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By Sofia Lind | March 31, 2011
Nearly half of City partners do not understand the move towards principles-based regulation by the Solicitors Regulation Authority (SRA), with a similar number believing the body has not been effective in its efforts to build links with commercial law firms. The results come as part of a Legal Week Big Question survey focusing on the SRA's move away from prescriptive rules-based regulation to a more risk-driven approach known as outcomes-focused regulation (OFR), which will come into effect on 6 October.
1 minute read
By Sofia Lind | March 16, 2011
The Solicitors Regulation Authority (SRA) is investing £20m in IT systems as it prepares for the introduction of outcomes-focused regulation (OFR) later this year. The £20m figure includes the cost of upgrading the SRA's existing IT platform as well as the launch of a new project - dubbed Smartview - which allows the regulator to monitor law firms, alternative business structures (ABSs) and individuals on a case-by-case basis and track all regulatory breaches as part of the move to OFR.
1 minute read
By Legal Week | March 16, 2011
Last month, leading Chinese networking equipment maker Huawei Technologies bowed to a recommendation by the Committee on Foreign Investment in the US (CFIUS) and withdrew its attempt to purchase $2m (£1.24m) worth of server patents from California's 3Leaf Systems. The inter-agency CFIUS, charged with reviewing transactions for national security risks, had voiced concern about Huawei's possible ties to the Chinese military. Similar concerns killed Huawei's 2008 attempt to buy a stake in networking company 3Com, which was later acquired by Hewlett-Packard. In February, the Chinese company released an open letter asking the US Government to conduct a formal investigation to dispel the "rumours and misperceptions" that Huawei somehow posed a threat to US national security.
1 minute read
By Suzi Ring | March 8, 2011
Allen & Overy (A&O) has bulked up its German arm with the hire of a banking regulation and investment funds team from Norton Rose led by partner Frank Herring. Herring is set to join A&O in Frankfurt on 1 April from Norton Rose along with three associates. He currently heads Norton Rose's Frankfurt banking regulation and investment funds practice.
1 minute read
By Friederike Heine | February 28, 2011
Arnold & Porter has become the third US firm this year to hire a senior lawyer from the Serious Fraud Office (SFO), bringing in fraud group head Kathleen Harris. Harris, who will join the US firm as a partner in June, will become a part of Arnold & Porter's City white collar criminal defence team. In her role at the SFO, Harris oversaw all fraud cases, and monitored changes in the body's critical policy function.
1 minute read
By Suzi Ring | February 21, 2011
Herbert Smith's former European alliance relationship partner Henry Raine has left the firm to take up an in-house regulatory role at online loan company Wonga.com. Raine has been a consultant at Herbert Smith since April last year, when he stepped down from the partnership. His responsibilities in managing the firm's relationship with alliance partners Gleiss Lutz and Stibbe were primarily taken on by David Willis as part of his managing partner role.
1 minute read
By Sofia Lind | February 15, 2011
The Solicitors Regulation Authority (SRA) has announced an organisational restructuring which will see total staff numbers cut by 13%. Under the proposals, the SRA will have around 560 staff in post by the end of the year, compared with the current workforce of 640, with staff informed of the news at briefings given by the regulator's senior management team yesterday (14 February). The numbers refer to full-time equivalent roles. The body said the overhaul comes in preparation for the introduction of outcomes-focused regulation and the licensing of Alternative Business Structures, due to come into effect from 6 October this year.
1 minute read
By Claire Ruckin | February 15, 2011
The Bar Standards Board (BSB) has come a long way since its inception in 2006 when the Bar Council split off its regulatory arm from its representative function. But with the profession entering its most challenging period yet, as Government spending cuts take their toll and the Legal Services Act (LSA) comes into effect, the BSB is facing its most crucial test to date. After the watchdog celebrated its fifth birthday last month, the question being asked is how the BSB will cope with the changes ahead to regulate the profession successfully. As the regulator for barristers in England and Wales, the BSB takes responsibility for setting the education and training standards of barristers throughout their careers as well as monitoring their quality and conduct. With the LSA bringing about fundamental changes to the profession, not least to its culture, by allowing barristers to form partnerships and join forces with solicitors, it is clear that the regulator must evolve once more.
1 minute read
By Claire Ruckin | February 4, 2011
Pinsent Masons has boosted its regulatory capabilities ahead of the implementation of the Bribery Act with the hire of Winston & Strawn partner Barry Vitou. Vitou joined the UK firm's London office as a partner earlier this week from the City arm of Winston, where he headed up the regulatory and technology practice. He will work closely with Pinsents' outsourcing technology and commercial group head Clive Seddon.
1 minute read
By Claire Ruckin | February 3, 2011
The Financial Services Authority (FSA) has secured a high-profile prosecution against a former Dresdner investment banker for insider dealing, in the latest crackdown on market abuse by the City regulator. Christian Littlewood has been sentenced to three years and four months in prison for eight counts of insider trading which occurred between 2000 and 2008 during his employment at Dresdner and most recently Shore Capital. During this time he accrued a total of £590,000 in relation to the charged offences.
1 minute read
By Anne Marie Ellis | June 18, 2021
Despite the pandemic, 2020 was a record year for Proposition 65 filings.
5 minute read
By Bruce Love | June 18, 2021
Several lawyers said they expect the FTC to take a much more expansive view of antitrust law, bringing in more law firm business.
6 minute read
By Cheryl Miller | June 17, 2021
McGregor Scott, the former U.S. attorney for California's Eastern District, is following a steady stream of DOJ alumni to King & Spalding.
4 minute read
By Andrew Goudsward | June 16, 2021
"It does have some pretty significant impacts on the ability to bring these proposals," said plaintiff counsel Robert Kry.
4 minute read
By Edward W. Purcell | June 16, 2021
The first step toward getting back to "normal" is unwinding the layers of executive orders, rules, and statutes adopted during the last 16 months in response to the COVID-19 pandemic.
6 minute read
By ALM Staff | June 15, 2021
The U.S. Securities and Exchange Commission sued three defendants Tuesday in New Jersey District Court. The defendants are accused of engaging in a fraudulent…
1 minute read
By Victoria Hudgins | June 15, 2021
CEO Rod Vawdrey will step down and CFO Stephen Doyle has been terminated as investigations from regulators and law enforcement continue and its stock prices tumble.
2 minute read
By Varsha Patel | June 15, 2021
Justice Sara Cockerill is the keynote speaker for Law.com's Dispute Resolution Forum Conference 2021, which begins tomorrow, June 16.
4 minute read
By ALM Staff | June 14, 2021
This suit was surfaced by Law.com Radar. Read the complaint here.
1 minute read
By Shari Claire Lewis | June 14, 2021
A wide range of federal and state authorities are involved in the regulation of emerging technologies in one way or another. As Shari Claire Lewis explores in this edition of her Internet Issues/Social Media column, perhaps no federal or state entity is more focused on the plethora of legal issues raised by new innovations than the Federal Trade Commission.
10 minute read
Celebrate outstanding achievement in law firms, chambers, in-house legal departments and alternative business structures.
The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.
The Daily Report is honoring those attorneys and judges who have made a remarkable difference in the legal profession.
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