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Financial Services UK
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January 28, 2025
Mediobanca Rejects Monte Dei Paschi's €13.3B Bid
Italian investment bank Mediobanca SpA said Tuesday that it has rejected a €13.3 billion ($13.9 billion) takeover offer from Monte dei Paschi for being destructive to value for shareholders at both lenders.
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January 28, 2025
EU Authorities Smash €100M Money Laundering Scheme
A group of more than 20 individuals suspected of running a €100 million ($104 million) money laundering scheme in Europe has been arrested following a two-year investigation by law enforcement authorities in Spain, Cyprus and Germany, an EU agency said Tuesday.
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January 27, 2025
HMRC Can Appeal In Dispute Over UK-Ireland Tax Agreement
HM Revenue & Customs can proceed with an appeal in its case alleging an Irish company's investment in a U.K.-based company was made to gain tax advantages, the Court of Appeal ruled Monday after hearing arguments.
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January 27, 2025
3 Sentenced For Circumventing Bank Anti-Fraud Checks
Three men were sentenced Monday for their role in running a website enabling criminals to defraud victims by circumventing banking anti-fraud checks and generating up to an estimated £7.9 million ($9.9 million) in subscription fees, the National Crime Agency has said.
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January 27, 2025
Royal London Hits Back In £27M Company Sale Row
Mutual insurance and investment firm Royal London has denied that it breached any warranties during the sale of a company to M&G and that it does not owe at least £27 million ($33.7 million) claimed by the asset manager.
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February 03, 2025
Morgan Lewis Adds Competition, Finance Pros In London
Morgan Lewis & Bockius LLP said Monday it has hired specialists in competition and structured finance from Baker McKenzie and Akin Gump, respectively, as it looks to continue to expand across Europe.
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January 27, 2025
FCA Urges Tribunal To OK Spoofing Fines For 3 Bond Traders
The Financial Conduct Authority asked a tribunal on Monday to uphold its disciplinary action against three traders for alleged market abuse, saying they had engaged in trading that was intended to mislead the market and should be subject to a ban and a fine.
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February 03, 2025
Simmons Hires Restructuring Pro From Dechert
Simmons & Simmons LLP has hired a restructuring expert to join its wider private equity and leveraged finance practice in London as the firm reacts to an uptick in global demand for its services in the evolving lending sector
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January 27, 2025
Trader Faces US Extradition Over $10M Securities Fraud
A trader wanted for running a "pump and dump" scheme that generated more than $10 million in unlawful stock sales will face extradition to the U.S. at a London court hearing in June, it was confirmed on Monday.
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January 27, 2025
UK Pension Deals Market Set To Hit £70B In 2025, WTW says
The pension deal market in the U.K. is likely to hit £70 billion ($88 billion) in 2025, broker WTW said Monday, as funding levels continue to improve, and more insurance companies enter the market.
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January 27, 2025
FCA Warns Wholesale Brokers Of Money Laundering Risk
The City watchdog has urged wholesale brokers to work harder to manage risks associated with money laundering because they might be used to execute trades that facilitate financial crime.
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January 24, 2025
Amex GBT Faces Sept. Trial In DOJ Case Against $570M Deal
A New York federal judge set a September trial date Friday for the U.S. Department of Justice suit challenging American Express Global Business Travel Inc.'s planned $570 million purchase of CWT Holdings LLC, rejecting company assertions of "exigencies" necessitating a decision by June.
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January 24, 2025
Reed Smith Brings Back Tax Pro From Amazon In Brussels
An attorney who specializes in customs, trade and excise tax matters in the European Union and U.K. has rejoined Reed Smith LLP in Brussels after a stint at Amazon, the firm announced.
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January 24, 2025
FCA Settles Claims Law Firm Helped Illegal Investment Plans
The Financial Conduct Authority said Friday it has settled with a regional law firm over allegations that it helped a client promote a misleading care home investment scheme causing £50 million ($62 million) in losses.
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January 24, 2025
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Axa Insurance and Admiral face a claim from a former lawyer recently exposed for personal injury fraud, the owner of Reading Football Club sue a prospective buyer and mobile network Lycamobile tackle action by Spanish network Yogio. Here, Law360 looks at these and other new claims in the U.K.
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January 24, 2025
Russian Banking Oligarch's Wife Loses Bid To Lift Sanctions
A Ukrainian-Russian tycoon's wife lost her fight to lift U.K. sanctions against her on Friday as an appellate court ruled that the restrictions were a proportionate way of undermining the Kremlin after Russia invaded Ukraine.
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January 24, 2025
Gov't Stats Reveal 13% Of Pensioners Living In Poverty
The government has said that approximately 13% of pensioners are living in poverty, publishing figures that shine further light on the issue of retirement deprivation that is now under parliamentary scrutiny.
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January 24, 2025
2 Firms Guide Monte Dei Paschi's €13.3B Mediobanca Bid
Italian lender Monte dei Paschi, said to be the world's oldest bank, launched a €13.3 billion ($14 billion) takeover offer for rival Mediobanca SpA on Friday in the latest move to consolidate Italy's banking sector.
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January 23, 2025
UK Gov't Tones Down Plan For Non-Dom Tax Changes
The U.K. government will amend its finance bill to soften its plan to abolish the nondomicile tax status for people claiming tax benefits as nonresidents, Exchequer Chancellor Rachel Reeves said in an interview broadcast Thursday.
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January 23, 2025
FX Trader Blames Wasted Time On Misleading Ex-Client
A foreign-exchange trader has hit back at claims it unjustifiably closed trades losing $8.2 million, saying in court filings that its former client misrepresented how it would use the trades in the first place.
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January 23, 2025
Actuaries Body Wants Separate Inheritance Tax For Pensions
The government must consider a separate inheritance tax regime for pension assets, a trade body said, warning that proposed reforms were unworkable as currently drafted.
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January 23, 2025
FCA Finds Gaps In Brokers' Money Laundering Defenses
The Financial Conduct Authority on Thursday urged brokers to tighten anti-money laundering controls, after a review it ran found gaps in their defenses against the flow of tainted cash through Britain's capital markets.
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January 23, 2025
Watchdog Restricts Scottish Broker Over Premium Concerns
The Financial Conduct Authority has restricted a Scotland-based insurance broker from carrying out regulated activities over "concerns" the business has sold policies but failed to pass on payments to insurers.
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January 23, 2025
Litigation-Funder Sues Merricks Over Mastercard Settlement
A representative of more than 45 million U.K. consumers in a class action against Mastercard is being sued by his litigation-funder over his decision to reach a settlement in the £10 billion ($12.3 billion) case for £200 million.
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January 23, 2025
5 Questions For Katten Partner Nathaniel Lalone
The Digital Operational Resilience Act has set tough new rules for financial businesses in the European Union to prevent disruptions in digital services from external providers. Here, Nathaniel Lalone, of Katten Muchin Rosenman LLP, tells Law360 about how the act could have an impact on some financial entities in Britain.
Expert Analysis
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What EU Opinion May Mean For ESG Product Classification
The recently issued European Supervisory Authority opinion on the Sustainable Finance Disclosures Regulation offers key recommendations, including revising the definition of sustainable investments and making principal adverse impacts consideration mandatory, that could sway the European Commission’s final approach to product classification, say lawyers at Debevoise.
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What New UK Listing Rules Mean For Distressed Companies
The Financial Conduct Authority’s recently published overhaul of U.K. listing rules makes it easier for advisers to restructure distressed listed companies, and in moving to a more disclosure-based approach, simplifies timelines and increases opportunities for investors, say Kate Stephenson and Sarah Ullathorne at Kirkland & Ellis.
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AI Reforms Prompt Fintech Compliance Considerations
With the EU Artificial Intelligence Act's Aug. 1 enforcement, and the U.K.'s new plans to introduce AI reforms, fintech companies should consider how to best focus limited resources as they balance innovation and compliance, says Nicola Kerr-Shaw at Skadden.
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Irish Businesses Should Act Now To Prepare For EU AI Act
Artificial intelligence is increasingly transforming the Irish job market, and proactive engagement with the forthcoming European Union AI Act, a significant shift in the regulatory landscape for Irish businesses, will be essential for Irish businesses to responsibly harness AI’s advantages and to maintain legal compliance, say lawyers at Pinsent Masons.
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EU Investment Fund Standards Offer Welcome Clarity
The European Commission’s recently published regulatory technical standards for long-term investments, which granted managers greater flexibility with respect to open-ended European long-term investment funds, should help managers active in the space navigate the mandatory liquidity requirements for long-term investment funds, say Zac Mellor-Clark and Nishkaam Paul at Fried Frank.
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Unpacking The New Concept Of 'Trading Misfeasance'
In addition to granting one of the largest trading awards since the Insolvency Act was passed in 1986, the High Court recently introduced a novel claim for misfeasant trading in Wright v. Chappell, opening the door to liability for directors, even where insolvent liquidation or administration was not inevitable, say lawyers at Greenberg Traurig.
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Key Takeaways From Proposed EU Anticorruption Directive
The European Commission's anticorruption proposal, on which the EU Council recently adopted a position, will substantially alter the landscape of corporate compliance and liability across the EU, so companies will need to undertake rigorous revisions of their compliance frameworks to align with the directive's demands, say lawyers at Linklaters.
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How Regulation Of Tech Providers Is Breaking New Ground
The forthcoming EU regulation on digital operational resilience and the U.K. critical third-party regime, by expanding the direct application of financial services regulation to designated technology providers, represent a significant development that is not to be underestimated, say David Berman and Emily Lemaire at Covington.
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What EU Net-Zero Act Will Mean For Tech Manufacturers
Martin Weitenberg at Eversheds Sutherland discusses the European Council’s recently adopted Net-Zero Industry Act and provides an overview of its main elements relevant for net-zero technology manufacturers, including benchmarks, enhanced permitting procedures and the creation of new institutions.
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Complying With EU Commission's Joint Purchasing Rules
One year after the European Commission released its revised guidelines on horizontal cooperation agreements, attorneys at Crowell & Moring reflect on the various forms such agreements can take, and how parties can avoid structuring arrangements that run afoul of competition law.
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Tips For Implementing EU Sustainability Reporting Guidance
Lawyers at Sullivan & Cromwell discuss the European Financial Reporting Advisory Group’s recently published guidance on double materiality assessments and offer takeaways on achieving a sustainability directive-compliant process that could enhance clarity and consistency among multinational stakeholders.
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Why Ukraine Aircraft Insurance Case Failed To Take Off In UK
In Aercap v. PJSC Insurance, the High Court decided the claimants could not avoid an exclusive jurisdiction clause and advance their case in England rather than Ukraine, and the reasoning is likely to be of relevance in future jurisdiction disputes, say Abigail Healey and Genevieve Douglas at Quillon Law.
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Labour's 'Fresh Approach' To Tackling Financial Crime
Given newly elected Prime Minister Sir Keir Starmer’s background as a criminal defense lawyer and director of public prosecutions, an administration with strong views on financial crime can be expected, and revenue raising and proceeds of crime recovery are likely to be at the forefront, says Matthew Cowie at Rahman Ravelli.
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Unpacking Pressures, Trends Affecting Global Supply Chains
A recent HSBC report reveals a number of trends and challenges for global supply chains in the current uncertain geopolitical landscape, and with constant emerging opportunities, companies that can stay informed, be proactive and adapt to change will be well positioned to succeed, says Michelle Craven-Faulkner at Shoosmiths.
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What UK Digital Markets Act Will Mean For Competition Law
The new Digital Markets Act’s reforms will strengthen the Competition and Markets Authority's investigatory and enforcement powers across its full remit of merger control and antitrust investigations, representing a seismic shift in the U.K. competition and consumer law landscape, say lawyers at Travers Smith.