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Financial Services UK
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April 25, 2024
Standards Setter Unveils Toolbox for Central Counterparties
A global standards setter released a new toolbox Thursday to ensure that national authorities have access to adequate financial resources and tools to address the failure of central counterparties, which are essential to financial markets.
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April 25, 2024
Firms Urge Delays To 'Unclear' FCA Greenwashing Guidance
Financial companies are urging the City watchdog to slow its anti-greenwashing rule that comes in force in May as legal experts warn that it has failed to clarify all its expectations in final guidance, putting businesses that make the wrong call at risk of enforcement action.
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April 25, 2024
Hipgnosis Ditches Blackstone Bid For Concord's $1.5B Offer
Hipgnosis Songs has accepted a revised offer from its U.S. competitor Concord Chorus to buy the music rights investor for $1.5 billion, ditching Blackstone's $1.2 billion offer just days after accepting the private equity giant's deal.
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April 25, 2024
EU Parliament Gives Final Approval To AML Package
The European Parliament has given the final go-ahead to a package of laws to fight money laundering and terrorist financing, creating a single rule book and establishing a dedicated agency for the bloc.
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April 24, 2024
Ex-Autonomy GC Tells Jurors He Wanted To Be 'Helpful' To HP
Autonomy's former U.S. general counsel conceded Wednesday in the criminal trial of former CEO Michael Lynch that he told an HP lawyer he wanted to be as "helpful" as possible to the company as it was investigating Autonomy-related issues that popped up after the Silicon Valley giant purchased the British company, and that he was told he could face liability for his work at Autonomy.
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April 24, 2024
Klarna Trims Down Basque Bank's European Logo TM
Buy-now, pay-later giant Klarna has won its fight to restrict trademark registration for a Spanish bank's logo, blocking protection in a myriad of categories ranging from laundry detergent to musical instruments.
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April 24, 2024
Oligarch's Family Can't Nix €1.5B Bankruptcy Bid
The widow and a daughter of the late Russian cement oligarch Oleg Bourlakov stumbled in their global legal battle with relatives over his fortune after a London judge declined to stop €1.48 billion ($1.59 billion) bankruptcy proceedings in St. Petersburg.
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April 24, 2024
Feds Nab Latest OneCoin Plea On $35M Laundering Charge
An eighth defendant has been charged by federal prosecutors over the global OneCoin cryptocurrency scam and has pled guilty to laundering about $35 million in illicit proceeds through bank accounts he controlled in China and Hong Kong.
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April 24, 2024
Fund Manager Denies Losing Jailed Politician's Wife £8M
A fund manager has denied transferring €28 million ($30 million) from the account of an imprisoned Turkish politician's wife without her permission, claiming she gave written instructions to invest the money in emerging markets.
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April 24, 2024
EU Keeps Gibraltar, Panama, UAE On AML Blacklist
Gibraltar, Panama and the United Arab Emirates should remain on the European Union's blacklist of high-risk countries for money laundering, the European Parliament said, stopping the EU from following the lead of a global organization promoting standards for countries to fight those crimes.
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April 24, 2024
Payments Watchdog Seeks Responses On Supervision Plans
The Payment Systems Regulator said Wednesday it is opening a consultation on its approach to supervision of payment systems operators, including new principles for firms in the sector to apply.
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April 24, 2024
Osborne Clarke Guides Canada Life's £46M Lexmark Deal
Insurer Canada Life has agreed to a £46 million ($57 million) buy-in with the pension scheme of printing business Lexmark Holdings Inc. in a transaction guided by Osborne Clarke LLP.
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April 24, 2024
PRA Asks Banks To Review Private Equity Exposure
The Prudential Regulation Authority asked banks to review and assess their current practices to ensure they align with the regulator's expectations for effective risk management concerning private equity-linked credit and counterparty exposures.
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April 24, 2024
EU Says 3 States Aren't Correctly Following AML Law
The European Commission said Wednesday that three European Union countries — Ireland, France and Latvia — aren't correctly implementing the bloc's laws against money laundering, meaning that the countries now have two months to correct the shortcomings.
