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Financial Services UK
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July 04, 2024
London IPO Market Gaining Momentum, EY Study Finds
The London Stock Exchange attracted eight companies to take a listing in the first sixth months of 2024, raising a total of £513.8 million ($655.3 million), EY has said, signaling that the IPO market is gaining some momentum after a challenging couple of years.
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July 04, 2024
Barclays Sells €4.7B German Consumer Biz To Austrian Bank
Barclays PLC said Thursday that it will sell its €4.7 billion ($5.1 billion) German consumer finance business to Austrian lender BAWAG as the British bank moves to simplify its operations.
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July 03, 2024
Ukraine Bank Slams Stay Request In $1.1B Suit Against Russia
A Ukrainian bank is challenging the Russian Federation's bid to stay litigation to enforce a $1.1 billion arbitral award against the Kremlin pending efforts to annul the award in France, saying Russia's argument involves a string of contingencies that a D.C. federal judge should not entertain.
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July 03, 2024
M&G Lands £309M Pension Deal For Machinery Co.
A subsidiary of finance and insurance company M&G PLC has taken on £309 million ($394.3 million) worth of pension liabilities from a scheme sponsored by machinery manufacturer NSK, in a deal guided by Shoosmiths, CMS and Hogan Lovells.
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July 03, 2024
PIC Seals £1.2B 2nd TotalEnergies UK Pension Plan Buy-in
Pension Insurance Corporation PLC on Wednesday concluded a £1.2 billion ($1.5 billion) second buy-in with the trustee of TotalEnergies UK Pension Plan, a deal considered the largest completed pension scheme buy-in thus far this year, according to an announcement by PIC.
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July 03, 2024
Credit Suisse Units Fined $19.5M For South Korea Breaches
South Korea's financial services watchdog said Wednesday it has fined two subsidiaries of the Credit Suisse group, which was absorbed by UBS in 2023, a record total of 27.17 billion South Korean won ($19.5 million) for breaching short selling rules.
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July 03, 2024
WTW Launches Insurance Policy For Asset Managers
WTW has launched a new policy designed to provide a single comprehensive cover for asset managers rather than traditional insurance options that often require multiple policies.
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July 03, 2024
Financial Intel Biz Buys Abrdn's Compliance Unit For £14.6M
Financial data intelligence provider Fintel said Wednesday that it has acquired Threesixty Services, a business support company, from British investment giant Abrdn for £14.6 million ($18.5 million) to boost its portfolio.
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July 02, 2024
Gambling Biz Settles €273M Buyout Dispute With Financier
Gambling hall operator MaxBet has settled a host of international legal disputes with Luxembourg-based financial holdings company Maximus stemming from a deal for Maximus to purchase various MaxBet-owned businesses that went south, lawyers for MaxBet told Law360 on Tuesday.
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July 02, 2024
£8.5M Property Deal Said To Defraud Creditors In Debt Row
A British Virgin Islands-registered company has asked a London court to declare that the transfer of an estimated £8.5 million ($10.8 million) property by one of its debtors was done to intentionally hinder the company's chances to reclaim the money it is allegedly owed.
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July 02, 2024
Worldpay Faces Demand For Client Info In Alleged FX Fraud
An architecture firm has asked a London court to order merchant service provider Worldpay to hand over a virtual ledger of one of its customer's accounts in an attempt to track down $1.17 million allegedly missing in a forex broker fraud.
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July 02, 2024
EU Watchdog Requires Regulatory Liaison On Insurer Moves
The European Union's insurance watchdog has published ground rules for regulators from departure and destination countries of insurers relocating within the bloc to engage actively and clearly.
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July 09, 2024
Latham Hires Finance Trio In London From Cahill Gordon
Latham & Watkins LLP has recruited a trio of partners from Cahill Gordon & Reindel LLP as it continues to grow its banking practice in London.
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July 09, 2024
Lawrence Stephens Hires 2 Directors From Rosling King
Ann Ebberson and Alex Edwards have joined Lawrence Stephens Ltd. from Rosling King LLP as directors on the real estate finance and banking teams.
