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Andrew Spink QC appointed new chair of COMBAR

Andrew takes over the role from Laurie Rabinowitz QC and will serve for two years, having previously served as COMBAR’s Vice Chair as well as Chair of its International Committee, which is responsible for coordinating the Association’s activities in all non-UK jurisdictions. Before that, Andrew was Chair of COMBAR’s North American Committee and organised the annual North American Meetings for 2012 and 2013. Ranked by Chambers UK as a Leading Silk (Pensions) and by The Legal 500 as a Leading Individual, Andrew Spink QC is a highly respected advocate with 31 years’ experience at the Bar, of which 14 years have been as a successful QC. A registered advocate at the Dubai International Financial Centre, Andrew is also called to…

News 4 Jul, 2017

Legal Professional Privilege – The Bounds Revisited

On 8 May 2017 Mrs Justice Andrews DBE handed down judgment in SFO v ENRC [2017] EWHC 1017 (QB), which has significant implications for claims to legal professional privilege in the context of internal investigations. The case was listed as one of The Lawyer’s Top 20 Cases of 2017. The judgment is available to read here. Saaman Pourghadiri was junior counsel for the Defendant company resisting a claim by the SFO that documents, including notes of interviews taken by lawyers, were not privileged. The judge found that the documents (save for one category) were subject to neither legal advice privilege nor litigation privilege. In respect of litigation privilege the court found that (i) anticipation of an SFO raid, and the…

News 10 May, 2017

Tim Aron joins Outer Temple

Tim Aron is a commercial barrister and specialist in financial services law and regulation. Before joining Outer Temple Chambers, Tim was a partner and head of the UK financial services practice at a leading US law firm. His practice at the Bar focuses on advisory and regulatory enforcement work for FCA and PRA regulated firms and individuals. Tim has particular expertise in markets issues including the regulatory aspects of securities and derivatives transactions, market conduct, the scope of regulatory powers and dealing with regulatory challenges and investigations. He has also served as legal adviser in the General Counsel’s Division of the Financial Services Authority between 2004 and 2010. During this time he advised the regulator’s Markets Division, the UK Listing Authority,…

News 22 Feb, 2017

RDC success in pro-bono appearance for Nicholas Hill

Nicholas Hill successfully appeared before the Regulatory Decisions Committee (RDC) of the Financial Conduct Authority (FCA) on 20 April 2016. His client was the team leader in a large UK bank which had paid a multimillion pound fine as a result of failures identified by the FCA in respect of its Payment Protection Insurance complaint handling process. The FCA’s Enforcement Team proposed to impose a prohibition order on Nicholas’ client prohibiting his client from performing any function in relation to any regulated activity carried on by an authorised person, exempt person or professional firm. Enforcement proposed (what is often described as) a time limited prohibition order with a duration of two years but the significance of any prohibition for Nicholas’…

News 11 May, 2016

David Smith reveals the Legal Harmony Choir story

David Smith, founder of Legal Harmony and co-founder of Fiscal Harmony for the banking and finance sector, tells the story of the Legal Harmony Choir in an article for Counsel Magazine. David says that he wanted to combine his passion for music with his work, and this is how the Legal Harmony initiative took life in 2013. The most recent performances included diverse music, choreographed dance routines and costume changes. It was made up of choirs from more than 25 law firms and chambers, and more than £25,000 was raised for charity. A charity music gala is expected to take place on 8 June 2016, at Central Hall. “Choir members will come from over 20 law firms’ choirs, sets of chambers…

News 28 Apr, 2016

Oliver Powell speaks at HMRC’s FPU Conference 2016

Oliver Powell was invited to speak at HMRC’s biannual FPU Conference. His talk was concerned with restraint and confiscation pursuant to the Proceeds of Crime Act 2002. Other speakers included inter alia Dave Standish & Nigel Spare of KPMG and Peter Maxwell & Sally Dallow of Bond Dickinson. The talk was attended by over 40 HMRC employees, including; lawyers, accountants and financial investigators. Outer Temple continues to lead the way in asset recovery and financial crime, both domestically and internationally.