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April 24, 2024
Law Firm Ordered To Repay Couple £194K For Loan Breach
A court has ordered a law firm to reimburse a married couple at least £194,000 ($241,000) after finding that it had failed to adhere to the terms of two loan agreements the pair provided to help to fund its working capital and cover general business expenses.
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April 23, 2024
Ex-Autonomy Tech Exec Doubted 'Bizarre' $6M Deal, Jury Told
Autonomy's ex-chief technology officer testified Tuesday in the California federal fraud trial of former CEO Michael Lynch that he had concerns about Autonomy's "bizarre" 2010 deal to sell $6 million in repackaged hardware, which prosecutors allege was never delivered and was only used to artificially inflate Autonomy's revenues.
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April 23, 2024
RGL Confirms Woodford Claim Against Hargreaves Lansdown
RGL Group confirmed Tuesday it is pursuing a fresh claim against investment firm Hargreaves Lansdown over the collapse of Woodford Equity Investment Fund.
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April 23, 2024
FCA To Return £530K To Investors From Deposit-Taking Scam
The Financial Conduct Authority said Tuesday it will return £533,000 ($664,000) in recovered money to investors who were hit by a deposit scam run through two companies, including a soccer league operator.
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April 23, 2024
FCA Charges Man With Fraud In £2.7M Investment Scheme
The Financial Conduct Authority said Tuesday that it had charged a British man with fraud after he hid "significant losses" from investors as part of a £2.67 million ($3.33 million) scheme trading on foreign exchange markets.
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April 23, 2024
Bank Of Ireland Used Deceit To Loan Millions, Investor Claims
Bank of Ireland allegedly deceived a real estate investment business into borrowing millions from it by giving inflated property evaluations based on old estimates that were £1.2 million ($1.5 million) higher than up-to-date figures, according to a London court filing.
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April 23, 2024
Investment Fund Accuses Repository Of Dishonesty
A U.K. investment fund has accused a registered securitization repository of acting dishonestly and unlawfully when it repeatedly refused to provide the fund's subsidiary access to data critical to help it make informed decisions about future investments.
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April 23, 2024
FCA Clarifies Greenwashing Rule, Extends ESG regime
The Financial Conduct Authority has published clarifying final guidance on its anti-greenwashing rule for all regulated firms, saying on Tuesday that it will also extend its broader sustainability regime to include portfolio managers.
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April 23, 2024
Top UK Court Blocks Gazprom Unit's Russian UniCredit Claim
Britain's highest court upheld an injunction on Tuesday barring a Gazprom subsidiary from pursuing a €450 million ($480 million) claim against UniCredit Bank AG in Russia after the German lender withheld financing for the construction of gas processing plants because of sanctions.
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April 22, 2024
Finance Biz. Sues Ex-Contractor For £1.6M Over Stolen Clients
A finance company has accused a self-employed adviser of breaching obligations after exiting the company and taking more than a hundred customers worth £1.6 million ($1.9 million) of future income with her to a competitor.
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April 22, 2024
Freshfields-Led CVC Unveils Range On $1.7B Amsterdam IPO
European private equity giant CVC Capital Partners PLC, represented by Freshfields Bruckhaus Deringer LLP, on Monday set a price range on initial public offering estimated to raise about €1.6 billion ($1.7 billion), mostly benefiting selling shareholders.
Expert Analysis
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Why The Royal Mint Failed To Launch An NFT
Without a clear objective it is unsurprising that The Royal Mint’s attempt to launch a nonfungible token ended with a whimper rather than bang, says Dion Seymour at Andersen.
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Review Of Senior Managers Regime Provides Useful Insight
Although the recently launched review of the Senior Managers and Certification Regime suggests a remodel rather than wholesale change, the topics raised illustrate the mindset of the three key stakeholders in the U.K. financial services sector, say Richard Burger and Katy O’Connor at WilmerHale.
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Highlights Of The UK's New Economic Crime Plan
With the direction of the U.K. government’s newly launched second economic crime plan undeniably altered by the recent focus on kleptocrats and their money, the emphasis is now on how the U.K. can deliver a more effective approach to reducing the threat of economic crime, says Kathryn Westmore at the Royal United Services Institute.
