Banking & Finance Litigation Update
DLA Piper has released issue 63 of its Banking and Finance Litigation Update. The document is published monthly and covers current developments affecting the group’s area of practice and its clients during the preceding month.
As expected, the Chancellor, George Osborne, announced changes to the remit of the Bank of England in the Budget but the changes were not as radical as they could have been. The changes are intended to increase “monetary activism” by the Monetary Policy Committee to encourage economic growth.
It is expected that the Bank of England’s Monetary Policy Committee will agree with the Financial Services Authority (“FSA”) that the £50 billion capital shortfall it predicted banks would have can be covered in other ways. This follows a four month study conducted by the FSA into banks’ capital at the request of the Committee…
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Briefings from DLA Piper
Scotland has voted against independence. However, it is clear that changes will be made to grant further taxation powers to Scotland.
Companies that keep a clean house in the gifts/meals/entertainment/travel part of the FCPA statute stand a better chance of forestalling big problems elsewhere in the statute’s danger zones.
Analysis from The Lawyer
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.
A new breed of lawyer is smoothing the path for companies entering emerging or unstable jurisdictions