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FCA's 'Disgraceful' Response To Ruling Knocks Credibility

The Financial Conduct Authority's "disgraceful" response to a recent legal setback in a key enforcement case risks diminishing its reputation — adding to the pain of a critical costs judgment that lawyers say could prompt the watchdog to rethink how it approaches cases.
December 08, 2023
EU Policymakers Clear Way For Passing Of Landmark AI Act

European Union policymakers on Friday reached an agreement on rules that would put guardrails on businesses' use of artificial intelligence, removing the final major barrier to the bloc enacting the world's first comprehensive law to tackle the potential risks posed by AI systems.
December 08, 2023
UK Litigation Roundup: Here's What You Missed In London

The past week in London has seen Tesla drive patent proceedings against technology company InterDigital, Genesis band members say That's (not) All in a breach of contract claim against Virgin Records, and betting giant Entain play its hand in a claim over its acquisition of BetCity last year. Here, Law360 looks at these and other new claims in the U.K.
December 08, 2023
BCLP Revenues Show Mixed Picture In Europe

Bryan Cave Leighton Paisner LLP has felt the blow of Russia's war in Ukraine and a shifting demand for legal services as its Europe, Middle East and Africa revenue dropped £20 million, according to its latest financial results.
December 08, 2023
Judge Warns Fake AI Citations May Undermine Legal System

A U.K. tribunal warned of the "many harms" in submitting fake legal opinions generated through artificial intelligence, after finding a woman battling a tax bill submitted nine cases that did not exist to support her arguments.
December 08, 2023
Watchdog Criticizes Scale Of Incomplete Local Gov't Audits

The accounting watchdog said Friday that it is "very disappointing" that scores of incomplete local government audits have restricted its ability to oversee and inspect financial reporting in the sector.
December 08, 2023
Union Probes Boots Pension Age Change After £4.8B Deal

A British trade body is investigating the lawfulness of a change to the Boots Pension Scheme that means members are no longer entitled to an unreduced pension from age 60 following a £4.8 billion ($6 billion) deal the pharmacy chain struck.
December 08, 2023
Ashurst Adds Tech M&A Specialist From Clifford Chance

Ashurst LLP has expanded its technology footprint by hiring a new partner in its London office from Clifford Chance LLP.
December 08, 2023
Pensions Insurer Invests £30M In UK Housing Association

Pension Insurance Corp. PLC has said that it has loaned an additional £30 million ($37.5 million) to a provider of U.K. social housing, the Heart of Medway housing association.
December 08, 2023
UK To Clarify Financial Advice Guidelines For Consumers

The Financial Conduct Authority and HM Treasury launched a public consultation on Friday to seek input on three proposals to make it easier for individuals with modest investments to get affordable advice on personal finance.
December 07, 2023
MPs Criticize Slow Progress Of Financial Services Reforms

Senior MPs said on Friday that government reforms to make the U.K.'s financial services more innovative and competitive have progressed too slowly and had little economic impact.
December 07, 2023
EU Fines Ethanol Producer €47M For Benchmark Manipulation

European enforcers ended an ethanol cartel investigation on Thursday, fining Swedish producer Lantmännen Biorefineries AB around €47.7 million ($51.5 million) for allegedly participating in a scheme to maintain high prices by manipulating a key benchmark.
December 07, 2023
Regulator Prioritizes Pensions Safeguards In M&A Deals

The Pensions Regulator on Thursday warned it would use enforcement powers to protect defined benefit scheme members should an employer become involved in a merger or acquisition that causes material harm to a retirement savings plan.
December 07, 2023
Credit Agency's Data Retention Breached GDPR, ECJ Rules

The European Union's General Court ruled on Thursday that automatic credit scores calculating a person's likelihood of being able to repay a loan are profiling, and are contrary to the bloc's General Data Protection Regulation.
December 07, 2023
SPAC To Buy 2 Fintech Cos For £51M To Form 'Unique' Biz

Adalan Ventures PLC said on Thursday that it will buy and combine two financial technology companies, from Singapore and Italy, for approximately £51.2 million ($64.3 million) in an all-stock transaction to form a "unique financial infrastructure."
December 07, 2023
Transneft Hit With Injunction After $14B Conspiracy Claim

