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UK Expert Analysis
FCA's £44M Nationwide Fine Highlights AML Control Gaps
The Financial Conduct Authority’s recent £44 million fine of Nationwide Building Society for anti-money laundering control failures demonstrates that where a firm does not implement appropriate policies and remediation projects, there is a risk that noncompliance will remain unaddressed, say lawyers at Taylor Wessing.
How EU Reforms May Affect Copyright, AI Balance
The European Parliament’s recently proposed resolution calling on the European Commission to address the intersection between copyright and generative artificial intelligence will have implications for companies developing technology, whose compliance costs will soar, and rights holders, for whom great opportunities may lie ahead, says Pasquale Tammaro at BonelliErede.
FCA's Investment Regime May Prove A Double-Edged Sword
The Financial Conduct Authority’s final rules on consumer composite investments intend to support retail investors in making more informed decisions while affording firms greater flexibility, but continuing with opaque methodologies will require greater operational and compliance effort in the short term, say lawyers at Fried Frank.
How FCA's Client Reforms May Boost Investment Access
The Financial Conduct Authority’s recent proposals to reform the professional client categorization regime and simplify conflicts of interest rules are likely to be welcomed, although firms will need to navigate the increased responsibility that comes with greater flexibility, say lawyers at Skadden.
Irish Consumer Law Proposals Expose Concerns Over Privacy
The Irish government’s recent proposals to amend and clarify competition and consumer law would allow new investigative powers and greater financial sanctions, leading to concerns from businesses whether the benefits outweigh the privacy risks, says Kate McKenna at Matheson.
A New Era For UK Financial Sanctions Enforcement
A major overhauling of the U.K.'s Office of Financial Sanctions Implementation brings it into closer alignment with its U.S. counterpart, though it also deliberately diverges in ways that carry real consequences for exposure modeling and enforcement strategy, says Irene Polieri at Gibson Dunn.
Decoding Arbitral Disputes: Tracing Paths To Award Recovery
Recent subpoenas to Adidas and Hilton deployed in Blasket Renewables v. Spain, pending in D.C. federal court, show arbitration award recovery to be a disciplined exercise in constructing visibility, applying pressure and sequencing procedural advantage, says Josep Galvez at 4-5 Gray's Inn Square.
Assessing The Significance Of Australia-EU's Free Trade Deal
The recently concluded Australia-European Union free trade agreement could be a springboard for a more ambitious initiative bringing together the EU and the economies of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, a critical mass capable of shaping norms across subsidies, sustainability disciplines and competition policy, says Alan Yanovich at Akin Gump.
Responding To UK's New Late-Payment Enforcement Regime
The U.K. government’s recently announced crackdown on late payment marks a decisive shift from voluntary standards toward an enforcement-led framework designed to alter behavior by changing incentives, increasing accountability and introducing real consequences for persistent poor practices, say lawyers at Shoosmiths.
Series
Practice Leader Insights From CRS' Sarah Wigington
Sarah Wigington, head of CRS' U.K. corporate team, discusses the challenges of conducting a joint venture with numerous moving parts that had to land at precisely the same moment, how simplification of corporate reporting and disclosure obligations would help midmarket businesses, and why ESG factors are now a threshold issue.
Unpacking HMRC's Decision To Delay Tax Adviser Regime
Lawyers at McDermott discuss why HM Revenue & Customs recently chose to delay the application of its tax adviser registration requirement to financial services firms, such as asset managers, as well as the onerous duties and responsibilities that the current legislation imposes.
PE's Path In UK Legal Market Offers Playbook For US Firms
The U.K. offers 14 years' worth of data on private equity's involvement in the legal market, demonstrating for U.S. firms what worked, what didn’t and why, and illustrating several lessons about operational readiness, cultural fit and timing, says Tom Lenfestey at The Law Practice Exchange.
ECJ Ruling Shows When Cos. Can Reject Data Requests
The European Court of Justice’s recent decision in Brillen Rottler v. TC clarifies that although data controllers must be cautious in declining data subject access requests under the EU General Data Protection Regulation, a company may refuse to respond where the request is manifestly unfounded or excessive, even at first contact, says Rob Dalling at Jenner & Block.
Lack Of Associate Pay Progression May Leave Firms Exposed
Willkie’s recent salary increases for newly qualified lawyers in London made headline news, but the more important issue is how firms pay midlevel associates, since allowing pay progression to lag materially risks undermining the cohort firms rely on to sustain client relationships and train the next generation, says Adam Stocker at Major Lindsey.
