Financial Services UK

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5 Questions For Ontier Partner Amy Harvey

London Stock Exchange and finance trade bodies have applauded the withdrawal by the government in October of burdensome draft regulations requiring companies to include extra nonfinancial information in annual reports — but others are less convinced.
December 04, 2023
Solicitor Wins Appeal Over Deal To Buy Firm's Shares

A solicitor won his appeal on Monday against a ruling that his option to buy shares in a law firm required a new shareholder's agreement be inked to prevent the dilution of the owner's shares.
December 04, 2023
Catering Giant Compass Launches $250M Tranche Of Buyback

Catering giant Compass Group PLC said Monday that it has started a program to buy up to $250 million of its shares as part of its plan to buy $500 million of shares over its next financial year.
December 04, 2023
Businesses Deny Fraud In Fight Over Oligarch's $3.7B Assets

Five Panamanian companies have denied taking part in an international fraud to deprive the immediate family of a dead Russian billionaire of assets worth up to $3.7 billion.
December 04, 2023
Global Body Issues Third-Party Financial Risks Toolkit

A global standards setter unveiled on Monday a comprehensive toolkit designed to strengthen the ability of financial institutions to manage risks arising from providers of third-party services and to boost the resilience of the global financial system.
December 04, 2023
Pension, Insurance Funds' UK Shares Holdings Hit New Low

The proportion of U.K.-listed shares held by pension and insurance funds hit a historical low in 2022 at 1.6% and 2.6% respectively, the Office for National Statistics said Monday.
December 04, 2023
Clifford Chance Lawyer Traded Shares On Banker Bro's Order

A former Clifford Chance lawyer traded shares on his brother's orders, knowing that the Goldman Sachs banker had inside information on the companies whose stocks they were buying and selling, the Financial Conduct Authority told a London court on Monday.
December 04, 2023
FCA Proposes Tough Rules For Selling Overseas Funds In UK

The Financial Conduct Authority proposed tough new rules on Monday that would enable asset managers to sell overseas funds to U.K. retail investors if the Treasury finds they are regulated to the same standard.
December 01, 2023
MPs Raise Digital Currency Concerns, Seek Restrictions

An influential group of MPs raised concerns on Saturday over the Bank of England's proposal for a digital currency, suggesting that the limit on how much of the virtual pound each person can initially hold should be lowered.
December 01, 2023
EU Cyber Resilience Act Moves Closer To Becoming Law

The European Council and the European Parliament have reached a political agreement on the Cyber Resilience Act, which will introduce tougher rules for digital goods and services coming into the European Union.
December 01, 2023
UK Litigation Roundup: Here's What You Missed In London

This past week in London has seen Lenovo Group and LM Ericsson embroiled in a patent dispute, Jaguar Land Rover face legal action from a number of employees over contract breaches, and Dexia Credit file another swaps claim with property administrator Patrimonio del Trentino. Here, Law360 looks at these and other new claims in the U.K.
December 01, 2023
Ex-Exec Accused Of Data Theft Says Client Info Was Personal

A former director of a wealth management adviser has claimed he did not steal any of the company's clients after his resignation, arguing that documents he downloaded from a shared Google Drive were his own to take.
December 01, 2023
Briton Faces US Extradition Over Darknet Card Market

A British man faces extradition to the U.S. to face trial over allegations that he was involved in a fraud and money laundering ring which sold stolen financial information on the darknet after a London court blocked his attempt to challenge it again.
December 01, 2023
Gowling Continues Major Expansion Push In Germany

Gowling WLG has recruited five senior lawyers to an office it recently opened in Frankfurt, as the law firm looks to ramp up its offering to domestic and international clients in Germany.
December 01, 2023
SFO Nets Just £450K After $500M Balli Steel Fraud

The Serious Fraud Office confiscated just £450,000 ($570,000) on Friday from former Balli Steel company executives who were convicted of orchestrating a $500 million fraud after prosecutors admitted that a luxury property and other assets were beyond their reach.
December 01, 2023
FCA Redress Rules 'Would Burden Pension Advisers'

Rules recently floated by the Financial Conduct Authority, which would ensure that investment firms have enough money set aside to compensate clients, will place a significant burden on advisory firms in the pension transfer market, an actuarial consultancy said on Friday.
December 01, 2023
Work Still Needed On Key EU Tax Files, Ministers Warn

