Financial Services UK

  • March 04, 2024

    FERC Slams Brakes On $1.1B Bridgepoint-ECP Deal

    The Federal Energy Regulatory Commission has blocked U.K. asset manager Bridgepoint Group PLC's proposed £835 million ($1.1 billion) purchase of Energy Capital Partners LP, saying the companies haven't shown the merger wouldn't affect competition in U.S. electricity markets.

  • March 04, 2024

    Ex-Integer Strategic Exec Wins £100K Sex Harassment Payout

    A tribunal has ordered the chairman of Integer Wealth to pay a female director almost £100,000 ($127,000) in compensation for sex-based discrimination and harassment after it ruled that he demoted her after she rejected his romantic advances.

  • March 04, 2024

    Dentons Failed To Make AML Checks On PEP Client, SRA Says

    Dentons faced a battle at a London tribunal on Monday over its anti-money laundering procedures after the U.K. legal regulator said it had failed to conduct adequate checks on a politically exposed client for years.

  • March 04, 2024

    Most UK Pension Schemes Offering Below-Inflation Increases

    Most defined benefit pension schemes are offering their members increases below inflation levels, prompting calls for discretionary payment boosts in light of funding improvements, pensions consultancy Broadstone said on Monday.

  • March 04, 2024

    Funds Seek €46M Debt Payment From Swedish Property Giant

    Three New York hedge funds have hit Nordic property company SBB with a €46 million ($50 million) claim, alleging that it has defaulted on debt that is now "immediately due" following a dip in its profits.

  • March 04, 2024

    Associate Of Ex-Dechert Partner Says Settlement Ends Claims

    A British-Canadian businessman accused of conspiring with former Dechert partner Neil Gerrard to hack aviation tycoon Farhad Azima told an English judge on Monday that Azima's settlement with the law firm brings the claims against him to an end. 

  • March 04, 2024

    FCA Warns Asset Managers To Follow Sustainability Rules

    The Financial Conduct Authority has warned chief executives of asset management companies that it will focus on their compliance with rules on sustainability disclosure that come into force this year.

  • March 04, 2024

    5 Questions For Peter Carter On Insider Dealing Prosecutions

    The Financial Conduct Authority's successful prosecution of a former Goldman Sachs analyst for insider dealing provides new insights into what a determined criminal will do to get around compliance procedures and break the law. Here Peter Carter KC at Doughty Street Chambers, who led the prosecution for the FCA, talks to Law360 about the intricacies of tackling these kinds of cases.

  • March 04, 2024

    Gov't To Require Pensions To Disclose UK Investments

    The U.K. government said it will require pension schemes to disclose how much they invest in U.K. businesses, as part of a wider effort to tap into the sector for economic growth.

  • March 04, 2024

    BNP Paribas Kicks Off €1B Share Buyback Program

    BNP Paribas SA launched a share repurchase program on Monday worth up to €1.055 billion ($1.1 billion) aimed at lowering its outstanding share capital and rewarding investors.

  • March 04, 2024

    KPMG Fined £1.46M For Ad Agency Accounting Breaches

    The Financial Reporting Council said on Monday that it has fined KPMG £1.46 million ($1.85 million) for a string of "serious failings" during the audit of advertising group M&C Saatchi PLC.

  • March 01, 2024

    WealthTek Case Paused For FCA To Weigh Bringing Charges

    A judge on Friday delayed the Financial Conduct Authority's enforcement proceedings against a wealth manager over an £80 million ($101 million) shortfall, finding the watchdog should prioritize deciding whether to charge the company's founder over one of the "most significant frauds" it ever investigated.

  • March 01, 2024

    Wright Blames Enemies For Forged Email In Satoshi Trial

    Craig Wright hit back on Friday at accusations that he forged an email amid a trial over his claims that he is the inventor of bitcoin, telling a London court that an enemy could have doctored the message to sabotage his case.

  • March 01, 2024

    SPAC New Energy One To Wind Up Amid UK Deal Drought

    Blank-check company New Energy One said Friday it has decided to dissolve itself as it could not acquire a target business since it listed on the London Stock Exchange in March 2022, because of "challenging U.K. public equity market conditions."

