News & Events
News & Events
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
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
Matthew McDonagh successfully secured the acquittal of Vincent Walsh, a former senior equities trader at RBS. Mr Walsh had been charged with an alleged conspiracy to cheat the Inland Revenue amounting to millions of pounds of tax relief generated by investment in the British Film Industry. He was acquitted following an eight-week trial that concluded just before Christmas last year. Other defendants in the case who were convicted have now received substantial sentences following their involvement in the conspiracy. For further information, please see Bloomberg, Financial Times and CWD Law.
News 22 Jan, 2016
Outer Temple Chambers and the FSLA hosted a seminar, Global Investigations and Judicial Oversight Seminar, on Tuesday 17 November. Richard Lissack QC chaired a panel of influential legal figures within the financial service sector including: Judge Timothy Herrington, Judge in the Upper Tribunal Mark Steward, FCA, Executive Director of Enforcement and Market Oversight Stephanie Pagni, Global Head of Litigation, Barclays Bank Dorian Drew, Partner, Clifford Chance Richard Hitchcock QC, Barrister, Outer Temple Chambers Before an audience of over 150 specialist lawyers in Inner Temple Hall the panel discussed their experience of major global investigations over the last few years (such as the LIBOR and FOREX investigations). The debate considered how regulators and prosecutors, and firms, might work together more efficiently when faced…
News 19 Nov, 2015
Outer Temple Chambers is pleased to announce that David Russell QC, is due to speak at The 8th European Conference on Tax Advisers’ Professional Affairs, in Amsterdam, The Netherlands, on Friday, 13 November 2015. The event is organised by The Confédération Fiscale Européenne (CFE), the European federation of tax advisers. “Big data – a threat to taxpayer rights?” is the topic of the conference and David Russell will speak in the session entitled “the new focus on taxpayer rights”. As the protection of taxpayers’ rights is the role of the tax adviser, the conference will ask whether this concept requires adaptation in a digital tax world based on fair competition, transparency and information exchange. Details of the full programme and booking…
Events 27 Sep, 2015
Tim Green has been authorised to act as the Attorney General for the Isle of Man (IOM) for the purposes of a significant multi-jurisdictional financial investigation. On 18 March search warrants were executed at multiple addresses in three jurisdictions pursuant to this investigation. The IOM is a Crown Dependency with its own Parliament, Courts and Executive. The Island enjoys tax advantages over the UK and has a strong financial services sector. Tim Green was appointed to this role by the IOM government and has a licence to appear as an advocate in the IOM High Court pursuant to this matter.
News 18 Mar, 2015
Following the biggest trial of its kind ever bought by the enforcement arm of the Department of Transport, a jury has just returned a verdict acquitting the directors and senior management of a subsidiary of a bank involved in providing finance to the transport industry on charges of conspiracy to defraud the transport regulator (the Traffic Commissioners of Great Britain). The trial involved allegations that the directors and managers had developed a business model aimed at subverting the regulatory system, and involved extensive evidence from several senior judicial figures within the system. Tim acted for two of the senior managers charged. At the conclusion of a trial which lasted 4 months the jury took 6 hours to return a unanimous…
News 6 Mar, 2015
Richard Lissack QC and Eleanor Davison are speaking at Herbert Smith Freehills ‘Corporate Crime & Investigations Conference’, 20th May 2014. Richard Lissack QC and Eleanor Davison were invited as key panel speakers at this inaugural lecture. Speakers included Director of Public Prosecutions – Alison Saunders and SFO Director – David Green QC, hosted by Rod Fletcher, HSF provided a number of panellists from their London, New York, Paris and Hong Kong offices. Richard was tasked with providing a defence perspective on international investigations and alternative resolutions to criminal matters with a particular focus on Deferred Prosecution Agreements. Eleanor guided the delegates through the Treasury’s Review of Enforcement procedures for the FCA and PRA Regulatory financial crime priorities, and trends in…
News 9 May, 2014
The two Outer Temple Barristers are instructed by CMS Cameron McKenna partner Neil Smith in Merchant Navy Ratings Pension Fund Trustee Ltd v (1) Stena Line Ltd (2) P&O Ferries Ltd (3) Sealion Shipping Ltd (4) International Marine Transportation Ltd (5) Terence Brown. This mammoth case concerns the £272m pension deficit liabilities belonging to the Merchant Navy Ratings Pension Fund (MNRPF). At the heart of the dispute is how that liability should be apportioned between the participating employers of seamen employed in the British Merchant Navy. Around 240 employers have joined the MNRPF since its inception in 1978, including oil majors and the main players in the shipping industry, such as Stena and P&O. The proceedings concern the introduction of…
News 6 Jan, 2014
Outer Temple Chambers was pleased to host once again the Financial Services Lawyers Association Christmas drinks reception on 10th December 2013. Keynote speaker Tracey McDermott, FCA Director of Enforcement, provided a review of FCA achievements of the past year and a detailed analysis of the challenges and priorities for 2014 and beyond. Introduced by Richard Hitchcock FSLA Secretary, the speech generated lively conversation amongst a guest list of the leading industry lawyers.
News 11 Dec, 2013
Chaired by Michael Bowes QC of Outer Temple Chambers and featuring an array of the most senior names in this area of practice, Butterworths’ Financial Services Investigations & Enforcement conference will give you the knowledge and insight you need to successfully navigate a complex regulatory area. Key reasons to attend: Explore the internal planning and strategy formation of a major bank’s response to regulatory change, with Matthew Newman, Regulatory Affairs, The Royal Bank of Scotland Dissect developments in regulatory priorities after the establishment of the FCA, with Elizabeth Barrett of Slaughter and May Navigate FCA interviews and hear tips for ‘survival’, with Stephen Pollard of WilmerHale Examine the key issues in global enforcement, with Jonathan Kelly of Cleary Gottlieb Review…
News 25 Sep, 2013
Oliver was part of the Bar Council delegation visiting Seoul, Shanghai and Beijing this month which was led by the Chair of the Bar and the Head of the Bar’s International Committee. Oliver’s talk at the two seminars emphasised the benefits of mutual exchange of information given the increasing interaction between China and the City of London and the imminent launch of the free trade zone in Shanghai. Oliver addressed issues of jurisdiction, regulatory trends and some key developments in the commercial courts five years on from the collapse of Lehman Brothers.
News 22 Sep, 2013
