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Financial Services UK
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June 19, 2024
Mastercard Cuts Time-Barred Claims From £10B Class Action
A London tribunal has wiped out a swathe of claims from a £10 billion ($12.7 billion) class action against Mastercard for being time-barred, dismissing allegations on Wednesday that the credit card giant had hidden information about its interchange fees from consumers.
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June 19, 2024
EU Gov'ts Agree Position On Simpler Data-Sharing Rules
European Union governments agreed where they stand on new rules on Wednesday to help most financial regulators in the bloc to share data, with more efficient reporting by watchdogs and companies.
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June 19, 2024
Coinbase Loses Bid For EU Trademark Resembling Letter 'C'
Cryptocurrency exchange platform Coinbase failed to persuade a European court to upend an intellectual property office ruling that rejected its figurative trademark for a shape resembling the letter "C" as the court backed the ruling that the application lacked distinctive character.
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June 19, 2024
Plane Not 'Lost' In $15M Stranded Jet Row, Chubb Says
Chubb European Group SE has said it is not liable for $14.7 million claimed by the Irish wing of a U.S. aircraft leasing company to cover the claimed loss of a plane stranded in Russia because the insurer says it is not actually lost.
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June 19, 2024
New UK Gov't 'Should Push EU' For Extended Tax Relief Deal
A trade body for investment companies has said that whichever political parties forms the new government on July 5 should make it a priority to ensure that the European Union ratifies the U.K.'s recent decision to extend existing tax relief for venture capital trusts.
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June 19, 2024
Swiss Watchdog Ends UBS-Credit Suisse Merger Controls
Switzerland's financial watchdog said Wednesday that it has cleared the takeover by UBS of stricken rival Credit Suisse AG after finding that the rescue deal would not harm competition in any domestic market.
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June 19, 2024
Fieldfisher Steers £165M Mineral Biz Pension Deal
Insurance giant Aviva said on Wednesday that it has completed a full retirement savings plan buy-in worth £165 million ($210 million) sponsored by mineral miner and processor Sibelco UK Ltd., in a deal guided by Fieldfisher LLP.
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June 19, 2024
Nasdaq Stockholm Fined $9.6M For Compliance Breaches
The Swedish Financial Supervisory Authority said Wednesday that it has fined Nasdaq Stockholm 100 million Swedish krona ($9.6 million) for failing to maintain adequate trade monitoring systems and initiating trading in financial instruments without the necessary approval.
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June 18, 2024
Regulator Reminds Merging Firms To Put Clients First
The regulator for solicitors in England and Wales on Tuesday issued a new warning notice, reminding law firms that their clients' interests must be the top priority during legal industry mergers and acquisitions.
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June 18, 2024
Hargreaves Lansdown Backs £5.4B CVC, Abu Dhabi Bid
The board of Hargreaves Lansdown PLC said Tuesday that it would be willing to recommend to its shareholders a sweetened £5.4 billion ($6.9 billion) takeover offer from a consortium of private equity companies, including CVC and the sovereign wealth fund of Abu Dhabi.
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June 18, 2024
HSBC Hit With Swiss Restrictions After Compliance Breaches
Switzerland's financial regulator said Tuesday that HSBC's Swiss private bank had breached anti-money laundering requirements in banking transactions with two high-profile individuals, restricting its new business relationships until it completes reviews overseen by a monitor.
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June 18, 2024
HSBC Manager Won't Be Reinstated After Unfair Dismissal
An employment tribunal has refused to order HSBC to reinstate a former manager after it unfairly dismissed her in a flawed redundancy process, finding that the bank would have ended her employment on the same day anyway.
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June 18, 2024
Lifeboat Scheme Names PwC As Partner For Claims Service
The Financial Services Compensation Scheme said Tuesday it has awarded its core claims service contract to Big Four accounting firm PwC as the scheme expands its in-house team.
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June 18, 2024
Akin Elects US, London Duo To Take Over From Veteran Chair
Akin Gump Strauss Hauer & Feld LLP said on Tuesday that it has elected the partner in charge of its New York office and a corporate specialist in London to jointly lead the firm as its longtime chair prepares to step down next year.
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June 18, 2024
EU Finance Watchdogs Call For Improved Sustainability Rules
The European Union's financial regulators called on legislators Tuesday to improve rules on disclosing sustainability in funds, introducing product categorization to combat greenwashing problems.
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June 18, 2024
Serco Settles Landmark Shareholder Dispute Mid-Trial
Serco settled a landmark shareholders' claim on Tuesday with investors who sued the outsourcing giant for compensation over an overbilling scandal that caused its share price to nosedive.
