Banking and finance

London

Jones Day bulks up in London with Ashurst and Dentons hires

Jones Day has snared two finance partners from Ashurst and Dentons following a raft of exits from its London office since the start of the year. Partner Ewen Scott left Ashurt’s global loans group last week and will join Jones Day’s banking, finance and securities practice at the end of August. He will be joined by Dentons finance partner Lee […]

barclays

Barclays lawyers on call after SFO attempts to revive Qatar case

Herbert Smith Freehills (HSF) and Simmons & Simmons are among the firms understood to be advising after the Serious Fraud Office confirmed it was looking to reinstate criminal charges against Barclays Bank. Barclays yesterday said the SFO made an application to the High Court to reinstate charges related to the bank’s capital raisings in 2008. […]

Fintech start-up builds legal team with first GC

The former general counsel of MarketInvoice Simon Coles has joined fintech start-up Capital On Tap as its first legal head. Capital On Tap provides tech-driven funding facilities to SMEs and enables customers to access instant funding to grow their business. Before his stint as general counsel at cashflow finance provider MarketInvoice, which ended last year, […]

Analysis

Cropped shot of a doctor shaking hands with a businessman

Emerging opportunities in CEE healthcare

Central and Eastern Europe’s healthcare industry is fast emerging as an attractive destination for domestic and international investors, says research by Kinstellar and The Lawyer of over 100 corporates, financial investors and advisers active in the healthcare sector.

Irish banks’ toughest test

For Ireland’s banking sector, 2017 could be a significant year. Almost a decade on from the financial crisis Allied Irish Bank (AIB) which – along with Bank of Ireland, is one of the country’s two pillar banks – could return to private ownership in 2017.

Maurice Allen: the exit interview

Serial legal entrepreneur Maurice Allen will retire from Ropes & Gray this year, although he’s widely tipped to emerge at another firm. He talks to The Lawyer editor Catrin Griffiths about a career building some of the City’s most impressive practices.

LMI analysis: Visa

One company reaping the benefits of consumers shifting their spending from cash and cheques to electronic payment is Visa. In addition to generating operating revenue of $13.8bn (£9.4bn) in 2015 – 9 per cent up on the previous year – the financial services company saw a total payment volume of $7.4trn. There were 71 billion […]

Business city

Star legal writers: banking

Gowling WLG: Fraud update: Economic crime; TalkTalk’s cyber attack; the SFO By Andy Petherbridge By Sean O’Toole Crime of failure to prevent economic crime According to the justice minister, the Ministry of Justice has decided against introducing a new criminal offence of failing to prevent an economic crime. He stressed that the principle of corporate criminal liability […]

Featured Briefings

Assessing creditworthiness in consumer credit: FCA publishes final rules and guidance

The results of a large-scale survey by the Financial Conduct Authority (FCA) in 2017 indicated, among other things, that: 75% of UK adults had one or more consumer credit products or loans in the previous 12 months; 4.1 million people were “in difficulty” because they had already failed to pay domestic bills or meet credit […]

Open Banking, fintech and the Brexit hokey cokey

By Miles Trower London is, arguably, the most important global hub for financial services. As a result, the consequences of the Brexit vote, the ensuing uncertainty and the eventual transitional and regulatory framework applying to UK financial services and how it will continue to access overseas markets has been subject to huge speculation. Much of […]

FCA consultation on a Global Financial Innovation Network

By Russell Kelsall On 7 August 2018, the Financial Conduct Authority (FCA) published a consultation on the creation of a Global Financial Innovation consultation. With innovation in the global financial services market rapidly increasing, it is important for firms to consider the options for building, implementing and sharing experiences of digital solutions.

Amendments to the Hungarian Data Protection Act

By Dorottya Gindl The Hungarian Parliament has recently adopted legislation with the aim of harmonising the national data protection rules with the rules of the GDPR, and supplementing the national rules in areas not regulated by the GDPR. The Parliament adopted Act XXXVIII of 2018 (“Amendment“) in an extraordinary session and the new regulations entered […]

Changes to Entrepreneurs’ Relief: What do you need to know?

By Mark Braude A significant and welcome change to the Entrepreneurs’ Relief (ER) rules was announced in the Finance Bill 2019 last month. It is aimed at shareholders who would otherwise lose their entitlement to ER as a result of being diluted below the 5% required shareholding…

FCA publishes evaluation of Guaranteed Asset Protection intervention

By Alanna Tregear The Financial Conduct Authority (the FCA) said, as part of its 2018/2019 Business Plan, it wished to investigate the effectiveness and impact of its interventions into certain markets and industries. The FCA intends to conduct three pilot evaluations, the first being an evaluation of the FCA’s September 2015 intervention into GAP insurance. […]

Digital asset business act marks a new chapter in Bermuda’s fintech revolution

By Chris Garrod Bermuda’s recently passed Digital Asset Business Act, 2018 (“DABA”) adds a new layer to the Island’s fintech transformation. The legislation, which is likely to come into force in September, covers the licensing of entities which will carry on digital asset business in or from Bermuda. It is completely separate from the new […]

New procedure for qualification of foreign financial instruments as securities in Russia

On 21 April 2018, the Instruction of the Central Bank of the Russian Federation No. 4561-u dated 3 October 2017, which establishes a new procedure for qualifying foreign financial instruments that have been assigned with the security identification code (number) (ISIN code) and the international classification code of financial instruments (CFI code), as securities (‘Procedure’). […]

Customs duties for certain goods originating from the United States are increased in Russia

On 23 March 2018, the United States of America introduced a special protective measure in the form of increased customs duties on imports for steel and aluminium products, including those originating from the Russian Federation. Pursuant to the World Trade Organisation (WTO) rules, a WTO member state affected by special protective measures shall have the […]

Changes in the Russian currency law: Repatriation of currency proceeds

On 29 July 2018 several Federals Laws were signed off amending the Federal Law ‘On Currency Regulation and Currency Control’ as follows: Federal Law No. 246-FZ introduced additional cases when a resident (an individual or legal entity deemed as the resident of the Russian Federation for currency control purposes) is deemed to have fulfilled the […]

Prevent disputes with pension providers about the implementation agreement

The Dutch pensions system has been under increasing stress since 2008. A sudden downturn on the financial markets and market interest rates held down artificially, together with rising life expectancy and strict solvency requirements, have produced some unpleasant financial surprises. So the question as to who is responsible or liable for the solvency shortfalls is […]

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