July 2018 Issue

Financier Worldwide Magazine

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Strengthening AML protection through AI

Artificial intelligence (AI) has the potential to transform financial institutions (FIs), disrupting every aspect of financial services, from the customer experience to financial crime. AI technology can be utilised by FIs in a number of...



Deal boom on the way, say private debt professionals

Buoyed by a strong economy and the free availability of capital, the private debt market may be on the cusp of a deal boom. 2017 saw private debt fundraising and capital deployment surpass pre-crisis highs, according to Preqin, with direct lending...

Healthcare merger boom

Healthcare mergers and acquisitions (M&A) enjoyed a strong start to the year after a record-breaking 2017, up 13 percent compared to the previous year, according to KauffmanHall. The second half of 2018 augurs well thanks to climbing deal values...

Regulating cryptocurrencies: virtually inevitable?

Sitting on the fence appears to be the policy of many countries when it comes to regulating the $700bn cryptocurrrency industry. Yet while cryptocurrencies do offer potential benefits, such as lowering transaction costs, reducing payment time...

Compliance conundrums in emerging markets

Emerging markets are the undisputed driver of global growth today. As noted by Credit Suisse’s 2017 Global EM Equity Strategy, in every quarter since Q1 2005, emerging markets have made a contribution of more than 50 percent to overall global...

Transition tribulations: exiting a family-owned business

When the owner of a family business decides to call it a day in order to enjoy the fruits of his or her labour, the transfer of ownership can be a challenging process. What is more, in the US in particular, transitions of this nature are becoming ever more common...




Financial institutions – compliance & risk management

THE PANELLISTS: Chris Stott, Clifford Chance LLP; Peter L. Brechan, Advokatfirmaet Haavind AS; Claire Lipworth, Hogan Lovells International LLP; Juan M. Diehl Moreno, Marval, O’Farrell & Mairal; and Kent Wong, VCI Legal.

In addition to being attractive targets for hackers, criminals and state actors, financial institutions (FIs) are subject to multiple requirements under data protection and financial services legislation, as well as criminal law in each jurisdiction in which they operate...




White-collar crime

In 2017, the UK’s Financial Times reported that the number of white-collar crime prosecutions had fallen to a six-year low despite the fact that the amount of economic crime in the UK had risen over the same period. Yet the UK views white-collar crime as a major issue...

FORUM: Evolving corruption risks for financial institutions and investment funds

FW moderates a discussion on evolving corruption risks for financial institutions and investment funds between Hannah Musgrave at Bell Gully, David Pasewaldt at Clifford Chance Deutschland LLP, William P. Barry at Miller & Chevalier Chartered, and Sonja Pavic at Osler, Hoskin & Harcourt LLP.

The developing attitudes and approaches of white-collar crime enforcement agencies in the US and UK

Peters & Peters Solicitors LLP The past 12 months have seen a number of significant developments in relation to the attitudes and approaches of white-collar crime enforcement agencies in the US and UK. A new US administration began to shape the Department of Justice (DoJ)...

Cooperation and the risk of privilege waiver in government investigations

Skadden, Arps, Slate, Meagher & Flom LLP A corporation facing a government investigation – or merely aware of potential wrongdoing – stands to gain substantial benefits from cooperation. Cooperation with an existing inquiry, or voluntary disclosure of misconduct as yet unknown to the government...

New tax law modifies rules for deductibility of settlement payments in enforcement actions

Miller & Chevalier In many civil and criminal resolutions involving government enforcement matters, the settling defendant entity or individual is required to ‘disgorge’ any profits or other ill-gotten gains that resulted from the alleged misconduct. Disgorgement is...

The development and future for ‘failure to prevent’ offences

23 Essex Street In an interview published on 18 March, the solicitor general told The Independent that there “is a strong case for the creation of a new corporate criminal offence of failing to prevent economic crime. This Government has already brought offences...

SFO’s approach to tackling bribery and corruption in the UK

Fox Williams LLP Over the past 12 months, UK businesses have reported an increase in the occurrences of bribery and corruption, according to PwC’s 2018 Global Economic Crime Survey. There is clearly a growing awareness and vigilance by companies to identify and address...

Deferred prosecution agreements to be introduced in Canada

Osler, Hoskin & Harcourt LLP The fight against corruption, money laundering, fraud and other white-collar crimes has been stepped up in recent years by governments in all corners of the globe. Consistent with this goal, regulatory authorities and law enforcement agencies...

Germany to tighten rules on corporate misconduct

Clifford Chance The recently signed coalition agreement stipulates substantial changes to Germany’s law on corporate penalties. Under the current proposals, the maximum amount of pecuniary penalties which may be imposed will increase to 10 percent of...

High-profile white-collar crime in New Zealand

Bell Gully The Financial Markets Authority (FMA) is the government agency in New Zealand responsible for financial regulation. The FMA enforces securities, financial reporting and company law as it applies to financial services and securities markets. Taking...

