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Financial Services UK
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July 01, 2024
Osborne Clarke Guides Aviva's School Pension Deal
Insurance giant Aviva has completed a full scheme buy-in for a pension plan sponsored by Taunton School, consultancy Broadstone said Monday, in a deal guided by Osborne Clarke LLP.
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June 28, 2024
EU Insurance Watchdog Warns Of Real Estate Risk Exposure
The European pensions and insurance industries are increasingly exposed to the possibility of a real estate collapse, the sector watchdog warned in a newly published report into the financial stability for the region.
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June 28, 2024
EU Adds 4 Pro-Russian Companies To Sanctions List
The Council of the European Union added four Russian companies and two individuals to its sanctions list Friday for actions that threaten Ukraine amid Russia's waging war against it.
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June 28, 2024
Taxation With Representation: Kirkland, Vinson, Skadden
In this week's Taxation with Representation, Aareal Bank AG and Advent International sell a property management and maintenance software company, Webtoon Entertainment Inc. and Tamboran Resources Corp. price initial public offerings, SM Energy Company acquires oil and gas assets, and Nokia sells Alcatel Submarine Networks to the French state.
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June 28, 2024
Firms Face Increased Scrutiny Amid FCA Focus On Resilience
The Financial Conduct Authority and the Prudential Regulation Authority have challenged two thirds of general insurance and investment firms about their ability to prevent disruption by threats like cyberattacks, according to an industry study.
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June 28, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Uber hit with claims from Addison Lee and the former CEO of the Kabbee app, animal by-product company Leo Group file a defamation claim against a local anti-odor campaigner, and a self-styled lord who claims to be the illegitimate son of the late Prince Phillip resume legal action against his cousins for a share in his late aunt's estate. Here, Law360 looks at these and other new claims in the U.K.
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June 28, 2024
Turkey Taken Off Global AML Monitoring List After Rule Fixes
The Financial Action Task Force said Friday that it has removed Turkey from its "gray list" after the country improved its anti-money laundering rules and strengthened its regulations combating the financing of terrorism.
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June 28, 2024
ING Claim Would Fund Sanctioned Billionaire, Tecnimont Says
ING cannot recover money from Tecnimont in a €212 million ($227 million) bond dispute because compensating the Dutch lender would directly fund a sanctioned Russian billionaire, the Italian industrial group said in London court filings.
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June 28, 2024
Fidelis Claims No Liability In $23M Stranded Jet Spat
Fidelis Underwriting Ltd. has hit back at another claim that it must pay out in a $23 million row over a leased plane stranded in Russia, arguing that no insured event has occurred, and that an Irish aviation lessor is not covered by the country's law.
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June 28, 2024
Manolete Sues MSR Partners For £15.6M Over Audit Failure
Manolete Partners PLC has sued MSR Partners LLP for £15.6 million ($19.7 million), alleging that the accounting firm failed in auditing a peer-to-peer lending platform that went into administration in 2019.
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June 27, 2024
Barclays Says Businessmen Breached £13.7M Freezing Order
Barclays Bank PLC told a London court Thursday that three businessmen breached a freezing order by moving assets offshore as it sued them, claiming they conspired to take £13.7 million ($17.4 million) by exploiting its overdraft mechanism.
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June 27, 2024
NFT Game CEO Accuses Collaborator Of Keeping Biz Info
The CEO of an NFT-winning online game has accused his former collaborator of refusing to hand over confidential information belonging to his gaming company after the pair's professional relationship broke down.
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June 27, 2024
DWF Buys Australian Claims Management Business
Private equity-backed DWF LLP said Thursday it has agreed to buy Australian claims management company Proclaim for an undisclosed amount to bolster its presence in the country.
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June 27, 2024
EasyGroup Can't Claim TM It Isn't Using, Van Rental Biz Says
Car and van rental firm Easihire has hit back in London court at easyGroup's claims of trademark infringement, arguing that the low-cost giant should lose the "easyHire" mark it relied on because it hadn't even used it.
