Editor's Letter

Georgina Stanley, Head of Global Research and Reporting

Welcome to the first Banking and Finance Yearbook from The Legal 500 and Legal Business.

This annual publication is intended to provide insight into the issues facing banks and financial services companies around the world, interviews with leading industry figures, as well as data from The Legal 500.

In this issue Dr Sandie Okoro talks about her journey from Balham schoolgirl to Group GC of Standard Chartered, via a stint at the World Bank. Okoro talks frankly about smashing glass ceilings and aiming beyond the possible in this interview with Tanya Drobnis.

Herbert Smith Freehills financial regulatory partner Jenny Stainsby also discusses her career with Drobnis in our second Perspectives interview of the issue, as well as talking about the tsunami of change facing clients in the financial services sector.

Regulatory change is also on the agenda in our feature ‘Steadying the Ship’, in which leading FS partners ask whether the recently appointed leadership team at the FCA can strike the right balance between protection and innovation. Jemima Marshall meanwhile takes a look at the ESG risks challenging the sector.

Elsewhere we take a deep dive into the London Legal 500 banking and finance rankings – highlighting the firms with the most rankings, tier one rankings and ranked individuals, as well as showcasing the impact of the forthcoming transatlantic merger between Allen & Overy and Shearman & Sterling in London.

The data also highlights changes in the number of ranked lawyers over the last five years, with a combination of retirements and exits meaning A&O, Clifford Chance and Linklaters all had at least five fewer ranked lawyers in the most recent UK guide than they did five years ago.

You can also stay on top of the key issues facing banks and financial services companies and their in-house teams in countries from Kuwait, to Switzerland, to the UAE in articles from our partner firms.

We hope you enjoy this first Banking and Finance Yearbook. We’d love to hear from readers about the burning issues you think we should be covering in future so please do get in touch if you’re keen to contribute.

View interactive edition

Q&A: PwC

Banking and Finance Yearbook 2023

1. What are the key regulatory bodies overseeing the banking and finance sector in Poland, and what is their role in ensuring compliance with financial laws and regulations? The main supervisory body in Poland is the Polish Financial Supervisory Authority (‘Komisja Nadzoru Finansowego’ or ‘KNF’). KNF supervises the banking, capital, insurance and pension sectors, payment …

Q&A: Morgan Lewis

Banking and Finance Yearbook 2023

1. What are the key regulatory changes that have impacted the banking and finance legal market in the UAE in the past year? In 2023, the United Arab Emirates (UAE) banking and finance legal market has witnessed significant regulatory changes that now effectively require that banks secure loans with tangible assets (in addition to, or …

Q&A: EP Legal

Banking and Finance Yearbook 2023

1. What are the key regulatory developments in Vietnam’s banking and finance sector over the past year, and how have they impacted the legal landscape? Key regulations and their impacts include: Circular No. 06/20231: promotes digital transformation in the banking sector; enhances access to bank credit for clients; and allows borrowers to repay loans in …

Q&A: SJL Jimenez Lunz

Banking and Finance Yearbook 2023

1. What are the key regulatory bodies and laws that govern the banking and finance industry in Luxembourg, and how do they impact financial institutions? The Luxembourg finance industry is mainly overseen by two regulatory bodies: the CSSF supervises the financial sector, while the CAA oversees the insurance sector. A merger control is currently being …

Q&A: Deloitte

Banking and Finance Yearbook 2023

1. What are the key regulatory requirements and compliance challenges that law firms operating in Uruguay’s banking and finance sector currently face? Capital Markets Act No 18.627 enacts the framework for companies operating in the Uruguayan Capital Market (issuers, brokers, investment advisers, etc); Law No 15.322 regulates the same for banks and all relevant entities …

Q&A: Lacourte Raquin Tatar

Banking and Finance Yearbook 2023

1. What are the key regulatory frameworks that govern the banking and finance sector in France? The key regulatory frameworks that govern the banking and finance sector in France are: European Union (EU) norms (directives transposed into French law or regulations which are directly applicable); French legal and regulatory framework, most of which is codified …

Perspectives: Chris Kandel

Banking and Finance Yearbook 2023

‘The best finance lawyers understand, whichever side they’re on, that there is a common goal’: Morrison Foerster finance partner Chris Kandel on collaborative practices, training the next generation of lawyers and novel developments in leveraged finance

I actually started practising law in California, way back in the dark ages. I moved over here for two years, and I’ve been here ever since. I never really intended to be a lawyer in London at all. My lifetime ambition was to be a criminal lawyer in Baltimore. My early career could be characterised …

Q&A ASAR – Al Ruwayeh & Partners

Banking and Finance Yearbook 2023

1. What types of banking and finance law cases do you typically handle in Kuwait? Typical cases include debt recovery, fraud and financial crimes, contractual disputes, dispute resolution, and banking regulations. 2. How do banking and finance laws in Kuwait differ from those in other Gulf Cooperation Council (GCC) countries? All banks operating within Kuwait …

Q&A: Drew & Napier

Banking and Finance Yearbook 2023

1. Could you provide an overview of the licensing and registration requirements imposed by the Monetary Authority of Singapore for foreign financial institutions seeking to establish a presence in Singapore? Foreign financial institutions looking to establish a presence in Singapore must consider a range of licensing and registration requirements based on their intended business activities. …

Perspectives: Jenny Stainsby

Banking and Finance Yearbook 2023

‘Our clients face a tsunami of regulatory change; just as it looks like
the wave is subsiding, it returns with a vengeance’ – Herbert Smith Freehills’
Jenny Stainsby on the pros and cons of a career in financial services regulation

Why did you want to become a lawyer and what drew you to the financial services regulatory side? As much as the law itself, it was the draw of international work that led me to the City and to Herbert Smith, as it was then. I had read languages at university and was excited about …