Highlights
Morgan Stanley, Citi, Bank of America, Wells Fargo and numerous hedge funds on the SVB and Credit Suisse situations.
The companies or creditors in all significant recent Greek bank recapitalisations, including Piraeus Bank on its EUR4.9 billion recapitalisation, Eurobank on its USD2bn recapitalisation and bondholders on the recapitalisation of the National Bank of Greece, having done many of the restructurings since BRRD, including advising the lower Tier 2 bondholders on the first ever creditor bail-in of a UK bank without taxpayer support in connection with The Co-operative Bank’s GBP1.5bn recapitalization plan. Awarded Most innovative law firm in finance law by the Financial Times Innovative Lawyers Awards, 2014 and Financial Regulation Team of the Year by (IFLR100 Europe Awards, 2014.
Intercontinental Exchange (ICE) in its establishment of ICE Clear Europe as the first new derivatives clearing house in London since 1880 and other transformative transactions such as the European regulatory aspects of its approximately USD11bn acquisition of NYSE Euronext, subsequent carve-out of LIFFE and spin-off of the Euronext continental cash equity markets.
Citi on its acquisition of ING’s Custody and Securities Services Business across Central and Eastern Europe. Awarded Financial Regulation Team of the Year by IFLR Europe Awards, 2014.
Day-to-day advisory work for, e.g., ABSA, ADGM, Attestor, Bank of America, Barclays, Blackstone, Bradesco, Canaccord, Citadele Bank, Citi, ClearToken, Coinbase, DBJ, DTCC, Evercore, Fairfax, First Eagle, Goldman Sachs, Hudson River Trading, ICE, Intuit, Itaú, JPMorgan, JBIC, Jeffries, King Street, Mizuho, Morgan Stanley, Natixis, RBC, SGX, Sompo, SWIFT, Unicredit, Wells Fargo, Worldwide Payments, x-clear, ZKB.
Structuring and facilitating acquisitions and disposals of financial businesses.
ICE Inc. on its EUR275 million acquisition of a strategic stake in Euroclear plc from The Royal Bank of Scotland Group plc.
Members of management of Canaccord Genuity Group on their attempted takeover bid to acquire all of the issued and outstanding shares in Canaccord.
ICE Inc. on the European regulatory aspects of its approximately $11 billion acquisition of NYSE Euronext, subsequent carve-out of LIFFE and spin-off of the Euronext continental cash equity markets. Awarded “Financial Regulation Team of the Year” by IFLR Europe Awards, 2014.
Citi on its acquisition of ING’s Custody and Securities Services Business across Central and Eastern Europe. Awarded “Financial Regulation Team of the Year” (IFLR Europe Awards, 2014).
Establishment and sale of NewEdge.
JP Morgan sell-off of Post Office Bank.
Insolvency/Restructurings
Temasek on claims over its investment in FTX.
Morgan Stanley, Citi, Bank of America, Wells Fargo and numerous hedge funds on the SVB and Credit Suisse situations.
Abu Dhabi investors on the acquisition (and subsequent disposal) of certain debt and equity interests in Barclays Bank plc.
Daiwa restructuring.
Lower Tier 2 bondholders on the first ever creditor bail-in of a U.K. bank without taxpayer support in acquiring 70% of shares in The Co-operative Bank in connection with the bank’s £1.5 billion recapitalization plan. Awarded “Most innovative law firm in finance law” by Financial Times Innovative Lawyers Awards, 2014 and “Financial Regulation Team of the Year” by IFLR100 Europe Awards, 2014.
A consortium of subordinated bondholders on the Bank of Portugal’s decision to place Banco Espirito Santo (BES) into “resolution”.
The companies or creditors in all significant recent Greek bank recapitalisations, including Piraeus Bank on its EUR4.9bn recapitalisation, Eurobank on its EUR2bn recapitalisation and bondholders on the recapitalisation of the National Bank of Greece.
