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Regulatory investigations: High Court confirms auditors should decide whether client documents are privileged

In the recent decision of A v B and another [2020] EWHC 1491, the High Court decided that where an auditor is required to provide documents to a regulator, and the auditor’s client asserts privilege over such documents, it is for the auditor to decide whether the documents are in fact privileged and therefore should not … Continue Reading

Court of Appeal confirms that Bolkiah principle does not apply to former opponent cases

The Court of Appeal has recently confirmed in Glencairn IP Holdings Ltd and another v Product Specialities Inc and others [2020] EWCA Civ 609 that the Bolkiah principle will only apply where a former client of a firm of solicitors alleges that a new client has an adverse interest to it. Therefore, a firm of … Continue Reading

Bad Behaviour = Bad for Jobs: Cabinet Office publishes guidance for responsible contractual behaviour during COVID-19

The Cabinet Office has published guidance for contractual parties on what it deems responsible behaviour during COVID-19. The motive being to encourage parties to support the response to the pandemic and protect jobs and the economy, noting that, “bad behaviour will be bad for jobs and will impair our economic recovery.”… Continue Reading

COVID-19 and the Courts

Whilst we all try to settle in to our new working from home routines, and maintain social distancing measures, the civil justice system is also having to find ways to adapt. Early messages from Court system that it would be ‘business as usual’ quickly proved impossible; but over the past week there have been procedures … Continue Reading

SFO in the dock again as former Barclays’ executives cleared of Qatari fraud charges

On 28 February, former senior Barclays executives Roger Jenkins, Tom Kalaris, and Richard Boath were all acquitted of conspiracy to commit fraud contrary to section 1(1) of the Criminal Law Act 1997, and fraud by false misrepresentation, contrary to section 1 of the Fraud Act 2006.  The case is the latest in a series of … Continue Reading

English Court confirms that cryptoassets are property

The English Court has now made a clear ruling; “I consider that cryptoassets such as Bitcoin are property“, Bryan J concludes in his judgment in AA v Persons Unknown. The Court has granted another interim injunction over Bitcoin, this time held in an account of a cryptocurrency exchange after it had been transferred to the exchange … Continue Reading

Cryptoasset Regulation: FCA Final Guidance Published

The FCA has now published its Final Guidance on Cryptoassets (PS19/22), setting out the FCA’s position on how cryptoassets fit within the current regulatory perimeter. The Guidance does not change the scope of regulation of cryptoassets by the FCA, but does provide useful and practical insight into how the regime applies in the cryptoasset sphere … Continue Reading

No Contractual Duty Owed to Customers by Banks when Conducting FCA Review into IRHPs

The Court of Appeal in Elite Property Holdings Limited, Decolace Properties Limited v Barclays Bank Plc [2018] EWCA Civ 1688 considered the appellants’ Application for permission to appeal against the Mercantile Court Judge’s decision to strike out part of the Appellants claims against the Respondent Bank. Whilst the application concerned permission to appeal, this was the first occassion on which … Continue Reading

Squire Patton Boggs to host financial services conference on 18 April in London

Squire Patton Boggs’ London office will be welcoming over 100 legal and compliance professionals from a range of banks and financial institutions next week for a major financial crime and regulatory risk conference. We are hosting the event for the leading industry forum, MLROs.com. There will be a full programme of speakers covering a wide range of topics including: … Continue Reading

The FCA speaks on building cyber resilience

The FCA’s Business Plan for 2017/18 identified cyber risk as a cross sector priority for the FCA.  In keeping with the FCA’s drive to encourage firms to acknowledge, confront and manage cyber risk,  at the PIMFA Financial Crime Conference  on 25 January 2018, Robin Jones (Head of Technology, Resilience & Cyber, FCA) delivered a warning that along … Continue Reading

Update: CAT declines the grant of a collective proceedings order in Walter High Merricks CBE v MasterCard Incorporated and others [2017] CAT 16

Background As mentioned in our blog posted on 20 September 2016, MasterCard was facing one of the UK’s first class-action lawsuits, following the introduction of collective proceedings under the Consumer Rights Act 2015. This allows for collective proceedings to be brought in the Competition Appeal Tribunal (“CAT”) on an opt-out basis, by representatives of consumers … Continue Reading

Retailers Consortium v MasterCard – an update on ongoing MIF litigation

Background Our previous blog piece (20 September 2016) described how, in 2007, the EU found that MasterCard’s Multilateral Interchange Fees (“MIFs“) were unfairly high. This decision was applicable to cross-border transactions using MasterCard and Maestro cards in the European Economic Area (“EEA“). The finding was that Mastercard’s MIF breached Article 101 of the Treaty on the … Continue Reading

FCA chief calls for dispute resolution mechanism for small firms

The Yorkshire Post has reported that Andrew Bailey, CEO of the Financial Conduct Authority, is working with Parliament to develop an adequate and independent complaint resolution for SMEs who believe that they have been badly advised or “mis-sold” a product by a financial institution. Mr Bailey notes that the Financial Ombudsman Service (“FOS”) exists predominantly … Continue Reading
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