Banking and finance

Simmons & Simmons

Freshfields partner moves over to Simmons’ CLO team

Simmons & Simmons has recruited Freshfields Bruckhaus Deringer partner James Grand to lead its practice focused on collateralised loan obligations (CLO). Grand has joined the structured finance and derivatives practice of the firm, having been promoted to partner at the magic circle firm in 2007. He joined Freshfields in 1995. His arrival follows Simmons’ expansion of […]

Lloyds Bank legal chief to balance new role with GC duties

Lloyds Banking Group general counsel Kate Cheetham has been handed responsibility for another side of the business, being put in charge of the company secretariat role alongside her existing legal position. Cheetham, who became group general counsel in May 2015, has taken on the company secretary role following the retirement of Malcolm Wood, who joined Lloyds […]

Travers gets behind new funding platform in drive to expand start-up client base

As more and more firms look to capitalise on the latest developments in tech and innovation, Travers Smith is backing a new funding platform that will enable investors to get behind private growth companies. The firm has provided legal advice to the founders of the start-up called The Growth Stage, assisting in the operational structure of […]

London

Close Brothers begins hunt for new GC

Merchant bank Close Brothers has kicked off its search for a new general counsel, as it was announced that Elizabeth Lee would be retiring as the company’s legal head at the end of July 2019. Lee joined Close as general counsel in September 2009 and was further appointed as a director in August 2012. Prior […]

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 […]

Featured Briefings

Slovenia – Cryptocurrency services to prevent money-laundering

By Anže Skodlar Crypto assets and among them cryptocurrencies, which this article focuses on, have proven themselves as an eminent opportunity in many aspects of the new digital economy, giving birth to new innovative enterprises and enabling exchange of value in a decentralized manner. This is also evident in Slovenia, being a well-known hub of successful […]

Transparency between trustee and settlor may reduce disputes

By Sally Edwards The issue of confidentiality in relation to trusts has been much discussed recently, with the introduction of reporting requirements such as the Common Reporting Standard. As with the introduction of customer due diligence requirements, while initially causing some consternation, the need to report appears to be gaining acceptance among settlors and beneficiaries […]

Donating money to UKIP might lead to a heavy tax bill

By Aidan Grant Aaron Banks attempted to use the European Convention on Human Rights to argue that HMRC was wrong to charge £163,000 in inheritance tax on certain donations he made to UKIP. Putting to one side the irony of a major backer of UKIP and Brexit using the ECHR to obtain a favourable tax position, […]

Reform of the Community Infrastructure Levy

By Katherine Evans In March we reported on the government’s consultation on the reform of the current system of developer contributions. The government’s response to the consultation, released at the end of October, confirms that change is on the horizon. The key themes of the consultation were centred around a desire to make the system simpler and more […]

Survey: Brexit will have a greater impact on the UK than 2008 crash

By Robin Henry In a recent survey by law firm Collyer Bristow of 200 senior decision makers at firms based in London, 80% stated that they believe that Brexit will have a greater impact on the UK economy than the financial crisis of 2007 – 2008. Interestingly that fell to 64% in the banking and financial […]

Jersey: The Trusts Law 2018 – An insight

By Siobhan Riley, Andreas Kistler The Trusts (Amendment No. 7) (Jersey) Law 2018 (the Amendment Law), which came into force on 8 June 2018, reÊnes and further enhances Jersey’s trusts legislation, the Trusts (Jersey) Law 1984 (the Law). Since its introduction in 1984, the Law has been amended and updated periodically, the last changes having been made […]

Jersey lodges the draft Taxation Law 201

Jersey has lodged the draft Taxation (Companies – Economic Substance) (Jersey) Law 201- (the “Law”). The Law, once adopted, is intended to meet the commitment made by Jersey to address certain concerns raised by the EU Code of Conduct Group on Business Taxation (the “Code Group”) in relation to the need for relevant businesses to […]

Bulgaria: Companies required to register their beneficial owners by February 2019

By Gergana Roussinova Companies have until 1 February 2019 to register their beneficial owners in the Bulgarian Commercial Register and Register for Non-profit Legal Persons (the “Commercial Register“). This obligation comes as a result of the adoption of a new Law on the measures against money laundering in March this year (the “AML Law“). Who is obligated under […]

Importance of prohibition on the collateral use of disclosed documents

By Sonia Tolaney, Sandy Phipps CPR 31.22 provides that disclosed documents may be used only for the purpose of the proceedings in which they were disclosed without the consent of the disclosing party or the Court’s permission. It is well established that this rule, known as the collateral use prohibition, applies both to the disclosed documents themselves […]

Commercial Court dismisses allegations of fraud in connection with forex demo accounts

By Robin Henry, Jean-Martin Louw In a highly critical Commercial Court judgment, Mr Justice Knowles has described two investment funds’ allegations of fraud against a forex trading firm as “an elaborate and expensive, unmeritorious attempt” to “throw off their responsibility onto the shoulders of the defendants”. Background The claimants’ business model was to offer investors equity in […]

Relief for retailers in ATM business rates decision

By Matthew Forrest External facing supermarket cash machines are not to be separately assessed for business rates, the Court of Appeal has ruled today in Cardtronics Europe Ltd (and others) v Sykes and others [2018] EWCA Civ 2472. The Court had to decide the correct legal approach to the rating of external ATMs in supermarkets, shops […]

VAT on share disposal costs recoverable in certain cases

VAT on costs incurred in connection with an envisaged share disposal is in principle not recoverable. However, if the reason for the disposal lies in the VAT taxed activities of the parent company, VAT on the disposal costs may be recoverable. Proper and timely documentation of such reasons will play a deciding role. This follows […]

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