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Financial Services UK
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October 24, 2024
SEC Says German On Hook For $4.6M Tied To Fraud Scheme
The U.S. Securities and Exchange Commission asked a judge on Thursday to reinstate a $3.3 million disgorgement order, plus $1.3 million in interest, against a German national who allegedly received proceeds from a multinational pump-and-dump scheme.
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October 24, 2024
Charles Russell Brings On Tax Specialist From Sheridans
Charles Russell Speechlys LLP hired a partner from Sheridans as part of expanding its London tax practice to support its strategy focused on private capital, the firm said.
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October 24, 2024
Brits Missing Over £31B In Unclaimed Pension Pots, ABI Says
The Association of British Insurers urged Britons on Thursday to trace their pension funds ahead of this Sunday's National Pension Tracing Day as almost 3.3 million pension pots totaling £31.1 billion are still unclaimed, inactive or considered lost.
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October 24, 2024
Watchdog Finds Inadequacies In Consumer Credit Firms
The Financial Conduct Authority has found in a multifirm review that most consumer credit firms and nonbank mortgage lenders lack a clear view of the financial resources they consider adequate, making risk management difficult.
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October 31, 2024
Bird & Bird Taps Dutch Financial Regulation Pro
Bird & Bird LLP has hired an experienced financial regulation expert as a partner in The Hague, as the law firm looks to bolster its finance practice in the Netherlands and across Europe.
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October 24, 2024
FCA 'Finfluencers' Crackdown May Prove More Bark Than Bite
The Financial Conduct Authority's criminal prosecutions of finfluencers who might be illegally promoting unauthorized investments is likely to have only limited deterrence if overseas firms can simply ignore British rules with online offerings, according to lawyers.
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October 23, 2024
ECJ Won't Call Off Clawback Of Portugal's Tax Breaks
The European Court of Justice declined to overturn a European Commission decision that Portugal must claw back tax breaks provided in a free trade zone to companies with no local economic activity, as those breaks violated the bloc's state aid rules, according to a judgment issued Wednesday.
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October 23, 2024
EU Tax Nominee Vows Corp. Tax Simplification, Pillar 1 Work
The nominee to serve as the European Union's next tax commissioner pledged to simplify corporate rules and affirmed his support for the reallocation of taxing rights known as Pillar One in remarks to the European Parliament.
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October 23, 2024
Ex-Business Partners Deny Deceiving Investors For £12M
Two former business partners have denied deceiving investors about how much money was required to set up a specialist bank and said the investment company suing the lender was prepared to invest regardless.
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October 23, 2024
Gov't To Prioritize Own Dashboard Before Commercial Models
The U.K. government has said it will prioritize the launch of its own pensions dashboards service ahead of other commercial models involved in the program intended to connect savers with lost retirement pots.
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October 23, 2024
Aviva Deal 'Rescues' Pension Plan From Lifeboat Scheme
Pensions consultant BESTrustees said it has managed to secure the benefits for 59 members of a client that went under liquidation almost a decade ago in a £6 million ($7.7 million) deal with insurance heavyweight Aviva.
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October 23, 2024
SAP Faces Trademark Infringement Claim Over 'Joule' AI Tool
A financial trading platform provider has sued SAP for trademark infringement in a London court, alleging that the software giant's "Joule" artificial intelligence tool infringes its trademarks over the same word.
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October 23, 2024
Firms Say FCA Could Better Encourage Innovation
The Financial Conduct Authority could do more to facilitate growth and innovation and to act proportionately when making requests on firms, according to industry feedback published by the regulator Wednesday.
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October 23, 2024
FCA Warns Investors In Novus Black Investment Fund
The financial watchdog said Wednesday it has written to investors into an alternative investment fund, warning them that it suspected the firm failed to tell them about "significant losses."