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Fresh View Ruling Offers Clarity On Forfeiture Orders
The pragmatic focus on property rather than the defendants’ wrongdoing in Fresh View v. Westminster Magistrates' Court will be welcomed by enforcement authorities, although the low bar where mere knowledge or suspicion of unlawful conduct may be sufficient for forfeiture could be of concern to innocent recipients, says Joseph Sinclair at Mountford Chambers.
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Considering Sanctions Enforcement From An EU Perspective
The creation of the European G-7 Enforcement Coordination Mechanism and a sanctions environment with increased enforcement on a multijurisdictional level aims to streamline enforcement at EU level, essential for an effective implementation of the sanctions, say attorneys at Baker McKenzie.
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Analyzing The UK Proposal For A Digital Pound
While the HM Treasury and Bank of England’s consultation makes clear that a central bank digital currency will likely be needed in the future, and there is certainly momentum in the space, there are still a number of concerns to be addressed, say attorneys at Simmons & Simmons.
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How The LDI Crisis May Lead To Pensions' Negligence Claims
Following the liability-driven investment crisis and its impact on pension schemes, employers and trustees may now be considering if anyone is to blame for any losses arising, say Rachael Healey and Andrew Oberholzer at RPC.
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UK Financial Services Bill May Not Be Quick Fraud Fix
While the U.K. Financial Services and Markets Bill is expected to pass into law this year and will make it easier for fraud victims to achieve redress, the reforms could result in increased costs and greater friction in payment processing and may not directly make it more difficult for criminals to operate scams, say Daniel Murphy and Gary Orritt at Eversheds Sutherland.
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A Look At Key Trends In UK Enforcement Of G-7 Sanctions
In light of the recent creation of a G-7 Enforcement Coordination Mechanism that is opening the door for greater collaboration between the U.K. and G-7 countries, together with a more aggressive approach to enforcement in the U.K., an uptick in investigations is likely, particularly regarding Russia, say attorneys at Baker McKenzie.
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Proposed EU Directive May Bring Harmony To Insolvency Law
The diverging insolvency regimes across European Union member states often lead to significant discrepancies in the recovery value for creditors, but a recent proposal for a directive that would affect areas like directors' duties and prepack processes represents a welcome move toward the harmonization of these laws across the EU, say attorneys at Taylor Wessing.
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UK Enviro Ruling Takes Narrow View Of Standard Of Review
In an important case that should provide comfort to investors involved in large public-finance backed infrastructure projects, the U.K. Court of Appeal's judgment against Friends of the Earth suggests that English courts will only intervene in limited circumstances where the U.K. government is challenged on the basis of an international treaty, say Holly Stebbing and Maddie Hallwright at Norton Rose.
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How Changes To 'Acting In Concert' Will Affect UK Takeovers
The recent changes made to the rules by the U.K. Takeover Panel on who is presumed to be acting in concert will be of most interest to parties proposing to make a bid for a U.K. listed company, and give welcome clarity as to how the U.K. takeover regime operates, say attorneys at Herbert Smith.
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Crypto And The Potential For Insider Dealing Offense
Recent cases have raised concerns about crypto providing new opportunities for insider dealing, and while it isn't more vulnerable to schemes than any other security, the lack of regulation and the newness of the technology exasperate its susceptibility to insider trading and potential criminal offense, say Adam Craggs and Alice Kemp at RPC.
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UK Ruling Guides On Appropriation Of Financial Collateral
While a London court’s recent ruling in ABT Auto Investments v. Aapico sets out practical guidelines for enforcement of security over financial collateral by appropriation — particularly amid a breakdown of relations with the collateral provider — a recently proposed bill could mean the future of this method is in question, say Bruce Johnston and Paul Denham at Morgan Lewis.
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How Lenders And Borrowers Can Prepare For Libor's End
While the end of Libor in just over three months isn't expected to greatly affect the syndicated loan market, borrowers and lenders should check their agreements for fallback provisions and references to Libor in order to implement the applicable benchmark replacement, say attorneys at Cahill Gordon.