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Featured
Experts See Risks In FCA's Soft-Touch Response To AI
The Financial Conduct Authority has so far failed to detail its rules on artificial intelligence and is moving toward a reliance on companies to self-report, putting it at risk of deferring excessively to the sector it regulates, legal experts say.
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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
Fraudster Art Dealer's Ex-Wife Denies Liability For His Loan
The former wife of Andrew Valmorbida, art dealer to the stars and a self-confessed fraudster, 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 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.
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October 10, 2024
Gupta Prosecuted Over Missing Accounts For 76 Companies
British businessman Sanjeev Gupta and four other executives in his industrial group face criminal charges over their alleged failure to file accounts for more than 70 listed companies, the U.K. corporate registry confirmed Thursday.
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October 10, 2024
Lebanese Bank Claims It Was Told Not To Repay $234M Debt
Lebanon's largest private lender has claimed that the central bank of the Middle East state advised it not to repay foreign loans and interests totaling more than $234 million it owed to a member of the World Bank Group because of an economic crisis.
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October 10, 2024
£300B Of Pension Assets Could Be Invested In UK, PwC Says
The largest pension funds in Britain could potentially invest up to £300 billion ($391 billion) into the U.K. economy, PwC said Thursday, after the sector logged a record funding surplus in September.
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October 10, 2024
FCA Warns Of Rise In Market Abuse Through Regulated Firms
The Financial Conduct Authority has said it has seen a rise in potential market abuse from trading accounts administered by authorized companies working with overseas firms.
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October 10, 2024
Advisers Say Council's 'Extreme' Risk Appetite Lost It £20M
Laven Advisors LLP has denied that one of its representatives fraudulently oversold high-risk bonds to an English local authority, claiming the £20 million ($26.1 million) investment loss incurred by the council was a result of its own "extreme" risk appetite.
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October 10, 2024
TSB Bank Fined £11M For Mistreating Vulnerable Customers
The finance watchdog said Thursday that it has hit TSB Bank PLC with a fine of £10.9 million ($14.2 million) after finding that the lender had unfairly treated tens of thousands of customers in arrears or facing financial difficulties between 2014 and 2020.
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October 09, 2024
Bank Of Scotland Forced £18.5M Hotel Asset Sale, Court Hears
The Bank of Scotland acted in bad faith by forcing a high-end hotel group it partly owns to sell valuable premises at a reduced price, a lawyer for the hospitality chain said on the first day of trial Wednesday.
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October 09, 2024
UK Gov't Greenlights Film Industry Tax Credit
U.K. film companies will be able to gain over 50% tax relief for their films' costs from a tax credit approved Wednesday by the Labour government.
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October 09, 2024
EU Launches Consultation On Securitization Rules
The European Commission on Wednesday started a consultation on the European Union's securitization framework, with a focus on due diligence and transparency requirements, supervision and the prudential treatment of securitizations for banks and insurers.
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October 09, 2024
Litigation Funder Sues After-The-Event Insurer For £61M
A legal loans company has sued an insurer for around £61.4 million ($80.3 million) over its alleged failure to pay out under a litigation funding arrangement.
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October 09, 2024
Trader Fights Insider Dealing US Extradition At Top UK Court
A former securities trader asked the U.K. Supreme Court Wednesday to overturn his extradition to America to face insider trading charges, arguing that he cannot be sent to the U.S. over offenses alleged to have taken place in Britain.
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October 09, 2024
Tech Co. Denies Claim That Plasma Reactor Was Never Built
A developer of graphene-based materials has denied misusing money that a Chinese businessman invested in the British company in the belief that it would build a so-called plasma reactor.
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October 09, 2024
Switzerland OKs £5.4B Hargreaves Lansdown PE Takeover
The Swiss Competition Commission has given the thumbs up to the £5.4 billion ($7 billion) takeover of Hargreaves Lansdown by a group of private equity companies, consortium member CVC Capital Partners Ltd. said Wednesday.
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October 09, 2024
Law Firms Sued For Botched Advice In £5M Ponzi Scheme
Property investors have claimed two law firms failed to warn them of the dangers of sinking their savings into a building project that turned out to be an alleged £5.4 million ($7 million) Ponzi scheme.
Editor's Picks
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UK Draft Pay Fraud Rules Open Tricky Legal Liabilities
The government's new draft legislation, which will give banks longer to investigate suspicions of fraud before they send payments instructed by customers, will create a wave of new legal liabilities and lead to regulatory hurdles, according to lawyers.
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FCA Fires Warning Shot Over City's Consumer Duty Failings
The Financial Conduct Authority has sent out a fresh warning to financial services companies highlighting how some of them are failing to comply with its Consumer Duty regime. But experts have told Law360 that the expectations are unclear.
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5 Questions for Osborne Clarke Partner Nick Price
The Payment Systems Regulator is due to start forcing payment firms to reimburse victims of scams who have been tricked by a fraudster into transferring them money. Here, Law360 talks to Osborne Clarke partner Nick Price about how this new regime could mean uncertainty about compliance.
Expert Analysis
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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.
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Review Of EU Cross-Border Merger Regs' Impact On Irish Cos.
Looking back on the year since the European Union Mobility Directive was transposed into Irish law, enabling Irish and European Economic Area limited liability companies to participate in cross-border deals, it is clear that restructuring options available to Irish companies with EU operations have significantly expanded, say lawyers at Matheson.
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A Look At UK, EU And US Cartel Enforcement Trends
The European Union, U.K. and U.S. competition agencies' recently issued joint statement on competition risks in generative artificial intelligence demonstrates increased cross-border collaboration on cartel investigations, meaning companies facing investigations in one jurisdiction should anticipate related investigations in other jurisdictions, say lawyers at Latham & Watkins.
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Testing The Limits Of English Courts' Pro-Arbitration Stance
Although the Court of Appeal recently upheld a $64 million arbitration award in Eternity Sky v. Zhang, the judgment offers rare insight into when the English courts’ general inclination to enforce arbitral awards may be outweighed by competing policy interests such as consumer rights, say Declan Gallivan and Peter Morton at K&L Gates.
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What Green Claims Directive Proposal Means For Businesses
With the European Union’s recent adoption of a general approach to the proposed Green Claims Directive, which will regulate certain environmental claims and likely be finalized next year, companies keen to publicize their green credentials have even more reason to tread carefully, say Marcus Navin-Jones and Juge Gregg at Crowell & Moring.
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£43M Legal Bill Case Shows Courts' View On Exchange Rates
A recent Court of Appeal decision declined to change the currency used for payment of the Nigerian government's legal bill, aligning with British courts' consensus that they should not be concerned with how fluctuating exchange rates might benefit one party over another, says Francis Kendall at Kain Knight.