We have a leading specialist Financial Regulation practice with extensive experience and expertise advising on regulatory issues affecting:
- building and friendly societies
- insurers and reinsurers
- asset managers, brokers, advisers and other investment firms
- mortgage firms and other commercial lenders
- payment service providers and e-money institutions
- clearing houses, exchanges and other trading platforms
- rating agencies
- those operating at the perimeter of the financial services sector
We advise financial and non-financial sector businesses on the full life-cycle of business and product developments, in both domestic and cross-border contexts, including:
- the establishment of new financial services businesses
- mergers, acquisitions and reorganisations in the financial services sector
- insurance and banking business transfer schemes
- the structuring and distribution of new and innovative products for both wholesale and retail markets
- regulatory capital arrangements
- financial e-commerce, payment, and mobile banking services, including innovation in the Fintech sector
- outsourcing arrangements
- the impact of UK, EU and other international regulatory reform projects and developments in the law and market practice
- UK and EU securities law and marketing regimes
- market conduct issues
- the international anti-money laundering and sanctions regimes
- regulatory investigations and disciplinary proceedings
We spend a proportion of our time in Brussels, where we monitor and advise on EU financial regulatory developments, engage with a network of financial regulatory contacts in European institutions and assist with lobbying efforts.
Our broad experience and regulatory skillset enable us to provide first-class insight, support and advice on the regulatory aspects of financial services transactions and to find practical solutions to the regulatory issues that our clients face.
Many of our projects are international and we work closely with leading local counsel who have some of the most highly regarded financial services lawyers in Europe, the US and Asia, as well as strong relationships with local regulators.
Our practice forms part of the firm’s Financial Institutions Group comprising corporate and financing lawyers as well as lawyers from specialist departments.
Given this firm’s pre-eminence in the corporate world, it should come as no surprise that it [the FR Group] attracts work of the highest level and is a recognised source of excellence for both contentious and non-contentious advice Chambers UK, 2012View all Financial Regulation media comments
Our key experience includes advising:
A number of banking groups in relation to banking structural reforms, including the ring-fencing regime.
UK Asset Resolution Limited (UKAR), the single holding company for Northern Rock (Asset Management) plc and Bradford & Bingley plc, in connection with the sale of Northern Rock plc by HM Treasury and on the sale to Cerberus Capital Management of a £13bn asset portfolio comprising performing and non-performing residential mortgages and unsecured loans from the legacy book of the former Northern Rock mortgage business.
HM Treasury on legal aspects of the Help to Buy: ISA Scheme announced in the March 2015 Budget and launched on 1 December 2015 and on certain servicing arrangements relating to the operation of that Scheme.
Intercontinental Exchange, Inc. (ICE) in relation to its possible public offer for London Stock Exchange Group plc.
Banco Santander on a pan-European and global asset management joint venture with leading global private equity firms Warburg Pincus and General Atlantic.
Catlin Group limited on the acquisition of it by global insurer and reinsurer, XL Group plc.
A number of multi-national clients in relation to the UK, EU and US economic and trade sanctions regime.
We are working with clients across all sectors to navigate their way through the post-Brexit landscape over the coming months and years.
While most of the regulatory capital reforms that followed the financial crisis of 2008-2009 are now in place for banks, very significant work remains to be done in the banking sector on structural reform. Asset and wealth management firms in Europe remain under pressure from regulators on a number of fronts. Market infrastructure is also under the spotlight, with continuing focus on recovery and resolution planning for central clearing systems.
We closely monitor initiatives affecting the financial services industry including international standards adopted by bodies such as the G20, the FSB, the Basel Committee, IOSCO and the International Association of Insurance Supervisors. We take an active role in the development of relevant law and regulation. For example, we regularly second lawyers to regulators to assist with the development of policy and rules, for example Solvency II. We consider the practical implications of these developments for the regulated businesses of our clients and take an active role in assisting clients to review and respond to such developments as well as participating directly in Treasury and other regulatory consultations.
We are represented in a number of groups which lobby the Government for legislative change where necessary. Such groups include the Law Society Financial Services Working Party, the City of London Law Society Regulatory Law Committee Banking and Insurance Sub-Committees and several ISDA taskforces and committees. Jan Putnis has contributed to a number of papers for the Financial Markets Law Committee of the Bank of England.