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June 27, 2024
Xeinadin Sues Ex-Director, Wife Over Breach Of Duties
Xeinadin has sued the former director of an accountancy firm it acquired and his wife for more than £1 million ($1.2 million) it claims it is owed from the deal to buy their stake in the firm after it sacked him amid allegations of fraud.
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June 27, 2024
FCA Official Vows To Pick Up The Pace Of Fraud Probes
The Financial Conduct Authority is working to increase the "pace" of its investigations of fraud and other financial crimes as a law enforcer and regulator, the watchdog's joint head of enforcement said.
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June 27, 2024
DXC Wins TM Battle Against German Firm
American information technology DXC can now register its trademark after U.K. intellectual property officials ruled against a German investment firm's claim that the name was too similar to its own and would confuse customers.
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June 27, 2024
A&O Shearman Steers Ireland's €593M AIB Stake Sale
The Irish government said Thursday it has sold a further 5% stake in AIB for €592.9 million ($633.8 million), as it continues to shrink its ownership after nationalizing the lender during the global financial crisis.
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June 26, 2024
Financier Seeks Absolution In Vatican Real Estate Deal Trial
An Italian financier and his companies argued at a London trial Wednesday that the Vatican's allegations that he was involved in an unlawful conspiracy over a London property deal are "incoherent and confused," claiming he acted in good faith throughout the transactions.
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June 26, 2024
Ex-BHS Director Ordered To Pay £50M Over Firm's Collapse
A London judge has ordered a former director of the now-defunct British Home Stores to pay £50 million ($63.2 million) in damages after concluding he had committed trading misfeasance and wrongful trading during the company's high-profile downfall.
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June 26, 2024
Fidelis Says Aircraft Lessors Not Covered Under Russian Law
Fidelis Underwriting Ltd. has said that the lessor and owners of three aircraft stranded in Russia after the country's invasion of Ukraine cannot reclaim $77.2 million for the planes from the reinsurer because they are not insured parties under Russian law.
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June 26, 2024
Poultry Biz Wins Appeal Over Workers' Travel Time Pay
An appellate judge ruled Wednesday that a poultry company does not have to pay its workers for the time they spent traveling to and from poultry farms, overturning a lower tribunal's ruling in favor of the U.K.'s tax authority.
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June 26, 2024
EU Justice Head Loses Bid To Lead Human Rights Group
The European Union's justice commissioner failed in his bid to lead a European human rights organization and returned Wednesday from his leave of absence for the remaining four months of his term as commissioner.
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June 26, 2024
DLA Piper Launches Investment Management & Funds Practice
DLA Piper formally launched its global investment management and funds practice Wednesday to meet increasing client demand and align with market trends, supporting asset managers, fund sponsors and investors.
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June 26, 2024
Zurich To Acquire AIG's Travel Insurance Biz For $600M
Zurich Insurance Group said Wednesday that it will buy the personal travel insurance business from U.S. financial group AIG for $600 million to help the Swiss insurer to become a leading provider of holiday cover in the U.S.
Expert Analysis
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Why FCA Proposals For UK Listing Rules May Need Tweaking
Although many of the Financial Conduct Authority’s recently published proposals for listing rules reform are to be welcomed, a few further changes are needed if the regulator's objective of making the U.K. public markets more attractive is to be achieved, says Nigel Gordon at Fladgate.
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Exploring UK Regulatory Reform Amid Global Bank Failures
In light of recent high-profile bank failures and the publication of a feedback statement to a U.K. regulatory review, the concern that banks are overly reluctant to use their stock begs the question whether regulators now need to rethink the operation of the liquidity coverage ratio, say Alix Prentice and Carl Hey at Cadwalader.
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Key Takeaways From Recent UK Insolvency Disputes
As recent insolvency statistics show that U.K. registered company insolvencies are up 16% compared to last year, having a strong understanding of recent key U.K. decisions and how insolvency disputes operate is more important for companies now than it has ever been, say attorneys at Crowell & Moring.
