The Legal 500

The ‘first-class’ team at Clifford Chance recently advised Lloyds Banking Group on the Payment Services Directive, and represented Barclays on the regulatory aspects of its acquisition of Lehman Brothers’ businesses and its subsequent £7.4bn capital raising. It also continued to advise on regulatory inquiries arising from Parmalat’s collapse, particularly in the US and Italy, and acted in proceedings brought by the FSA for mis-selling payment protection insurance. Non-contentious partners Chris Bates and Tim Plews are recommended, and Roger Best and Carlos Conceicao are contentious experts.

Freshfields Bruckhaus Deringer LLP has been active in regulatory roles arising from the credit crunch and banking crisis. The team represented the Bank of England in relation to the Special Liquidity Scheme, and also advised in relation to the collapse of Lehman Brothers, the resolution of Northern Rock, and the UK operations of the Icelandic banks. Other work included acting for Aon in relation to regulatory issues concerning third party payments from commissions. Michael Raffan is highly recommended.

Linklaters LLP is ‘very responsive and projects always well resourced’. The practice took a leading role advising on the regulatory aspects of Lehman Brothers’ administration for PwC (including advising in connection with overseas branches’ assets and liabilities located in over 70 jurisdictions worldwide) and the groundbreaking Lloyds TSB/HBOS merger, and also advised on the regulatory litigation concerning the legality of personal current account overdrafts. Global practice head Michael Kent and Peter Bevan are highly recommended; James Gardner is ‘knowledgeable and meticulous’; and ‘rising star’ Sarah Parkhouse ‘impresses with her business knowledge and business acumen’.

Allen & Overy LLP’s Bob Penn led the firm’s substantial work following the implementation of the revised Basel Accord (Basel II) in Europe and on the Banking Bill, and acted for HBOS on the regulatory side of its acquisition by Lloyds TSB. Calum Burnett advised a leading financial institution in relation to FSA concerns that it may have mis-sold PPI products. Sidney Myers left for Berwin Leighton Paisner LLP.

Travers Smith LLP secured appointments to the legal panels of the FSA and the Bank of England, and represented Euroclear on the modernisation of the funds market. The regulatory investigations team acted for a bond trader in relation to an FSA market abuse matter. Tim Lewis, Margaret Chamberlain and Jane Tuckley are praised for their ‘expertise and commitment’, and Mark Evans ‘is a leading exponent in market infrastructure law’.

The ‘highly responsive’ Ashurst LLP was appointed to Aviva’s panel of City law firms. Highlights included advising hedge funds on the rules banning short sales of financial sector shares. James Perry is noted for non-contentious work; Ed Sparrow acted for Winterflood Securities on its headline appeal concerning trading in shares in Fundamental-E; and Wilson Thorburn acted for Abbey in relation to current account overdraft charges.

CMS Cameron McKenna LLP’s standalone team is especially known for retail work. It has also carved out a niche in energy trading, derivatives products, and corporate insurance and funds advice. Highlights include the development of a retirement product portfolio, and increased litigation. Paul Edmondson has ‘excellent industry knowledge’; non-contentious Ash Saluja is recommended on the buy side; and retail and enforcement expert Simon Morris has a ‘deep understanding of what the regulator really requires’.

DLA Piper UK LLP has advised on the regulatory implications of the collapse of Lehman Brothers and various Icelandic banks. The team also acted for several listed companies following FSA Market Monitoring enquiries. Ex-BBA executive director Michael McKee is recommended for non-contentious work, and Darren Allen for enforcement proceedings. John Ahern left for Addleshaw Goddard LLP.

Herbert Smith LLP’s highlights include complex regulatory advice for EDF on the £12.5bn takeover of British Energy, and an instruction by JJB Sports concerning an internal investigation connected to its chief executive. Patrick Buckingham is noted for regulatory matters, and Martyn Hopper for contentious work.

Lovells LLP’s ‘quality’ practice has been active in Payment Service Directive matters. The team advised on the launch of EuroCCP, and acted for Lloyds TSB in OFT proceedings concerning overdraft charges. Rachel Kent possesses ‘an impressive breadth and depth of regulatory knowledge’, and ‘the very bright’ Ailbhe Edgar and Philip Parish are recommended.

Norton Rose LLP’s relationships have deepened with AXA and Société Générale, and the group advised EMCF on its role as central clearing counterparty to Chi-X. The team also represented clients in relation to six high-profile FSA enforcement investigations. The ‘outstanding’ Jonathan Herbst and Peter Snowdon head regulatory matters; Charles Evans is noted for contentious work; and James Bagge has returned from retirement.

SJ Berwin LLP represented Phoenix Derivatives Group on the setting up of a multilateral trading facility, and advised on the promotion of consumer and mortgage credit for the purposes of a cross-jurisdictional investigation carried out by the Belgian government. Tamasin Little is highly regarded, and Craig Pollack recommended for FSA defence work.

