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International Edition

Resistance to criminal Bar reforms escalate as protests disrupt northern courts

The chairman of the Criminal Bar Association (CBA) has appealed to the public to back protests against Government reforms of criminal advocacy, following an all-day meeting of Northern Circuit barristers this week that led to disruption at courts in the north of the UK. The Northern Circuit of the Bar met in Manchester on Monday (22 April, pictured top) to address the Ministry of Justice's (MoJ) plans to introduce price-competitive tendering (PCT) for legal aid contracts, which could see criminal work awarded to the lowest bidder regardless of expertise.
4 minute read

International Edition

Herbert Smith HK finance regulatory partner exits to join Freshfields

Freshfields Bruckhaus Deringer has made a notable hire for its Asia disputes practice with the hire of Herbert Smith Freehills (HSF) financial services regulatory partner Tim Mak in Hong Kong. Mak, whose start date at the magic circle firm is still to be confirmed, is top rated by Chambers and Partners for China non-contentious regulatory work in the financial services sector.
2 minute read

International Edition

A rising tide – the latest US and European initiatives to tackle cyber crime

Cyber security is grabbing the headlines, and it is easy to see why. The figures are startling. Reports indicate that cyber crime costs the UK economy up to £27bn each year, with the worldwide annual cost reaching around $388bn (£253bn). As mobile devices proliferate and cloud computing continues to develop, the threat presented by the hackers grows ever more acute. According to computing giant Cisco, in 2010 the number of devices connected to the internet stood at around 12.5 billion. This will grow to roughly 25 billion in 2015 and 50 billion by 2020, providing fertile ground for cyber criminals. Recent high-profile victims include The Wall Street Journal, The Washington Post and The New York Times, all reported to have been targeted by Chinese hackers. In addition to media organisations and social networks – Facebook and Twitter have recently been the subject of sophisticated attacks – infrastructure companies make particularly attractive targets.
8 minute read

International Edition

SFO co-head of bribery and corruption joins US law firm's London base

Steptoe & Johnson has recruited the Serious Fraud Office's (SFO's) joint head of bribery and corruption as a partner for its London office. Patrick Rappo, who joins the US firm's white-collar criminal defence practice today (15 April), practised as a barrister for 12 years prior to joining the SFO in 2007. At Steptoe he will work across regulation, compliance and litigation.
2 minute read

International Edition

Legal Services Board pledges to work better with regulators

The Legal Services Board (LSB) has restated its intention to work better with industry regulators following a series of criticisms by bodies including the Solicitors Regulation Authority (SRA) and the Bar Standards Board (BSB). The LSB – the independent body responsible for overseeing the regulation of legal services in England and Wales – this month released its finalised business plan for 2013-14, with the plan "re-scoped significantly"following complaints of micro-management and unnecessary intervention.
3 minute read

International Edition

A model of austerity? How Ireland's legal market is bouncing back from economic slump

"It's difficult to imagine where the Irish economy would be without the bailout programme," says Alan Murphy, managing partner of Eversheds' Dublin office. While Cyprus' government faces public outcry over accepting an EU bailout and Greece's rescue package appears to grow, Ireland's legal sector is beginning to see positive results from its drastic austerity measures. The country has now fulfilled 190 commitments to the European Commission (EC), European Union (EU) and International Monetary Fund (IMF) – the Troika – as part of its austerity programme. Ireland's finance minister Michael Noonan and minister for public expenditure and reform Brendan Howlin announced in February that it had successfully completed the programme conditions for Q4 2012, which included the enactment of the Fiscal Responsibility Act.
14 minute read

International Edition

New 'twin peaks' regulatory system faces questions as post-FSA era gets underway

On April Fools' Day, with the banks closed and the public scanning the news for prank stories, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) officially launched amid promises of tougher regulation and enforcement for the UK financial services sector. Given the long run-up to the Financial Services Authority's (FSA's) demise and the numerous announcements about its successors, the new bodies are not joking about their ambitions. But just how seriously they will go about addressing the failings of the FSA remains to be seen. Charged with regulating financial firms providing services to consumers and maintaining the integrity of the UK's financial markets, the FCA has already targeted a renewed focus on consumers, as well as continuing to address issues of misconduct (including those such as the recent Libor scandal), market abuse and competitiveness.
5 minute read

International Edition

Picking up the pieces - in-house lawyers and the fallout from the Leveson inquiry

First came the sordid details of Britain's best-selling newspaper hacking the phone of a murdered schoolgirl. Then came the inquiry and a cavalcade of top-tier celebrities mixed with a collection of the wannabes and the washed-up. That was followed by more gut-wrenching tales of press mistreatment of ordinary people, ranging from former schoolteachers to the families of killed and wounded soldiers. When the curtain finally came down on the lurid evidence, out came the report. But that only fired the starting pistol on political wrangling and professional manoeuvring – all of which reached a dramatic climax only last month.
10 minute read

International Edition

Ireland and austerity

Local lawyers argue that Ireland has taken its 'austerity medicine' and is re-emerging as a stronger economy. Anna Scott looks at what an exit from the bailout programme would mean for the country
1 minute read

International Edition

Stephenson Harwood and Freshfields advise on Prudential's £30m FSA fine

Stephenson Harwood and Freshfields Bruckhaus Deringer picked up lead advisory roles as Prudential was last week fined £30m by the Financial Services Authority (FSA) over its attempt to take over Asian rival AIA in 2010. The FSA, which was this week replaced by the Financial Conduct Authority and the Prudential Regulation Authority, fined Prudential and censured its chief executive Tidjane Thiam, for failing to inform the FSA at the appropriate time about its $35.5bn (£23.5bn) bid - breaching FSA principles and UKLA listing principles.
3 minute read

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