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October 23, 2024
Aegon Calls For 'Cool Heads' Ahead Of Autumn Budget
Dutch life insurance giant Aegon Ltd. called on Wednesday for "cool heads" in the lead-up to the autumn budget, urging caution from both the sector and savers against acting recklessly on rumors surrounding changes to pension rules.
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October 22, 2024
Commerzbank Urges Contempt Case Over False Assault Claim
Commerzbank AG asked a London court in a hearing Tuesday to allow it to bring contempt of court proceedings against a former employee who made false sexual assault allegations against a colleague as part of his failed harassment case against the bank.
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October 22, 2024
Pensions Watchdog Urges Industry To Embrace New Tech
The Pensions Regulator published its digital, data and technology strategy for 2025 on Tuesday with the intent to modernize its operations and encourage similar changes within the pensions industry, including reducing administrative burdens for pension schemes and improving competition.
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October 22, 2024
Bird & Bird Hires M&A Pro In Milan From A&O
Bird & Bird LLP has added an experienced M&A and private equity expert as a partner to its main office in Milan, as part of the law firm's long-term strategy to bolster its global corporate platform.
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October 22, 2024
FCA Restricts Financial Services Platform After Failings
London-based financial firm Business Agent Ltd. has been restricted from acting as an individual savings accounts manager due to major regulatory breaches, including the unauthorized handling of client funds, the Financial Conduct Authority said Tuesday.
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October 22, 2024
Budget Fears Spark Surge Of Savers Raiding Pensions
A third of financial advisers have seen an uptick in customers tapping into their pensions, an investment platform company said, amid speculation the government could reduce the amount that Britons can withdraw without being taxed.
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October 22, 2024
UK To Loan Ukraine £2.3B Backed By Frozen Russian Assets
The U.K. government announced Tuesday that it will loan Ukraine approximately £2.3 billion ($3 billion) to support its military and reconstruction efforts in an arrangement backed by profits from sanctioned Russian assets.
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October 22, 2024
Kirkland Guides Wendel's $1.13B Bid For Monroe Capital Stake
French investor Wendel Group said Tuesday that it will take an initial 75% stake in U.S. asset manager Monroe Capital LLC for $1.13 billion to expand its private credit services as demand surges.
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October 21, 2024
FCA Cracking Down On Illegal 'Finfluencing'
Britain's financial watchdog is cracking down on individuals who may be promoting financial services products illegally, announcing Tuesday that it is interviewing 20 "finfluencers."
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October 21, 2024
BDO Appoints Former HMRC Official, 3 Others To UK Offices
An HM Revenue & Customs official is among four tax professionals BDO LLP has appointed to its offices in the U.K., the firm announced.
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October 21, 2024
UK Director's Use Of Tax Planning Data Subject For Retrial
Whether a director of a U.K. company is liable for a breach of confidence over the misuse of information in marketing a complex tax structure is an issue to be retried, a London court ruled.
Expert Analysis
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Mitigating Incarceration's Impacts On Foreign Nationals
Sentencing arguments that highlighted the disparate impact incarceration would have on a British national recently sentenced for insider training by a New York district court, when compared to similarly situated U.S. citizens, provide an example of the advocacy needed to avoid or mitigate problems unique to noncitizen defendants, say attorneys at Lankler Siffert.
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Decoding Arbitral Disputes: The Benefits Of Non-EU Venues
In Spain v. Triodos, a Swedish appeal court recently annulled an intra-EU investment treaty award, reinforcing a growing trend in the bloc against enforcing such awards, and highlighting the advantages of initiating enforcement proceedings in common law jurisdictions, such as the U.K., says Josep Galvez at 4-5 Gray's Inn Square.
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How Proposed Platforms For Unlisted Co. Trading May Work
The U.K. government is continuing development of its proposed private intermittent securities and capital exchange system to facilitate secondary share trading in private companies through a regulatory sandbox while ironing out details, representing an innovative step for unlisted company liquidity, say lawyers at Sullivan & Cromwell.
