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Financial Services UK
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October 15, 2024
Starmer Hints At National Insurance Hike Over Capital Gains
British Prime Minister Keir Starmer on Tuesday again refused to rule out raising employers' National Insurance, a payroll levy used to fund social programs, after downplaying claims that his government is planning to raise the capital gains tax.
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October 15, 2024
Trustees Urged To Do More Than Minimum On ESG
Trustees of retirement saving schemes should do more than just what's required to comply with ESG duties, The Pensions Regulator's climate change lead said.
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October 22, 2024
Hughes Hubbard Adds Securities Pro From Clifford Chance
Hughes Hubbard & Reed LLP has hired an experienced U.S. securities and capital markets expert as a partner in Paris, as the firm looks to grow its financing and cross-border M&A practices in Europe.
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October 15, 2024
StanChart Wins UK Test Case Over Alternative To Libor Rate
Standard Chartered PLC on Tuesday was granted permission by a London court to use an alternative to the defunct London interbank offered rate to help set the interest it pays on $750 million in shares, without having to repay the investment now.
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October 22, 2024
Ex-A&O Lawyer Brings Int'l Expertise To Twenty Essex
A former solicitor at Allen & Overy LLP has joined Twenty Essex Ltd. alongside her existing position at an Australian barristers set to bolster the London chambers' team of experts in international disputes.
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October 15, 2024
Barclays Challenges UK Motor Finance Ruling In Test Case
Barclays launched a legal challenge Tuesday against a decision that found it had treated a consumer unfairly by paying a commission to a car finance broker, in a test case with potential implications for future complaints over motor financing arrangements.
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October 15, 2024
EU To Create Governance Structure For Faster Settlements
The financial watchdogs and executive arm of the European Union said Tuesday that they will establish a governance structure that will work with the sector to oversee a move toward faster one-day settlements of securities trades.
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October 15, 2024
UBS Told To Bolster Crisis Plans After Credit Suisse Deal
UBS must boost its emergency plans after buying stricken rival Credit Suisse to ensure that the combined group can wind down or be sold without cost to taxpayers, Switzerland's finance watchdog said on Tuesday.
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October 14, 2024
Tycoon Sentenced To 8 More Years Over Real Estate Fraud
A businessman imprisoned for a £2.5 million ($3.3 million) property fraud has been sentenced to another eight years in prison for defaulting on a £4.5 million court order that was part of legal proceedings to recover money taken in a failed deal to develop a luxury apartment.
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October 14, 2024
Finance Firms Urge EU To Back Shorter Settlement Period
Europe's financial institutions urged the bloc's public authorities on Monday to commit to moving to one-day settlement of securities trades in coordination with the U.K. and Switzerland.
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October 14, 2024
African Bank Sues Engineering Biz For $111M In Unpaid Debt
One of Africa's largest trade banks has sued Kaztec Engineering Ltd. for $111 million, accusing the Nigerian business of failing to pay back a loan it used to acquire oil assets in the country.
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October 14, 2024
Crypto-CEO Faces US Extradition In Market Manipulation Case
The former chief executive of a $7.5 billion crypto-asset company appeared at a London court Monday accused by the U.S. government of manipulating the market for the company's dog-themed "Saitama Inu" crypto-tokens before selling them for tens of millions in profit.
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October 14, 2024
FCA Applies Consumer Duty To Tackle Fraud Reimbursement
The Financial Conduct Authority has applied its consumer protection framework to banks to ensure that they tackle authorized push payment fraud and reimburse victims, beyond the rules set by the payments watchdog, according to lawyers.
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October 11, 2024
Bird & Bird Adds DLA Piper Legal Director To London Office
Bird & Bird LLP has added a former DLA Piper legal director as a partner to its London tax team.
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October 11, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen billionaire Lakshmi Mittal sue steel magnate Sanjeev Gupta in a long-running clash to claw back €140 million ($153 million) of debt, a high-profile AI researcher take action against the Intellectual Property Office to register his software as a listed patent inventor and troubled housing trust Home Reit face a claim by a real estate developer. Here, Law360 looks at these and other new claims in the U.K.