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June 17, 2024
Ex-Energy Minister Revives Bid To Ax Libel Defense
A lawyer for an Iraqi politician said an investigative journalism article about the Iraqi oil business is "cherry-picking" bits of a court judgment to "create a story of corruption," urging a judge Monday to throw out the journalists' defense to his libel claim.
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June 24, 2024
Leading Blockchain Lawyer Joins Lawrence Stephens
Lawrence Stephens Ltd. has hired a litigator with expertise in blockchain technology and digital assets from Shoosmiths amid growing demand from clients for advice on cryptocurrency asset recoveries and all other issues associated with emerging technologies.
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June 17, 2024
Feds Take Hard Line On Tycoon's Pilots After He Goes Free
Manhattan federal prosecutors asked a sentencing judge to consider aggravating circumstances for two pilots who allegedly traded on stock tips from U.K. billionaire Joe Lewis, despite not seeking a prison term for the private equity honcho and former soccer club owner.
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June 17, 2024
Foreign Exchange Biz To Pay £61K Over Demotion
A foreign exchange firm must pay £61,993 ($78,535) to a senior employee after an employment tribunal ruled that its decision to nix his desk management role was a demotion that amounted to a dismissal.
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June 17, 2024
SFO Intends To Charge Individuals In Glencore Bribery Case
The Serious Fraud Office is seeking permission to charge individuals in its bribery probe into international commodities trader and miner Glencore, the crime-fighting agency confirmed at a London court on Monday.
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June 17, 2024
Tech Co. Loses Bid For Automatic Payments Patent In UK
A payments software company cannot protect its automatic payments system with a patent in the U.K. because it relates solely to a method of doing business, intellectual property officials have ruled.
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June 17, 2024
StanChart Investors Can 'Piggyback' On US Sanctions Claims
Standard Chartered PLC lost its bid at a London appellate court on Monday to toss accusations by investors that the bank downplayed by hundreds of billions of dollars the extent to which it had breached U.S. sanctions against Iran.
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June 17, 2024
White & Case-Led Ukraine Seeks Debt Relief By Aug. Deadline
The Ukraine government, advised by White & Case LLP, appealed on Monday to bondholders to help restructure its $19.5 billion of eurobond debt before a payments freeze it agreed with international creditors expires on Aug. 1.
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June 17, 2024
Political Parties Urged To Accelerate Financial Inclusion
An independent body of parliamentarians and finance experts called on Monday on the main political parties to establish a national strategy on financial inclusion in the first 100 days of a new government.
Expert Analysis
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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.
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The Benefits Of Uniformity In EU Anti-Corruption Proposals
The proposed directive requiring European Union member states to incorporate uniform anti-bribery measures would bring greater harmony and consistency, doing much to facilitate the prevention of bribery and drive common standards in the compliance culture of companies, say lawyers at White & Case.
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What To Know About 'Prior Obligations' Sanctions Exemption
The U.K. Office of Financial Sanctions Implementation recently issued a "prior obligations" general license authorizing U.K. persons to receive funds or economic resources owed to them by any person targeted by U.K. asset freeze sanctions, and it is novel for its scope but by no means a panacea, say Jane Shvets and Konstantin Bureiko at Debevoise.
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Recent Cases Mark Maturation Of CAT Class Cert. Approach
The Competition Appeal Tribunal's recent refusal to grant collective proceedings applications against Visa and MasterCard in the Commercial and Interregional Card Claims case shows that the tribunal takes its role as a gatekeeper seriously, and that it will likely continue to be difficult for defendants to defeat certification first time around, say lawyers at Linklaters.
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Why The UK Needs Tougher Fraud Enforcement
The Crown Court's recent conviction of Anthony Constantinou for running a Ponzi scheme is a rare success for prosecutors, highlighting the legal system's painfully slow course when it comes to complex fraud, and the need for significant funds and resources in the fight against financial crime, says James Clark at Quillon Law.
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What New FCA Management Will Mean For Enforcement
Therese Chambers’ first speech since becoming the U.K. Financial Conduct Authority’s joint executive director provided insightful observations about the expected behaviors of firms and their legal advisers during investigations, indicating the advent of a proactive, prosecution-minded enforcement agency trying to do the right thing, says Richard Burger at WilmerHale.
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Global M&A Outlook: Slow But Moving Along
Global merger and acquisition markets had a tough start to the year, with inflation, rising interest rates and the Ukraine conflict knocking sentiment, but in the macroeconomic, deal makers have continued to unearth pockets of activity to keep deal volumes ticking over, say lawyers at White & Case.