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Financial Services UK
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September 11, 2024
Latham Hires Senior Tax Pro From Travers Smith In London
Latham & Watkins LLP said on Wednesday that it has recruited a former head of tax at Travers Smith LLP for its office in London, a blow for the U.K. law firm, which has been hit by the departure of a series of partners.
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September 10, 2024
TPG, Rosatom Seek To Bar Jailed Oligarch's $14B Fraud Claim
Russia's state atomic energy corporation and private equity firm TPG Group on Tuesday urged a London judge to block an imprisoned oligarch's $14 billion fraud conspiracy claim over the alleged seizure of his port and transport businesses led by the Russian state.
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September 10, 2024
V&E Launches New Dublin Office In Aviation Finance Push
Vinson & Elkins LLP has launched a new office in Ireland to provide New York and English law advice to clients on aviation leasing and financing matters.
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September 10, 2024
Crypto-Biz Loses 'Mara' TM Over Virtual Coin Services
British officials have partially pulled the plug on an African technology company's trademark for "Mara," ruling that a rival business had already cornered the virtual coin market with a similar-looking name.
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September 10, 2024
Local Gov't Audit Deadlines 'Necessary Step,' Watchdog Says
Legislation recently tabled in Parliament that introduces statutory deadlines for local authorities and their auditors to publish accounts is a "necessary step" to rebuild a system hampered by delays, Britain's accounting watchdog said Tuesday.
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September 10, 2024
White & Case Guides £100M Hedge Fund Deal For Spectator
Hedge fund manager Paul Marshall has bought The Spectator for £100 million ($130 million), the 196-year-old news magazine said on Tuesday, a move that will keep the publishing institution independent and out of foreign control.
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September 10, 2024
FCA Charges 1st Individual With Running Illegal Crypto-ATMs
The Financial Conduct Authority said Tuesday that it has launched its first criminal prosecution of an individual suspected of running a network of illegal cryptocurrency ATMs.
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September 10, 2024
Investors Sue Broker For Assisting $129M Forex Fraud
A group of investors who lost tens of millions of dollars in a fraudulent foreign exchange scheme have sued a London broker for approximately $43 million for allegedly providing credit for the company to trade through brokerage accounts which perpetuated the fraud.
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September 10, 2024
Ex-Barclays VP Loses Bid To Retry Lost Promotion Claim
An attempt by a former Barclays vice president to revive her claim that she faced racial discrimination during a promotion round has failed, as an employment tribunal ruled that she was merely trying to "have another bite at the cherry."
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September 10, 2024
Paul Hastings Taps Capital Markets Pro From Davis Polk
Paul Hastings LLP has hired a prominent capital markets transactions expert as a partner at its London office as it looks to boost its global practice, which it has identified as a priority.
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September 09, 2024
Brit Fights Fraud Extradition, Says He Is Protected Witness
A retired British accountant urged a London court Monday to block Spanish authorities' request that he be extradited to face money laundering and fraud charges, arguing that the request is abusive because he is entitled to protection as a witness for prosecutors in related cases.
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September 09, 2024
EU Should Loosen Merger Rules To Compete, Report Says
The European Union should loosen its merger rules and reform trade policy and the energy market in order to boost EU competitiveness enough to catch up with the U.S. and China, a former European Central Bank president reported Monday.
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September 09, 2024
Think Tank Sets Out UK Pension Reform For Self-Employed
The government needs to introduce reforms to boost the level of pension contributions among self-employed workers, a think tank said.
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September 09, 2024
Barratt, Lloyds Bank Form £150M JV For UK Housing
Housebuilder Barratt Developments PLC said Monday that it has formed a £150 million ($195 million) joint venture with Lloyds Banking Group and the U.K.'s housing and regeneration agency to develop thousands of houses across the country.
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September 09, 2024
FCA Proposes Rules For Banks Delaying Suspicious Transfers
The Financial Conduct Authority set out guidance on Monday for banks seeking to delay suspicious payment transactions under new legislation as the watchdog seeks to ensure fair treatment for customers and efficient processing.