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October 11, 2024
G-20 Regulators Told To Learn From Credit Suisse Collapse
A global banking standards setter reminded regulators from G-20 countries Friday of the lessons they can learn from what led to the collapse of Credit Suisse and other banks during the 2023 crisis, including failures in risk management, governance and supervision.
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October 11, 2024
Market Abuse Behind Majority Of €71M EU Fines
The European Union's markets authority said Friday the bloc's national regulators issued fines totaling €71.3 million ($93.2 million) in 2023 as they doubled down their efforts to curb insider trading and market manipulation.
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October 11, 2024
Art Dealer's Ex-Wife Denies Liability For His Loan
The former wife of Andrew Valmorbida, an art dealer to the stars who was involved in a multi-million dollar art fraud, has said she should not pay back an investment firm part of $33.4 million taken by her then-husband, arguing the business can pursue other assets first.
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October 11, 2024
UK Insurer Saga In Talks Over £140M 20-Year Deal With Ageas
Travel and insurance company Saga PLC confirmed Friday that it was in "exclusive negotiations" with Ageas over a two-decade partnership, as well as the sale of its underwriting unit to the Belgian business.
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October 10, 2024
Miner Liable To PE Firm Over Axed $1B Brazilian Mine Deal
South African miner Sibanye-Stillwater is liable to pay damages to private equity firm Appian Capital Advisory LLP for withdrawing from a $1 billion deal to buy two Brazilian copper and nickel mines, a London court ruled Thursday.
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October 17, 2024
Sidley Boosts Global Finance Practice With 5 Partner Hires
Sidley Austin LLP has bolstered its global finance practice with the hire of five new partners in the firm's London office from Latham & Watkins LLP.
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October 10, 2024
Ex-Goldman Manager Claims £3.8M In Paternity Sex Bias Case
A former Goldman Sachs compliance manager launched his sex discrimination case against the investment bank on Thursday, claiming £3.8 million ($5 million) and alleging that his bosses used redundancy as a smokescreen to sack him for taking paternity leave.
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October 10, 2024
Ireland's Finance Bill Sets Out Foreign Dividend Exemption
The Irish government set out its plans for a new participation tax exemption for foreign dividends as part of a finance bill published Thursday.
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October 10, 2024
HSBC Appeals To Throw Out Job Applicant's Race Bias Claim
HSBC Bank PLC urged a London appeals court Thursday to dismiss a job applicant's discrimination claim that alleged it unfairly refused to hire her for a director role, arguing that an employment tribunal had made factual errors when it revived the case.
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October 10, 2024
Risk Co. Can't Pursue Bankruptcy Against Guernsey Resident
A risk management company lost its attempt to bring bankruptcy proceedings against a man in Guernsey that owes it around £2 million ($2.6 million), after a London court ruled the business couldn't meet the conditions to file outside England and Wales.
Expert Analysis
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Traversing The Web Of Nonjudicial Grievance Mechanisms
Attorneys at Covington provide an overview of how companies can best align their environmental and human rights compliance with "hard-law" requirements like the EU's recently approved Corporate Sustainability Due Diligence Directive while also navigating the complex global network of existing nonjudicial grievance mechanisms.
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Opinion
FCA Greenwashing Rules Need To Be Stronger To Be Effective
The Financial Conduct Authority's forthcoming anti-greenwashing measures, aimed at ensuring the veracity of regulated entities’ statements about sustainability credentials, need external scrutiny and an effective definition of "corporate social responsibility" to give them bite, says Jingchen Zhao at Nottingham Trent University.
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EU Ruling Exposes Sovereignty Fissures In Int'l Arbitration
The European Court of Justice's recent ruling that the U.K. had breached EU law by allowing an arbitral award to proceed underscores the diminished influence of EU jurisprudence in the U.K., hinting at the EU courts' increasingly nominal sway in international arbitration within jurisdictions that prize legal autonomy, says Josep Galvez at 4-5 Gray’s Inn.