News 14 Apr, 2016

Tim Green’s cash forfeiture application in Crown Dependency

In December 2015, Tim Green was successful in his application to have a high value cash forfeiture heard in the Isle of Man before a related criminal investigation being undertaken in the UK and other jurisdictions had concluded. At the heart of the case was an argument over whether related civil proceedings (the cash forfeiture) could fairly be heard whilst a related criminal was continuing. In the absence of clear authority on the question, the Court of Summary Jurisdiction in the Isle of Man reviewed analogous English and Manx authorities. The Court then found in a full and published judgement that civil court had a discretion to proceed where there were concurrent civil and criminal proceedings. The Judgement concluded that…

News 29 Feb, 2016

Bianca Venkata reviews the new senior management regime

Bianca addresses the coming into force, on 7th March 2016, of the new regime in the financial services sector. She considers new key requirements as well as the impact of the removal of the reverse burden of proof. Among her conclusions, she highlights “increased transparency and accountability of decision-making in firms”, but also notes that the “emphasis on individual accountability may undermine collective decision-making”. The article, first appeared in the New Law Journal on 15 January 2016.

External Publications 25 Feb, 2016

Could changes in LIBOR-setting lead to frustration in current contracts?

Banking & Finance analysis: There is a move to transaction-based benchmarks for calculating LIBOR rates. Saaman Pourghadiri was interviewed by LexisPSL, on questions whether this change in methodology is likely to lead to frustration in current contracts. He specialises in commercial litigation and financial services. His current and recent financial services work includes acting for a number of individuals in relation to the global investigations into the FOREX market, claims arising out of the mis-selling of interest rate hedging products and assisting the Bank of England in developing and implementing its approach to regulating CCPs.

News 24 Feb, 2016

Eleanor Davison gives an interview to LexisPSL

Eleanor Davison gives an interview to LexisPSL, on the invocation of the legal professional privilege and the Serious Fraud Office. A Corporate Crime analysis has been made on the basis of a case involving the Director of the Serious Fraud Office. It outlines the extent to which legal privilege can be invoked when withholding documents from public bodies. Eleanor examines the decision of the Divisional Court and appreciates that it is ‘helpful from an advisory perspective for corporate crime lawyers, in that it gives considerable insight into the process that is followed by the SFO in dealing with material which may fall within the protections of LPP’.

News 17 Feb, 2016

The Upper Tribunal refuses to split trial in Keydata references

The Upper Tribunal today published a decision giving reasons for refusing the Authority’s application for a “split trial” of the conjoined references of Stewart Ford (the former CEO), Mark Owen (the former FD) and Peter Johnson (the former compliance officer) arising out of the failure of Keydata Investment Services Limited (“Keydata”). Keydata was involved with certain investment products underpinned by bonds issued by two special purpose vehicles incorporated in Luxembourg, SLS Capital SA and Lifemark SA (“Lifemark”). The Luxembourg regulator (the CSSF) closed Lifemark to new business in mid-2009, and it was put into liquidation on 11 May 2012. Keydata ceased trading in June 2009 and went into administration. The Decision Notices, which are now the subject of these references,…

News 1 Feb, 2016

High interest in Global Investigations & Judicial Oversight seminar

Following the successful seminar co-organised by Outer Temple Chambers and FSLA on Global Investigations and Judicial Oversight, held on 17th November 2015, feedback has shown that there is high interest. By way of a summary, our expert panel was chaired by Richard Lissack QC of Outer Temple Chambers, with speakers Mark Steward, the new Executive Director of Enforcement and Market Oversight at the FCA; Stephanie Pagni, the Global Head of Litigation at Barclays Bank; Dorian Drew, a Partner at Clifford Chance; Judge Timothy Herrington of the Upper Tribunal (Tax and Chancery Chamber); and Richard Hitchcock QC of Outer Temple Chambers. Four key issues were highlighted by our speakers, namely: Seeking the truth versus settlement. The position of third parties. Follow-on…

News 28 Jan, 2016

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