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September 09, 2024
Asset Manager Alpha Seals Guernsey Insurance Biz Buyout
Alpha Growth PLC said on Monday that it has completed the purchase of 93.36% of Jeometri, an insurance management company in Guernsey, for £449,300 ($588,300) including costs, as the asset manager moves to expand its life insurance business across the U.K. and streamline its operations.
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September 09, 2024
UK Crypto-Marketing Rules Risk Regulatory Overreach
Legal advisers for crypto-asset companies are concerned by how strenuously the financial watchdog will enforce new guidelines for promoting complex digital financial products for consumers, and have warned that overinterpreting the rules could handicap development of the market.
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September 06, 2024
UK Litigation Roundup: Here's What You Missed In London
This past week in London has seen Rockfire Capital sue its former director, Liam Kavanagh, after he was accused of cheating cash-strapped Thurrock Council out of £150 million ($197 million), FedEx launch a claim against an Israeli supply chain business, and a legal dispute between steel magnate Sanjeev Gupta and a former colleague. Here, Law360 looks at these and other new claims in the U.K.
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September 06, 2024
FCA Fines, Bans 4 For 'Reckless' Pension Transfer Advice
Britain's finance watchdog on Friday announced it has fined four people a total of nearly £600,000 ($793,300) and banned them from working in financial services because of pension transfer advice they gave that showed a "reckless disregard" for customers.
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September 06, 2024
Magnate Can't Stop Sale Of Airline Shares In €50M Dispute
A company with links to aviation magnate German Efromovich on Friday failed to get an order restraining the chairman of Aeroitalia SRL from selling the assets of the budget carrier pending the determination of a €50 million ($55 million) dispute.
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September 06, 2024
Travers Smith Names Elmore As New Head Of Funds
Travers Smith LLP said Friday that it has appointed Jeremy Elmore as its new head of funds, as the firm looks to continue building its practice following partner exits in 2023.
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September 06, 2024
EU Gears Up For New Commission With A Plea: More Women
European Commission President Ursula von der Leyen is gearing up to distribute the top jobs in foreign trade, economics and antitrust among the new commissioners for their five-year mandate, but she is pressing countries in the bloc to nominate more female candidates.
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September 06, 2024
Finance Co. Beats Would-Be CEO's Whistleblowing Claim
A U.K. finance company sacked its would-be chief executive because he lacked the experience and skills for the role — not because he had flagged alleged compliance breaches, a tribunal has ruled.
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September 06, 2024
UK Lags Globally In Pensions Allocation To Domestic Stocks
British pension funds have a "significantly lower" allocation of their assets to the domestic stock market than most of their counterparts around the world, a think tank has said.
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September 06, 2024
UK Regulators Back Nationwide's £2.9B Deal For Virgin Money
Two U.K. financial regulators have given their consent for Nationwide Building Society's £2.9 billion ($3.8 billion) acquisition of Virgin Money UK PLC, the lenders said Friday.
Expert Analysis
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Report On UK Investment Act Offers Welcome Insights
The U.K. government's recent report on the National Security and Investment Act's first full year of operation is to be applauded for disclosing more information on the act's notification system than was required, enabling a better understanding of what has taken place and what the next year may hold, say Andrea Hamilton and Ajal Notowicz at Milbank.
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Preparing For M&A Under The Foreign Subsidies Regulation
The EU Foreign Subsidies Regulation introduces requirements that companies operating in the region must consider in M&A transactions, and any foreign financial contributions received by a target should be checked during the due diligence stage, with specific provisions for commission approval if a notification requirement is triggered, say Hendrik Viaene and Stéphane Dionnet at McDermott.
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Important Generative AI Considerations In M&A
The recent surge of interest in generative artificial intelligence and its use of machine learning algorithms means there are novel concerns as well as inherent risks for those engaging in M&A activity, and acquirers should pay careful attention to a target’s scope of ownership and licensing rights, say attorneys at Davis Polk.
