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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

International Edition

A job half done – how the UK must prepare itself for the EU's Alternative Investment Fund Managers Directive

The EU's Alternative Investment Fund Managers Directive (AIFMD) will hugely affect the management and marketing of alternative investment funds (AIFs) within the European Economic Area (EEA). (For the purpose of this article, AIFs are, broadly speaking, any investment fund that is not a Undertakings for Collective Investment in Transferable Securities (UCITS) fund.) EEA states are required to have implemented the AIFMD into their national law by 22 July. Notwithstanding the fact that the original draft of the directive was released in April 2009, there are still several material issues that remain unresolved. And UK managers of AIFs could be in for a white-knuckle ride over the next four months or so.
9 minute read

International Edition

Media regulation reforms come under scrutiny as lawyers warn of 'chilling effect' on press

The UK's political leaders this week reached broad agreement over a new system to regulate the press, but many lawyers remain unconvinced of the merits of the proposed reforms. The agreement, announced on Monday (18 March) after lengthy talks that ran into to the early hours of the morning, saw the Conservatives, Labour and Liberal Democrats approve a draft royal charter in the wake of last year's Leveson Inquiry into media standards. Key provisions within the charter include handing the regulator power to direct the nature, extent and placement of corrections and apologies, while publishers that do not sign up to the new regulatory system could be subject to exemplary damages.
4 minute read

International Edition

A&O US financial services regulatory chief exits to join Milbank

Allen & Overy (A&O) has seen the departure of US financial services regulatory head Douglas Landy to Milbank Tweed Hadley & McCloy. Landy, who has been at the magic circle firm since 2008 after joining from Cadwalader Wickersham & Taft, joined Milbank yesterday (14 March).
2 minute read

International Edition

Gambling on success – will the Isle of Man retain its competitive position in the online gambling industry?

In 2001, the Isle of Man (IoM) was one of the first jurisdictions in the world to regulate online gambling. The industry now accounts for 8% of the island's total GDP and supports more than 800 employees, while the island has established itself as one of the most dynamic and reputable online jurisdictions in the world. But with increasing government and regulatory pressures on the island's online gambling industry – together with the emergence of competing offshore jurisdictions – how will the island ensure it retains its competitive position?
9 minute read

International Edition

UK and Dubai courts draw up new guidelines to boost trade ties

The Commercial Court of England and Wales has signed a protocol with the Dubai International Financial Centre (DIFC) Courts in a bid to strengthen legal and trade ties between Dubai and the UK. The memorandum, designed to help lawyers, investors and businesspeople who want to develop closer trade and investment links between the UK and UAE, has been drawn up in an effort to increase business confidence on both sides.
2 minute read

International Edition

Solving the debt problem - the impact of changing regulations on debt funding

Since the 2008 global financial crisis, banks and other financial institutions have been hit by a tsunami of regulatory proposals. Take for instance Basel III (and its European offshoot, CRD IV-CRR); the Vickers and Liikanen reports; the proposed single supervisory mechanism; recovery and resolution proposals for banks in the European Union; Dodd-Frank in the US; Solvency II for insurers within the EU; and the Financial Stability Board's (FSB) proposals for shadow banking. The volume and complexity of new regulation has been routinely criticised as the root cause of the continuing financial challenges.
8 minute read

International Edition

Rolls-Royce turns to former Herbert Smith chief Gold for corruption probe

Rolls-Royce has appointed former Herbert Smith senior partner Lord Gold to lead a review of its compliance procedures in the wake of bribery and corruption allegations overseas. Gold, who will report to the ethics committee of the Rolls-Royce Board, has been brought in as the company faces a Serious Fraud Office (SFO) probe.
3 minute read

International Edition

Bingham makes up London duo as US partner takes GC role at SEC

Bingham McCutchen has promoted two City lawyers in its annual partnership round as US litigator Geoffrey Aronow leaves the firm to become general counsel at the US Securities and Exchange Commission (SEC). The US firm's 13-strong partner promotions round has seen lawyers made up in London, Frankfurt, Hartford, Los Angeles, San Francisco, Tokyo and Washington DC, across a range of practices including corporate, estate planning, financial restructuring and investment management.
2 minute read

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