Member countries must continue to negotiate to find agreement on key tax proposals in the European Union, with some states seeming to be far from accord more than two years after laws were proposed, a draft report penned by finance ministers indicates.
December 01, 2023
SocGen Can't Escape England In €140M Clifford Chance Claim

Societe Generale SA lost its bid Friday to persuade a judge to overturn his decision that the English courts are the appropriate venue for the lender's €140 million ($152 million) negligence claim against Clifford Chance.
November 30, 2023
Financier Can't Trim Publisher's Defense In Vatican Libel Case

An Anglo-Italian financier failed to have an Italian newspaper's defense against his libel suit cut down on Thursday, as a London judge ruled that the business executive had not passed the "high hurdle" needed to do so.
November 30, 2023
Lawyers, Financiers Face Biggest AI Impact, Gov't Warns

White-collar legal and finance jobs are most likely to be affected by artificial intelligence, with those involved in clerical work facing the greatest uncertainty in the workplace, according to a new U.K. government report.
November 30, 2023
FCA Posts Temporary Investment Cost Disclosure Changes

The Financial Conduct Authority on Thursday set out temporary measures it said would give investment companies greater flexibility to explain their costs and charges to consumers, ahead of anticipated long-term statutory changes to the disclosure regime.
November 30, 2023
Metro Bank Eyes £50M Cost Reduction Plan, Staff Reduction

Metro Bank said Thursday it has identified additional potential cost savings, including a reduction in staff, which will help it save up to £50 million ($63 million) per year as the financially troubled lender transitions to "a more cost-efficient business model."
November 30, 2023
Lawyer, Banker Brothers On Trial For Insider Dealing

A former Clifford Chance lawyer and his Goldman Sachs analyst brother used insider information to "gamble on the stock exchange" with money they unlawfully obtained from a U.K. lender, the Financial Conduct Authority told jurors at a London trial on Thursday.
November 30, 2023
UK Moves To Collect Unpaid Tax On Crypto-Assets

The U.K. tax authority has launched a campaign to encourage investors in crypto-assets to disclose taxes owed on capital gains — or face penalties for failing to comply.
November 30, 2023
Lawyer Who Told Client About SFO Probe Avoids Prison

A City solicitor was hit with a nine-month suspended prison sentence at a London court on Thursday for tipping off a client about an anti-money laundering investigation by the Serious Fraud Office.
November 30, 2023
Irish Watchdog Fines Fund €192K For Derivatives Breaches

The Central Bank of Ireland said Thursday it has fined GlobalReach Multi-Strategy ICAV €192,500 ($210,147) for failing to report derivatives trades in its first penalty against an investment fund.

Editor's Picks

5 Questions for Osborne Clarke Partner Nick Price

The Payment Systems Regulator is due to start forcing payment firms to reimburse victims of scams who have been tricked by a fraudster into transferring them money. Here, Law360 talks to Osborne Clarke partner Nick Price about how this new regime could mean uncertainty about compliance.
Ex-Barclays Litigation Head Joins M&A Startup As 1st CLO

The former leader of Barclays PLC's litigation team and longtime in-house lawyer there has taken on the role of chief legal officer for Tidal Partners, the new mergers and acquisitions advisory boutique has announced.
Sberbank Unit 'Failing' As Deposits Pulled, ECB Warns

The European subsidiary of one of Russia's biggest banks is "failing or likely to fail" as customers pull deposits after the Russian invasion of Ukraine, according to a notice issued by the European Central Bank on Monday.

Expert Analysis

How EU Sustainability Directive Will Improve Co. Reporting

The need for organizations to make nonfinancial disclosures under the recently adopted EU Sustainability Reporting Standards will significantly change workforce and human rights reporting, and with the objective of fostering transparency, should bring about an increased focus on risks, policies and action plans, say Philip Spyropoulos and Thomas Player at Eversheds Sutherland.
What Lawyers Can Learn From FDI Screening Report Findings

The recent European Commission report on the screening of foreign direct investments into the EU reveals how member states need to balance national security concerns with openness, and with more cross-border transactions subject to screening, lawyers must be alert to jurisdictional variances, says Jonathon Gunn at Faegre Drinker.
UK Review May Lead To Lower Investment Screening Burden

