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Financial Services UK
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August 07, 2024
EY Sanctioned For Breaching Fee Cap Over Russian Client
The accounting watchdog said Wednesday that it has ordered Ernst & Young LLP to pay just over £251,000 ($319,000) for breaching a fee cap on work it carried out for Evraz, a steel and mining group based in Russia.
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August 07, 2024
Asset Manager To Pay Investors €250M After FCA Probe
The Financial Conduct Authority said Wednesday that asset manager H20 AM LLP will pay €250 million ($272 million) to investors unable to gain access to funds since 2020 after the regulator found serious breaches of rules, including a failure to manage conflicts of interest and making false statements.
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August 06, 2024
Travel Biz Directors Misused Funds, Leaving £17.6M Shortfall
Directors of a defunct holiday tour operator left the company with a £17.6 million ($22.3 million) shortfall after racking up debts that were used to pay personal bills and transfer money to relatives, a London judge ruled Tuesday
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August 13, 2024
Davis Polk Hires PE Pro From A&O Shearman In London
Davis Polk & Wardwell LLP said Tuesday that it has hired a private equity specialist from Allen Overy Shearman Sterling as a partner in its London corporate practice as the U.S. firm looks to seize "ripe" opportunities for growth in the City.
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August 06, 2024
Forfeiture Gives NCA's Rarely Used 'McMafia' Order A Boost
The seizure by the National Crime Agency of £22 million ($28 million) in properties from a banker's wife who is in prison allowed it to display its "McMafia" powers, although lawyers still have doubts about the future of the rarely-used enforcement tool.
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August 06, 2024
Senior SFO Official Heads For Exit After Less Than 2 Years
The Serious Fraud Office's chief operating officer is set to leave after less than two years on the job, leaving a vacancy at the top of the white-collar crime prosecutor as it undergoes a shake-up in leadership.
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August 06, 2024
BoE Identifies Resolution Issues At Top UK Banks
The Bank of England urged five major U.K. banks on Tuesday to make further enhancements in how they prepare for orderly failure in a report, identifying only at Standard Chartered a shortcoming that could impede resolution.
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August 06, 2024
Pension Body Urges Sector Tech Overhaul After CrowdStrike
The pension industry must take steps to bolster its data security or else put the life savings of millions of Britons at risk, experts warned Tuesday.
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August 06, 2024
Eversheds Steers Sale Of Kodak Unit By Pensions Lifeboat
The U.K. Pension Protection Fund has sold a business unit of photography giant Kodak to U.S. private equity firm Kingswood Capital Management in a deal steered by Eversheds Sutherland and Kirkland & Ellis LLP.
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August 06, 2024
Law Firm Sued Over Negligent Property 'Ponzi Scheme' Advice
Four investors have sued AI Law for £373,000 ($473,000) over the regional English firm's alleged failure to advise them that there is a risk their purchase of leases in apartments was an investment in a potential Ponzi scheme.
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August 06, 2024
Alternative Investor Great Point Enters Into Liquidation
Alternative investment fund manager Great Point Investments Ltd. has wound up its operations and liquidated its assets to pay off creditors after its parent company became insolvent, the financial watchdog said Tuesday.
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August 06, 2024
Brown & Brown Buys Trade Credit Insurance Specialist
Brown & Brown (Europe) Ltd. said Tuesday that it has bought trade credit insurance broker The CI Group Holdings Ltd. to expand its services for lenders and the small and midsized businesses in the U.K.
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August 05, 2024
NCA Not Liable For Regulator's License Withdrawal Decision
A former financial investigator cannot sue the National Crime Agency for losing his license, after an employment tribunal ruled that the agency could lobby on his behalf but couldn't overturn a regulatory body's decision.
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August 05, 2024
Azeri Banker's Wife Forfeits Golf Club, Knightsbridge Home
The wife of a jailed Azeri banker has agreed to forfeit a house and golf course that the National Crime Agency says were bought with embezzled money, the agency announced on Monday.
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August 05, 2024
Glencore Ordered To Pay $152M In Swiss Bribery Case
Switzerland's federal prosecutor ordered commodities trader and miner Glencore on Monday to pay $152 million for failing to prevent bribery linked to the acquisition by a business partner of minority stakes in two mining companies in the Democratic Republic of Congo in 2011.
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August 05, 2024
Most Pension Plans Unclear On Members' Retirement Income
Aon PLC said Monday that almost two-thirds of defined contribution pension plans in Britain do know how much money a typical member can expect in retirement — and welcomed the intention of the new government to make remedying this a priority.
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August 12, 2024
Goodwin Adds Secondaries Partner From Dechert In London
Goodwin Procter LLP has tapped private investment funds partner Thiha Tun to work in its London office from Dechert LLP.
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August 05, 2024
FRC Tightens Accounting Guidance, Extends It To Listed Firms
Britain's accounting watchdog on Monday proposed tighter guidance for directors to assess whether a company is a "going concern" and broadened its application to the largest listed companies, after some high-profile corporate failures.
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August 05, 2024
Gov't Warned Over Tapping Pensions For Economic Growth
The Labour government must remember that the "primary role" of pensions is to support retirees in later life amid growing efforts to use the trillion-pound sector to drive economic growth, Royal London has warned.
