Financial Services UK

  • June 24, 2024

    German Banker's Cum-Ex Trial Dropped Due To Health

    The former chairman of M.M. Warburg & Co. KGaA will not face trial for alleged dividend-tax evasion linked to cum-ex transactions spanning from 2006 to 2019 after a German court halted the trial due to his health, according to a Monday court statement.

  • June 24, 2024

    Ex-Chief Of EU Lender Probed Over Corruption Allegations

    Werner Hoyer, the former head of the European Union's lending arm, is being investigated by the bloc's public prosecutor over corruption, abuse of influence and misappropriation allegations that he said on Monday were "unfounded and baseless."

  • June 24, 2024

    Dentons' Inadvertent AML Error Wasn't SRA Misconduct

    Dentons' U.K. arm failed in handling anti-money laundering checks on a politically exposed former client, but its oversight was entirely inadvertent and therefore did not amount to professional misconduct, a London tribunal has ruled.

  • June 24, 2024

    Herbert Smith Launches ESG Regulations Monitoring Tool

    Herbert Smith Freehills LLP on Monday launched a tool designed to help businesses stay up to date with the evolving landscape of environmental, social and governance regulations and reporting requirements.

  • June 24, 2024

    CEO Can Sue Nickel Mining Co. In UK Over 'Ambiguous' Firing

    An employment tribunal has ruled that the former CEO of a Zambian mining company can pursue his unfair dismissal claim in the U.K. after concluding that his contract was subject to English law.

  • June 24, 2024

    UAE Fund Can't Shake Asset Freeze As Mogul Chases £20M

    A London court agreed on Monday to continue a worldwide asset freezing order against a UAE sovereign wealth fund to allow an aviation tycoon to attempt to recover more than £20 million ($25.4 million) after a fraud allegedly assisted by a Dechert LLP partner.

  • June 24, 2024

    Charity Urges Better Ways To Fight Investment Greenwashing

    A legal environmental charity on Monday called for stronger measures to address the practice of misrepresenting financial products as environmentally friendly when they do not meet the necessary sustainability criteria.

  • June 24, 2024

    Prudential Launches First Tranche Of $2B Buyback Program

    Insurer and asset manager Prudential PLC has commenced an initial $700 million share buyback program, the first phase of a wider up to $2 billion repurchase scheme, advised by Slaughter and May.

  • June 24, 2024

    FCA Takes Action Against 3 Fund Mngrs On Risky Investments

    The financial watchdog said Monday that it has decided to ban and fine three individuals who ran fund manager SVS Securities PLC after it invested clients' pension money into high-risk bonds that have defaulted, threatening their retirement security.

  • June 24, 2024

    CMS-Led Aareal Bank To Sell Unit To TPG For €3.9B

    German lender Aareal Bank AG and investment company Advent International said Monday that they have agreed to sell a property management and maintenance software company to U.S. private equity firm TPG and Canada's CDPQ for approximately €3.9 billion ($4.2 billion).

  • June 21, 2024

    UK Tax Fraud Cases Rose 49% Over One-Year Period

    The U.K. tax authority launched more criminal cases for tax fraud for the year ended June 30, 2023, increasing 49% from 63 cases for the previous year to 94, Pinsent Masons LLP said Monday.

  • June 21, 2024

    Russian Bank Founder Hit With Asset Freeze In $850M Claim

    A London judge froze the assets of the co-founder of a Russian bank in a hearing Friday, in the latest development of an $850 million fraud claim in which two Russian lenders are seeking to claw back allegedly embezzled funds.

  • June 21, 2024

    OECD Official Sees Amount B Deal Helping With Amount A

    The Organization for Economic Cooperation and Development is close to a final deal on a key part of its efforts to establish new international taxing rights under Amounts A and B of its Pillar One plans, according to the organization's tax chief.

  • June 21, 2024

    Austrian Bank Beats Challenge To 'Easybank' TM

    Italian bank Intesa Sanpaolo lost its challenge to an Austrian bank's "easybank" trademark, after the Austrian bank persuaded the European Union's intellectual property office that it had put its direct banking brand to good use.