As part of a consortium, advising the Central Bank of Cyprus on the reduction of non-performing loans and other problem assets in the Cypriot banking system.
HSH Nordbank restructuring.
Barclays and smaller firms on the recovery and resolution planning.
Legislative drafting, impact of new laws and regulations and legislative advice
Abu Dhabi Global Market on its establishment as an international financial center in the U.A.E, leading a team of over 50 lawyers drafting new laws and regulations for ADGM based on the common law method and U.K. regulation. Awarded “Financial Regulation Team of the Year” by IFLR Europe Awards, 2016; “Corporate Team of the Year” by Corporate Counsel Middle East Awards, 2016 and “Regulatory and Investigations Team of the Year” by British Legal Awards, 2016.
The Public Investment Fund on the establishment of NEOM.
The Public Investment Fund and The Red Sea Development Company on the establishment of The Red Sea Project.
The Royal Commission for Al-Ula on the establishment of a new special zone at Al-Ula. The new zone will focus on heritage and culture, as well as eco-tourism and adventure activities.
A special economic zone in Anaklia City, Georgia, on the development of its legal and regulatory framework.
The Colombo International Financial City, on the development of a special financial zone in Colombo, Sri Lanka, that is expected to become an International Financial Centre.
The government of Ras al Khaimah on its companies registry and related legislative framework.
U.A.E. government on reforming its financial regulatory framework and drafting underlying legislation. Recognized as “Standout” regulatory team by FT Innovative Lawyers Awards, 2012 and awarded “Regulatory Team of the Year” by Legal Business Awards, 2012.
Numerous institutions and infrastructure providers on new laws and regulations in the U.K. and elsewhere.
Insurance
Blackstone on financing of insurance-related bailouts.
Fairfax takeover of Brit plc. Awarded “Financial Regulation Team of the Year” by IFLR Europe Awards, 2016.
Sompo on its USD6.3bn acquisition of insurer and reinsurer Endurance Specialty Holdings.
Derivatives regulation
Various hedge funds, banks, central banks, development banks and corporates on derivatives clearing, reporting and conduct of business requirements under the EMIR, encompassing the scope of the requirements, exemptions, extraterritorial issues, intragroup agreements, policies, negotiations with counterparties on new documentation and methods for compliance, including through adherence to the various ISDA protocols.
Compensation
Various financial institutions (including State Street and Wells Fargo) on various aspects of compliance with the U.K. FCA/PRA’s Remuneration Code.
Regulatory disputes, investigations, enforcement proceedings and litigation
A hedge fund on a market abuse investigation.
An algorithmic trading firm on an enforcement matter.
Citadele Bank, a Latvian Bank which had significant market exposures, on various ongoing regulatory matters, including producing a review of the existing shareholder and governance arrangements between Citadele Bank and its shareholders.
TBC Bank (U.K. listed; Tbilisi), a Georgia bank on regulatory issues.
The administrator and various banks on events arising from the manipulation of LIBOR and FX.
Data firm on investigation into usage of financial data.
Various financial institutions, their boards and individual directors and executives on conducting internal investigations, implementing compliance programs, regulatory investigations and enforcement and regulatory risk, including on issues related to insider dealing, market abuse, market manipulation, disclosure, confidentiality of information, anti-money laundering issues and sanctions compliance.
AML/sanctions/cyber
Various financial institutions on compliance with anti-money laundering, sanctions and cybersecurity compliance, e.g., Citi, SMBC, Unicredit, Danske.
The Cayman Islands and the UAE in removing themselves from the “blacklists” of FATF and the EU.
Establishing new financial institutions and infrastructure providers
Intercontinental Exchange on its partnership with Abu Dhabi National Oil Company and nine of the world’s largest energy traders to establish ICE Futures Abu Dhabi, a new exchange in Abu Dhabi Global Market hosting the world’s first Murban crude oil futures contracts.
ICE Clear in its establishment as the first new derivatives clearing house in London since 1880.