Simmons & Simmons has enviable investment banking and hedge fund clients. The practice advised clients with exposure to LBIE, and the contentious team advised Liberata Financial Services in connection with enforcement proceedings. Sarah Bowles is noted for cross-border market abuse issues, and Darren Fox and Charlotte Stalin are recommended for regulatory work. Richard Sims joined from the FSA’s Enforcement Division.

Slaughter and May continues to advise the UK government on regulatory matters, such as the transfer of Bradford & Bingley’s retail deposit business to Santander/Abbey. In contentious matters, the group advised on insider dealing and market abuse allegations. Ruth Fox is the key non-contentious lawyer, while Elizabeth Barrett heads the enforcement side.

Addleshaw Goddard LLP welcomed ‘excellent’ regulatory lawyer John Ahern from DLA Piper UK LLP. The practice remains a pre-eminent adviser to the building society sector, and is active in Treating Customers Fairly matters. Investigations and enforcement expert David Heffron is noted for retail financial services work.

Berwin Leighton Paisner LLP welcomed contentious financial services expert Sidney Myers from Allen & Overy LLP. The practice advised clients with exposures to Lehman and Kaupthing, and was instructed by the FOA to draft detailed market abuse monitoring guidance. Nathan Willmott is recommended for investigations and enforcement work, and ‘the extremely knowledgeable’ Jonathan Marsh and Peter McGowan for non-contentious matters.

On the wholesale side, Denton Wilde Sapte LLP is noted for its representation of exchanges and clearing houses, while in retail, it possesses strengths in consumer credit and retail banking. The team acted for new client NASDAQ OMX in establishing a pan-European securities trading platform, and it represented FSCS in a £20m claim further to alleged mis-selling of structured capital at risk products. Jody Whitehorn and Robert Finney are key contacts.

Eversheds LLP’s Pamela Thompson is a buy-side regulatory expert. The team advised on all aspects of the launch of Novia Financial, and acted for buy-side firms on the regulatory impact of the collapse of Lehman Brothers and Icelandic banks.

Macfarlanes LLP advises on regulatory issues relating to banking, broking, investment management and insurance matters. Following Lehman Brothers’ collapse, the practice advised several clients on prime brokerage and custodian arrangements. Bridget Barker is a key contact, and David Berman has joined from Dresdner Kleinwort.

Nabarro LLP recently advised Landsbanki Securities on the implications of the use of the Anti-Terrorism, Crime and Security Act 2001 by the government against the UK assets of Landsbanki. Rob Moulton is ‘highly rated’.

At Reed Smith, regulatory lawyer Jacqui Hatfield(ex-Herbert Smith LLP) advised Bank of New York Mellon on Basel II developments. In addition to its UK experience in market abuse and insider dealing, the firm has a notable global regulatory enforcement practice. Charles Hewetson is recommended.

Shearman & Sterling LLP has ‘a great bunch of regulatory people with excellent industry knowledge’. The team represented ICE on the establishment of a new derivatives clearing house in the UK, the first of its kind in over 100 years, and represented x-clear on its ground-breaking arrangements to become the second clearing house and central counterparty for the LSE for equity trades. Barney Reynolds is recommended.

Recent successes for Speechly Bircham LLP include advising on the formation of a major European trading platform. The team also advises commercial foreign exchange dealers, CFD dealers, and spread-betting firms. William Garner gives ‘sound advice’; Vincent Mercer is ‘extremely strong’; and Nick Janmohamed is also recommended. The firm has joined forces with Campbell Hooper, the merger bringing in ‘proactive and commercial’ ex-Wilmer Cutler Pickering Hale and Dorr LLP lawyer David Ramm, who is particularly focused on the consumer credit and payment solutions sectors.

White & Case LLP has strong ties to key regulatory bodies, provides risk management and compliance advice to financial institution clients, and acts on internal investigations. Highlights include advising Silkroute Financial on FSA authorisation and liaising with the FSA in relation to investigations and market disclosures. Carmen Reynolds and Alistair Graham are recommended.

Insurance-focused firm Barlow Lyde & Gilbert LLP is noted for its FSA enforcement work. The firm worked on several investigations in the retail stock broking context and three major market abuse investigations. Ian Mason is recommended for contentious matters. Recent hire from Fladgate LLP Rupert Connell advises investment firms on non-contentious issues.

Beachcroft LLP’s James MacNish Porter acts for financial services firms on regulatory, distribution and outsourcing markets, and David Hunt recently published an independent report on the Financial Ombudsman Service. Key successes include the regulatory impacts of data loss, and Treating Customers Fairly issues.

Dechert LLP provides regulatory and compliance advice to FSA and SEC regulated firms, focusing particularly on the investment management sector.

The ‘customer-focused’ team at Dundas & Wilson LLP is noted for regulatory advice on transactions, outsourcing work, and advising clients on the distribution of products and services to investors. Typical work includes a project for RBS when selling its interest in Tesco Personal Finance. The ‘highly experienced’ Philip Mackay and Patrick Brandt are recommended.

Field Fisher Waterhouse LLP’s ‘knowledgeable’ Kirstene Baillie advises financial services institutions on retail and institutional investment funds, insurance and pension products, and related financial services regulatory issues.