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Experian Ruling Helps Cos. Navigate GDPR Transparency
In Information Commissioner v. Experian, the Upper Tribunal recently reaffirmed the lawfulness of the company's marketing practices, providing guidance that will assist organizations in complying with the GDPR’s transparency obligations, say lawyers at Jenner & Block.
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Clarity Is Central Theme In FCA's Greenwashing Guidance
Recent Financial Conduct Authority guidance for complying with the U.K. regulator's anti-greenwashing rule sends an overarching message that sustainability claims must be clear, accurate and capable of being substantiated, say lawyers at Cadwalader.
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How New FCA Rules Strengthen Borrower Protections
The Financial Conduct Authority’s recently published final rules, aimed at strengthening protections for borrowers in financial difficulty by regularizing good practices across the industry, put its previous guidance on a permanent footing and send a clear message to firms that this issue remains a regulatory priority, say James Black, Julie Patient and Mark Aengenheister at Hogan Lovells.
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Opinion
New Property Category Not Needed To Regulate Digital Assets
The U.K. Law Commission's exploration of whether to create a third category of property for digital assets is derived from a misreading of historical case law, and would not be helpful in resolving any questions surrounding digital assets, says Duncan Sheehan at the University of Leeds.
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FTSE Draft Rules Show Impact Of FCA Listing Reforms
FTSE Russell’s recently published provisional rule changes represent a much-awaited indication of its response to the U.K. Financial Conduct Authority’s proposed listing reforms, providing a level of certainty that will assist issuers and advisers in preparing for the implementation of the regime, say lawyers at Davis Polk.
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FCA Strikes A Balance With 'Finfluencer' Guidance
With financial firms leveraging social media to engage with a broader audience, the Financial Conduct Authority’s recent "finfluencer" guidance signals a recognition of the imperative to adapt regulatory frameworks while maintaining a firm commitment to consumer protection, say David Allinson and Damien O'Malley at RPC.
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Dissecting Recent Developments Against The Misuse Of NDAs
The U.K. government's recent plans to nullify nondisclosure agreements that prevent victims from reporting crimes should remind lawyers to proactively consider the necessity of such agreements, especially in light of the Solicitors Regulation Authority's warning notice on drafting improper NDAs, say Clare Davis and Macaela Joyes at RPC.
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What To Know About The Russia-Stranded Plane Ruling
The High Court's recent decision in Zephyrus Capital Aviation v. Fidelis Underwriting, rejecting reinsurers' U.K. jurisdiction challenges in claims over stranded planes in Russia, has broad implications for cross-border litigation involving exclusive jurisdiction clauses, says Samantha Zaozirny at Browne Jacobson.
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3 Notable Pensions Reforms In Spring Budget
The U.K. government’s spring budget introduced reforms to improve pension outcomes through the value for money framework and the lifetime provider model, as well as to encourage investments in Britain — three interlinked areas that could pressure trustees and providers to rethink how they approach investments, say Liz Ramsaran and Marcus Fink at DWF.
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Assessing The FCA Data Study's Response To User Concerns
The Financial Conduct Authority’s recently published report on the supply of wholesale financial data differs from others in its exceptional breadth and analysis of an enormous volume of information, but in its reluctance to address market power or pricing directly, the regulator’s approach is still cautious, say Emma Radcliffe and Greg Dowell at Macfarlanes.
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Focus On Private Funds Will Boost Ireland's Global Standing
As the market increasingly pivots to private funds, Ireland's recent introduction of particular products — such as an updated, flexible European long-term investment fund — provides more structuring opportunities and paves the way for a brighter outlook in the country, say lawyers at Dechert.
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Cum-Ex Prosecutions Storm Shows No Sign Of Abating
The ongoing trial of Sanjay Shah in Denmark is a clear indicator that efforts remain focused on holding to account the alleged architects and beneficiaries of cum-ex trading, and with these prosecutions making their way across Europe, it is a more turbulent time now than ever, says Niall Hearty at Rahman Ravelli.