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A boost for UK financial services

The U.K. Financial Services and Markets Act 2023

European Union, United Kingdom, Banking, Capital Markets, Compliance Management, Insolvency & Restructuring, Public, Trade & Customs, A&O Shearman, Corporate governance, Fintech, Due diligence, Carbon neutrality, Cryptocurrency, Anti-money laundering, Financial Conduct Authority (UK), European Commission, HM Treasury (UK), House of Lords, Bank of England, European Securities and Markets Authority, Prudential Regulation Authority (UK), MiFID, Solvency II Directive (2009/138/EU), Financial Services and Markets Act 2000 (UK), Banking Act 2009 (UK), UK Supreme Court
UK proposals for cryptoasset regulation

The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities being brought within the regulatory perimeter for financial services in the U.K.

European Union, United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, IT & Data Protection, White Collar Crime, A&O Shearman, Blockchain, Crowdfunding, Bitcoin, Due diligence, Cryptocurrency, Financial Services Compensation Scheme, Distributed ledger, ESG, Cybersecurity, Anti-money laundering, Central counterparties, Decentralised finance, Financial Conduct Authority (UK), House of Lords, FTX, MiFID, Financial Services and Markets Act 2000 (UK), Markets in Cryptoassets Regulation (EU)
Arbitration. Confirmation of Award. District court confirms arbitration award of $2 million in fees and costs to prevailing party and refuses sanctions against petitioner who sought to vacate the award.

Cognac Ferrand S.A.S. v. Mystique Brands LLC, No. 20 Civ. 5933 (S.D.N.Y. Jan. 31, 2021) [click for opinion]

USA, Arbitration & ADR, Insolvency & Restructuring, Litigation, Baker McKenzie, US District Court for the Southern District of New York
Bankruptcy. Discovery. Sanctions. Bankruptcy court sanctions attorney for failing to make reasonable efforts to obtain discovery materials held outside the U.S. by incarcerated debtor's agents and attorneys.

In re Markus, 607 B.R. 379 (Bankr. S.D.N.Y. 2019) [click for opinion]  

USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Bankruptcy, Debtor, Title 11 of the US Code, United States bankruptcy court
U.S.: Second Circuit affirms bankruptcy and district court decisions to deny motion to compel arbitration given the conflict between arbitration and the Bankruptcy Code.

Anderson v. Credit One Bank, N.A. (In re Anderson), 884 F.3d 382 (2d Cir. 2018) [click for opinion]

USA, Arbitration & ADR, Banking, Insolvency & Restructuring, Litigation, Baker McKenzie
Personal jurisdiction

Tenth Circuit holds that Canadian nationals who conspire to commit a breach of fiduciary duty against a Delaware corporation operating exclusively in Oklahoma are subject to personal jurisdiction in Oklahoma despite their lack of physical contact with the state.  Canadian law firm alleged to have assisted the conspirators is not, however, subject to personal jurisdiction.

USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Fiduciary, Personal jurisdiction, Delaware General Corporation Law, Tenth Circuit
School specialty, Inc., files bankruptcy in Delaware seeking to sell substantially all of its assets

Introduction

USA, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Debtor
Furniture retailer, Carl's Patio, files for bankruptcy in Delaware

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Retail
Penson Worldwide files for bankruptcy in Delaware

Introduction

USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Liquidation, United States bankruptcy court, US District Court for District of Delaware
Preference complaints filed in RG Steel bankruptcy

Introduction

USA, Insolvency & Restructuring, Fox Rothschild LLP, Bankruptcy, United States bankruptcy court