  • June 21, 2024

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

    This past week in London has seen JD Wetherspoon sue a Welsh pub over its name in the Intellectual Property Court, ex-professional boxer Amir Khan and his wife file libel action against an influencer, the Performing Right Society hit with a competition claim over music licensing, and Manolete Partners bring action against the directors of a bust investment firm. Here, Law360 looks at these and other new claims in the U.K.

  • June 21, 2024

    European Funds Want Laxer Rules On Derivatives Calls

    A European investment fund industry trade body has called for a reduction in proposed global rules to manage calls for extra money supporting derivatives positions intended to reduce the risk of a market crisis.

  • June 21, 2024

    Axiom Stays £65M Action As Directors Claim Bankruptcy

    A London judge ruled on Friday that shuttered firm Axiom Ince can stay its almost £65 million ($82 million) claim against its ex-director and several of his companies for allegedly misappropriating client funds, saying the main defendant has been declared bankrupt.

  • June 20, 2024

    Pensioners Still Taxed With 'Triple Lock Plus,' LCP Says

    The ruling Conservative Party's pledge to add a tax break to the anti-inflation "triple lock" on pensions would still mean that 2.5 million U.K. pensioners will be taxed, consultancy Lane Clark & Peacock LLP said Thursday.

  • June 20, 2024

    WTW Says Professional Trustee Appointments Up 11%

    Professional trustee appointments have surged by 11% over the past year, with corporate sole trustee appointments rising at 14%, according to WTW's 2024 professional trustee survey published Thursday.

  • June 20, 2024

    Mastercard Settles Retailers' Swipe Fees Group Litigation

    Mastercard has settled a class action claim brought by more than 1,900 businesses in ongoing litigation over allegations it imposed excessively high credit card fees on merchants, a person familiar with the case has confirmed.

  • June 20, 2024

    Aegon Plans ESG Shakeup Of £12B Workplace Pension Fund

    Pensions provider Aegon on Thursday announced a raft of measures to overhaul its £12 billion ($15.2 billion) workplace retirement fund, as it plots to reduce its carbon emissions and invest more in unlisted assets.

  • June 20, 2024

    Financial Watchdog Launches First-Ever ESG Probe Into Biz

    The Financial Conduct Authority has opened its first-ever enforcement investigation into a company over climate-related issues, lawyers from an environmental legal campaign group said on Thursday.

  • June 20, 2024

    A&O Shearman-Led Bridgepoint Makes £626M Offer For Rival

    Alpha Financial Markets Consulting Ltd. said Thursday that a company controlled by asset fund manager Bridgepoint Advisers is weighing a £578 million ($734 million) takeover and that it would recommend that to shareholders if it makes a formal bid.

  • June 20, 2024

    FCA Backs Police In Illegal £1B Crypto-Scheme Arrests

    The Financial Conduct Authority said Thursday that it worked with the Metropolitan Police on an operation that resulted in the arrest of two individuals suspected of running an illegal £1 billion ($1.3 billion) crypto-asset business.

  • June 20, 2024

    Sainsbury's To Pay NatWest £125M To Exit Bank Unit

    Sainsbury's will pay NatWest approximately £125 million ($159 million) to take on most of the personal banking assets of the U.K. retail giant, the companies said Thursday, as grocers look to exit the consumer banking market.

Expert Analysis

  • Economic Crime Act Offers Welcome Reform To AML Regime

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    The Economic Crime and Corporate Transparency Act exemption for mixed-property transactions that came into force on Jan. 15 as part of the U.K.'s anti-money laundering regime is long overdue, and should end economic harm to businesses, giving banks confidence to adopt a more pragmatic approach, say Matthew Getz and Joseph Fox-Davies at Pallas Partners.

  • 3 Financial Services Hot Topics To Watch In 2024

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    Technology, ESG and private markets are set to have the greatest impact on financial markets in 2024, as firms grapple with increasing regulatory change and a shifting political backdrop on both sides of the Atlantic, says Matthew Allen at Eversheds Sutherland.

  • What Venice Swaps Ruling Says About Foreign Law Disputes

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    The English appeals court's decision in Banca Intesa v. Venice that the English law swaps are valid and enforceable will be welcomed by banks, and it provides valuable commentary on the English courts' approach toward the interpretation of foreign law, say Harriet Campbell and Richard Marshall at Penningtons Manches.