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July 02, 2024
FCA Approves PE Firm's £432M Bid For Wealth Manager
Wealth management firm Mattioli Woods said Monday that the U.K.'s financial regulator has given a green light to its approximately £432 million ($546 million) acquisition by London private equity firm Pollen Street Capital.
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July 02, 2024
City Body Calls For Digital Gilt To Boost Retail Investing
Britain's leading financial services trade body called Tuesday for a U.K. digital gilt to encourage retail investors, in a set of briefing papers aiming to improve competitiveness of capital markets.
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July 02, 2024
Liechtenstein Bank To Buy Austria's Kantonalbank
Liechtensteinische Landesbank AG, a Liechtenstein-based lender known as LLB, said Tuesday that it agreed to buy Austrian bank Zürcher Kantonalbank Österreich AG in an all-cash deal. The purchase price was not disclosed.
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July 02, 2024
Just Group Lands £260M Aviation Co. Pension Deal
Insurer Just Group on Tuesday announced it has taken on £260 million ($328.7 million) worth of pension liabilities from a retirement savings plan sponsored by aviation company John Menzies Ltd., in a deal guided by Brodies LLP and Gowling WLG.
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July 02, 2024
HSBC Beats Former Risk Chief's Race Bias Case
HSBC has dodged claims of discrimination and unfair dismissal from a former financial risk chief after the High Street bank proved that it let him go because his role had become redundant, convincing a tribunal that race played no part in the decision.
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July 01, 2024
Accountant Loses Employee Status Bid In Partnership Fight
A tax accountant has failed to convince an appeals tribunal that he was an employee at the time of his dismissal, because despite a "shambolic" transition and lack of a written agreement, the genuine intention was to promote him to partner.
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July 01, 2024
Global Group Tells Banks To Report Suspected Crime Better
A global banking group for combating financial crime warned Monday that banks should improve the quality of suspicious activity reports to make them more useful to law enforcement and cutting current over-reporting.
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July 01, 2024
Monzo Introduces New Anti-Fraud Controls
Monzo Bank Ltd. launched Monday three new security features to add a layer of protection for payments and pot withdrawals exceeding a daily allowance while addressing the growing concern of phone theft and fraud.
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July 01, 2024
EU Bans Giving Tax Consulting Services To Belarus
The European Union has introduced a ban on providing tax consulting and many other professional services to Belarus in a wide-ranging package of measures largely aimed at preventing the circumvention of the bloc's sanctions against Russia, a statement said.
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July 01, 2024
Payment Services Business Begins £20M Share Buyback
PayPoint PLC on Monday commenced its up to £20 million ($25 million) share repurchase program, part of the payment services company's three-year scheme aimed at returning capital to investors.
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July 01, 2024
Skadden-Led BlackRock To Buy Data Group Preqin For £2.6B
Investment firm BlackRock said Monday that it has agreed to acquire private markets data provider Preqin for £2.55 billion ($3.2 billion) to boost its investment management in a deal guided by Skadden Arps Slate Meagher & Flom LLP and Macfarlanes LLP.
Expert Analysis
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Examining The Effects Of Increased Construction Insolvency
With a significant rise in construction firm insolvencies, proactive monitoring of key counterparties is paramount, and if early warning signs such as failure to pay suppliers or a turnover in key management are triggered, parties should take steps to minimize exposure and potential losses, say lawyers at Reynolds Porter.
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What TPR's Guidance On DEI Means For Pensions Industry
The Pension Regulator is one of the first regulators to issue guidance on equality, diversity and inclusion, and employers and trustees should incorporate its advice by developing policies and monitoring progress to ensure that improvements are made regularly, say lawyers at Linklaters.
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The Many Challenges Of Post-Brexit Regulatory Divergence
As the regulatory effects of the U.K.'s departure from the EU emerge and the geopolitical landscape continues to evolve, firms must monitor compliance with fast-changing trade sanctions and the foreign investment screening regime that continues to add cost and complexity to the cross-border acquisitions market, say lawyers at Shepherd & Wedderburn.