A London court slapped PJSC Transneft, the world's largest oil pipeline company, with an injunction linked to a jailed Russian oligarch's $13.8 billion claim alleging his business empire was unlawfully seized in a sprawling conspiracy led by the Russian state.
December 07, 2023
Financial Watchdogs Eye Boost To Oversight Of Outsourcing

Britain's financial watchdogs put forward proposals on Thursday to tighten the oversight of so-called critical third parties, saying the new framework would ensure companies that perform outsourced services for businesses in the sector are properly regulated.
December 07, 2023
Ex-Morgan Stanley Exec Loses Early Bid To Reinstate Pay

A former Morgan Stanley executive who alleges she was fired because she blew the whistle on market manipulation has had her claim for her pay to be reinstated as her case progresses rejected by a tribunal.
December 07, 2023
FCA Proposes Cash Access Requirements For Banks

U.K. banks may close high street branches, but they must also ensure people can still withdraw and deposit money in their communities at all times, the Financial Conduct Authority said Thursday under proposals to maintain access to cash in an increasingly digital world.
December 07, 2023
UK Pension Superfund Sector Needs Clearer Regulation

The first-ever superfund pensions transaction was completed in the last week of November. But experts have told Law360 that regulatory problems mean that the deal is unlikely to open the floodgates to more transactions.
December 06, 2023
Metals Mogul Fights To Lift Trafigura Fraud Asset Freeze

Metals magnate Prateek Gupta on Wednesday sought to overturn a freezing order imposed on his assets in a wide-ranging $600 million fraud claim from Trafigura, saying that the commodity trader had not disclosed documents that he alleges show its traders were involved.
December 06, 2023
Audit Watchdog Discloses Upcoming Supervisory Focal Areas

Britain's accounting watchdog on Wednesday said climate risk and some specific industries will be among its regulatory priorities in the financial year beginning April, with a focus on compliance with corporate reporting and audit quality inspections.
December 06, 2023
Greenberg Traurig Hires Finance Pro From Weil

Greenberg Traurig LLP has bolstered its London banking and finance practice by hiring a lawyer from Weil Gotshal & Manges LLP.
December 06, 2023
Russia Acting To Avoid Sanctions, UK Finance Firms Warned

The National Crime Agency issued an alert to British financial firms on Wednesday that Russia is going through intermediary countries to gain access to goods and services despite sanctions imposed by the U.K. after its 2022 invasion of Ukraine.
December 06, 2023
A&O Says Nationwide's Negligence Led To £75M Tax Bill

Allen & Overy LLP has denied owing Nationwide Building Society £75 million ($94 million) in tax liability for failing to submit applications to list notes on the London Stock Exchange, saying that the loss was a result of the lender's own negligence.
December 06, 2023
Financial Ombudsman Weighs Fees For Claims Co. Cases

The Financial Ombudsman Service said on Wednesday that it is considering charging fees for cases brought by claims companies and law firms on behalf of consumers in the next financial year.

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

Russia Ruling Shows UK's Robust Jurisdiction Approach

An English High Court's recent decision to grant an anti-suit injunction in the Russia-related dispute Renaissance Securities v. Chlodwig Enterprises clearly illustrates that obtaining an injunction will likely be more straightforward when the seat is in England compared to when it is abroad, say lawyers at Linklaters.
How New Loan Origination Regime Will Affect Fund Managers

Although the recent publication of the Alternative Investment Fund Managers Directive II represents more of an evolution than a revolution, the leverage limitations applicable to loan-originating funds are likely to present practical challenges for European credit fund managers, say attorneys at Fried Frank.
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.
PPI Ruling Spells Trouble For Financial Services Firms

The Supreme Court's recent decision in Canada Square v. Potter, which found that the claimant's missold payment protection insurance claim was not time-barred, is bad news for affected financial services firms, as there is now certainty over the law on the postponement of limitation periods, rendering hidden commission claims viable, say Ian Skinner and Chris Webber at Squire Patton.
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.