Financial Services Litigation

2020 ◽  
Author(s):  
Russen QC HHJ Jonathan ◽  
Kingham Robin
Keyword(s):  
Judicial Review ◽  
Financial Services ◽  
Financial Regulation ◽  
Criminal Liability ◽  
Public Law ◽  
Individual Action ◽  
Regulatory Standards ◽  
The Uk ◽  
The Eu

The material covered in this book is both broad and highly focused. It is broad in that it covers matters of civil, criminal, administrative, and public law. It is highly focused in that it is intended to act as a practical handbook for litigators; detailed explanations are given of practice, procedure, evidence, and remedies at the expense of general commentary on the non-contentious aspects of financial regulation. The book begins with an overview of the UK financial regulators whilst paying particular attention to the relationships between them and the ways in which those interactions can pose problems for litigators and the firms they represent. It summarizes the authorisation process and its procedures, and considers the authorisation of EEA firms following Brexit with a focus on procedure and the steps necessary for EEA firms to retain their authorisation following the UK’s withdrawal from the EU. The book then deals with the increasingly important topic of investigations and information gathering. The heart of the book covers the various forums in which firms can be challenged for failing to adhere to regulatory standards. Criminal liability is covered in detail across two chapters, as is civil liability, which is followed by a review of individual action by investors and consumers. The book continues with redress, complaints, the Financial Ombudsman Service, and relevant procedure are analysed, with a final chapter providing an overview of the independent methods of challenging regulators, including judicial review and the Financial Services Complaints Commissioner.

Developing Trade in Services

2019 ◽  
Vol 250 ◽  
pp. R30-R33
Author(s):  
Alexis P. Lautenberg
Keyword(s):  
Financial Services ◽  
Trade In Services ◽  
Executive Summary ◽  
Services Sector ◽  
Regulatory Standards ◽  
European Regulatory ◽  
The Status ◽  
The Government ◽  
The Uk ◽  
The Eu

Executive SummaryServices are simultaneously the most important sector of the UK economy and the sector facing the biggest challenge as a result of Brexit. The prospective departure from the European Single Market reduces the UK to the status of ‘3rd country’ in respect of services. Accessing the internal market will depend on both subjective and objective conditions that differ from sector to sector, requiring detailed and highly specific arrangements for such industries as aviation and financial services.In practice, the EU can be expected to use these circumstances to discourage the UK from significantly diverging from European regulatory norms, as a matter of policy. In view of the weakness of, and uncertainty surrounding, international moves to oversee, let alone to further liberalise, trade in services, Brexit will thus leave the UK's services sector – and especially financial services – uniquely isolated and exposed. The government will hence need to consider carefully the costs of decisions to diverge from EU regulatory standards, and should be giving great priority to establishing clear objectives for close cooperation between the UK and the EU policy makers and regulators.

London

2018 ◽  
Author(s):  
Richard Roberts
Keyword(s):  
New York ◽  
Financial Services ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Services Sector ◽  
The Us ◽  
The Global Financial Crisis ◽  
The Uk ◽  
The Impact ◽  
The Eu

At the onset of the Global Financial Crisis in 2007 London was one of the two foremost global financial centres, along with New York. London experienced a 12 per cent fall in wholesale financial services jobs in 2008–9, but a recovery got underway in 2010 and London’s wholesale financial services sector staged a wavering advance. But now there were new challenges, in particular the avalanche of financial regulation coming from the UK, the EU, the US and the G20. Fintech engendered new uncertainties. The impact of Brexit was uncertain, but mostly expected to be negative, at least in the short-term. Furthermore, there was growing competition from Asian and other financial centres. Nevertheless, London remained pre-eminent as one of the two largest global concentrations of wholesale financial services activity and at the top of the Global Financial Centres Index.

Part I Regulatory Structure, 3 European Financial Services

2018 ◽  
Author(s):  
Walker George ◽  
Purves Robert ◽  
Blair Michael
Keyword(s):  
Financial Services ◽  
Primary Sources ◽  
Banking Union ◽  
The European Union ◽  
Regulatory Structure ◽  
European Court ◽  
Treaty Of Rome ◽  
The Uk ◽  
Council Of Ministers ◽  
The Eu

This chapter examines the evolution of the European Union' financial services law and its impact on the development of financial services law in the UK, as it stands at the end of 2016, six months after the EU referendum. It first describes the evolving role and functions of the EU institutions, namely: the Council of Ministers, the European Commission, the European Court of Justice, and the European Parliament. It then considers the primary sources of EU law, including treaties, and the effects of the various changes in the Treaty of Rome. It also discusses the establishment of the single market in financial services and the moves to establish a banking union. Finally, it analyses the substantive financial services measures that have been adopted in the EU since the 1970s.