  • Key Litigation Funding Rulings Will Drive Reform In 2024

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    Ground-breaking judgments on disputes funding and fee arrangements from 2023 — including that litigation funding agreements could be damages-based agreements, rendering them unenforceable — will bring legislative changes in 2024, which could have a substantial impact on litigation risk for several sectors, say Verity Jackson-Grant and David Bridge at Simmons & Simmons.

  • How Draft Trading Regs Provide Framework For UK Regime

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    Representing an important part of the U.K. government's post-Brexit regulatory reform agenda, the most recent draft of the proposed Trading Regulations seeks to provide a framework for a new rules-based regime for regulating public offers of securities and admissions to trading on a U.K.-regulated market, say lawyers at Davis Polk.

  • Breaking Down The New Rules For High Net Worth Individuals

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    Andrew Northage at Walker Morris outlines what businesses need to be aware of to ensure ongoing compliance with revised conditions in the U.K. government's updated financial promotion exemptions for high net worth individuals and sophisticated investors, and suggests a few practical tips for businesses to follow.

  • How Data Privacy Law Cases Are Evolving In UK, EU And US

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    To see where the law is heading in 2024, it is worth looking at privacy litigation and enforcement trends from last year, where we saw a focus on General Data Protection Regulation regulatory enforcement actions in the U.K. and EU, and class actions brought by private plaintiffs in the U.S., say lawyers at Morgan Lewis.

  • Misleading Airline Ads Offer Lessons To Avoid Greenwashing

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    Following the Advertising Standards Authority's recent decision that three airlines' adverts misled customers about their environmental impact, companies should ensure that their green claims comply with legal standards to avoid risking reputational damage, which could have financial repercussions, say Elaina Bailes and Olivia Shaw at Stewarts.

  • An Overview Of UK Short Selling Regulation Reforms

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    The steps taken by the U.K. government to reform the short selling regime show a thoughtful and considered approach and a willingness to listen to industry feedback in adapting the legacy EU regime to the realities of the U.K. markets, say Anna Maleva-Otto and Matthew Dow at Schulte Roth.

  • Supreme Court Ruling Is A Gift To Insolvency Practitioners

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    As corporate criminal liability is in sharp focus, the Supreme Court's recent decision in Palmer v. Northern Derbyshire Magistrates' Court that administrators are not company officers and should not be held liable under U.K. labor law is instructive in focusing on the substance and not merely the title of a person's role within a company, say lawyers at Greenberg Traurig.

  • What Can Be Learned From Adobe-Figma Merger Termination

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    The Competition and Markets Authority’s role in the recent termination of the proposed Adobe-Figma merger deal indicates the regulator's intention to be seen as a strong enforcer in the technology sphere, and serves as a warning for companies to address antitrust risks early on in the merger process, say Deirdre Taylor and Molly Heslop at Gibson Dunn.

  • How FCA Listing Regime Reform Proposals Are Developing

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    The Financial Conduct Authority’s recently proposed U.K. equity listings reforms maintain increased flexibility with a disclosure-based approach, but much of the new regime’s success will depend on the eligibility criteria used and whether additional governance will be required for inclusion, say lawyers at Debevoise.

  • Major EU AI Banking Ruling Will Reverberate Across Sectors

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    Following the European Court of Justice's recent OQ v. Land Hessen decision that banks' use of AI-driven credit scores to make consumer decisions did not comply with the General Data Protection Regulation, regulators indicated that the ruling would apply broadly, leaving numerous industries that employ AI-powered decisions open to scrutiny, say lawyers at Alston & Bird.

  • Key Points From Ireland's New Accountability Framework

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    The recently introduced Individual Accountability Framework is a positive step for the financial services industry in Ireland, and in contributing to cultural and practical change will encourage positive behavior and good governance for the benefit of the industry and investors, say Aongus McCarthy and Niall Esler at Walkers Global.

  • Technology And AI: 2024's Legal And Regulatory Landscape

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    Alexander Amato-Cravero at Herbert Smith discusses what businesses and their lawyers can expect in the year ahead in terms of regulation, policies and associated risks related to advancing technologies and artificial intelligence, including the need for increased internal governance and workforce engagement.

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