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Expert Analysis

• How Proposed Private Share Trading System May Benefit Cos.

  

  The government's proposal for a private securities and capital exchange system intends to enhance market practices and risk tolerances, offering a significant way for firms to free up liquidity by allowing investors to trade existing private company shares, say lawyers at Mishcon de Reya.

• Nonfinancial Misconduct Lessons From Rail Worker's Win

  

  While financial services firms wait for the Financial Conduct Authority’s final policy statement on nonfinancial misconduct, an Employment Tribunal’s recent award to a railroad worker targeted by a hostile human resources team provides guidance on developing even-handed and inclusive company policies, say attorneys at Shoosmiths.

• Important Changes To Note In Accountant Ethics Code Update

  

  The Institute of Chartered Accountants of England and Wales' forthcoming code of ethics will bring a number of significant updates to raise standards within the profession, but also risks of professional indemnity claims that could lead to challenges for firms, say lawyers at RPC.

• A Look At Collateralized Loan Obligations Post-Reform

  

  The Financial Stability Board's recent report on global securitization reforms, analyzing resilience trends in the collateralized loan obligation market post-2008, suggests that, while risk retention rules have a limited impact on observable characteristics, other structural features play a significant role in ensuring risk alignment, says Kos Vavelidis at DLA Piper.

• What EU Sustainable Category Proposals Will Mean For Funds

  

  The European Union Platform on Sustainable Finance’s recent proposals to apply stricter product categorization standards for funds subject to the Sustainable Finance Disclosure Regulation will assist retail investors in selecting sustainable products, and allow advisers to easily match their clients’ preferences, say lawyers at Debevoise.

• What To Expect As CAT Considers Mastercard Settlement

  

  It is expected that the Competition Appeal Tribunal will closely scrutinize the proposed collective settlement in Merricks v. Mastercard, including the role of the case’s litigation funder, as the CAT's past approach to such cases shows it does not treat the process as a rubber stamp exercise, say lawyers at BCLP.

• Managing Transatlantic Antitrust Investigations And Litigation

  

  As transatlantic competition regulators cooperate more closely and European antitrust investigations increasingly spark follow-up civil suits in the U.S., companies must understand how to simultaneously juggle high-stakes multigovernment investigations and manage the risks of expensive new claims across jurisdictions, say lawyers at Paul Weiss.

• What 2025 Holds For UK, EU Restructuring And Insolvency

  

  European Union and U.K. restructuring developments in 2024, with a new era of director accountability, the use of cramdown tools and the emergence of aggressive liability management exercises, mean greater consideration of creditors' interests and earlier engagement in restructuring discussions can be expected this year, says Inga West at Ashurst.

• What To Know As EU Urges Outbound Investment Reviews

  

  A recent European Commission recommendation urges European Union member states to review outbound investments in certain critical technologies sectors, but does not clarify the next steps for states once information on relevant transactions in third countries is received, say lawyers at Cleary.

• Despite Divisive Political Rhetoric, DEI Is Alive And Well

  

  ​The World Economic Forum's recent finding that DEI initiatives have continued to rise amid political headwinds raises the question of whether reports of the death of DEI are exaggerated, especially as employers must focus on new pay gap reporting obligations in the U.K. and Europe, say lawyers at Herbert Smith Freehills.

• How GCs Can Protect Cos. From Geopolitical Headwinds

  

  Geopolitical uncertainty is perceived by corporate leaders as the biggest short-term threat to global business, but many of the potential crises are navigable if general counsel focus on what is being said about a company and what the company is doing, says Juliet Young at Schillings.

• Navigating PRA's Data Request For Crypto-Asset Exposure

  

  The Prudential Regulation Authority’s recent data request for details on financial institutions' crypto-asset exposures should be used as an opportunity for firms to update their compliance procedures, and consider the future use of crypto-assets and related services, says James Wickes at RPC.

• Key Points From FCA Financial Crime Guide Updates

  

  The Financial Conduct Authority’s recent updates to its financial crime guide reflect the regulator’s learnings on sanctions following Russia's invasion of Ukraine, highlighting and clarifying consumer duty, anti-money laundering and other compliance expectations, say lawyers at Womble Bond.

• Tax Directive Marks Milestone In Harmonizing EU System

  

  The Council of the European Union’s recently adopted tax directive is a significant step toward streamlining and modernizing procedures for member states, and will greatly reduce administrative burden and compliance costs for cross-border investors, says Martin Phelan at Simmons & Simmons.

• Why Nonfinancial Misconduct Should Be On Firms' Radar

  

  Following a recent Financial Conduct Authority survey showing an increase in nonfinancial misconduct, the regulator has made clear that it expects firms to have systems in place to identify and mitigate risks, says Charlotte Pope-Williams at 3 Hare Court.