LG recently welcomed the arrival of six new partners, including regulatory expert Richard Everett from the FSA, and disputes specialist Jean-Pierre Douglas-Henry from Dorsey & Whitney. Non-contentious experience includes advising on how FSA client money rules would affect insurance intermediaries in the event of a bank failure. On the contentious side, the practice acts in regulatory investigations and enforcement actions.

Maclay Murray & Spens LLP advises on the regulatory aspects of transactional work, and its subsidiary, MMS Regulatory Solutions, offers a complete compliance service and assistance with the FSA authorisation process.

At Mayer Brown International LLP, Angela Hayes is noted for contentious matters; Ed Sautter for money laundering and fraud issues; and Peter Richards-Carpenter for non-contentious issues. The team advised a major global financial institution following investigations by US and European regulatory authorities.

Salans ‘provides high levels of industry knowledge’. Robert Courtneidge is rated for e-money matters, and Jonathan Denton for FSA regulation and treasury matters. The practice recently advised two new entrants to the UK market on becoming FSA authorised.

Stephenson Harwood’s Tony Woodcock acts on regulatory and cartel investigations, and the practice was successful in defending enforcement proceedings brought against a corporate finance company. Non-contentious specialist Charlotte Hill provided regulatory advice to Standard Life’s wrap platform business.

Taylor Wessing LLP provides day-to-day advice on the practical application of financial services law. Highlights include advising on the establishment of a new UK banking subsidiary for one of China’s largest banks. Ex-Bank of England regulator Clive Cunningham is recommended.

Baker & McKenzie LLP’s ‘rapid and impressive advice’ impresses clients. Recent work includes issues arising from Lehman Brothers’ insolvency, while on the contentious side, market abuse remains an active area. The firm advised on the application of the FSA’s Client Money Rules to a creditor of a spread-betting and CFD firm. Arun Srivastava heads the group.

Covington & Burling LLP focuses on non-contentious work for firms with an institutional client base, particularly in the investment management sector. Simon Currie is ‘extremely capable’.

Farrer & Co ‘works in a timely and efficient manner’. The ‘proactive’ Jonathan Bayliss is recommended for regulatory and product issues, and Grania Baird advises on the establishment of investment funds.

Jones Day’s Tim Flood recently advised Goodman Operator (UK) on regulated activities in relation to its property funds, and Barry Donnelly conducted investigations for several financial institutions in relation to FSA-regulated investment business. The firm is new to the ranking this year.

Also new to the ranking, Osborne Clarke is noted for its niche payments practice. Citi GTS was advised on the impact of the forthcoming Payment Services Directive.

Pinsent Masons LLP’s Tim Dolan assists clients with applications and notifications to the FSA for the authorisation of firms, and Jacob Ghanty acts for wholesale and retail clients in the development and distribution of financial services products.

PricewaterhouseCoopers Legal LLP’s ‘solutions-orientated’ team covers financial services regulation, with expertise in advising clients on the establishment of IFCs in the Caribbean and North Africa. Hedge fund and regulatory expert James Greig joined from Wilmer Cutler Pickering Hale and Dorr LLP.

Sidley Austin LLP is regulatory counsel to some of the world’s largest payment businesses, including MasterCard and Western Union. The practice advised a significant number of hedge funds on their exposures to Lehman Brothers. John Casanova and Leonard Ng ‘offer pragmatic advice’.

Bingham McCutchen (London) LLP is praised for its ‘speed of response and down-to-earth approach’ in relation to FSA enforcement investigations. Peter Bibby and Helen Marshall’s ‘service exceeds expectations’. The team recently acted for an EC bank in respect of an FSA order preventing it from carrying on business from a UK branch.

Fulbright & Jaworski International LLP is ‘committed to delivering on time’. Lista Cannon handles a wide range of investigations by US regulators, and ex-Barlow Lyde & Gilbert LLP financial services regulatory head Chris Warren-Smith recently worked on an internal investigation into improper trading. Melanie Ryan joined from Barlow Lyde & Gilbert LLP.

Kingsley Napley is noted for FSA criminal and enforcement proceedings. The ‘authorative and calm’ Stephen Pollard ‘handles tricky issues in a helpful and collaborative way’.

Peters & Peters is recommended for market abuse cases. The team acted for an individual in an insider dealing investigation being conducted in Paris by the AMF. Monty Raphael and Jo Rickards are well regarded.

Finers Stephens Innocent LLP advises hedge fund managers, brokers, and investment bankers in relation to enforcement proceedings, ‘demonstrating an impressive grasp of complicated technical issues’. Philip Rubens ‘inspires confidence’.

Irwin Mitchell LLP attracts praise for its ‘specialist FSA enforcement knowledge, skills and experience’. The practice acted in the FSA’s first criminal boiler-room prosecution for alleged unauthorised regulated activity and money laundering. Sarah Wallace is ‘highly responsive and absolutely passionate in her service delivery’.

Mishcon de Reya’s Adam Epstein is noted for contentious work. The team advised Schneider Foreign Exchange in respect of a dispute with Icebank, involving spot trades and an FX swap involving over €35m.