Series
Practice Leader Insights From Wedlake Bell's Adam Grant
Adam Grant, head of employment at Wedlake Bell, discusses the challenges of persuading a business to offer employees greater support when it makes large-scale redundancies, the need for new guidance on returning data subject access requests to their intended purpose, and how economic uncertainty with less job security may lead to more office presence.
Dubai Ruling Delineates Standard For Foreign Arbitration Aid
By delineating the limits of its jurisdiction with clarity, in the recent Orabelle v. Orzenia decision, the Court of First Instance of the Dubai International Financial Centre Courts enhances predictability and reinforces the court's standing as a forum combining international openness with strict adherence to statutory constraints, says Josep Galvez at 4-5 Gray's Inn.
What CMA Blog Reveals About Pricing Collusion Scrutiny
The Competition and Markets Authority's recent blog post announcing capabilities to screen for algorithmic collusion demonstrates that the regulator's concerns are crystallizing into enhanced investigative and enforcement actions, broadening the range of commercial arrangements at risk of antitrust scrutiny, say lawyers at Freshfields.
What Oatly's Loss Means For Plant-Based Food Industry
The U.K. Supreme Court’s recent judgment in Dairy U.K. v. Oatly demonstrates that under European Union agricultural marketing regulations courts consider fair competition to take precedence over consumer protection, and that dairy labeling challenges can succeed even where there is no realistic prospect of demonstrating consumer confusion, say lawyers at TLT.
Series
Practice Leader Insights From Willkie's Gavin Gordon
Willkie's chair of European private equity, Gavin Gordon, discusses the challenges of conducting a merger across differing time zones and in a complex regulatory environment, how clients are frustrated by the growing impact of antitrust filings, and why there is a mismatch on valuation expectation between buyers and sellers.
Carillion Fines Show FCA's Broad View Of Directors' Duties
The Financial Conduct Authority’s recent issuing of final notices to Carillion’s former group CEO demonstrates that executive directors cannot recklessly allow misleading public announcements that undermine market confidence, says Wendy Saunders at Lewis Silkin.
Assessing Potential Legal Claims From Private Credit Turmoil
Amid the downturn in the private credit markets spurred by multiple high-profile bankruptcies, a New York lawsuit stemming from the collapse of First Brands provides an important case study for investors to help minimize future losses and maximize any potential recovery in the event of a private credit default, say attorneys at Bleichmar Fonti.
New French In-House Privilege Reshapes Arbitration Strategy
The French Constitutional Council’s recent granting of legal privilege to in-house counsel marks a structural evolution in French arbitration practice and alters the evidentiary balance of document production in cross-border disputes, although the new protection is neither absolute nor risk-free, say lawyers at King & Spalding.
What 2nd Circ. Discovery Stay Means For Sovereign Litigation
The Second Circuit’s recent stay of a postjudgment discovery order against Argentine officials in an oil investment dispute is worth examining in its full doctrinal and practical context, as limiting enforcement efforts that pry into foreign governments' internal workings could quietly reshape the trajectory of sovereign litigation in the U.S., says Josep Galvez at 4-5 Gray's Inn.
What New FCA Rules Mean For Deferred Payment Providers
New rules from the Financial Conduct Authority requiring deferred payment credit providers to obtain a financial services license have two notable implications: providers will be subject to full compliance with the regulator’s consumer duty, and must meet its organizational and governance requirements, says Alix Prentice at Cadwalader.
EU Ruling Signals More Intrusion Into Commercial Arbitration
Three things stand out from the recent opinion of the advocate general of the European Court of Justice in Reibel v. Stankoimport, which is the next step in a long line of measures chipping away at the viability of international arbitration in the European Union, say attorneys at BakerHostetler.
Special Series
Practice Leader Insights
This year, 42 leaders of employment, intellectual property, insurance and transactions practice groups shared thoughts on keeping the pulse on legal trends, tackling difficult cases and what it takes to make a mark in their area.
Opinion
Collective Action Reform Can Save UK Court System
The crumbling foundations of Britain’s legal system require innovative solutions, such as investment in institutional infrastructure to reduce court backlogs, a widening of the Competition Appeal Tribunal’s remit and legislative clarity over litigation funding underpinning collective actions, says Neil Purslow at the International Legal Finance Association.
New US-UK Tech Deal Offers Opportunities To Boost Growth
The recently announced U.S. and U.K. Technology Prosperity Deal, encouraging businesses on both sides of the Atlantic to work together toward technological advance, will drive both investment in U.K. capabilities and returns for U.S. investors, says Peter Watts at Hogan Lovells.