  • March 01, 2024

    Greenwashing Risk Warning As EU Plans Benchmark Change

    European asset managers warned on Friday that expected revisions to the rules on benchmarks would remove transparency, hindering the explanations about sustainability that they need to give investors to fight against greenwashing.

  • March 01, 2024

    UK Litigation Roundup: Here's What You Missed In London

    This past week in London has seen a legal battle between confectionary heavyweight Mars Wrigley UK and a frozen food manufacturer, a trademark infringement claim by Abbott Diabetes Care over glucose monitoring meters, Mercedes-Benz Group hit with two commercial fraud disputes, and the Mediterranean Shipping Company tackle a cargo claim by an insurance company. Here, Law360 looks at these and other new claims in the U.K.

  • March 01, 2024

    Spanish Lender BBVA Progresses With €781M Share Buyback

    Spanish lender BBVA on Friday unveiled the details of its up to €781 million ($845.7 million) share repurchase program aimed at lowering its outstanding share capital after regulators gave the green light for the scheme.

  • March 01, 2024

    Simmons & Simmons Hires Banking Pro From DLA Piper

    Simmons & Simmons LLP has bolstered its Dublin office by hiring Kate Curneen as a new banking partner from DLA Piper where she worked for four years.

  • March 01, 2024

    Mike Ashley Widens Claims In £10M Loan Fight With Financier

    Former Newcastle United owner Mike Ashley has added fresh allegations to his legal claim against financier Amanda Staveley over a £10 million ($12.6 million) loan, claiming she breached the deal by using proceeds earmarked to help fund the takeover of the club to pay a consultant.

  • February 29, 2024

    Judge Nixes Enforcement Of 'Fabricated' $88M Award

    An English judge on Thursday set aside his order enforcing a £70 million ($88.4 million) arbitral award against a Kuwaiti bank after concluding the award was a "fabrication" that included "substantial" passages lifted directly from a 2022 decision issued by the High Court.

  • February 29, 2024

    Morgan Stanley Exec Denies 'Snobbery' In Frasers Fight

    A senior Morgan Stanley banker has denied hitting Frasers with a $1 billion margin call because of "snobbery," telling a London court Thursday that he had "no personal animus" toward the former CEO of the British retailer.

  • February 29, 2024

    HMRC Uncovers Complex Offshore Tax Avoidance Scheme

    The U.K. tax authority said Thursday that it had exposed a complex tax avoidance scheme operating through a Singapore-based company.

  • February 29, 2024

    Drax May Face Group Litigation Over Greenwashing Claims

    Drax Group PLC shareholders could launch a group legal action against the energy company over claims it faked its environmental credentials to secure £6.5 billion ($8.2 billion) in U.K. government subsidies, the law firm helming the action said.

  • February 29, 2024

    Mozambique President Beats 'Tuna Bonds' Immunity Appeal

    Mozambique's president cannot be sued in England by shipbuilder Privinvest in the country's wide-ranging litigation over the $2 billion "tuna bonds" corruption scandal as a London appellate court on Thursday upheld a ruling that he has immunity as a sitting head of state.

  • February 29, 2024

    FCA Says Market For Credit Ratings Data Must Improve

    The markets for credit ratings, benchmarks and data vendor services lack competition and this is driving up the price of information, according to a report published Thursday by the Financial Conduct Authority.

Expert Analysis

  • BT Case May Shape UK Class Action Landscape

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    The first opt-out collective action trial commenced in Le Patourel v. BT in the U.K. Competition Appeal Tribunal last month, regarding BT's abuse of dominance by overcharging millions of customers, will likely provide clarification on damages and funder returns in collective actions, which could significantly affect the class action regime, say lawyers at RPC.

  • Key Points From EC Economic Security Screening Initiatives

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    Lawyers at Herbert Smith analyze the European Commission's five recently announced initiatives aimed at de-risking the EU's trade and investment links with third countries, including the implementation of mandatory screening mechanisms and extending coverage to investments made by EU companies that are controlled subsidiaries of non-EU investors.

  • Following The Road Map Toward Quantum Security

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    With the Financial Conduct Authority’s recent publication of a white paper on a quantum-secure financial sector, firms should begin to consider the quantum transition early — before the process is driven by regulatory obligations — with the goal of developing a cybersecurity architecture that is agile while also allowing for quantum security, say lawyers at Cleary.

