Financial Regulation

Our key experience includes advising:

HM Treasury on a wide range of regulatory issues relating to the Government’s support for the UK banking sector including the resolution arrangements for Northern Rock and Bradford & Bingley; the guarantee and transfer arrangements for depositors of the Icelandic banks; the recapitalisation of RBS, Lloyds and HBOS; and the implementation of the Government's Asset Protection Scheme.

Post Office Limited on an ongoing basis on its joint venture with Bank of Ireland group for the distribution of Post Office branded financial services products through the Post Office branch network, via the telephone and website.

Resolution Limited, on the recommended acquisition of Friends Provident, a leading UK financial services group.

Financial Services Authority in relation to the development of a more loss-absorbing capital instrument for building societies, profit participating deferred shares, which are capable of being treated as core tier 1 capital.

Co-operative Financial Services on its merger with Britannia Building Society, the UK's second largest building society, to create a new super-mutual as a unique, ethical alternative to shareholder - and Government - owned banks. 

Clive Cowdery on the establishment of Resolution Limited, a company set up to acquire insurance and other financial services businesses.

Banco Santander, as part of an integrated team with Uría Menéndez and Davis Polk & Wardwell, on its recommended exchange offer for Alliance & Leicester plc, worth approximately £1,250 million and on its subsequent 1 for 4 rights issue of new ordinary shares to raise approximately EUR 7.2 billion.

AXA on the establishment of a new retail investment management business and related multi-manager investment management operations, and outsourcing arrangements in relation to its administration.

General Electric's GE Money and Commercial Finance business units on their acquisition of a business from, and sale of certain businesses to, Banco Santander.  Banco Santander acquired GE Money’s businesses in Germany, Finland and Austria, its card business in the UK and Ireland and its auto business in the UK; while GE Commercial Finance acquired Interbanca, the Italian commercial bank.

An insurance company in connection with a longevity swap entered into for the purposes of hedging part of the longevity risk associated with the client’s book of annuity business. Longevity swap arrangements are a developing market in the UK and we believe this to have been one of the first of this kind to have been completed.