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Pension Trustee Case Could Lead To Fossil Fuels Divestment
While the recent Court of Appeal case McGaughey v. Universities Superannuation Scheme attempts to link fossil fuel investment by trustees to significant risk of financial detriment, it is concerning that two out of 470,000 scheme members could be permitted to bring a claim without ensuring that other members are represented, says Anna Metadjer at Kingsley Napley.
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Outbound Screening May Be Next EU Investment Control Step
Following the European Commission’s recent commitment to reduce dependence on third countries by developing an outbound investment review mechanism, it will be interesting to see whether member states will take a united stand or whether national security interests will trump such an approach, say Christoph Barth and Neil Hoolihan at Linklaters.
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Barclays Ruling Narrows Banks' Fraud Recovery Duty
The U.K. Supreme Court's recent ruling in Philipp v. Barclays decided against the so-called Quincecare duty's application in authorized push payment fraud, shining light on how banks should balance their responsibility to follow customers' instructions against making reasonable inquiries, say lawyers at Ontier.
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Green Loans May Be Hungary's Path To Sustainable Financing
Fueled by a rising trend in the use of green loans, Hungary is making impressive progress in its journey toward achieving a net-zero future, although the development of social and sustainability-linked loans is still a work in progress, say Gergely Szalóki and Bálint Bodó at Schönherr.
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How The Law Must Change To Accommodate Digital Assets
The Law Commission's recent report shows that the common law of England and Wales is well suited to adapt to digital assets, and with targeted statutory reform to unlock the possibility of recognizing property in intangible things, the U.K. can become an ideal hub for parties to transact with emerging technology, says Sarah Green at the commission.
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Tackling Global Inflation Is A Challenge For Antitrust Agencies
Recent events have put pressure on antitrust agencies to address the global cost-of-living crisis, but the relationship between competition and inflation is complex, and with competition agencies’ reluctance to act as price regulators, enforcement is unlikely to have a meaningful impact, say lawyers at Linklaters.
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Key Findings From EBA's Money Laundering Report
The European Banking Authority's recent report on money laundering and terrorist financing risks, highlighting that payment institutions may be ineffectively assessing or managing those risks, makes clear that addressing its findings will be essential to protecting the European Union from financial crime, say lawyers at Hogan Lovells.
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Cos. Using AI Should Note Regulators' Privacy Concerns
The past year’s unprecedented explosion in the use of artificial intelligence tools has sparked fears over the way personal data may be collected and treated, and organizations adopting AI will need to ensure that they have a lawful basis to use data collected in this way, says Paula Williamson at Excello Law.
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Comparing EU And UK Proposals To Regulate ESG Ratings
Ferdisha Snagg and Andreas Wildner at Cleary examine the key aspects of the EU proposal for regulating environmental, social and governance rating activities and draw comparisons to the U.K. proposal regarding scope, substantive provider obligations on regulated providers and the likely timeline for adoption and implementation.
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Digital Assets Consultation Offers First Step In Regulation
The recently published International Organization of Securities Commissions consultation intending to establish coordinated international regulation of cryptocurrency and digital assets, will benefit and protect retail investors against financial crime risk, also allowing legitimate market entrants to distinguish themselves from less scrupulous participants, says Fred Saugman at WilmerHale.
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EU And UK Crypto-Asset Consumer Rights Look Set To Differ
The U.K. government's recent consultation paper lacks an extended cooling off period to cancel crypto-asset purchases, which notably deviates from the European Union Markets in Crypto Assets Regulation, but depending on feedback, the U.K. may eventually adopt similar consumer protection measures, say Felicity Forward and Matt Green at Shoosmiths.
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EU Sustainability Initiatives Will Affect Emissions Trading
The measures recently adopted by the EU in its "Fit for 55" legislative package to revise its emissions trading system and establish a carbon border adjustment mechanism have far-reaching implications for companies needing to implement changes to offset the potential effects of their business operations, say Melanie Bruneau, Giovanni Campi and Annette Mutschler-Siebert at K&L Gates.