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International Edition

SRA set to review LPO regulation in wake of recent outsourcing deals

The Solicitors Regulation Authority (SRA) is gearing up to carry out a review of legal process outsourcing (LPO), as the number of firms using external outsourcing companies for legal work increases. The body is considering conducting a "thematic review" to identify issues or risks that warrant regulatory changes or additional supervision. The prime focus for the SRA is to ensure that outsourcing legal work to an external provider does not absolve the law firm of responsibility for the matter outsourced.
3 minute read

International Edition

Patchy regulation raises queries over Chinese imports

Last year 990 'dangerous' Chinese products were identified within the European market and, with recent safety fears over cars, 'toxic' leather sofas, baby milk and ongoing issues with Chinese-imported toys, it sometimes feels as though the regulators are fighting a losing battle. However, China is now the European Union's main import trading partner. While this means that, inevitably, recalls are more likely to involve goods imported from China, some major changes to legislation and a number of high-profile cases offer reassurance.
4 minute read

International Edition

Tales from the frontline - in-house lawyers discuss fraud and regulation trends

In-house lawyers involved in recent high-profile fraud investigations swap war stories and discuss new enforcement trends at Legal Week's Corporate Counsel Forum Europe...
5 minute read

International Edition

EU derivative reforms: the shape of things to come

On 15 September, the second anniversary of Lehman Brothers' bankruptcy no less, the European Commission published draft legislation overhauling the regulation of Europe's over-the-counter (OTC) derivatives market. The proposed legislation covers all OTC derivative contracts entered into by European Union-domiciled financial and non-financial institutions. It contains a framework for centrally clearing most standardised derivative contracts and scrutinising and controlling those which are not; beefy regulation of central counterparties (CCPs) and trade repositories; and strict reporting requirements to those newly-created trade repositories.
3 minute read

International Edition

Primary concerns - in-house lawyers lobby against shake-up of share offering regulation

The decision to split the Financial Services Authority (FSA) between the Bank of England and a new Consumer Protection and Markets Authority (CPMA) was greeted unenthusiastically by lawyers, many of whom questioned the need for such upheaval given the FSA's improved performance over the last couple of years. Now a further plan to extract the UK Listing Authority (UKLA) from the FSA and relocate it within the Financial Reporting Council (FRC) is generating another wave of discontent.
6 minute read

International Edition

Kicking the tyres - how to avoid falling foul of US anti-corruption laws

Corporate buyers beware. That's the advice of Billy Jacobson, co-general counsel at Weatherford International. When a US company is planning to acquire an overseas business, it should do a thorough check for evidence of corruption, he says. If the deal goes through and prosecutors later find violations of the Foreign Corrupt Practices Act (FCPA), the acquirer could be hit with criminal charges, as well as face multimillion-dollar penalties.
6 minute read

International Edition

Latham launches corporate jargon iPhone app for deal lawyers

Latham & Watkins has launched a new iPhone application which provides deal lawyers easy access to a digital glossary of financial, legal and regulatory jargon, reports The Am Law Daily. The new app, called The Book of Jargon, offers free access to more than 750 definitions of corporate and finance slang and terminology.
3 minute read

International Edition

JP Morgan recruits BoA legal veteran for new banking reform brief

JP Morgan Chase & Co has appointed a senior banking lawyer to a newly-created brief to deal with a raft of financial regulatory reforms occurring around the world, writes Corporate Counsel. The US banking group this week (8 September) announced the hire of Gregory Baer, a deputy general counsel at Bank of America Corporation, to the new post. In a memo to staff, JP Morgan general counsel Stephen Cutler wrote that Baer will be joining the firm at the end of September as managing director and general counsel for corporate and global regulatory. Baer will report to Cutler while splitting his time between New York and Washington DC.
3 minute read

International Edition

Austria's Schoenherr launches compliance and white-collar crime practice

Austria's Schoenherr has launched a dedicated compliance and white-collar crime practice in response to an increase in client demand. The new practice will be led by partners Wolfgang Hoeller and Heidemarie Paulitsch, and will specialise in advising companies that have been damaged by criminal activities and face criminal liability.
2 minute read

International Edition

Switzerland: Letting the outside in

Switzerland's legal market has long been dominated by domestic law firms but recent changes in the banking sector and in financial legislation are encouraging a more international outlook, says Suzanna Ring
15 minute read

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