The regulatory compliance group draws on a wealth of expertise from across the firm to assist our clients on a range of financial regulatory compliance issues. Our lawyers regularly participate in industry groups and sit on committees, such as the City of London Law Society’s Regulatory Committee and various working groups of the Bank of England’s Financial Markets Law Committee.
We assist clients with both technical non-contentious financial regulatory issues as well as clients' interactions with regulators. We have particular expertise in complex custody and client money issues. We also represent clients in regulatory enforcement actions working closely with our leading regulatory litigation team.
With the increasingly global nature of regulatory compliance, we have well established links with high quality firms in other jurisdictions, as well as our own overseas offices.
We act for a wide range of clients from very large, household-name financial services firms through to specialist boutiques. We have worked with a number of our clients for a period of years which allows us to develop an in-depth understanding of our clients' businesses and the driving force behind them.
Regulatory authorisations and permissions
We assist clients with new authorisations and variations of permission and provide related advice including reviewing internal systems and controls.
European/UK regulatory developments
We advise clients on the impact of new and forthcoming financial regulation, including MiFID II/MiFIR. We are experienced at updating legacy client documentation to reflect new regulatory requirements.
Conduct of business
We advise on conduct of business issues arising out of the FCA Handbook, including, the FCA’s rules on best execution, use of dealing commissions and conflicts of interest.
Regulatory scrutiny and enforcement actions
We are experienced in assisting our clients in their interaction with regulators. We act for clients in regulatory investigations and enforcement actions working closely with our regulatory litigation team.
We routinely advise a number of global financial institutions in relation to complex custody and client money matters, including in relation to issues arising out of the clearing and settlement of derivatives contracts. We advised a leading asset manager on custody and client money issues arising out of the bulk transfer of ISAs and savings accounts. We also recently drafted a template global custody agreement on behalf of an international bank.
We frequently advise on the regulatory aspects of M&A and corporate finance transactions, including in connection with FCA change in control notifications, the financial promotions regime and disclosure under the Disclosure and Transparency Rules.
We advised a Level 1 entity on its Remuneration Policy. We have also assisted clients with provisions for clawback and malus as well as the impact of CRD IV remuneration requirements.
We have obtained cross-jurisdictional approval for various leading US asset managers to market their funds across Europe under the AIFMD including, where necessary, the appointment of depositary-lites.