The GATS and Financial Regulation: Time to Clear-House?

2019 ◽  
Vol 19 (3) ◽  
pp. 379-401 ◽  
Author(s):  
George A. Papaconstantinou
Keyword(s):  
Financial Services ◽  
Financial Regulation ◽  
Global Financial Crisis ◽  
Trade Law ◽  
International Economic Law ◽  
The Stability ◽  
Domestic Regulation ◽  
First Time ◽  
The Eu

AbstractIn the aftermath of the 2008 global financial crisis, European Union regulators introduced the mechanism of ‘third-country equivalence’ for non-European financial institutions to access the EU internal market. This article evaluates for the first time the GATS-consistency of the European rules on third-country clearinghouses. Through this exercise, the article sheds light on the tension between financial regulation and WTO law, exploring how these two different disciplines can be reconciled. Building on the international economic law principles of non-discrimination and transparency, the analysis reveals that the European financial regulation could negatively impact the access of smaller countries to the EU market. The regulation in question is assessed under the GATS Article VI (Domestic Regulation), Article II (MFN), Article VII (Recognition), and the Annex on Financial Services prudential carve-out. The findings of the European case study indicate that the vast flexibility that trade law has delegated to national regulators possibly has adverse effects on the liberalization of financial services. The article concludes that if WTO Members do not derogate from their GATS obligations and commitments, the stability of the financial system would not be jeopardized, while the prospect of international integration would be increased.

Prospects for a close EU-UK trade deal are not good

2019 ◽  
Keyword(s):  
United Kingdom ◽  
Financial Services ◽  
Transition Period ◽  
Content Type ◽  
The United Kingdom ◽  
Uk Government ◽  
The Uk ◽  
The Impact ◽  
Limited Period ◽  
The Eu

Subject UK-EU trade talks. Significance The United Kingdom will leave the EU on January 31, 2020, but will abide by EU rules as part of the transition period, which runs to December 31, 2020. During this limited period of time, London and Brussels will seek to negotiate a permanent trading relationship. While the transition deadline can be extended, the UK government has committed not to seek an extension. Impacts The impact of no trade deal or a 'thin' one may force the UK government to increase taxes in order to meet spending pledges. UK financial services will rely on an equivalence deal with the EU; London hopes to agree this by mid-2020. The EU’s future trade policy will focus on having stronger sanction powers as well as legal ones for those that unfairly undercut EU firms.

Unstable politics may make trade deals uncertain

2019 ◽  
Keyword(s):  
Financial Services ◽  
Trade Agreement ◽  
National Elections ◽  
Content Type ◽  
The Us ◽  
Ideological Divergence ◽  
The Uk ◽  
Trade Deals ◽  
Trade Partners ◽  
The Eu

Subject Politics and trade talks. Significance Understanding the factors that determine how long trade negotiations take will help businesses navigate the uncertainty, as the UK government prepares to negotiate trade agreements once it leaves the EU. The Comprehensive Economic and Trade Agreement (CETA) between Canada and the EU took seven years to finalise. Less comprehensive renegotiations of international agreements can be shorter, including the US-Mexico-Canada agreement, which took less than two years. Impacts UK sectors highly exposed to the EU or United States, including automotive and financial services, face prolonged investment uncertainty. Timing of national elections, lobbying and the ideological divergence between trade partners will determine post-Brexit trade deal talks. Continued polarisation of major economies' electorates will delay or stop other global deals, including on foreign aid and climate change.