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Economic Issues To Watch In The Libor Transition
With the London Interbank Offered Rate officially retiring June 30, market participants and their counsel should consider how the economic questions presented by outstanding contracts and the pros and cons of different alternative reference rates may lead to litigation around Libor cessation, say analysts at The Brattle Group.
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Reserved Investor Fund Would Plug Gap In UK Finance Market
The reserved investor fund recently proposed by HM Treasury has the potential to be a welcome tax-efficient addition to the U.K.’s canon of products for real estate investments, with attractive features for companies and, in particular, large asset managers, say lawyers at Herbert Smith.
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What Firms Need To Know About The FCA Consumer Duty
The Financial Conduct Authority's new consumer duty, in force from July 31, presents an opportunity for manufacturers and distributors of financial services to understand the importance of fair value for consumers, and the regulator will be taking a close interest in this, say Julie Patient, Mark Aengenheister and Virginia Montgomery at Hogan Lovells.
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Examining The Growing Strength Of FRC Enforcement Actions
As the U.K. Financial Reporting Council prepares to broaden its powers and transition into the Audit, Reporting and Governance Authority in 2024, it is already demonstrating an increased appetite for enforcement, with greater expectations placed on auditors, say Kathleen Harris, Sean Curran and Melissa Dames at Arnold & Porter.
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UK Case Shows Risks Of Taking Shortcuts In Fund Payments
While the High Court recently reversed a decision in Floreat Investment Management v. Churchill, finding that investors routing funds into their own accounts was not dishonest, the case serves as a cautionary tale on the dangers of directing investment funds other than as contractually provided, say lawyers at Dechert.
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Growing EU Scrutiny Increases Hurdles For Foreign Investors
The application of the EU Foreign Subsidies Regulation from July will bring further oversight to many large deals, and together with bolt-on strategies, foreign investment regulation and antitrust enforcement, financial sponsors will need to start planning for compliance to avoid potential delays, say Anna Mitchell and Neil Hoolihan at Linklaters.
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How Ambitious New EU Directive Seeks To Fight Corruption
If enacted, the European Union’s recently proposed directive to combat corruption, with its substantive rules, specialized bodies and aim of raising public awareness, would form another milestone in the long-term creation of a genuine European criminal law system, say Katharina Humphrey and Andreas Dürr at Gibson Dunn.
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How The FCA Is Using Its New Powers To Make Changes
The recent sentence of the former London Capital CEO is the latest development in the firm's scandal that prompted a damning report on the Financial Conduct Authority's regulatory conduct, leading the regulator to much soul-searching and a continuing clamp down on firms that misuse their approvals, says Ben Rees at Keller Postman.
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How The US And UK Differ On Crypto Regulation
While the U.K. and U.S. share strong economic ties, their approaches to crypto regulation differ wildly, with the U.K. setting bespoke rules through legislation and the U.S. taking a fragmented, and arguably hostile, approach to regulating crypto-assets, most often happening through enforcement, say attorneys at BCLP.
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Judicial Review Lessons From Financial Ombudsman Case
Even though the judicial review claim was dismissed in the recent High Court decision Shawbrook Bank v. Financial Ombudsman Service, it has important legal and practical takeaways for lenders who can obtain real value by challenging FOS decisions, say lawyers at Linklaters.
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Understanding ESG Considerations In Social Lending
In light of recent updates to sustainable finance guidance by loan market associations, lenders should ensure they request compliance information for projects intended to provide social benefits in order to encourage borrowers to hold environmental, social and corporate governance factors as a priority, says Jasmine Robinson at Taylor Wessing.
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How To Approach Different Data Types In E-Disclosure Matters
The High Court's recent decision in Terre Neuve v. Yewdale highlights the importance of practitioners adequately approaching e-disclosure obligations, including understanding their data landscapes and the nuances of different data types, say Fiona Campbell at Fieldfisher and Alejandro Gomez-Igbo at Forensic Risk Alliance.