Sponsored briefing: Measures taken by the regulatory authorities in the banking sector regarding the Covid-19 outbreak

Sponsored briefing: Measures taken by the regulatory authorities in the banking sector regarding the Covid-19 outbreak

The Banking Regulation and Supervision Agency (the BRSA), the Central Bank of Republic of Turkey (the CBRT) and the Banks’ Association of Turkey (the BAT) have swiftly taken several measures after the declaration of the first confirmed Covid-19 case in Turkey on 11 March 2020 in order to mitigate the outbreak’s impact on the financial markets and soften expected disruptions in commercial activities that may be caused by Covid-19. Such measures are set forth by the relevant regulators in order to provide flexibility to financial institutions (the FIs) to ensure (i) financial stability of the FIs and (ii) meet FIs customers’ needs such as facilitating cash flow of individuals and SMEs which are likely to be the most affected by this outbreak and ultimately to mitigate the macroeconomic effects and risks arising from Covid-19 in financial markets.

Firstly, the BRSA, in its press release dated 16 March 2020, indicated that the business continuity plans prepared routinely by banks in accordance with the Guide on Management of Operational Risks with the aim of continuity of FIs’ activities and limitation of losses which arise from severe business interruptions are re-examined by the BRSA and in this regard all necessary measures are taken. This measure has been taken by the BRSA within the framework of prudent supervision approach. Continue reading “Sponsored briefing: Measures taken by the regulatory authorities in the banking sector regarding the Covid-19 outbreak”

Financial Regulation – Increased focus on culture raises question: is everything OK?

Financial Regulation – Increased focus on culture raises question: is everything OK?

Our second one-day summit dedicated to banking disputes and regulatory actions returned in February with a host of sponsors, speakers and more than 150 guests in central London. Backed by a string of top names in contentious banking work, including headline sponsor White & Case, as well as Freshfields Bruckhaus Deringer, Boies Schiller Flexner, One Essex Court and Norton Rose Fulbright (NRF), the event was guaranteed a heavyweight line-up.

There was no mistaking the core theme for the day, which White & Case banking disputes chief John Reynolds set out in his opening remarks. Arguing that cultural issues sat at the heart of the global financial crisis over a decade ago, Reynolds gave a jaded assessment of the progress since, despite the string of post-crisis reforms, like the Senior Managers Regime, ringfencing and legislation on bonuses. Continue reading “Financial Regulation – Increased focus on culture raises question: is everything OK?”

Freshfields under financial and reputational fire in Germany as cum-ex tax scandal rolls on

Freshfields under financial and reputational fire in Germany as cum-ex tax scandal rolls on

Marco Cillario and Nathalie Tidman report on Freshfields’ role in the tax scandal rocking Germany

It is not often that a law firm makes headlines outside the legal media, yet the name Freshfields Bruckhaus Deringer is rapidly becoming a regular feature of German newspapers. That is bad news for the City giant. How bad, many are currently trying to assess. Continue reading “Freshfields under financial and reputational fire in Germany as cum-ex tax scandal rolls on”

The 500 View: Restructuring hires are in vogue but is there enough work for everyone?

The 500 View: Restructuring hires are in vogue but is there enough work for everyone?

Georgina Stanley assesses a City restructuring scene offering rewards for some but a lack of clear direction

‘You can only grow this business when people aren’t busy – when everyone’s flat-out, you can’t hire for love nor money,’ reflects Paul Hastings restructuring veteran David Ereira of his chosen trade. Continue reading “The 500 View: Restructuring hires are in vogue but is there enough work for everyone?”

Deal View: A niche within a finance niche gives Simmons that much-needed edge after years of drift

Deal View: A niche within a finance niche gives Simmons that much-needed edge after years of drift

While some law firms claim to be all things to all clients, for almost a decade Simmons & Simmons has focused its efforts with increasing rigour on a select number of sectors. Given its unhappy period of drift as a generalist corporate finance player, recent years have delivered far better results. And nowhere is that more in evidence than in its particular take on financial services.

Its importance is reflected in the numbers. Currently the firm has 117 partners across its financial markets practice, 63 of which are in the UK, while 40% (around £150m) of firm-wide revenue comes from finance. Even here the firm has often avoided too much business-as-usual work for banking clients – a certain route to poor margins – to zero in on funds, asset managers and more esoteric areas of regulation. Continue reading “Deal View: A niche within a finance niche gives Simmons that much-needed edge after years of drift”