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Why The Draft UK Fraud Offense May Not Be A Game Changer
Although the U.K.’s proposed "failure to prevent fraud" offense will generate a need for large businesses to reassess their existing processes, given the long lead-in times for prosecutions and the Serious Fraud Office's current success rate, it seems unlikely that the corporate fraud landscape will be immediately transformed, say Charles Kuhn and Charlotte Gill at Clyde & Co.
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A Review Of The EU FDI Screening Regulation And Its Scope
The EU advocate general’s recent broad interpretation of the EU Foreign Direct Investment Screening Regulation takes account of some of the geopolitical challenges faced by the bloc, and may foreshadow a revision of the regulation and widen the scope of investments screened, say Vassilis Akritidis and Jean-Baptiste Blancardi at Crowell & Moring.
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Key Takeaways From EU Proposal For Greenwashing Rules
If the proposal for a Green Claims Directive, with its enhanced rules on claims about a product or trader's environmental impact, is adopted, it will affect all businesses selling their products in the EU and bring major changes to the way those products are packaged and advertised, say attorneys at Shearman.
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How EU ESG Regs Affect US Financial Market Participants
The European Commission recently confirmed that the Sustainable Finance Disclosure Regulation applies to all funds marketed in the EU, so affected U.S. financial market participants will need to consider the new guidance on principal adverse impacts, sustainable investments and promotion of carbon emissions reductions, say attorneys at Debevoise.
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UK Plan For AI Rules Raises Compliance Questions For Cos.
The U.K. government's proposal for a new, clear and pro-innovation regulatory framework on artificial intelligence diverges from the European Union's approach, which may create incoherence and compliance burdens for businesses operating in both jurisdictions, says attorneys at Akin Gump.
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UK Investment Screening Inches Closer To US Regime
The recent agreement between the U.K. Cabinet Office and House of Commons concerning parliamentary scrutiny of the Investment Security Unit represents a step toward greater transparency of intervention in investments that may raise national security concerns, and underscores increasing alignment with the U.S. regime, say attorneys at Hogan Lovells.
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UK Ruling May Affect 3rd-Party Fraud Liability Post-Insolvency
While the recent Court of Appeal decision in Tradition Financial Services v. Bilta could make Section 213 of the Insolvency Act a powerful tool for liquidators, it also heightens the risk of companies tangentially involved in fraud being subject to claims following insolvency, say attorneys at Dechert.
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5 Ways For A Legal Practice To Close Technology Gaps
With technology a driving force for success, the U.K. legal sector must embrace innovation to maintain its competitive edge, and investing in new processes is no longer optional, says Gareth Preece at Doherty Associates.
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UK Ruling Offers Useful Guidance To Insolvency Practitioners
The recent U.K. High Court ruling in a matter involving Sova Capital represents the first unsecured credit bid to be approved by an English court, demonstrating a pragmatic approach to complex sanctions-related administrations and identifying a novel solution for insolvency practitioners to maximize value for the benefit of creditors, say attorneys at Katten.
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The FCA's Timely Plan To Reform Asset Management Regime
The discussion paper recently issued by the U.K. Financial Conduct Authority finally addresses how, in the future, asset management regulation will work in totality from an investor, manager and distributor perspective, and its review of the purpose and balance of the regime is welcomed, says Tim Dolan at Greenberg Traurig.
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UK's Draft Fraud Offense And How It May Affect Companies
The new U.K. corporate criminal offense of "failing to prevent fraud," recently published in draft form, will make it easier for prosecutions to be brought against companies, with no need to show that the "directing mind and will" of a company were involved in the fraud, say attorneys at Allen & Overy.
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Questions Raised By UK Plan For ESG Ratings Providers
HM Treasury is taking steps toward regulating environmental, social and corporate governance ratings providers, aiming to ensure adequate protection for U.K. users and level the playing field, but the potential new regime risks imposing undue regulatory burden and overlapping requirements on U.K. and overseas firms, say Ferdisha Snagg and Andreas Wildner at Cleary.