The government’s current review of national security investment screening rules aims to refine the scope of mandatory notifications required for unproblematic deals, and is likely to result in much-needed modifications to minimize the administrative burden on businesses and investors, say lawyers at Simpson Thacher.
Economic Crime Act Exposure: What Companies Can Expect

The intention of the Economic Crime and Corporate Transparency Act is to make it easier to attribute criminal liability to companies if a senior manager has committed an offense, but the impact on corporate criminal convictions depends on who qualifies as a senior manager and the evidential challenges in showing it, say Hayley Ichilcik and Julius Handler at MoFo.
FCA Promotions Review Sends A Strong Message To Firms

The recent FCA review into firms' compliance with the rules on promoting high-risk investments to retail clients clarifies that it expects the letter and the spirit of the rules to be followed, and given the interplay with the consumer duty, there are wider implications at stake, say Marina Reason and Chris Hurn at Herbert Smith.
When Can Bonuses Be Clawed Back?

The High Court's recent decision in Steel v. Spencer should remind employees that the contractual conditions surrounding bonuses and the timing of any resignation must be carefully considered, as in certain circumstances, bonuses can and are being successfully clawed back by employers, say Merrill April and Rachael Parker at CM Murray.
The State Of UK Litigation Funding After Therium Ruling

The recent English High Court decision in Therium v. Bugsby Property has provided a glimmer of hope for litigation funders about how courts will interpret this summer's U.K. Supreme Court ruling that called funding agreements impermissible, suggesting that its adverse effects may be mitigated, says Daniel Williams at DWF Law.
UK Shareholding Report A Missed Opportunity For New Tech

The recommendations in the U.K. Digitization Taskforce's recent report on digitizing and improving the U.K. shareholding framework are moderate but not revolutionary, and its failure to recommend digital ledger technology will impede a full transformation of the system, say Tom Bacon and Andrew Tsang at BCLP.
Tools M&A Deal Makers Can Use To Bridge Valuation Gaps

As macroeconomic headwinds reset valuation expectations, parties to merger and acquisition are increasingly looking to methods such as earnouts, vendor financing and minority transactions to bridge the valuation gap and get deals done, says Philip Herbst at Cleary.
Navigating The Novel Challenges Facing The Legal Profession

The increasing prominence of ESG and AI have transformed the legal landscape and represent new opportunities for lawyers, but with evolving regulations and the ever-expanding reach of the Solicitors Regulation Authority, law firms should ensure that they have appropriate policies in place to adapt to these challenges, say Scott Ashby and Aimee Talbot at RPC.
Deal Over Jets Stranded In Russia May Serve As Blueprint

In the face of a pending "mega-trial" over leased airplanes held in Russia after its invasion of Ukraine, a settlement between leading aviation lessor AerCap Holdings NV and NSK, the Russian state-controlled insurance company, could pave the way for similar deals, say Samantha Zaozirny and Timeyin Pinnick at Browne Jacobson.
Economic Crime Act Brings Changes For Limited Partnerships

The recently passed Economic Crime Act introduces significant financial transparency obligations for new and existing U.K. limited partnerships, and with criminal consequences for noncompliance, a degree of advance consideration is strongly advised, say Amelia Stawpert and Alex Jones at Hogan Lovells.
ESMA Report Offers A Glimpse At EU's Securitization Future

The European Securities and Markets Authority’s recent overview of the EU securitization sector suggests a growing market for both investors and businesses and offers useful insight into future regulatory priorities, says Alan Bunbury at Matheson.
What The Auto-Enrollment Law Means For UK Workforce

In a welcome step to enhance retirement savings, the U.K. government is set to extend the automatic enrollment regime by lowering the eligibility age and reducing the lower qualifying earnings limit, but addressing workers' immediate financial needs remains a challenge, says Beth Brown at Arc Pensions.
UAE Bank Case Offers Lessons On Enforcing Foreign Rulings

The High Court recently clarified in Invest Bank v. El-Husseini that foreign judgment debts may be enforceable in England, despite being unenforceable in their jurisdiction of origin, which should remind practitioners that foreign judgments will be recognized in England if they are final and conclusive in their court of origin, say lawyers at Macfarlanes.