ESMA issues Brexit opinions to EU regulators: a warning shot not only to the UK but also to the EU27

2017 ◽  
Vol 18 (4) ◽  
pp. 50-52
Author(s):  
William Yonge ◽  
Simon Currie
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Content Type ◽  
Regulatory Response ◽  
Market Participants ◽  
Financial Firms ◽  
Practical Guidance ◽  
The Uk ◽  
Practical Implications ◽  
The Eu

Purpose To summarize and analyse four opinions issued in May and July 2017 by the European Securities and Markets Authority (“ESMA”) concerning regulatory and supervisory arbitrage risks that arise as a result of increased requests from financial market participants to relocate activities and functions in the EU27 following the UK’s decision to withdraw from the EU, and the expected regulatory response to those risks. Design/methodology/approach Discusses the possible relocation of financial firms, activities and functions following the UK’s decision to withdraw from EU; the resulting cross-sectoral regulatory and supervisory arbitrage risks that ESMA foresees; nine principles that ESMA enumerates to guide its regulatory response to those risks; some common themes that emerge from ESMA’s July Opinions; and the implications for UK firms and trading venues seeking to establish a presence in the EU 27. Findings ESMA foresees regulatory and arbitrage risks in Brexit and a potential “race to the bottom” as certain national regulators jostle for and grab UK market share. Practical implications UK firms and trading venues seeking to establish a presence in the EU27 from which to operate will need to give detailed consideration and focus to the resources and operational substance which will need to be located in the jurisdiction in which that presence is established. Originality/value Practical guidance from experienced financial services, securities and fund management lawyers.

Will Brexit affect the insurance industry? An Irish study

2017 ◽  
Vol 32 (3) ◽  
pp. 156-163
Author(s):  
Richard Brophy
Keyword(s):  
Financial Services ◽  
Insurance Industry ◽  
Nearest Neighbour ◽  
Republic Of Ireland ◽  
Insurance Sector ◽  
Irish Study ◽  
The Republic ◽  
Using Data ◽  
The Uk ◽  
The Eu

Brexit has thrown up a lot of uncertainties for many industries and sectors. Within financial services and more specifically insurance, many UK-based insurers are considering their options post-Brexit. This viewpoint reviews the positions taken along with examining the effect of Brexit on the UK’s nearest neighbour and where it shares a land border, the Republic of Ireland. Using data from regulators and industry bodies, this review looks at the effect of Brexit upon the UK insurance sector operating in the EU and also reviews the effect of Brexit on the Irish insurance industry.

scholarly journals Auditors and regulatory work (1987–2013)

2019 ◽  
Vol 32 (7) ◽  
pp. 2088-2113
Author(s):  
David Collins ◽  
Ian Dewing ◽  
Peter Russell
Keyword(s):  
Financial Services ◽  
Design Methodology ◽  
Financial Regulation ◽  
Analytical Framework ◽  
Content Type ◽  
Documentary Sources ◽  
Recent Emergence ◽  
The Uk ◽  
Intensive Reading

Purpose The purpose of this paper is to investigate the jurisdictional expansion of audit into the area of UK financial regulation. The paper draws on the analytical framework of new audit spaces (Andon et al., 2014, 2015), which built on the concept of regulatory space (Hancher and Moran, 1989), and characterises this new audit space as regulatory work. Design/methodology/approach Through an intensive reading of a variety of publicly available documentary sources, the paper investigates the role of auditors and accountants in the reporting accountants’ and skilled persons’ regimes in the UK under the Banking Act 1987 and the Financial Services and Markets Act 2000. Findings The paper identifies a new audit space characterised as regulatory work, which is made up of three distinct phases (and suggests the recent emergence of a fourth phase), and considers the extent to which these phases of regulatory work share common themes across new audit spaces identified by Andon et al. (2015) as independence, reporting, accreditation and mediating. Originality/value The paper identifies a further jurisdictional expansion of audit into a new audit space, characterised as regulatory work.

Introduction

2020 ◽  
pp. 1-17
Author(s):  
Scott James ◽  
Lucia Quaglia
Keyword(s):  
Financial Regulation ◽  
Single Market ◽  
Preliminary Assessment ◽  
The Future ◽  
Multi Level ◽  
The Uk ◽  
The Impact ◽  
The Eu ◽  
Regulatory Reforms

This chapter outlines the theoretical and empirical puzzles that inform the book, its objectives, overall argument, and structure. It sets out to explain the changing preferences and influence of the UK in shaping multi-level financial regulation. In particular, the book addresses two empirical questions. Why has the UK favoured increasingly stringent regulation in certain financial sectors since the crisis, but not in others? Why has the UK led international and EU-level regulatory reforms in some areas, but has resisted these initiatives in other areas? The chapter also outlines the book’s ambition to undertake a preliminary assessment of the impact of Brexit on the future of UK financial regulation, focused on two questions. Why has the UK decided to withdraw from the EU single market in services, including finance? How is Brexit likely to impact on the UK’s regulatory preferences and ability to shape multi-level financial regulation?

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