governance
Although the Financial Reporting Council’s recent report on private companies opting to follow the Wates principles has identified improvements, it is important for organizations to provide transparent disclosures and avoid boilerplate, tickbox filings, says Tessa Hastie at BCLP.
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What To Know About The UK Overseas Funds Regime
The U.K.’s overseas funds regime is now open for applications, providing a simplified way of offering a foreign fund to U.K. retail investors, and the Financial Conduct Authority's clear policy statement on implementation should ease the transition process from the existing scheme, say lawyers at Dechert.
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Takeaways From SRA Consumer Protection Review
While the Solicitors Regulation Authority prepares to announce its findings later this year following its consumer protection consultation, the topic of handling client funds is very much alive in the legal industry, with polarizing views on what should happen as a result of the review, says Claire Van Der Zant at Shieldpay.
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Reflecting On 12 Months Of The EU Foreign Subsidy Regime
New European Commission guidance, addressing procedural questions and finally providing clarity on “distortion” in merger control and public procurement, offers an opportunity to reflect on the year since foreign subsidy notification obligations were introduced, say lawyers at Fried Frank.
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What Updated Guide Means For Jersey's Private Funds
The Jersey Financial Services Commission's recent updates to the Jersey Private Fund Guide clarify existing provisions and introduce new requirements for fund managers, service providers and investors, demonstrating a clear commitment to maintaining Jersey's reputation as an attractive jurisdiction for investment, say lawyers at Walkers Global.
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The Road Ahead For Tokenized Investment Funds In The UK
With an HM Treasury working group expected to release the final phase of a road map for tokenized investment funds by the end of the year, Andrew Tsang and Tom Bacon at BCLP discuss the advantages for investors and fund administrators, the proposed model for implementation, and what the regulatory landscape may look like.