Financial and Regulatory Disputes Updates

Signature Litigation’s quarterly Financial and Regulatory Disputes Updates give you the latest news and insights into the finance industry.

Written by the firm’s expert team of financial and regulatory disputes Partners and Associates, these articles provide a unique legal perspective on recent developments in the financial market, new legislations and directives, and the enforcement activities of the Financial Conduct Authority (FCA) and Serious Fraud Office (SFO).

June 2018

In this issue of Signature Litigation’s Financial and Regulatory Disputes Update, Partner Abdulali Jiwaji and Trainee Solicitor Elliott Fellowes take a close look at the FCA’s Business Plan 2018/19 and consider the impact Brexit may have on the regulator’s enforcement regime.

Our second article, written by Partner Simon Bushell, takes a fresh look at the decision in the PAG v RBS appeal and considers how the Libor Saga could continue with time running out.

Our third and final article written by Abdulali Jiwaji, Professional Support Lawyer, Johnny Shearman and Associate, Harry Denlegh-Maxwell, considers the Court of Appeal’s ruling on the meaning of the words “fair market value” in the default valuation provisions in the Global Master Repurchase agreement 2000 edition.

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December 2017

In the December 2017 issue of Signature Litigation’s Financial and Regulatory Disputes Update, Partner Abdulali Jiwaji and Associate Nikoletta Beneki examine the Court of Appeal’s decision that the IHRP Review necessitates no duty of care for banks to customers. Our second article, written by Abdulali Jiwaji and Associates Jessica Thomas and Stephanie Eaton, looks into the extension of the Senior Managers and Certificate Regime to all FSMA regulated firms, and the impact it will have. In our final article, Abdulali Jiwaji and Paralegal Henry Reid examine a recent case acknowledging the possibility of implying a duty of good faith into a brokerage’s Terms of Business promises increasing judicial scrutiny for the FX industry.

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August 2017

In the August 2017 issue of Signature Litigation’s Financial and Regulatory Disputes Update, Partner Abdulali Jiwaji discusses the need for the FCA to test the SMR implications in relation to less clear-cut cases to ensure culpable managers are held responsible for their actions. In our second article, Abdulali Jiwaji and Associate Nils de Wolff examine the duty to explain in financial product misselling claims.

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August 2016

In this issue of Signature Litigation’s Financial and Regulatory Disputes Update, the third of 2016, Partner Abdulali Jiwaji and Associate Johnny Shearman examine the Serious Fraud Office’s (SFO) new Section 2 interview guidance and its impact on legal representation. In our second article, Associate Jessica Thomas investigates the banking industry’s approach to de-risking and anti-money laundering regulations…

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May 2016

In this issue of Signature Litigation’s Financial and Regulatory Disputes Update, the second of 2016, we examine the Financial Conduct Authority’s 2016/17 Business Plan and Risk Outlook and its impact on regulated firms in the industry. Our second article discusses the recent judgments in Hayfin Opal Luxco 3 SARL v Windermere VII CMBS plc and Credit Suisse Asset Management LLC v Titan Europe 2006-1 PLC and others…

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January 2016

In this issue of Signature Litigation’s Financial and Regulatory Disputes Update, the first of 2016, we consider the implementation of the Market Abuse Directive II, which will take effect from July of this year. We review what degree of confidentiality exists for third parties involved in regulatory investigations. Our last article looks at the decision in Thornbridge Ltd v Barclays Bank Plc. It represents another mis-selling claim in which a bank was found not to have taken on an advisory role…

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November 2015

In this issue of Signature’s Financial and Regulatory Disputes Update, the last for 2015, we review the Financial Conduct Authority’s enforcement activity since January. In particular, we highlight the top ten fines levied so far this year and consider the more supervisory, but no less intrusive, mechanisms successfully being deployed. Our next article probes whether the Serious Fraud Office is fit for purpose and looks at the steps the organisation is taking to leave some heavy criticism behind it. Lastly, we take a closer look at the recent decision in the Property Alliance Group v the Royal Bank of Scotland Plc action and comment on the further developments surrounding legal privilege…

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July 2015

In this issue of Signature’s Financial and Regulatory Disputes update, we review the FCA’s approach to enforcement action for breach of its Principles of Business and consider the fundamental changes to this regime due in the spring 2016. We also consider the recent High Court decision to refuse permission to judicially review the Serious Fraud Office’s decision to prevent three senior employees from being accompanied by the external legal representative of their employer. Finally, we look at recent case law and ask whether the definition of “client” needs to be widened for privilege purposes…

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April 2015

In this issue of Signature’s Financial and Regulatory Disputes Update, we reflect on recent case law regarding disclosure in the context of benchmark rigging. We also review the High Court’s recent dismissal of an application for judicial review of the FCA’s decision to close an investigation into a junior trader in relation to the J.P. Morgan “London Whale” losses. Finally, we look ahead to the FCA’s areas of focus in the coming year, in light of the recently released Business Plan and Risk Outlook for 2015/16…

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January 2015

This is the first issue of Signature’s Financial and Regulatory Disputes Update, which will be issued going forward as a regular quarterly review of recent developments in financial markets litigation and regulatory enforcement. In this issue, we reflect on enforcement activity by the Financial Conduct Authority (FCA) in 2014 and look ahead to the FCA’s likely priorities for 2015, including the impact of the new senior managers regime. We also consider recent trends in mis-selling cases, and review a recent High Court decision on the meaning of suspicion in the context of anti-money laundering reports…

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