Wirecard – has the German financial regulator lost its immunity?

The German regulator BaFin is being sued for abuse of authority following one of the biggest fraud scandals of the decade with German payment processor, Wirecard AG, filing for insolvency owing €3.5bn and its chief executive arrested on suspicion of accounting fraud and market manipulation. This article explores the situation and considers the need for change.

Related briefings

New LCIA Arbitration Rules: In force on 1 October 2020

The London Court of International Arbitration (LCIA) recently released its updated arbitration rules (the “2020 Rules”) which will come into force from 1 October 2020 and will apply to any arbitration commenced under the auspices of the LCIA on or after this date. The 2020 Rules, in the LCIA’s own words, aim to make the arbitral processes “even more streamlined and clear” for arbitrators and parties alike. We summarise nine key changes and one omission.

New regulation supports businesses using online platforms to trade

On 12 July 2020, the P2B (Platform to Business) Regulation became applicable in the UK aimed at online marketplaces and search engines and their dealings with the businesses that use their platforms. We provide an overview of the provisions and the impact it could have on your business.

UK Sanctions – the start of a new era

After the Brexit transition period, EU sanctions will no longer apply in the UK. The UK’s various sanctions regimes will come into force in their place under the Sanctions and Anti-Money Laundering Act 2018 (the “SAMLA Act”). Gurpreet Chhokar looks at how the new sanctions will look in the post-Brexit world.

Agency Workers Regulations: Is your business compliant?

The government has recently introduced changes to the regime affecting the rights and entitlements of agency workers which have significant implications for those businesses which employ them. Our Employment team provides an overview of the changes and prospective changes.

Latest Briefings

Food & Drink Update – September 2020

Guidance on the latest food and drink rules, including post-furlough planning and workforce measures manufacturers, Brexit and the workforce – how to prepare for upcoming changes, protecting innovation in the food & drink industry, and more.

Coronavirus business interruption test case – judgment in the “insurance case of the century”

Flaux LJ and Butcher J today handed down judgment in the test case brought by the FCA to explore whether hundreds of thousands of businesses can recover under their business interruption policies for losses caused by the pandemic, in the “insurance case of the century” – the only claim heard under the Financial List Test Case Scheme. Many of those businesses will, today, be celebrating a fantastic win for them.

Cayman Islands Update: Economic substance guidance notes V3 issued

On 13 July 2020, the Cayman Islands Department for International Tax Cooperation (the “DITC”) issued version 3.0 of the Guidance on Economic Substance for Geographically Mobile Activities (the “Guidance”) pursuant to the ES Law (as defined below). This replaces the previous version 2.0 of the Guidance issued on 30 April 2019.

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Bryan Cave Leighton Paisner (BCLP) and Mayer Brown acted on Link REIT’s £383.6m acquisition of 25 Cabot Square in Canary Wharf. The acquisition of the 17-floor office complex, which houses Morgan Stanley’s HQ, marks the Hong Kong-based investment trust’s entry into Europe. Mayer Brown acted for Link, Asia’s largest real estate investment trust, led by […]

Fladgate finalises redundancy consultation with 19 roles cut

Fladgate has made 19 roles redundant as part of wider measures to weather the economic disruption of the Covid-19 crisis. Following a consultation that began earlier in the summer, the firm confirmed that 19 employees across the business have been made redundant. In March partners took a cut to their drawings graded according to the […]

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Simpson Thacher targets Gibson Dunn for City M&A hire

Simpson Thacher & Bartlett has poached private equity partner James Howe from Gibson Dunn. Howe, who focuses on cross-border leveraged buyouts, mergers and acquisitions and corporate finance transactions, joins Simpson Thacher’s London M&A practice after four years as a partner at Gibson Dunn. Prior to joining Gibson Dunn he was a partner at Proskauer Rose.  […]

Osborne Clarke growth stalls after seven years of double-digit expansion

Osborne Clarke’s UK average profit per equity partner dropped 12 per cent over 2019/20, as turnover crept up by 5 per cent. The results are markedly different to the last seven results posted since 2012/13, in which the firm has recorded double-digit percentage growth in turnover each year. Over 2018/19, turnover increased by 11 per […]

Keystone brings in former DWF local chief for long-in-the-making Middle East foray

Keystone Law has concluded a convoluted process to launch a new office in Abu Dhabi, its first and long-in-the-making Middle East venture. The limited liability partnership Keystone Law Middle East LLP has now been approved by the Abu Dhabi Global Market, a local centre that houses three local authorities including the financial services regulator, the […]

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