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EU and UK Sanctions Update: July 2016

Below is a summary of developments since our previous update in May, relating to European Union (“EU”) sanctions on Russia, Iran and other jurisdictions, the impact of Brexit on EU sanctions and recent changes with respect to...more

Blog: FCA accepts that it needs a mission, & that consumers must take responsibility for their own decisions

Andrew Bailey, the new CEO of the UK’s Financial Conduct Authority, gave what some might regard as an extraordinary speech at the FCA’s annual public meeting a few days ago. “Extraordinary” for 2 reasons. First, he recognised...more

Blog: A new UK corporate criminal offence: failure to prevent the facilitation of tax evasion

The UK’s tax authority, Her Majesty’s Revenue & Customs (HMRC), has just closed its consultation on a new corporate criminal offence: failure to take reasonable steps to prevent tax evasion....more

Brexit: Preparing for the Unknown — Practical steps

The UK’s new Prime Minister Theresa May has said: “The country voted to leave the European Union, and as prime minister I will make sure that we leave the European Union.” That seems like a clear statement, but the...more

Blog: Supreme Court rules that “collateral lies” are no bar to a claim on an insurance policy

In Versloot Dredging v HDI Gerling Industrie Versicherung AG [2016] UKSC 45, the Supreme Court held that a claim which is supported by a fraudulent narrative will not be subject to forfeiture under the fraudulent claims rule...more

Court Refuses to Grant Declaratory Relief in an Arbitration

A recent Commercial Court case emphasises the limitations on court intervention in arbitration, and demonstrates that parties must think carefully about when and how to raise jurisdictional issues. In HC Trading Malta...more

How Will Brexit Impact Environmental and Energy Law?

Following the recent UK referendum result, attention is now turning to the legal implications for specific policy areas. While the overwhelming majority of the UK’s environmental legislation is derived from EU...more

Second UK Deferred Prosecution Agreement Has Implications for US Corporates

“Innocent” US parent pays £6.25 million for UK subsidiary’s secret bribery. On July 11, the UK’s Serious Fraud Office (SFO) announced that it had secured its second deferred prosecution agreement (DPA). The first DPA was...more

Your daily dose of financial news - The Brief – 7.21.16

The Treasury Dept’s Office of Financial Research has found that money-market funds are increasingly entering into direct repurchase loans with large investors and insurers—another sign that “participants in short-term lending...more

"Brexit: Implications for UK Capital Markets"

On 23 June 2016, a majority of the UK electorate voted to leave the European Union (EU). This decision, referred to as “Brexit”, has already caused significant domestic political upheaval, but the ultimate legal implications...more

Future of U.K. Data Protection Regs Unclear

As new British Prime Minister Theresa May assembles her new Cabinet, including a new Secretary of State for Exiting the European Union following the June 23, 2016 Brexit referendum outcome, the U.K.'s march forward to leave...more

Impact of Brexit on Policyholders Buying Insurance in the UK Market

Following the UK referendum vote on 23 June to leave the European Union, businesses and individuals around the world are closely monitoring the emerging political, business and economic situation. It is not yet known...more

Blog: Home Affairs Select Committee concludes UK needs to do more to address money laundering and corruption

The House of Commons Home Affairs Committee has published a report entitled ‘Proceeds of Crime’ in which it is highly critical of the efforts being made and systems in place in the UK to prevent money laundering and to...more

UK financial sanctions: bank cannot claim for subsidiary’s losses

Bank Mellat v HM Treasury [2016] EWCA Civ 452, 10 May 2016 - The Iranian bank, Bank Mellat, whilst having had recent success challenging EU sanctions before the Court of Justice for the European Union (CJEU), is having...more

Enforcement Week IV: The XYZ Deferred Prosecution Agreement in the UK

I continue my exploration of anti-corruption enforcement with a slight detour across the pond to visit the recent Deferred Prosecution Agreement (DPA) awarded in the UK Crown Court at Southwark, entitled Redacted Approved...more

CMA Taking Increasingly Intrusive Approach To Monitoring UK Deals

Since its launch in April 2014, the Competition and Markets Authority (CMA) has played a crucial role in determining the outcome of some of the UK’s headline deals. Last year alone, the CMA scrutinised over 60 deals including...more

Brexit & Financial Services: The Big Question

The prospect of the UK leaving the EU has raised a host of questions for the financial services industry. This client alert is principally concerned with how firms in the UK may access the EU single market post Brexit without...more

UK Government Confirms Introduction of New Cap on Interest Deductibility

The UK Government has recently confirmed that it will be introducing a new cap on interest deductibility. Under the new rule, the ability of groups to obtain tax relief for interest will be limited by reference to a ratio of...more

Pensions Round-Up: June 2016 (UK)

Welcome to the latest edition of Pensions Round-Up which provides an overview of developments in pension legislation, case law and regulatory guidance. In this edition we look at key developments from June 2016 including...more

Brexit: How will it impact asset and fund managers?

Following the result of the UK referendum on 23 June 2016 to leave the EU, there is still a considerable amount of uncertainty about the impact of the decision on the financial services industry, including asset and fund...more

Your daily dose of financial news - The Brief – 7.20.16

We’ve heard about VW’s $15 billion settlement to resolve US claims by owners and regulators, but a spate of recent state AG-led actions shows that the fallout from the emissions cheating scandal is far from over. NY, MA, and...more

Quarterly Investment Update - 2nd Quarter 2016

Stock Market Commentary - The markets endured much drama in the two weeks leading up to quarter - end as the surprise exit of the U.K. from the European Union rattled investors. Brexit knocked over 5% off of the S&P...more

Impact of Brexit on UK FinTech

In this insight we consider the current and potential effect of Brexit on the UK’s FinTech industry across areas including regulation and passporting, data sharing, anti-money laundering, human capital, the role of banks,...more

Governance & Securities Law Focus: Europe Edition, July 2016

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

Brexit: Guidance for Fund Directors - What to Know and What to Ask

On June 23, 2016, the UK held a referendum in which 52 percent of voters elected to leave the European Union (EU). While there is a great deal of uncertainty about the EU withdrawal process that will remain unresolved for a...more

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