Money laundering: hidden risks for business

Osborne Clarke LLP For most, the phrase ‘money laundering’ brings to mind drug traffickers or other hardened criminals, nefariously cleansing ill-gotten gains to hide its criminal nature and allow the funds to be used in the regular financial system. That, of course, is the activity...

Unexplained wealth orders: political or practical?

BCL Solicitors LLP Revisions to the terms of the Proceeds of Crime Act 2002 (POCA), of which there have been many over the years, rarely make headlines. But the introduction of unexplained wealth orders (UWOs) into English law on 31 January 2018 have been an exception...

Virtual currencies: SEC and CFTC enforcement trends

Sullivan & Cromwell LLP Over $400bn worth of wealth is represented by virtual currencies. While Bitcoin and Ether are the best known, there are nearly 1600 virtual currencies available, and the number is growing. As virtual currencies and related trends such as initial coin offerings (ICOs)...

Five key measures to consider in responding to a data breach in the United States

Simpson Thacher & Bartlett LLP In addition to taking steps to prevent and detect a data breach or other cyber security incident, companies are now expected, if not required, to have plans to respond quickly and thoroughly to the incident. While every data breach will present unique issues...




People integration in M&A

FW moderates a discussion on people integration in M&A between Jeff Cox and Amy Kawabori at Mercer.

Managing IT challenges pre- and post-M&A

FW moderates a discussion on managing IT challenges pre- and post-M&A between Shant Peter Yeremian, Ben Gaster and Aaron Collier at KPMG.

Investing in the US real estate market

FW moderates a discussion on investing in the US real estate market between Jill Starrs, Bob Bauer and John Warner at UHY LLP.



mergers & acquisitions

Vodafone agrees €18bn deal for Liberty Global assets

After months of negotiations, Vodafone announced that it is to acquire Liberty Global’s cable TV and broadband businesses in Germany and eastern Europe in a deal worth €18.4bn. The deal, once completed, will be Vodafone’s biggest acquisition since...

Widex and Sivantos agree €7bn merger

In a transaction which will create a global hearing aid leader, Sivantos Group and Widex, the leading companies in this space, have agreed to merge in a transaction valued at €7bn. Once combined, the businesses are expected to be a top-three contender...

private equity & venture capital

Mubadala to sell EMI Music Publishing to Sony for $4.75bn

In a deal which represents a “milestone” for both the company and its private equity business, Mubadala Investment Company is to sell its consortium’s majority interest in EMI Music Publishing to Sony Corporation for $4.75bn. A leading manufacturer...

Silver Lake to buy Zoopla and PrimeLocation for $3bn

US private equity firm Silver Lake Partners is to acquire ZPG, the owner of property websites Zoopla and PrimeLocation, as well as price comparison site Uswitch, in a deal worth $3bn. The deal will see ZPG shareholders receive 490p a share, almost a third...

bankruptcy & corporate restructuring

Gibson files for Chapter 11 bankruptcy protection

In a bid to refocus its attention on manufacturing musical instruments and audio products, as well as continuing the development of its portfolio of globally-recognised brands, Gibson Brands Inc. has reached a restructuring support agreement with...

Cambridge Analytica files for bankruptcy

Cambridge Analytica, the company at the heart of the Facebook data sharing scandal, and which worked on Donald Trump’s presidential campaign, filed for Chapter 7 bankruptcy protection at the US Bankruptcy Court Southern District of New York...




The role of contemporaneous documents in EC Competition Law

Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates Recent cases have underscored the European Commission’s (EC) increasing reliance on company internal documents. Both in merger control review and in investigations, a greater emphasis is placed on the conclusions that can be derived from...

Reform of interest rate benchmarks

Lucht Probst Associates GmbH The Principles for Financial Benchmarks, published by the International Organisation of Securities Commissions (IOSCO) in 2013, have initiated the regulatory follow-up to the LIBOR scandal. The EU has transferred these principles into European law...

Whistleblowers: the secret weapon for US enforcement worldwide

Phillips & Cohen LLP US securities enforcement efforts around the globe have been strengthened in a major way in the past eight years, and corporations worldwide are feeling the impact. The biggest boost came from the US Securities and Exchange Commission (SEC) whistleblower...


23 Essex Street

Advokatfirmaet Haavind AS

BCL Solicitors LLP

Bell Gully

Clifford Chance

Clifford Chance Deutschland LLP

Fox Williams LLP

Hogan Lovells International LLP


Lucht Probst Associates GmbH

Marval, O’Farrell & Mairal


Miller & Chevalier Chartered

Osborne Clarke LLP

Osler, Hoskin & Harcourt LLP

Peters & Peters Solicitors LLP

Phillips & Cohen LLP

Simpson Thacher & Bartlett LLP

Skadden, Arps, Slate, Meagher & Flom LLP

Sullivan & Cromwell LLP


VCI Legal

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