News & Analysis as of

United Kingdom Financial Institutions Financial Transactions

Mayer Brown

Managing Sovereign Immunity Risk on a Transaction – What Commercial Parties Need to Know

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AT A GLANCE - State involvement in commercial transactions continues to increase and remains an area of distinct legal risk for commercial parties. The nature of a state's role on any transaction may vary and its...more

Sullivan & Worcester

The Electronic Trade Documents Act 2023 To Become Law

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London, UK - The Electronic Trade Documents Act (ETDA) will shortly receive Royal Assent and will come into effect two months later. The culmination of years of work by many people and industry bodies, once it takes...more

Sullivan & Worcester

Finally — It's Almost Here ... Electronic Trade Documents Act 2023

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Jacqueline Cook, Of Counsel, and Larissa Head, Trainee Solicitor, sum up the key points of the Electronic Trade Documents Act 2023 (the Act) which will shortly receive Royal Assent and come into force two months later. ...more

A&O Shearman

What financial services firms should know about the new UK 'failure to prevent fraud' corporate criminal offence

A&O Shearman on

Financial services firms are already subject to significant obligations to prevent financial crime. The proposed introduction of the new failure to prevent fraud offence will no doubt prompt the question within such...more

Sullivan & Worcester

Compliance Alert! Regulated Entities Gear Up for the UK's Economic Crime Levy

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If your organisation is both supervised under the UK Money Laundering Regulations (“MLR”) and your UK Revenue exceeds £10.2 million per year, if you are not already, you will need to prepare for the forthcoming Economic Crime...more

A&O Shearman

US, EU And UK Increase Pressure on Russia with Further Sanctions

A&O Shearman on

Since late February 2022, the United States (U.S.), the European Union (EU) and its member states, the United Kingdom (U.K.), and many others—including Japan, Australia, New Zealand, Taiwan and Canada—have imposed sweeping...more

A&O Shearman

UK Money Laundering Regulation Changes Announced for September 2022

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Following its 2021 consultation on targeted amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the MLRs), the U.K. government has published a...more

K2 Integrity

Sanctions Against Russia: The Week in Review - April 2022 - 2

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The Week in Review delivers the impact and analysis for the public, private, and non-profit sectors from our regular reporting of the evolving global sanctions campaign against Russia. This week, we reviewed the recent...more

Cohen & Gresser LLP

A New Angle on Banks’ Duties to Customers in Fraud Cases: Philipp v Barclays

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What is the scope of banks’ duties to customers in executing their customers’ instructions? In particular, what are banks’ duties if the instruction is the instrument of fraud? Earlier this month, the Court of Appeal...more

Cadwalader, Wickersham & Taft LLP

Statement from UK Financial Regulatory Authorities on Sanctions and the Cryptoasset Sector

On March 11, 2022, the UK Financial Conduct Authority (“FCA”), the Office of Financial Sanctions Implementation (part of HM Treasury) and the Bank of England published a joint statement (the “Statement”) on sanctions and the...more

White & Case LLP

EU expands financial sanctions against Belarus and adds Russia maritime equipment and capital market restrictions

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On 9 March, the EU added various new financial restrictions in relation to Belarus, including a SWIFT ban on three Belarusian banks. In relation to Russia, the EU added trade restrictions on maritime navigation equipment and...more

K2 Integrity

Sanctions Against Russia: The Week in Review

K2 Integrity on

The Week in Review delivers the impact and analysis for the public, private, and non-governmental sectors from our daily reporting of the evolving global sanctions campaign against Russia. This week, we reviewed the recent...more

Pillsbury - Global Trade & Sanctions Law

Making Sense of Sanctions Versus SWIFT Delisting

On February 27, 2022, the U.S., UK, and EU announced their agreement that certain Russian banks would be delisted from the Belgian-based Society for Worldwide Interbank Financial Telecommunication (SWIFT). ...more

McDermott Will & Emery

UK Government Imposes More Sanctions Against Russia

The United Kingdom (UK) is imposing new sanctions on Russia almost daily in response to the ongoing and deteriorating situation in Ukraine. The newest measures include asset freezes, economic prohibitions, and other trade and...more

White & Case LLP

New UK asset freezes and legislation

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On 01 March 2022, the United Kingdom ("UK") announced asset freezes on two companies, one Russian, and four Belarusian individuals under its Russian sanctions regime: Kirill Alexandrovich Dmitriev, Andrei Burdyko, Victor...more

White & Case LLP

US, EU and UK Designate Putin and Lavrov; US Expands Sanctions against Russia and Belarus; Switzerland Adopts Sanctions to Address...

White & Case LLP on

On 25 February 2022, the US, EU and UK imposed asset freeze restrictions/blocking sanctions on Russian President Vladimir Putin and Foreign Minister Sergei Victorovich Lavrov, and Switzerland adopted sanctions against Russia....more

Hogan Lovells

Financial institutions general regulatory news, October 2020 # 3

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Brexit: HM Treasury update on financial services Brexit statutory instruments HM Treasury has published an update on its work relating to statutory instruments (SIs) laid, or to be laid, under the European Union (Withdrawal)...more

Hogan Lovells

English Court upholds a bank's contractual right to withhold payments to avoid the risk of US secondary sanctions – Lamesa...

Hogan Lovells on

Hogan Lovells Publications | Lev Fin Spin | 07 October 2019 The English High Court has given effect to the terms of a loan agreement relieving a financial institution of the obligation to make interest payments, where to do...more

Dechert LLP

Killing LIBOR: A Victory for Irrational Rectitude

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The US economy is about to pay the butcher’s bill for a massive disruption of worldwide financial markets resulting from the elimination of the London Interbank Offered Rate, or LIBOR. And, we are doing this on purpose. It...more

BCLP

What is Open Banking, and What are its Implications?

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This post is the first in a series discussing open banking, its implementations, and its implications. “Open banking” is a phrase that has been coined to capture a current theme in financial sector innovation – one that...more

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