Search for:

Episode 18: Litigation Readiness for Financial Institutions

Financial institutions (FIs) surveyed by Baker McKenzie spent an average of USD 272 million each on litigation in 2020 – higher than any other industry – but their readiness strategies may not be keeping up with the scale of the challenge they face.

In this episode of FInsight, Baker McKenzie partners Daniela Fonseca Puggina from our Miami office and Jennifer Semko from our Washington D.C. office discuss litigation readiness for FIs. The episode also covers potential vulnerabilities and disputes that they need to prepare for, current and emerging trends in litigation (from our Litigation Intelligence Tool and Report), and how they can benefit from litigation preparedness.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1124944273&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.18 Litigation Readiness for Financial Institutions

Episode 17: Sovereigns Series – Key Principles of Investment Treaty Protection

Investment treaties expose sovereigns to significant liability if the rights of foreign investors are encroached on. At the same time, these treaties also grant powerful protections and direct claims to sovereign wealth funds (SWFs) — when they act as foreign investors in other states. In this episode, Andy Moody, partner and head of the dispute resolution practice in London, and Katia Finkel, senior associate in the same practice in London, cover recent examples of SWFs bringing investment treaty claims and how others can obtain access to these protections. The episode also analyzes why investors should consider investment treaties as part of their decision-making process.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1117282078&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.17 Sovereigns Series – Key Principles of Investment Treaty Protection

Episode 16: Sovereigns Series – Cross-Border Fraud and Asset Tracing in Sovereign Wealth Funds

Fraud poses a particular threat to sovereign wealth funds (SWFs) due to the vast sums of money they invest. They also have a higher risk profile when compared to other funds, with high stakes both politically and financially. In this episode, Charles Thomson and Henry Garfield, partners in Baker McKenzie’s dispute resolution practice in London, talk to Kate Geale about recent developments, legal issues, practical tips, and strategies around cross-border fraud and asset tracing in SWFs. The episode also tackles emerging trends around the growing emphasis on sustainability and the increasing impact of cryptoassets. SWFs may have go through a long process to recover assets, but it is worth it in the end for recovery, punishment and future deterrents.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1107286810&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.16 Sovereigns Series – Cross-Border Fraud and Asset Tracing in Sovereign Wealth Funds

Special Edition: Finding Balance – Sustainability in Financial Institutions

In this special edition, Eva-Maria Segur Cabanac, a partner in our Vienna office and global sustainability lead for financial institutions, and Jennifer Klass, a partner in our New York office and co-chair of the financial regulation and enforcement practice in North America, talk with Ying Yi Liew on how the COVID-19 pandemic led to the prioritization of Environmental, Social, and Governance (ESG) considerations among financial institutions (FIs). They also cover progress around the creation of common and consistent international standards over disclosure and classification, and the impact of new technologies on sustainability priorities. This episode is part of the sixth installment of Finding Balance: The Post-COVID Landscape for Financial Institutions.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1103246485&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · Special Edition – Finding Balance: Sustainability In Financial Institutions

Episode 14: Crypto Around the World (Part 1)

Taking off from the guide Crypto Around the World, the first of two episodes takes a broader look at general aspects of cryptoassets. Sue McLean, a partner in our London office, talks to the team that started this project: Iris Barsan, counsel from our Paris office; Julian Hui, associate from our London office; and Chris Murrer, a US attorney in our Zurich office. They cover high-level regulatory issues — both current and emerging — as well as retail investments in crypto.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1086425575&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.14 Crypto Around The World (Part 1)

Episode 13: Operational Risk

Baker McKenzie partnered with Risk.net on their annual ranking of the Top 10 Op Risks for 2021. In this episode, Karen Man and Jennifer Klass, financial regulatory partners, respectively in our Hong Kong and New York offices, talk about this year’s list and share perspectives on what clients are experiencing in the market. Our partners provide situational examples in light of the continuing push for digitalization and sustainability, including relevant action items for senior executives. They also take a closer look at how financial institutions can manage current and emerging operational risks.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1056472432&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.13 Operational Risk

Episode 12: Singapore – MAS Revises Technology Risk Management Guidelines

The Monetary Authority of Singapore (MAS) recently revised its Technology Risk Management Guidelines 2021 after feedback from a 2019 public consultation and engaging with cyber security experts. In this episode, Stephanie Magnus, Ken Chia, and Ying Yi Liew take a closer look at compliance, regulator expectations, cyber threats, and other important considerations — taking into account that financial institutions encompass large multinational banks, insurance companies and small fintech startups.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1042811770&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.12 Singapore – MAS Revises Technology Risk Management Guidelines

Episode 11: Fintech – Trends, Investments, and M&A

In this special edition, Sue McLean, partner and global tech lead for fintech and blockchain, talks to David Hart, a partner in our London office, and Lawrence C. Lee, a partner in our Palo Alto office, to discuss recent trends and developments around fintech. In this episode, they share their observations on recent innovations and take a closer look at various strategies behind the increase in investment and M&A activity. Fintech players, once seen as market disruptors, are becoming essential and critical in the future of financial institutions.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1038249256&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.11 Fintech – Trends, Investments, And M&A

Episode 10: China – Financial Revolution in 2020 and Beyond

China’s financial institutions are navigating a rapidly evolving market. Recent government actions further strengthened and opened up the industry to more investors – both domestic and foreign. In this episode, Kevin Yuan and Lucca Li from our Shanghai office talk about the economic and regulatory situation, and how COVID-19 has impacted the industry. They also take a closer look at recent innovations and the future landscape for financial institutions in China.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/1010996764&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.10 China – Financial Revolution In 2020 And Beyond

Episode 9: Financial Institutions in Post-COVID Africa

This episode puts the spotlight on Africa, with a focus on South Africa, Kenya, Nigeria, and Ethiopia. Wildu du Plessis, a partner in our Johannesburg office and head of Africa, talks about the situation in Africa, in the context of the current pandemic and beyond. He shares his observations around regulatory and technological development — focusing on key topics around digitalization, cryptocurrencies, cashless transactions, and sustainability  — and how financial institutions can succeed in the post-pandemic continent.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/991293469&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.9 Financial Institutions In Post-COVID Africa

Special Edition: Finding Balance – Financial Infrastructure

In this special edition, Sue McLean, a partner at our London office, talks with Chris Murrer about the future of the financial infrastructure sector — payment providers, exchanges, card schemes, clearing houses and depositories — as it transitions into the business renewal phase. Basing on client, industry and legal perspectives, we explore what the post-COVID environment looks like for the sector. This episode is part of the fifth installment of Finding Balance: The Post-COVID Landscape for Financial Institutions.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/981231913&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · Special Edition: Finding Balance – Financial Infrastructure

Episode 7: Insurtech (Part 2)

Taking off from the recent publication, Insurtech: Opportunities and Legal Challenges for the Insurance Industry, Chris Murrer and Iris Barsan walk through observations in the market, as well as key developments that define the current insurtech landscape. In this second installment, they take a deeper look into regulations and considerations around recent developments in insurtech. They also touch on important points covering ethical concerns, data privacy, discrimination, and other financial regulations.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/967837756&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.7 Insurtech (Part 2)

Episode 6: Insurtech (Part 1)

Taking off from the recent publication Insurtech: Opportunities and Legal Challenges for the Insurance Industry, Chris Murrer and Iris Barsan walk through observations in the market, as well as key developments that define the current insurtech landscape. This first installment focuses on new capabilities across the US and Europe, and how regulations are moving in response to innovations in the market.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/963545917&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.6 Insurtech (Part 1)

Special Edition: Finding Balance – Insurance

In this special edition, Martin C.W. Tam, a partner at our Hong Kong office, talks with Ying Yi Liew about the future of the insurance sector as it transitions into the business renewal phase. Basing on client, industry and legal perspectives, we explore what the post-COVID environment looks like for the sector. This episode is part of the fourth installment of Finding Balance: The Post-COVID Landscape for Financial Institutions.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/944120956&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · Special Edition: Finding Balance – Insurance

Special Edition: Finding Balance – Financial Sponsors

In this special edition, Michael Fieweger, a partner at our Chicago office, talks with Ying Yi Liew about the future of financial sponsors — private equity/credit funds, asset management and sovereign wealth funds —  as the industry transitions into the business renewal phase. Basing on client, industry and legal perspectives, we explore what the post-COVID environment looks like for financial sponsors. This episode is part of the third installment of Finding Balance: The Post-COVID Landscape for Financial Institutions.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/922631410&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · Special Edition: Finding Balance – Financial Sponsors

Episode 3: Data Journey Map for Virtual Communications (Singapore)

This episode outlines different steps that financial institutions must consider or take when using virtual communication platforms. Our experts from Singapore — Stephanie Magnus and Ken Chia — examine these steps, which should form part and parcel of financial institutions’ risk and compliance assessments, with a view to mitigating the potential risks of supervisory intervention and litigation.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/896703727&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP.3 Data Journey Map for Virtual Communications – Singapore

Special Edition: Finding Balance – The Post-COVID Landscape for Financial Institutions

In this special edition, Jonathan Peddie, global chair of Baker McKenzie’s Financial Institutions Industry Group, is interviewed by Ying Yi Liew, a local principal and expert on financial services from our Singapore office. We analyze the future of financial institutions, as the industry transitions into the business renewal phase. Basing on client, industry, and legal perspectives, we explore what the post-COVID environment looks like for four industry segments and five global trends. This episode elaborates on our introductory publication under Finding Balance: The Post-COVID Landscape for Financial Institutions.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/890771848&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · Special Edition: Finding Balance – The Post-COVID Landscape for Financial Institutions

Episode 1: Data Journey Map for Virtual Communications (US)

This episode outlines different steps that financial institutions must consider or take when using virtual communication platforms. Our experts from the US – A. Valerie Mirko and Harry Valetk – examine these steps, which should form part and parcel of financial institutions’ risk and compliance assessments, with a view to mitigating the potential risks of supervisory intervention and litigation.

https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/890771287&color=%23ff5500&auto_play=false&hide_related=false&show_comments=true&show_user=true&show_reposts=false&show_teaser=true&visual=true

FInsight · EP. 1 Data Journey Map For Virtual Communications – US

Author

Iris Barsan joined Baker McKenzie in October 2019 after practicing as a lawyer in a Franco-German law firm. Prior to that, Iris worked for several years in the legal department of the Prudential Control and Resolution Authority and as a financial lawyer in a French banking group (insurance and investment banking). Iris holds a doctorate in French and German law, an LL.M. from the University of Cologne and is a former student of the ENA (Willy Brandt promotion). In addition to her practice as a lawyer, Iris is an assistant professor at the University of Paris XII. She teaches company law (French, European and comparative), European business law, financial regulation and personal data and new technologies law.

Author

Author

Michael Fieweger represents private equity and venture capital funds, institutions, family offices and hedge funds and strategic acquirers in their formation and global acquisition and investment activities. Michael has a background in corporate finance, having previously served as a commercial lending officer with a division of JP Morgan Chase in Chicago. He is the chairman of the Firm's Global Private Equity Practice Group.

Author

Katia is a senior associate in the Baker McKenzie Dispute Resolution team, based in London. She advises clients on global dispute resolution strategy and settlement negotiation and acts on their behalf in commercial and investment disputes under LCIA, ICC, ICSID and UNCITRAL Arbitration Rules. She acts on behalf of governments and private parties in energy, large construction projects and post M&A disputes, where she has extensive experience. Her practice mainly involves multijurisdictional issues and she regularly advises clients on investment structuring and restructuring. Katia completed a nine-month secondment in Shell’s EMENA Litigation Group, working on a number of high-stake disputes. She taught international commercial and investment arbitration at King’s College London for several years and regularly publishes in the field of international arbitration.

Author

Daniela Fonseca Puggina advises multinational corporations and domestic clients on civil and regulatory enforcement matters. She has represented numerous financial institutions and other corporate entities in internal and governmental/SRO investigations as well as related enforcement proceedings, civil litigation and arbitration.

Author

Henry Garfield is a senior associate in Baker McKenzie's Dispute Resolution department based in London. Henry's practice focuses on fraud, asset tracing, internal investigations and business crime. He also undertakes general commercial litigation. Henry has just completed an 11 month secondment to the Serious Fraud Office, during which he was the Case Lawyer on an investigation into a £60 million fraud. The investigation involved unravelling trust and company structures in several offshore jurisdictions and has recently resulted in two individuals being charged with fraud and forgery offences.

Author

Kate Geale is an Associate in Baker McKenzie London office.

Author

David Hart is a partner in Baker McKeznie's corporate group, based in London. He joined the Firm as a trainee in 2007 and became a partner in 2019. He is a member of the Firm's TMT Industry Group.

Author

Julian Hui is an Associate in Baker McKenzie's London office.

Author

Jennifer L. Klass serves as the Co-chair of Baker McKenzie's Financial Regulation and Enforcement Practice in North America. Jen is an experienced investment management lawyer with particular focus on investment adviser regulation and the convergence of investment advisory and brokerage services. She regularly represents clients before the US Securities and Exchange Commission (SEC), both in seeking interpretative guidance and in managing examination and enforcement matters. Jen is a leading practitioner in digital investment advice and the use of FinTech in the asset management industry. Jen provides practical advice that is informed by her experience as Vice President and Associate Counsel at Goldman, Sachs & Co., where she represented the asset management and private wealth management businesses.

Author

Lawrence C. Lee is a partner in Baker McKenzie's Palo Alto office. Lawrence regularly advises clients in connection with mergers and acquisitions and other complex corporate transactions across a variety of industries, with a particular focus on the technology sector. Prior to joining Baker McKenzie, Lawrence served as in-house counsel for a San Francisco digital currency exchange where he led all corporate and strategic transactions and investments. From 2015 to 2018, he was selected by California Super Lawyers as a Rising Star in Mergers and Acquisitions. In 2020, Lawrence was selected by Law360 as a Top Attorney Under 40 in the Technology sector.

Author

Ying Yi is a local principal in the Financial Services Practice Group of Baker McKenzie Wong & Leow in Singapore. She focuses on regulatory and compliance issues in the financial services sector.

Author

Stephanie Magnus co-heads the Asia Pacific Financial Institutions Group and heads up the Financial Services Regulatory Practice Group in Singapore. Stephanie is ranked Band 1 for FinTech in Singapore by Chambers FinTech 2020. She is also ranked as a Leading Individual for Financial Services Regulatory: Local Firms in Singapore by Legal 500 Asia Pacific 2020. She is recognised as a leading lawyer for Banking & Finance: Regulatory in Singapore by Chambers Asia Pacific and Chambers Global 2020. Stephanie was quoted in Chambers Asia Pacific for her "timely, practical and business-oriented" advice, with a "deep understanding of the regulatory regime." She is also recognised as "very business-savvy and brilliant every time," and is admired for her "very strong grasp of the legal issues from both a technical and practical perspective."

Author

Karen Man is a partner in Baker McKenzie’s Financial Services group, leading the non-contentious Financial Services Regulatory practice. Her clients include global, Chinese and local banks, fund managers, brokers/dealers, money service operators and fintech firms. Karen is admitted to practice in Hong Kong, the UK, and Australia.

Author

Sue McLean is a partner in the IT/Commercial Practice Group in Baker McKenzie's London office. Sue advises clients on technology, sourcing and digital media business models and deals, as well as the legal issues relating to the implementation of new technologies. Sue has been included in the Women In FinTech Power List for three successive years. She is on the editorial board of the Journal of Digital Banking and is a member of the techUK working group on DLT/blockchain. Sue is an active member of Baker Women and leads Baker Women in Tech, an initiative to encourage the development and promotion of women in the tech sector. In 2017, Sue won the Rising Star Award at the Variety Catherine Awards.

Author

A. Valerie Mirko is a partner in Baker McKenzie’s Financial Regulation and Enforcement Practice Group in North America. Valerie has substantial experience in federal and state securities laws and regulations affecting the financial services industry, with a focus on the investment adviser and brokerage industries. Valerie has a background in both regulatory advice and enforcement counseling. Immediately prior to joining the Firm, Valerie was General Counsel of the North American Securities Administrators Association (NASAA). As General Counsel, Valerie advised NASAA’s Board of Directors on developments in the federal securities laws and their impact on state securities regulations. Valerie provided advice on, among other areas, the SEC Regulation Best Interest rule set, fiduciary duty/standards of care, preemption, retail enforcement issues, investment adviser oversight, and data privacy. She also supervised all of NASAA's securities-related legal work and was a resource on multistate enforcement investigations and settlements. Valerie also provided governance support on key NASAA Regtech projects and regulatory coordination initiatives between state and federal regulators. Valerie was a frequent speaker at regulator-only roundtables and training events. Earlier in her career, Valerie advised broker-dealers and investment advisers on regulatory matters and enforcement investigations as an associate at a Washington law firm and held legal and compliance roles at Oppenheimer & Co., Inc., and Merrill Lynch (now BofA Securities). Valerie is currently a member of the adjunct faculty at the George Washington University Law School and a subcommittee chair within the DC Bar Corporation, Finance, and Securities Law Community.

Author

Andy is a partner in the Baker McKenzie Dispute Resolution team based in London. He advises clients on international, commercial and investment treaty arbitration as well as in complex, often multijurisdictional litigation, mediations and expert determinations. He also advises clients on issues pertaining to private and public international law. Andy is recommended in Who's Who Legal: Arbitration 2018 and individually ranked in the field of International Arbitration by Chambers UK, who describe him as "a 'superb' practitioner," and "very commercial" and also recognized by Legal 500, who call him "an arbitration doyen."

Author

Christopher Murrer is an associate in the FinTech, International Tax and Wealth Management practice groups of Baker McKenzie Zurich. He joined the Firm after practicing for seven years as tax and wealth planning attorney in New York and Washington, DC.

Author

Eva-Maria Ségur-Cabanac joined the Firm’s Vienna office as a partner in 2008. She is a dual-qualified lawyer, admitted to practice in Austria and New York. Prior to joining Baker McKenzie, Dr. Ségur-Cabanac worked as an associate in the New York, Paris and Frankfurt offices of a well-known US law firm.

Author

Jennifer Ancona Semko focuses her practice on complex commercial litigation and internal investigations, with more than 20 years of experience litigating in state and federal courts across the United States. Jennifer represents clients in domestic and international disputes and has expertise in cross-border judicial processes. She also has guided clients through investigations by the US Department of Justice, SEC, EPA, NYSE, Senate Finance Committee, United Nations and other government agencies. She is currently the Chair of the Washington Office Litigation and Government Enforcement practice, as well as Co-Chair of the North American Commercial Litigation subgroup.

Author

Martin Tam is knowledgeable in the areas of insurance law and financial services. Chambers Asia Pacific and PLC Which lawyer? recommend him as a leading practitioner in insurance law. Mr. Tam is admitted as a solicitor in Hong Kong.

Author

Charles Thomson is a partner and solicitor advocate in Baker McKenzie’s Dispute Resolution Practice Group in London. He co-manages the Business Crime Unit, and is part of the Financial Institutions Disputes, Contentious Trusts and Compliance and Investigations Groups. Charles joined the Firm as a trainee in 2002, and concurrently spent three months on secondment as a judicial assistant at the Royal Courts of Justice in the Civil Appeals Division. A solicitor advocate since 2007, Charles appears as an advocate in all Higher Courts in England and Wales. Chambers and Legal 500 both commend Charles for his legal practice. Charles is also listed as a Rising Star in Litigation by Legal Week.

Author

Harry A. Valetk is a partner in the Global Privacy and Security Practice group based in New York, advising global organizations on privacy and data security compliance requirements. He regularly supports companies in financial services, retail, pharmaceutical/ healthcare, travel/hospitality, cloud technology, and manufacturing industries. His practice is focused on delivering commercially practical advice to highly regulated companies on designing security, privacy, and technologically compliant solutions. Harry's practice routinely covers a wide range of issues on global regulatory implementation readiness for privacy laws, including GDPR, CCPA, CPRA, HIPAA, GLBA, the Children’s Online Privacy Protection Act (COPPA). He also works with companies in developing customized comprehensive incident response plans, trainings, table-top exercises, and advising senior management on liability risk mitigation. Harry puts on an insider's perspective when advising his clients building on his in-house experience as Director of MetLife’s Global Privacy Office in New York for almost seven years. In that role, he supported business lines in more than 60 countries to protect the personal data of over 90 million MetLife customers. Additionally, he led numerous strategic efforts to build out a global Privacy Risk Framework, achieve global compliance with applicable privacy and data protection laws, deploy cross-border data transfer solutions, implement global training and awareness initiatives, and manage data and cyber security incidents. Before MetLife, Harry led the video game publishing industry's privacy compliance efforts as the Director of Privacy Online for the Entertainment Software Rating Board and its COPPA Safe Harbor Seal Program. Finally, Harry served as a trial attorney for the U.S. Department of Justice, Civil Division.

Write A Comment