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Kluwer Law
 

IBA Working Party on Legal Risk

Introduction
Working Party Members
Contact Details
Recent Articles
Press Snippets
Banking Law Homepage

Introduction

Welcome to our Legal Risk Information site. The IBA's Banking Committee (Committee E) has a subcommittee concerned with international financial law reform. This subcommittee has now formed a working party to focus on the topic of legal risk, taking up the work originally begun by a steering group of the Financial Law Panel. (The ex chairman of the Financial Law Panel, Colin Bamford, is a member of the sub committee). This website is intended to act as a forum for the provision of information and exchange of views on legal risk. We very much hope that market participants and others interested in the topic of legal risk will contribute to the website.

The IBA Working Party's principal aim is to promote consensus amongst financial institutions and their regulators on:

  • The principal risks that can be properly be described as legal risk (in contrast, for example, with counterparty risk and political risk) in the context of financial transactions and the carrying on of commercial and investment banking business
  • The most practical and efficient means of recognising situations which are likely to involve legal risk in wholesale and retail financial markets
  • Legal risk as part of general financial business strategy
  • Possible methods of evaluating legal risk
  • Effective means of limiting the possibility of unacceptable legal risks arising
  • Effective means of controlling acceptable legal risks

Working Party Members

Co-Chairs: Roger McCormick London, UK
roger.mccormick@ukonline.co.uk
Hugh Pigott, The Centre for Law Reform, London UK
Members: Michael Crystal Q.C, Grays Inn, London UK
Derek Arnott, Brodies, Edinburgh Scotland
Joanna Benjamin, London School of Economics, UK
Sebastian Hofert, KAHB Rechtsanwaelte, Hamburg
Klaus Loeber, European Central Bank, Germany

Contact Details

For details on the legal risk symposium and in joining the Working Party Consultative Panel, please contact:

Roger McCormick
E-mail: roger.mccormick@ukonline.co.uk

Recent Articles

Legal Risk - A project begun by the Financial Law Panel (‘FLP’) to promote a common understanding of legal risk and how it relates to other kinds of risk in the financial market place has been taken over by Sub-Committee E-8 (International Financial Law Reform) of the International Bar Association.
Hugh S Pigott.

Lawyers as Risk Managers - The role of lawyers is changing. Traditionally, we have been advisers, helping our clients to understand the law. We have also been implementers, achieving goals for our clients by drafting legal instruments or conducting litigation. Increasingly, many of us, particularly in-house lawyers, are taking on a new role as legal risk managers. This article explores this role, including the different forms it can take, and offers some thoughts on how we can improve our effectiveness.
Andrew M Whittaker, General Counsel, Financial Services Authority.

Press Snippets

  1. FT 16/05/03 Page 16: SEC new probe into Wall Street re: Brokerage activities
  2. FT 23/04/03 Page 3: article on the Consumer Credit Act
  3. FT 28/04/03 Page 12: article on spread of US-style class actions to new sectors - and possibly to the UK
  4. FT 28/04/03 Page 29: article on US anti trust suite over debit cards
  5. FT 29/04/03 Page 33: article on the effect of the "global settlement" (SEC action against Wall Street banks re conflict of interest etc) on future lawsuits from investors, reference to a single class action lawsuit that accuses 55 firms of manipulating IPOs
  6. FT 05/05/03 Page 22: Gold Fields faces uranium exposure law suit - major law suit in US using the US Alien Tort Claims Act - comparison with claims for unfair treatment of workers during apartheid era and also claims against Swiss banks on behalf of Holocaust victims


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