Parties affected by a force majeure event should exercise "reasonable endeavours" to overcome such an event, even if the contract does not clearly state so.
However, when exercising reasonable endeavours, parties do not...more
Over the last six months, artificial intelligence (AI) has captured the public imagination in a way it never has before. A new generation of AI-powered language models make use of a deep learning architecture known as a...more
4/27/2023
/ Artificial Intelligence ,
Banking Sector ,
Broker-Dealer ,
CFTC ,
Cybersecurity ,
Due Diligence ,
ECOA ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Investment Adviser ,
Lending ,
Popular ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Software
In a recent judgment, the English Court of Appeal has opened the door to the possibility that cryptocurrency software developers may owe fiduciary duties to cryptocurrency users. These duties could have far-reaching...more
The United Kingdom HM Treasury (“HMT”) on 1 February 2023 launched its first consultation on the future regulatory regime for cryptoassets (the “Cryptoassets Consultation”). At the same time, it also published a response to...more
2/13/2023
/ Consumer Protection Laws ,
Cryptoassets ,
Data Reporting ,
Disclosure Requirements ,
Due Diligence ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services and Markets Act ,
Initial Coin Offering (ICOs) ,
Investment Management ,
Investors ,
Market Abuse ,
Trading Platforms ,
UK ,
Valuation
In a recent judgment the English High Court has again shown its ability to innovate so as to assist victims of crypto fraud. By imposing a constructive trust on a crypto exchange and permitting service of an order for summary...more
12/8/2022
/ Beneficial Owner ,
Bitcoin ,
Blockchain ,
Corporate Counsel ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Dispute Resolution ,
Fraud ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Software ,
Summary Judgment ,
UK
In a recent innovative ruling, the English High Court has granted permission for a claim to be served on a defendant by non-fungible token (NFT), embracing blockchain technology and taking a pragmatic view on the most...more
8/3/2022
/ Blockchain ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Wallets ,
Financial Fraud ,
Litigation Strategies ,
Misrepresentation ,
Non-Fungible Tokens (NFTs) ,
Popular ,
Service of Process ,
UK ,
Unjust Enrichment
In a recent decision, the English High Court has confirmed that injunctive relief cannot be granted against states, notwithstanding that this restriction interferes with Article 6 (Right to a fair trial) of the European...more
The English court has recently provided some much needed clarity on when banks and other financial institutions may be put on inquiry that a payment instruction is an attempt to misappropriate the payor’s funds, and so should...more
Introduction
In April 2022, the UK Financial Conduct Authority ("FCA") finalized new rules to encourage the disclosure of diversity data by listed companies, whether based in the UK or abroad. Across the pond, the U.S....more
7/1/2022
/ Corporate Governance ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Services Industry ,
LGBTQ ,
Listing Rules ,
Nasdaq ,
Publicly-Traded Companies ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
UK
In an important ruling, the English High Court has recognised for the first time that there is an arguable case that non-fungible tokens (NFTs) are to be treated as property under English law. This means that the powerful...more
6/29/2022
/ Blockchain ,
Corporate Counsel ,
Cryptocurrency ,
Digital Assets ,
Financial Markets ,
Fraud ,
Investment Opportunities ,
Investor Protection ,
Non-Fungible Tokens (NFTs) ,
Popular ,
UK ,
UK Supreme Court
The English High Court has granted a combination of powerful remedies including worldwide freezing orders in favour of a UK resident who fell victim to persons unknown operating a suspected cryptocurrency investment scam....more
3/10/2022
/ Bitcoin ,
Cryptocurrency ,
Digital Currency ,
Enforcement Actions ,
International Litigation ,
Investment Fraud ,
Investment Opportunities ,
Misappropriation ,