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August 05, 2024
Ukraine War Shifts Contours Of Russian Litigation Landscape
The war in Ukraine and global sanctions have caused the number of Russian litigants using England's commercial courts to tumble dramatically, and lawyers expect that the consequences of the invasion will continue to influence the disputes landscape.
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August 05, 2024
Unauthorized Mortgage Broker Must Pay £4M To FCA
A court has ordered two unauthorized investment firms that misled vulnerable people into handing over their homes to hand over £4 million ($5.1 million) to the Financial Conduct Authority, the regulator said Monday
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August 05, 2024
SocGen Sells 2 Banking Units To Swiss Bank For €900M
Societe Generale said Monday that it has agreed to sell two of its private banking subsidiaries in the U.K. and Switzerland to a Swiss bank for €900 million ($990 million), as well as all its business in Madagascar, in a move to streamline its business.
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August 12, 2024
Paul Hastings Hires Finance Pro From Weil In London
Paul Hastings LLP has recruited a structured finance partner and two other lawyers from Weil Gotshal & Manges LLP in London, the latest to move from its U.S. rival, as the firm boosts its services for clients in asset-backed finance transactions.
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August 02, 2024
S. Korea Loses Bid To Set Aside $48.5M Hedge Fund Award
A London court has upheld a $48.5 million arbitral award favoring hedge fund Elliott Associates LP against South Korea in a dispute over a government bribery scandal that allegedly underpinned the $8 billion merger of two Samsung affiliates in 2015.
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August 02, 2024
Self-Styled 'Business Guru' Faces Investor's £5.6M Fraud Case
An investor has hit a self-styled business guru with a £5.6 million ($7.2 million) fraud claim, accusing the entrepreneur of running a Ponzi scheme and of duping him into funding a loan for a luxury hotel development that was never lent.
Expert Analysis
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Continuation Funds: What You Need To Know
As the continuation fund market matures, the structure and terms of these transactions have become increasingly complex, presenting challenges that should be carefully navigated by participants to ensure a successful transaction process, say lawyers at Skadden.
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EU Anti-Greenwashing Guide Analyzed For Fund Managers
Anna Maleva-Otto and Matthew Dow at Schulte Roth explain how the European Securities and Markets Authority’s new guidelines on sustainability-related terms in fund names aim to protect European Union investors from unsubstantiated claims, and how they provide quantifiable criteria for determining which terms can be used to promote their funds.
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FCA 'Finfluencer' Trial Exposes Social Media Promo Risks
The upcoming Financial Conduct Authority prosecution of nine individuals for Financial Services and Markets Act 2000 violations is the first time an online influencer will be tried for using social media to promote investments, demonstrating the need to be wary of the specific legal requirements surrounding financial product promotion, says David Claxton at Red Lion.
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A Look At US-EU Consumer Finance Talks' Slow First Steps
The unhurried and informal nature of planned discussions between the U.S. Consumer Financial Protection Bureau and the European commissioner for justice and consumer protection suggests any coordinated regulatory action on issues like AI and "buy now, pay later" services is still a ways off, say attorneys at DLA Piper.
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FCA Doubles Down On New Priorities With Target ID Plan
Respondents to the Financial Conduct Authority’s recent consultation on its plan to publicly name subjects under investigation are concerned that the regulator’s cost-benefit analysis has not adequately considered the risks, but the FCA is holding firm, and it seems likely the changes will be implemented, says James Tyler at Peters & Peters.
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Examining Senior Managers' Accountability For AI Use
With the Financial Conduct Authority's artificial intelligence update and the Prudential Regulation Authority’s letter to the government offering key guidance on the Senior Managers and Certification Regime, Senior Managers in these organizations need to show they have taken steps to prevent breaching requirements in order not to be held personally accountable, says Jennifer Holyoake at DLA Piper.
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FCA Brokerage Changes Offer Asset Managers Wider Options
The Financial Conduct Authority’s fast-tracked plan to lift its controversial ban on joint payments to broker-dealers for third-party services will be welcomed by many asset managers wishing to return to a soft commission structure, say Richard Frase and Simon Wright at Dechert.
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What Cos. Should Know About The EU Greenwashing Rules
The EU's recently proposed Green Claims Directive introduces new rules to improve the transparency and honesty of environmental claims in advertising, which will help ensure that consumers receive accurate and reliable information to make informed purchasing decisions, says Daja Apetz-Dreier at Morgan Lewis.
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Sanctions Ruling Opens Door For Enforcer To Clear Up Rules
In Vneshprombank v. Bedzhamov, the High Court recently argued against a broader interpretation of the test on reasonable suspicion for asset freezes, offering the Office of Financial Sanctions Implementation an opportunity to clarify when freezes should be applied and respond to judicial criticism of its guidance on financial sanctions, says Tasha Benkhadra at Corker Binning.
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'Debanking' Complaints Highlight Need For Flexibility In AML
The House of Commons' Treasury Committee's concerns about bank account closures have highlighted certain counterproductive features of anti-money laundering laws, and the review offers the opportunity for a more flexible approach, says John Binns at BCL Solicitors.
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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.