  • Why EU Ruling On Beneficial Ownership May Affect The UK

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    Following the EU judgment in Sovim v. Luxembourg that public access to beneficial ownership information conflicts with data protection rights, several British overseas territories and dependencies have recently reversed their commitment to introduce unrestricted access, and challenges to the U.K.’s liberal stance may be on the cards, says Rupert Cullen at Allectus Law.

  • Key Changes In FRC Code Aim To Promote Good Governance

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    The focus of the recently published Financial Reporting Council Corporate Governance Code on risk management and internal controls is to ensure the competitiveness of the U.K. listing regime while not compromising on governance standards, and issuers may wish to consider updating their policies in order to follow best practice, say lawyers at Debevoise.

  • Ruling In FCA Case Offers Tips On Flexible Work Requests

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    In Wilson v. Financial Conduct Authority, the Employment Tribunal recently found that the regulator's rejection of a remote work request was justified, highlighting for employers factors that affect flexible work request outcomes, while emphasizing that individual inquiries should be considered on the specific facts, say Frances Rollin, Ella Tunnell and Kerry Garcia at Stevens & Bolton.

  • Breaking Down The New UK Pension Funding Regs

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    Recently published U.K. pension regulations, proposing major changes to funding and investing in defined benefit pension schemes, raise implementation considerations for trustees, including the importance of the employer covenant, say Charles Magoffin and Elizabeth Bullock at Freshfields.

  • Predicting DeFi Regulations At Home And Abroad In 2024

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    Though decentralized finance has advocates on both sides of the Atlantic in figures like U.S. SEC Commissioner Hester Peirce and U.K. Prime Minister Rishi Sunak, DeFi in 2024 seems likely to be folded into existing regulatory frameworks in the U.K. and EU, while anti-crypto scrutiny may discourage DeFi’s growth in the U.S., say Daniel Csefalvay and Eric Martin at BCLP.

  • Consultation Docs Can Help EU Firms Prep For Crypto Regs

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    Firms providing crypto services should note two recent papers from the European Securities and Markets Authority defining proposals on reverse solicitation and financial instrument classification that will be critical to clarifying the scope of the regulatory framework under the impending Markets in Crypto-Assets Regulation, say lawyers at Hogan Lovells.

  • A Closer Look At Novel Jury Instruction In Forex Rigging Case

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    After the recent commodities fraud conviction of a U.K.-based hedge fund executive in U.S. v. Phillips, post-trial briefing has focused on whether the New York federal court’s jury instruction incorrectly defined the requisite level of intent, which should inform defense counsel in future open market manipulation cases, say attorneys at Lankler Siffert.

  • Investors' Call For Voting Changes Faces Practical Challenges

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    A recent investor coalition call on fund managers to offer pass-through voting on pooled funds highlights a renewed concern for clients’ interests, but legal, regulatory and technological issues need to be overcome to ensure that risks related to the product are effectively mitigated, says Angeli Arora at Allectus.

  • Litigation Funding Implications Amid Post-PACCAR Disputes

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    An English tribunal's recent decision in Neill v. Sony, allowing an appeal on the enforceability of a litigation funding agreement, highlights how the legislative developments on funding limits following the U.K. Supreme Court's 2023 decision in Paccar v. Competition Appeal Tribunal may affect practitioners, say Andrew Leitch and Anoma Rekhi at BCLP.

  • What Extension Of French FDI Control Means For Investors

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    The recently published French order on foreign investment control expands the regime's application to more sectors and at a lower threshold of share ownership, illustrating France's determination to maintain sovereignty over its supply chains in sensitive sectors, and adding new considerations for potential investors in these areas, say lawyers at Linklaters.

  • What To Expect For Private Capital Investment Funds In 2024

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    As 2024 gets underway, market sentiment in the private fundraising sphere seems more optimistic, with a greater focus on deal sourcing and operational optimizations, and an increased emphasis on impact and sustainability strategies, say lawyers at Ropes & Gray.

  • Cayman Islands Off AML Risk Lists, Signaling Robust Controls

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    As a world-leading jurisdiction for securitization special purpose entities, the removal of the Cayman Islands from increased anti-money laundering monitoring lists is a significant milestone that will benefit new and existing financial services customers conducting business in the territory, say lawyers at Walkers Global.

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