Popular ,
Scams ,
UK ,
Virtual Currency
The English High Court has decided that, in determining whether it has jurisdiction to hear claims about economic loss, the focus must be on where the loss manifested itself (i.e. its crystallisation) rather than on the...more
The UK Supreme Court has delivered an important judgment which confirms that those (including business people) under criminal investigation have a reasonable expectation of privacy in respect of information relating to that...more
2/24/2022
/ Bloomberg Inc. ,
Corporate Counsel ,
Criminal Investigations ,
Freedom of Expression ,
News Stories ,
Publishers ,
Reputation Management ,
Reputational Injury ,
Right to Privacy ,
UK ,
UK Supreme Court
The UK Financial Conduct Authority (“FCA”) has banned Binance Markets Limited (“Binance”) – part of one of the world’s biggest cryptocurrency exchanges – from carrying out any regulated activity in the UK. This not only...more
In a recent judgment, the English court has demonstrated that pre-emptive remedies are available to litigants who have been subject to cryptoasset fraud even where the alleged fraud originates outside the UK.1 From orders...more
The UK Financial Conduct Authority (“FCA”) has reinforced its expectations on market conduct during the COVID-19 pandemic, recognising that the opportunities for market abuse are amplified in the current climate. ...more
The FCA’s Business Plan for 2020/21 comes at a time of great uncertainty in the financial markets. The FCA’s primary focus will be on mitigating the impact of COVID-19 on the markets and protecting consumers in this regard,...more
Sovereign States have, for a long time, enjoyed a degree of protection from the English courts under the State Immunity Act 1978. For example, absent a pre-agreed method of service such as on a service agent in England,...more
Firms will need to ensure their systems and controls to prevent financial crime and money laundering are working effectively: this is just part of the message contained in the FCA’s Business Plan for 2019/20. The Business...more
5/13/2019
/ Anti-Money Laundering ,
Banking Sector ,
Banks ,
Business Plans ,
Civil Monetary Penalty ,
Compliance ,
Customer Information ,
Cyber Attacks ,
Disclosure Requirements ,
Due Diligence ,
Enforcement Actions ,
EU Market Abuse Regulation (EU MAR) ,
Financial Conduct Authority (FCA) ,
Financial Crimes ,
Financial Markets ,
Fines ,
Insider Trading ,
Investment Management ,
Market Abuse ,
MiFID II ,
Misleading Statements ,
Money Laundering ,
Remuneration ,
Risk Assessment ,
Risk Mitigation ,
Secondary Markets ,
Self-Dealing ,
Senior Managers ,
SMCR ,
UK ,
Wholesale
The English High Court has ruled that Brexit cannot be used as a reason to terminate a contract on the grounds of frustration. While the judgment concerned the effects of Brexit on a commercial lease, it reaches further than...more
3/7/2019
/ Assignment of Rents (AOR) ,
Assumption of the Risk ,
Breach of Contract ,
Commercial Leases ,
Contract Termination ,
EU ,
European Medicines Agency (EMA) ,
Frustration of a Common Purpose ,
Landlords ,
No-Deal Brexit ,
Subletting ,
Supervening Illegality ,
UK ,
UK Brexit
Commercial court litigation is often seen as a tactical weapon that provides a means to a greater end, in an international context the end perhaps being the securing of an English judgment that might then assist parallel...more
8/17/2018
/ Appeals ,
Arbitration Awards ,
Commercial Court ,
Discontinuance ,
Foreign Judgments ,
Fraud ,
International Litigation ,
Litigation Fees & Costs ,
Litigation Strategies ,
Mootness ,
Parallel Proceedings ,
Ripeness ,
Standing ,
UK
Lord Justice Leveson approved Tesco Store Limited’s (“Tesco”) Deferred Prosecution Agreement (“DPA”) on 10 April 2017, making them the fourth company since November 2015 to enter into a DPA with the UK’s1 Serious Fraud Office...more
4/29/2017
/ Bribery ,
Cooperation ,
Corporate Misconduct ,
Deferred Prosecution Agreements ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Fines ,
Fraud ,
Government Investigations ,
Individual Accountability ,
Penalties ,
Serious Fraud Office (SFO) ,
Shareholders ,
UK ,
UK Bribery Act