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International Edition

Mayer Brown and Latham lead on $8.5m Ernst & Young settlement

Mayer Brown and Wilmer Cutler Pickering Hale and Dorr have taken roles advising Ernst & Young (E&Y) in settlement talks with regulators over the accounting firm's failure to report fraudulent activity at one of its clients, reports The Am Law Daily. The Securities and Exchange Commission (SEC) had accused E&Y of issuing unqualified audit opinions that said that Chicago-based company Bally Total Fitness's 2001 and 2003 financial statements conformed with US accounting rules.
2 minute read

International Edition

Sidley makes up one new City partner in 15-strong promotions round

Sidley Austin has handed 15 lawyers partnership in its annual promotion round, with one partner made up in the top 10 US law firm's City arm. Commercial litigator Steven Pitt is the only partner Sidley has promoted outside of the US, becoming the 41st partner in its UK office. The firm's UK practice was also recently expanded by the arrival of securities partner Bart Capeci from Allen & Overy.
2 minute read

International Edition

Ashurst seals HK boost with DLA team hire

Ashurst is set to boost its Hong Kong office with the hire of a four-lawyer team from DLA Piper, including the head of its Asia financial regulatory practice. Structured finance partner Peter Kwon will join Ashurst in January along with three associates to launch a Hong Kong securities and structured finance practice.
2 minute read

International Edition

FRC encourages changes to corporate governance

It is hardly surprising that corporate governance should come under scrutiny in the wake of the experience of critical loss and failure throughout the banking sector. Now Sir David Walker has published his final recommendations and the Financial Reporting Council (FRC) has reported on its review of the Combined Code and it is possible to see some changes in emphasis and practise. But there is still uncertainty about how the changes will be put into practise and their effect. Although remuneration was the main focus of attention when the Walker Report was published, it deserves an article to itself and this article looks at some of the other trends and unanswered issues.
4 minute read

International Edition

Financial Bill produces more heat on banks but not much light

For all the practical good it will do, it seems that the greatest significance of the new Financial Services Bill is in illustrating the current state of the increasingly ill-tempered policy debate over how to reform and monitor banks. Since the summer there has been growing evidence that banks are driving towards - and increasingly lobbying for - a return to business as usual, while politicians are responding to mounting anger from the public over the excesses of the City.
8 minute read

International Edition

Financial Bill produces more heat on banks but not much light

For all the practical good it will do, it seems that the greatest significance of the new Financial Services Bill is in illustrating the current state of the increasingly ill-tempered policy debate over how to reform and monitor banks. Since the summer there has been growing evidence that banks are driving towards - and increasingly lobbying for - a return to business as usual, while politicians are responding to mounting anger from the public over the excesses of the City.
3 minute read

International Edition

Winston & Strawn opens new offices in Beijing and Shanghai with Bakers partner hire

Winston & Strawn has boosted its Asia presence with two new offices in Beijing and Shanghai, reports The Am Law Daily. The firm has recruited Xiangyang Ge from Baker & McKenzie to lead the Shanghai base. Ge, who was head of Bakers' China regulatory team, focuses on foreign investment work as well as cross-border M&A.
2 minute read

International Edition

Italy: Protect the little guy

On 3 August 2009, Consob (the Italian securities market regulator) issued a new consultation document to regulate related party transactions carried out by listed companies and companies that issue financial instruments widely distributed among the public. The expiry date for public comment was 31 October 2009. Even though final rules might differ from those proposed, companies may wish to become familiar with the new regulations so as to plan future implementation appropriately.
8 minute read

International Edition

Linklaters signs up Spanish public law partner from CMS member firm

Linklaters has bolstered its Spanish public law and regulated sectors practice with the hire of Jose Gimenez from CMS Albinana & Suarez de Lezo. Gimenez will join Linklaters' Madrid arm as a partner next week (26 October) and will head up the firm's public law and regulated sectors practice.
2 minute read

International Edition

A fair trade

Alastair Mordaunt tells Alex Aldridge why he has no regrets about leaving Freshfields for the OFT - and how a stint in the public sector can do wonders for your CV...
5 minute read

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