Regulatory Team of the Year

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SHEARMAN & STERLING - Barney Reynolds

The firm drafted a new federal framework for the UAE to govern the financial services industry, including advising the government on regulatory policy. The framework law adopts the twin peaks approach to financial regulation with two regulators pursuing different objectives. The matter brought to the fore the firm’s global financial and regulatory expertise, as the team devised a structure that uses UAE civil law traditions.

 

 

This award will go to the team that has demonstrated a leading position in advising clients on their most serious regulatory challenges, regardless of
industry. In a world where regulatory bodies are increasingly prominent in
the lives of many clients, the winning team will standout for the crucial role
they have played in a high-profile regulatory or criminal investigation.

 

The firm drafted a new federal framework for the UAE to govern the financial services industry, including advising the government on regulatory policy. The framework law adopts the twin peaks approach to financial regulation with two regulators pursuing different objectives. The matter brought to the fore the firm’s global financial and regulatory expertise, as the team devised a structure that uses UAE civil law traditions.

HIGHLY COMMENDED

ASHURST
Giles Boothman; Rob Moulton; Ed Sparrow

In a market first, Ashurst acted for the FSA to advise on the failures of leading broker dealer, MF Global. This was the first time that the Special Administration Regime had been put in place following the collapse of Lehman Brothers to ensure the return of client money or assets as soon as possible. The team advised in co-operation with KPMG, the special administrator.

BEVAN BRITTAN
Iain Miller

Bevan Brittan advised the SRA on the administration of Halliwells. The firm worked hand in hand with the SRA, RBS and BDO, as well as the other firms who acquired parts of the now defunct practice. A mechanism was found to enable the disposal of elements of the firm, which met the wider public interest, says Bevan Brittan.

BAKER & McKENZIE/HOGAN LOVELLS
Jeremy Brittenden (Hogan Lovells); Sunny Mann (Baker & McKenzie)

A joint nomination for the firms that acted on getting vital currency to Libya when it wasn’t clear where the money should go: the ruling Qaddafi regime or the newly established National Transition Council (NTC) in Benghazi. Hogan Lovells advised the NTC on negotiations with the UK, while Bakers acted for De La Rue on the release of 2.1bn Libyan Dinar frozen by the British government.

SLAUGHTER AND MAY
Elizabeth Barrett

Advised Norwich & Peterborough Building Society (N&P) on the fallout from the collapse of Keydata Investment Services, whose investment products N&P had recommended to thousands of its customers. The firm showed its deep well of expertise in its dealings with a number of regulators, including the FSA, FSCS, FOS and SFO.

WRAGGE & CO
John Cooper

Cooper’s team acted for the newly established regulator, the Office of Qualifications and Examinations Regulation (OfQual) to find a solution to tackle the high-profile issue of exam board errors. The answer was to put together a a robust and enforceable system of risk-based regulation and produce a comprehensive legal manual to govern how awarding bodies operate.