Financial services
Our approach to financial services focuses on four distinct areas:
- Investment funds
- Insurance
- Regulatory
- Disputes and regulation.
Within each area, the Financial Services group works to deliver the best solution for each and every client operating within the sector.
Advising a variety of businesses, our clients include fund managers, banks, depositaries, insurers (both life and general), stockbrokers, futures brokers and dealers, proprietary traders, clearing firms and independent financial advisers.
Providing a complete service through to completion, we handle a wide range of work in the sector, much of it of an international nature, regularly advising on regulatory and compliance matters and assisting with regulatory investigations and claims. We have a great deal of experience of understanding transactions in the sector, including start-ups, acquisitions, disposals, reorganisations and joint ventures and regularly produce a broad range of customer and transaction documentation. Our strong reputation for establishing authorised and unauthorised investment funds, both onshore and offshore has enabled us to effect various Court and other schemes for life and general insurers and handle various categories of disputes and claims arising from the provision of financial services.
Much of our work relates to advising on the implementation of the Financial Services and Markets Act (FSMA) and compliance with the Rules and Guidance of the Financial Services Authority.
Our advice covers FSA business from cradle to grave and so includes:
- advising clients on whether they need to apply for a permission to conduct regulated activities in the UK
- dealing with applications for authorisation, variation of permission, change of control, rule waivers
- preparing internal documentation required by the FSA rules
- assisting clients on points of interpretation of the FSA rules
- assisting clients in making reports and disclosures to the FSA
- preparing clients for interviews and meetings with the FSA often attending these meetings
- assisting clients with the cancellation of their authorisation.
Naturally, our lawyers share a keen interest in developments within the financial services sector, we even have ex-FSA employees on the team. This means we speak the client’s language and understand the technical aspects of the deal, to ensure that the advice we give is commercially and technically sound and abreast of changes within the sector.
Experience
European Multilateral Trading Facility (MTF)
We advised BATS Trading on the formation of its European trading platform, BATS Trading (Europe). This was a major and complex project in which Vincent Mercer led a team of 38 lawyers from various specialist groups within the firm.
Insurance Sector Consolidation
Advised a long-standing client on its business purchase of an insurance brokerage for an undisclosed sum.
FSMA Compliance
Advising client on all aspects of its FSMA compliance. As the Company's primary lawyers, we advise on compliance implications in relation to general contractual arrangements, on their impact on employment arrangements, on their impact on disputes as well as dealing with general compliance matters.