Latest Publications

Share:

Impact of recent corporate criminal liability reforms for PE firms

The new failure to prevent fraud offence and new ‘senior manager’ attribution test for corporate criminal liability contained in the Economic Crime and Transparency Act 2023 are relevant to private equity firms for two key...more

UK Criminal Justice Bill proposes further reforms to the identification doctrine

The UK government is already proposing further expansion to the basis on which companies can be fixed with criminal liability. The Economic Crime and Corporate Transparency Act 2023 (ECCTA), passed in October, significantly...more

New UK law passed to tackle economic crime and corporate secrecy

The new Economic Crime and Corporate Transparency Act 2023 (the Act) is the latest step in the UK Government’s attempts to address economic crime and improve transparency over corporate entities. Whilst most of the key...more

Reform of UK identification doctrine - significant expansion of corporate criminal liability for economic crimes

Where a criminal offence requires proof of a specific mental state, or ‘mens rea’ (such as intent, recklessness or dishonesty), previously a company could only be found guilty if an individual who represented the company’s...more

New UK 'failure to prevent' fraud corporate criminal offence published - Update

The Economic Crime and Corporate Transparency Act 2023 was granted Royal Assent on 26 October 2023. It contains a new ‘failure to prevent fraud’ corporate criminal offence which will render large companies liable for fraud...more

Extended pre-investigative powers for the UK Serious Fraud Office coming soon

The UK Government is expanding the scope of the Serious Fraud Office’s (SFO) power to compel individuals and companies to provide information before a formal SFO investigation is commenced. Currently the power can only be...more

New UK 'failure to prevent' fraud corporate criminal offence

A draft ‘failure to prevent fraud’ corporate criminal offence will render large companies liable for fraud committed by their associates. We consider the draft offence and implications for businesses....more

New UK 'failure to prevent' fraud corporate criminal offence published - Update 9/6/2023

A draft ‘failure to prevent fraud’ corporate criminal offence will render large companies liable for fraud committed by their associates. We consider the draft offence and implications for businesses....more

Reform of the identification doctrine - significant expansion of corporate criminal liability for economic crimes

Last Thursday, the government publicised its intention to use the Economic Crime Bill to significantly expand corporate criminal liability through reform of the ‘identification doctrine’.  This is the English law rule on how...more

What financial services firms should know about the new UK 'failure to prevent fraud' corporate criminal offence

Financial services firms are already subject to significant obligations to prevent financial crime. The proposed introduction of the new failure to prevent fraud offence will no doubt prompt the question within such...more

Priorities, Priorities: what is not in the FCAs latest Business Plan

The UK Financial Conduct Authority’s (FCA) 2023 Business plan suggests some subtle amendments to the priorities previously set out in its three-year strategy....more

New UK 'failure to prevent' fraud corporate criminal offence published

The UK Government has published a draft ‘failure to prevent fraud’ corporate criminal offence rendering large companies liable for fraud committed by their associates. We consider the draft offence and implications for...more

Threat of follow-on civil claims against companies suffering cyberattack dampened by recent court judgment

Cyber incidents have a serious regulatory and reputational impact, and increasingly form the subject of follow-on civil litigation. Such civil claims may be less financially attractive for claimants as a result of this case,...more

Impact of proposed changes to decision making at the UK Financial Conduct Authority

The FCA is proposing to streamline decision-making and governance by moving some decision-making powers from the more independent, board level, Regulatory Decisions Committee (RDC) to senior members of the Authorisation,...more

UK FCA extends annual financial crime reporting obligation (REP-CRIM) to more firms

The FCA is extending its existing annual financial crime reporting obligation (termed the “REP-CRIM” by the FCA) to a broader range of firm types.  The change is expected to impact approximately 4500 firms who were previously...more

SFO rebuked for overreaching: no power to seek overseas documents from non-UK companies

The Supreme Court has decided the Serious Fraud Office does not have the power to issue a section 2 notice to a non-UK company with extraterritorial application. It can, however, continue to compel production of documents...more

Surveying the financial crime landscape in the UK: insights across the market from the annual financial crime return

A DPA can now be entered into in respect of offences under ss 89, 90 and 91 of the Financial Services Act 2012 (FSA). The Crime and Courts Act 2013 (the Act) (Deferred Prosecution Agreements) (Amendment of Specified...more

Corporate trustees – considerations in seeking declaratory relief

Despite valid service on the issuer, the English court refused to grant declarations sought by a corporate trustee as to amounts outstanding under unsecured notes issued by a now-insolvent issuer. The declarations would be...more

1/25/2019  /  Insolvency , Trust Deeds , Trustees , UK

Contracting with a foreign sovereign: capacity and authority

Ukraine v The Law Debenture Trust Corporation PLC [2018] EWCA Civ 2026 - The second round of the legal battle between Russia and Ukraine over repayment of Eurobonds issued by Ukraine has ended with a victory for Ukraine:...more

10/3/2018  /  Contract Disputes , Eurobonds , Russia , UK , Ukraine

SFO can request overseas documents from non-UK companies

The Serious Fraud Office can validly issue a section 2 notice with extraterritorial application. It can compel production of documents held extraterritorially by a UK company, or issue a notice to foreign companies in...more

ENRC v SFO appeal: internal corporate investigation documents were protected by privilege

Documents, including interview notes, generated by mining company ENRC during an internal corruption investigation were protected by privilege and therefore did not have to be disclosed to the Serious Fraud Office (SFO). ...more

privilege after SFO v ENRC – Bilta and Jukes

In two recent decisions, the English courts have grappled with the application of litigation privilege in the wake of Andrews J’s decision in SFO v ENRC. In Bilta v RBS, the court upheld a claim to litigation privilege over...more

Negligent valuations and refinancing: a lesson for lenders on recovery

The Supreme Court unanimously held that a lender was only entitled to recover new money, which had been advanced as part of a loan refinancing, in its claim against a negligent valuer (whose report it relied upon in entering...more

Supreme Court rules on test for dishonesty

Ivey v Genting Casinos [2017] UKSC 67 - In a landmark case, the UK Supreme Court has clarified the test for dishonesty under criminal law. This re-alignment of the criminal test for dishonesty is significant for both...more

Capacity of state to contract

A political battle between Russia and Ukraine has ended up before the English courts, in the context of a dispute over repayment of Eurobonds issued by Ukraine. The decision in The Law Debenture Trust Corporation plc v...more

6/5/2017  /  Contract Disputes , Eurobonds , Russia , UK , Ukraine
38 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide