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Financial Services UK
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December 19, 2024
Latham Loses Another Senior Finance Pro To Sidley
Sidley Austin LLP has recruited a senior finance specialist from the London office of Latham & Watkins LLP as the firm picks up another partner from its U.S. rival.
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December 12, 2024
UK Launches Anti-Corruption Unit For Domestic Bribery
The government launched a new police unit to tackle domestic corruption and a fresh clampdown on the flow of dirty money on Thursday as a minister admitted that law enforcement agencies are in the dark about the scale of bribery in the country.
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December 12, 2024
BoE Bolsters Liquidity Reporting For Life Insurers
The Bank of England has set out new rules on life insurers overreporting their liquidity positions, in a bid to better monitor the sector following the liability-driven investment crisis two years ago.
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December 12, 2024
Trader Sentenced To 12 Years For Cum-Ex Fraud In Denmark
A Danish court sentenced a British hedge fund trader to 12 years in prison on Thursday after finding him guilty of defrauding the country's tax authority by masterminding a nine billion kroner ($1.3 billion) cum-ex fraud scheme.
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December 12, 2024
HSBC Loses Appeal In Banker's Sex Bias Case
A London appellate court has refused HSBC's attempt to prevent an investment banker from bringing claims of sex bias over a job she failed to get six years ago, ruling that recently unveiled feedback on her candidacy could revive her case.
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December 12, 2024
More £1B-Plus Deals Forecast For 2025 Pensions Market
The market for defined benefit retirement savings plans offloading their pension liabilities to insurers will "remain strong" in 2025, with more deals in excess of £1 billion ($1.3 billion) expected, Standard Life has said.
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December 12, 2024
FCA Floats New Guidance Rules To Support Pension Savers
The financial watchdog said on Thursday that it is consulting on new rules that it hopes will allow providers of pension plans to offer better support to workers saving for retirement.
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December 11, 2024
Oligarch Denies Stripping Norilsk Assets In Fight With Rusal
Russian oligarch Vladimir Potanin has hit back at allegations that he breached contracts with aluminum giant Rusal, telling a London court that the metals business has advanced its case "on a knowingly false basis" to gain a business advantage.
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December 11, 2024
CMS Guides Just Group's £17M Pension Scheme Deal
Just Group on Wednesday said it has taken on £17 million ($21.6 million) worth of retirement savings liabilities from an unnamed pension scheme in a deal guided by law firm CMS Cameron McKenna Nabarro Olswang LLP, marking the latest transaction signed by the company this year.
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December 18, 2024
K&L Gates Hires Restructuring Pro From Katten In London
K&L Gates LLP has hired a restructuring specialist from Katten Muchin Rosenman LLP to boost its legal services to clients ranging from corporate trustees to private credit funds and financial institutions.
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December 11, 2024
Hogan Lovells Steers £370M Pension Deal For Hays
Recruitment company Hays Group PLC has offloaded £370 million ($472 million) of its U.K. pension liabilities to Pension Insurance Corp. PLC, in a deal steered by Hogan Lovells International LLP, Slaughter and May and Addleshaw Goddard LLP.
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December 11, 2024
UK Supreme Court To Hear Motor Finance Misselling Appeal
The U.K.'s top court said Wednesday that it would hear an appeal by car finance lenders following a landmark ruling that consumers must be told about commissions paid to dealers on car loans that set British banks on edge.
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December 11, 2024
Klarna Fined $46M By Sweden For AML Violations
Sweden's financial watchdog hit Klarna Bank AB with a 500 million krona ($45.7 million) fine on Wednesday for breaching anti-money laundering rules, after finding that the payments service provider failed to assess its potential role in economic crime.
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December 11, 2024
Gov't Urged To Carefully Prioritize Regulatory Reforms
The British government must prioritize a "logical sequence" of regulatory reforms that most benefit consumers and improve economic growth instead of introducing changes all at once, the insurer Aegon said Wednesday.
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December 11, 2024
Norton Rose Advises TowerBrook's £283M Deal For Equals
Private equity shop TowerBrook Capital Partners LP said Wednesday that it has made a £283 million ($361 million) recommended cash offer for British financial technology business Equals Group PLC.
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December 10, 2024
EU To Introduce Digital Certificate For Withholding Tax Relief
The Council of the European Union said Tuesday that it has agreed on new withholding rules that grant easy access to tax relief for cross-border investors through a common digital tax residence certificate.
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December 10, 2024
FCA Acted 'Irrationally' Over Misselling Redress, MPs Say
A London court on Tuesday began a judicial review of the Financial Conduct Authority's decision not to rethink its treatment of consumers blocked from a bank misselling redress scheme after a challenge brought by a cross-party group of lawmakers.
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December 10, 2024
UK Audit Watchdog Bills Crowe £1M Over Akazoo Failings
The United Kingdom's auditing watchdog said Tuesday it has hit Crowe U.K. LLP and its chief executive with over £1 million ($1.3 million) in fines and costs following the firm's botched audits of streaming site operator Akazoo Ltd.
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December 10, 2024
Soft Landing For Pilot As Billionaire's Insider Case Wraps
A pilot who admitted to dodging taxes on $500,000 in income after he was accused of taking stock tips from Joe Lewis, his billionaire boss, avoided prison on Tuesday at a sentencing that closed a high-profile insider trading prosecution.
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December 10, 2024
Privinvest Denied Appeal In 'Tuna Bond' Bribery Case
An Emirati shipbuilder on Tuesday was refused permission to appeal a London court judgment that found the company was involved in the "tuna bond" bribery scandal that wrecked Mozambique's economy.
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December 10, 2024
Regulations Halt Pension Transfers 'Needlessly,' Adviser Says
Four out of five pension transfers have been halted either for an unknown reason or because they involved potentially low-risk overseas investments, a financial adviser said.
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December 10, 2024
FCA Will Support Growth But Not 'Light Touch' Regulation
The Financial Conduct Authority said on Tuesday that it will not return to the "light touch" regulation from before the 2008 financial crisis but is committed to responsible risk-taking to support the Labour government's goal of boosting economic growth.
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December 10, 2024
Forex Trader Sued For Unilaterally Closing Trades
A drug distributor has alleged that a foreign exchange trader owes it almost $8.2 million for prematurely closing trades with no justification and failing to settle them for a "fair" value at the going market rate at the time.
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December 10, 2024
Jockey Frankie Dettori Named In HMRC Tax Avoidance Battle
Italian jockey Frankie Dettori has been named as the individual who attempted to maintain his anonymity to keep private his legal battle with HM Revenue and Customs over a tax avoidance scheme, according to a London court judgment.
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December 10, 2024
Couple To Forfeit £12M Over China-Linked Financial Fraud
The National Crime Agency said Tuesday that it has secured a £12 million ($15 million) settlement with a Chinese couple who were suspected of financial fraud and money laundering after building a multimillion-pound property business in the U.K.
Expert Analysis
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Lessons To Be Learned From 2023's Bank Failures
This year’s banking collapses, coupled with interest rate rises, inflation and geopolitical instability have highlighted the need for more robust governance, and banks and regulators have learned that they must adequately monitor and control liquidity risk to protect against another financial crisis, say Juliette Mills and Alix Prentice at Cadwalader.
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An Overview Of European Private Investments in Public Equity
Although still fairly rare, private investments in public equity may continue to be an attractive option for some European issuers seeking to secure equity financing, and advisers planning such an investment should consider the various local options, requirements and norms, say lawyers at Sullivan & Cromwell.
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Cos. Must Monitor Sanctions Regime As Law Remains Unclear
While recent U.K. government guidance and an English High Court's decision in Litasco v. Der Mond Oil, finding that a company is sanctioned when a designated individual is exercising control over it, both address sanctions control issues, disarray in the law remains, highlighting that practitioners should keep reviewing their exposure to the sanctions regime, say lawyers at K&L Gates.
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Unpacking The UK's Proposals To Regulate Crypto-Assets
Recent proposals for crypto-asset regulation in the U.K. demonstrate support for crypto's potential, but there is concern around the authorization process for organizations undertaking crypto-asset activities, and new regulations will require a more detailed assessment of firms' compliance not previously addressed, say Jessica Lee and Menelaos Karampetsos at Brown Rudnick.
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The Top 7 Global ESG Litigation Trends In 2023
To date, ESG litigation across the world can largely be divided into seven forms, but these patterns will continue developing, including a rise in cases against private and state actors, a more complex regulatory environment affecting multinational companies, and an increase in nongovernmental organization activity, say Sophie Lamb and Aleksandra Dulska at Latham.
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UK Takeover Code Changes: Key Points For Bidders, Targets
Newly effective amendments to Rule 21 of the U.K. Takeover Code, which remove legal and administrative constraints on a target operating its business in the ordinary way during an offer, will add clarity for targets and bidders, and are likely to be welcomed by both, say lawyers at Davis Polk.
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Russia Ruling Shows UK's Robust Jurisdiction Approach
An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.
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How New Loan Origination Regime Will Affect Fund Managers
Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.
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How EU Sustainability Directive Will Improve Co. Reporting
The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.
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PPI Ruling Spells Trouble For Financial Services Firms
The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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What Lawyers Can Learn From FDI Screening Report Findings
The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.
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UK Review May Lead To Lower Investment Screening Burden
The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
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Economic Crime Act Exposure: What Companies Can Expect
The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
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FCA Promotions Review Sends A Strong Message To Firms
The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
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When Can Bonuses Be Clawed Back?
The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.