As noted in the overview tab, within FIG we focus on:

In addition, we have dedicated teams dealing with financial services non-contentious regulatory and contentious regulatory matters and capital markets transactions.

Banks

We act for many of the largest commercial, investment, mortgage and other banks in the world, along with a number of central banks. We act for them not only in relation to the business they do for their customers but also for the banks themselves. We also have an outstanding reputation in the private wealth management sector.

Over the past year the banks sub-sector has been dominated by the credit crunch, the resulting market turbulence and the restructuring of the banking industry across the globe. Through the breadth and depth of our capabilities across the firm, we have been heavily involved in advising on some of the most challenging and high-profile transactions resulting from these events. We have helped governments, central banks, other regulators, the banks themselves and other market participants in relation to:

  • capital raisings by the banks, including by way of government support;
  • access to liquidity, including central bank lending support made available to the banks;
  • acquisitions and disposals of banks, their non-core businesses and the financial assets on their balance sheets;
  • the insolvency of financial institutions;
  • business and balance sheet restructurings, designed to shield banks from exposure to the effect of volatile markets or asset values; and
  • other balance sheet management exercises, including raising wholesale funding.

For more information please contact Jeremy Barton, business development manager.

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Insurers

Our international insurance and reinsurance team specialises in both contentious and non-contentious insurance and reinsurance work, acting for major international and domestic insurers and reinsurers, and intermediaries.

Our recent experience reflects industry trends and includes:

  • regulatory review of industry practices;
  • the acquisition of books of annuity business;
  • the acquisition of insurance portfolios;
  • the acquisition of closed funds;
  • disposal of other non-core assets;
  • the creation of broad distribution arrangements;
  • structured financings of insurance businesses;
  • financings ahead of new industry capital requirements;
  • finality solutions for run-off portfolios; and
  • insolvencies and restructurings.

For more information please contact Jeremy Barton, business development manager.

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Asset managers and investment funds

A significant part of our FIG practice involves advising fund and asset managers. Lawyers in our investment funds group act for a broad range of clients in the investment funds and asset management sector, as well as for core investor clients such as pension funds and insurance companies.

We have considerable expertise advising on the structuring, establishment, promotion, regulation and operation of investment funds, including limited partnerships, open and closed-ended companies, authorised and unauthorised unit trusts, real estate investment trusts and various forms of parallel asset management arrangements and related wrapper products.

Our recent work reflects:

  • the increasing trend to list funds including private equity funds, and investment companies, including those set up to invest in real estate, debt securities or other assets;
  • the strong market focus on both emerging markets and infrastructure assets;
  • increasing interest in joint venture partnering for fund and asset management initiatives and crystallisation of ‘franchise value’ through the sale of strategic stakes;
  • the opportunities in the retail funds sector resulting from UCITS III;
  • consolidation of the asset management industry, including through outsourcings; and
  • attempts to create pan-European and other cross-border investment management services.

For more information please contact Jeremy Barton, business development manager.

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Exchanges and other market infrastructure

Our FIG team advises a wide range of stock exchanges, trading platforms and other service providers to the financial services industry throughout the world. Our recent work reflects a number of trends:

  • the proliferation of trading platforms, such as advising on the creation and structuring of the LiquidityHub platform;
  • consolidation attempts among the larger exchanges, including through mergers and joint ventures into new business areas across borders, including advising all the bids for the London Stock Exchange and its successful merger with Borsa Italiana;
  • increasing regulatory scrutiny into the operation of exchanges around Europe; and
  • outsourcing of many different functions within financial institutions including payroll, IT infrastructure, bank note printing and credit card operations.

For more information please contact Jeremy Barton, business development manager.

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Financial services and regulatory practice

In addition to our experience in the various FIG sub-sectors, an integral part of our FIG team is our international financial services and regulatory practice, which has a reputation as being one of the leading practices for specialist financial services regulatory advice. Our practice has over 70 partners and 80 associates from across our international network with extensive experience of the most complex and challenging transactions in financial services, banking, corporate finance, private banking and wealth management, investment funds and insurance.

Our involvement in European and international law reform initiatives enables us to advise clients from a position of detailed knowledge.

We advise on issues affecting:

  • broker dealers;
  • capital adequacy and financial products;
  • compliance procedures;
  • consumer credit;
  • custody;
  • customer documentation and terms of business;
  • e-commerce;
  • exchanges and clearing systems;
  • fund management;
  • investment banking;
  • insurance;
  • investment funds;
  • marketing rules;
  • outsourcing;
  • product manufacture; and
  • regulatory capital.

For more information please contact Karen Crozier, knowledge management lawyer.

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Regulatory investigations and dispute resolution

Our contentious financial services group comprises a dedicated team of lawyers from across Europe and Asia who advise investment and retail banks, insurers, listed corporates, fund managers, exchanges, and other financial institutions on regulatory investigations and enforcement. We work with our clients to help them understand problems that arise and their consequences, and to deal with the issues arising, including handling regulatory aspects. This frequently involves guiding clients through regulators' investigative and disciplinary processes.

Most of these cases have been resolved without public action. Our extensive experience in undertaking and managing major regulatory investigations means that we advise on many of the major high-profile cases, including, for example, acting on over 45 Financial Services Authority (FSA) inquiries over the last 12 months in the UK (of which about 16 for investment banking clients, three for asset managers, 12 for retail clients, five for corporates and 10 for insurance companies) and others by the Department of Trade and Industry; the London Stock Exchange; the London Metal Exchange; the Serious Fraud Office; Virt-x; the Paris Bourse; the Japanese Financial Supervisory Agency; and the Hong Kong Securities and Futures Commission. We also advise corporates on investigations and disciplinary actions by the UK Listing Authority.

We also advise on issues concerning retail financial services businesses, in particular handling consumer complaints to the Financial Ombudsman Service (FOS), dealing with mass mis-selling claims and advising on FSA regulatory investigations and disciplinary proceedings.

For more information please contact Rhiannon Pugh, business development executive.

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Securities and capital markets

Our international team of securities lawyers advises on all aspects of debt and equity issuance and other capital markets transactions in all areas of the world. We act for FIG clients as issuers, as well as in their capacity as underwriters, lead managers or selling shareholders. We therefore have the experience of advising on transactions from all sides. As a result, we have built up a valued reputation for our quality and the creative approach we take.

Within our FIG team, we have capital markets lawyers who specialise on regulatory and tiered capital issues, with a particular reputation in relation to structured notes and certificates (including retail products), hybrid bonds, regulatory capital of banks and insurance companies and high yield bonds. We believe that the strength of this practice is our ability to bring together a unique combination of regulatory, capital markets and tax expertise.

For more information please contact Jeremy Barton, business development manager.

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Briefings

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