ICE on its establishment of a CDS central counterparty in Europe and the U.S. Awarded “Most Innovative work by a Law Firm” in the field of exchange-traded or centrally cleared derivatives by FOW 2009 and awarded “Structured Finance/Debt Capital Markets Team of the Year” by Legal Business, 2010.
ICE Clear Singapore and ICE Futures Singapore on establishing their clearing and exchange businesses in Singapore.
SIX x-clear in becoming the second (parallel) central counterparty for the London Stock Exchange. Recognized as “Standout” by FT Innovative Lawyers Awards 2009.
SIX x-clear on providing clearing services to a number of MTFs trading in equities and other products, including establishing various clearing arrangements.
The Depository Trust & Clearing Corporation (DTCC) on setting up of a new subsidiary, DTCC Derivatives Repository Ltd, a new global repository for OTC derivatives based in Europe. Recognized as “Standout” regulatory team by FT Innovative Lawyers Awards, 2011.
LMAX Limited on the establishment of a retail derivatives platform.
New funds, financial services and products
Various institutions on the development of new funds (e.g., Bank of America Merrill Lynch, Eurazeo), financial services and products (e.g., Morgan Stanley, Deutsche Bank, ADNOC, Coinbase, Alpha FX).
Outsourcings
Many of the main institutions on business process, IT and offshore outsourcings, including Citi to Amazon Web Services (cloud services), Citibank to JPMorgan (in relation to the U.K. Post Office’s “Universal Bank”), Deutsche Bank to State Street (back office services), CSFB to Bank of New York (back office services), Citibank to ABN AMRO (back office services), WestLB to Hewlett Packard (IT), Lloyd’s to Ins-Sure (a joint venture with Xchanging, in relation to LPSO and LCO), Winterthur to Citibank (fund administration).
U.K. and EU regulatory aspects of capital markets offerings
Proprietary capital raisings by banks, e.g., Natwest.
Goldman Sachs, Morgan Stanley, Bank of America, Citi, Barclays and others on capital markets issues, including restrictions, stabilisation, analysts’ research, ethical walls and corporate publicity.
The underwriters, led by Morgan Stanley, Deutsche Bank and ABN AMRO, on the international aspects of ABN AMRO’s EUR3.8bn IPO and listing of shares on the Amsterdam Stock Exchange—at the time this was the largest-ever Dutch privatisation and the largest-ever Dutch IPO to date.
The underwriters, led by RBS Securities, on The Royal Bank of Scotland’s USD2.65bn AT1 Offering.
The underwriters, led by RBS Securities, on The Royal Bank of Scotland’s $1.5 billion senior notes offering.
ICE, as selling shareholder, and Euronext N.V. on the €1.3 billion sale of Euronext’s ordinary shares through an initial public offering and pre-offering placement. Awarded “Equity Deal of the Year” by IFLR1000 European Awards, 2015.
Many firms around the world on Brexit-related adjustments
Bank of America, Barclays, Deutsche Bank, Credit Suisse, Barclays, Oppenheimer and smaller banks such as ABSA (which he set up in the U.K.) and Stifel.
FinTech, Digital Assets and Crypto
Coinbase, a cryptocurrency exchange platform operator, on regulatory matters including the structuring of various transactions to be entered into by Coinbase in the future.
ClearToken on structural and governance issues for its proposed digital central securities depository and central counterparty.
QPQ, an innovative FinTech, on ongoing U.K. and EU regulatory matters, as well as on its position in the FCA sandbox, its crypto asset AML registration and on its application to the FCA’s Green Fintech Challenge.
U.K. Government on CBDC and crypto.
A FinTech savings platform at proof of concept stage on structuring products in light of the U.K. and EU’s regulatory perimeter.
A savings app on Brexit-related issues.
A cryptocurrency bank in relation to launching activities in the U.K.
A large client intending to establish a cryptocurrency payments and derivatives trading platform.
Various banks and investment banks on digital asset and crypto products and services.