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Companies House False Filings Raise Issues Of Integrity
A recent spate of unauthorized company filings with Companies House raises specific concerns for secured lenders, but also highlights the potential for false filings to be used to facilitate fraudulent schemes, says Daniel Sullivan at Charles Russell.
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UK Courts Continue To Struggle With Crypto-Asset Cases
Although the common law has proved capable of applying established principles to crypto-assets, recent cases highlight persistent challenges in identifying defendants, locating assets and determining jurisdiction, suggesting that any meaningful development will likely come from legislative or regulatory change, say Emily Saunderson and Sam Mitchell at Quadrant Chambers.
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Comparing The UK And EU Approaches To AI Regulation
While there are significant points of convergence between the recently published U.K. approach to artificial intelligence regulation and the EU AI Act, there is also notable divergence between them, and it appears that the U.K. will remain a less regulatory environment for AI in the foreseeable future, say lawyers at Steptoe.
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Lessons On Using 3rd-Party Disclosure Orders In Fraud Cases
The expansion of the gateway for service out of jurisdiction regarding third-party information orders has proven to be an effective tool against fraud since it was introduced in 2022, and recent case law offers practical tips on what applicants should be aware of when submitting such orders, says Rosie Wild at Cooke Young.
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A Look At The Latest EU Alternative Investment Regulation
Recent amendments to the EU Alternative Investment Fund Managers Directive governing a range of alternative investment funds reflect a growing regulatory focus on nonbanking financial institutions, which expand credit to support economic growth but carry a commensurate risk, say Juliette Mills and Alix Prentice at Cadwalader.
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Unpacking The Law Commission's Digital Assets Consultation
The Law Commission recently published a consultation on recognizing a third personal property category to accommodate the development of digital assets, highlighting difficulties with current models of property rights and the potential consequences of considering digital assets as personal property, say Andrew Tsang and Tom Bacon at BCLP.
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Unpacking The FCA's Approach To AML Compliance Failures
In light of the upward trend of skilled-person reviews by the Financial Conduct Authority, including the latest investigation into Lloyds' anti-money laundering controls, financial firms should familiarize themselves with the mechanisms of FCA supervision and enforcement investigations, says Kathryn Westmore at RUSI.
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New Russia Sanctions Reveal Int'l Enforcement Capabilities
Significant new U.K., U.S. and EU sanctions imposed on Russia notably target Europe-based individuals and entities accused of sanctions evasion, and with an apparent political will to enhance capabilities, the rhetoric is translating into international enforcement activity, say lawyers at Cadwalader.
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What COVID Payout Ruling Means For Lockdown Loss Claims
While the High Court's recent COVID-19 payout decision in Gatwick v. Liberty Mutual, holding that pandemic-related regulations trigger prevention of access clauses, will likely lead to insurers accepting more business interruption claims, there are still evidentiary challenges and issues regarding policy limits and furlough, say Josianne El Antoury and Greg Lascelles at Covington.
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Spartan Arbitration Tactics Against Well-Funded Opponents
Like the ancient Spartans who held off a numerically superior Persian army at the Battle of Thermopylae, trial attorneys and clients faced with arbitration against an opponent with a bigger war chest can take a strategic approach to create a pass to victory, say Kostas Katsiris and Benjamin Argyle at Venable.
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EEA Equivalence Statement Is Welcomed By Fund Managers
The recent statement confirming European Economic Area equivalence to undertakings for collective investment in transferable securities for U.K. overseas funds regime purposes removes many managers’ concerns in the wake of Brexit, giving a clear pathway out of temporary marketing permissions and easing the transition from one regime to another, says Catherine Weeks at Simmons & Simmons.
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In Int'l Arbitration Agreements, Be Clear About Governing Law
A trilogy of recent cases in the English High Court and Court of Appeal highlight the importance of parties agreeing to explicit choice of law language at the outset of an arbitration agreement in order to avoid costly legal skirmishes down the road, say lawyers at Faegre Drinker.