FCA

News & Analysis as of

Are Loan Agreements Debentures?

In a recent case the Court of Appeal has answered “yes” to the question of whether loan agreements are debentures. Reversing the decision of the judge at first instance, the Court concluded that the literal words of the...more

FCA Publishes Report on Hedge Fund Activity in the UK

On March 24, the FCA published a report which sets out its findings from a survey of hedge fund activity in the UK. ...more

Orrick's Financial Industry Week in Review

ESMA Reports on Information that Competent Authorities Should Provide to it Under the AIFMD - The European Securities and Markets Authority (ESMA), has published a final report of technical advice for the European...more

UK FCA Describes Approach To Consumer Credit Markets, Launches Review Of Credit Card Market

On April 3, Martin Wheatley, Chief Executive of the UK Financial Conduct Authority (FCA), which took over responsibility for overseeing consumer credit markets in the UK on April 1, 2014, identified the FCA’s most “immediate...more

FCA Fines Besso Limited for Anti-Bribery and Corruption Systems Failings

The Financial Conduct Authority (FCA) has fined Besso Limited, an independent management owned general insurance broker in the Lloyd’s Broking group, £315,000 for a failure to take reasonable care to establish and maintain...more

Orrick's Financial Industry Week in Review - March 24, 2014

FINRA Proposes Lighter Regulatory Regime For Limited Corporate Financing Brokers - The Financial Industry Regulatory Authority (FINRA) recently issued a Regulatory Notice requesting comment on a Proposed Rule Set for...more

The M&A Word of the Day® from the Book of Jargon® – Global Mergers & Acquisitions is Financial Conduct Authority [Video]

Latham & Watkins partner Graeme Sloan explains the M&A term Financial Conduct Authority, the entity responsible for regulation of conduct in UK retail, wholesale and financial markets, and the infrastructure that supports...more

Federal Court Ruling Raises Questions About Privileged Nature Of Certain Internal Investigations

On March 6, 2013, the United States District Court for the District of Columbia ruled that Kellogg Brown & Root Services, Inc. (“KBR”) must produce to a qui tam relator 89 documents relating to internal investigations...more

Government Recommends Supreme Court NOT Hear Takeda Case

The U.S. Solicitor General has asked the Supreme Court not to hear an appeal in a False Claims Act (“FCA”) case against Takeda North America Pharmaceuticals, Inc. The Fourth Circuit had dismissed the case because the...more

UK FCA Finalizes New Consumer Credit Rules

On February 28, the UK Financial Conduct Authority (FCA) announced final rules for consumer credit providers, including new protections for consumers in credit transactions. The FCA states that the most drastic changes relate...more

UK FCA Identifies Additional Improvements For Retail Banks’ Sales Incentive Schemes

On March 4, the UK FCA released the results of its most recent review of sales incentives at retail financial firms. The FCA’s review revealed that retail banks have made progress in changing their financial incentive...more

Long Island Radiology Group Settles FCA Allegations That It Billed Medicaid And Medicare For Unnecessary Tests For $15.5M

A company operating diagnostic testing facilities in New York has agreed to pay $13.65 million to the federal government and $1.85 million to New York and New Jersey for a total of $15.5 million in penalties to settle claims...more

FCA Bans Former Derivatives Trader

On February 25, the FCA published the final notice it issued to David Hobbs, a former derivatives trader, banning him from performing any regulatory function. The final notice follows the decision of the Upper Tribunal...more

FCA Issues Final Remuneration Guidance for AIF Managers

The UK Financial Conduct Authority’s new guidance on AIFMD remuneration requirements has now provided some clarity for EU and non-EU managers, including relief from many of the requirements for small UK managers....more

FCA Publishes EMIR Reporting and Non-Financial Counterparties Factsheets

On February 10, the FCA published two factsheets, both dated February 7, 2014, concerning EMIR. - A factsheet for EMIR compliant counterparties. Reporting started for such entities on February 12, 2014, following an...more

UK Whistleblowing – tips on the rise and the possibility of bounty

Whistleblowing tips reported to the Financial Conduct Authority (the “FCA”), one of the UK bodies with responsibility for regulating the financial services industry, have increased 35 per cent in the past 12 months according...more

UK FCA Issues First Fine Under New Anti-Money Laundering Regime

Financial Conduct Authority fines Standard Bank £7.6 million for failures in its anti-money laundering controls, underlining the importance of both having and implementing adequate policies in relation to money laundering....more

FCA Guidance on Modification of the Funds Under Management Rule for AIFMs

The Financial Conduct Authority (FCA) has issued guidance on the application procedure for modifying the “funds under management” rule. This modification will allow alternative investment fund managers (AIFMs) that use...more

Former BGC Senior Executive Banned by FCA Due to Concerns Over His Fitness and Propriety

On January 29, the FCA published a final notice regarding Anthony Verrier, a former inter-dealer broker at BGC Brokers LP. The FCA has adjudged Mr. Verrier not to be a fit and proper person due to concerns it had over...more

Orrick's Financial Industry Week in Review - February 3, 2014

Protocol on the Operation of the ESMA MiFID Database - On January 29, the European Securities and Markets Authority (ESMA) updated its protocol on the operation of its MiFID database (ESMA/2013/68b). The...more

FCA Publishes Final Guidance on AIFMD Remuneration Requirements

This alert will be of interest to FCA-authorised investment management firms that are registering, or are currently considering registering, as alternative investment fund managers (“AIFMs”). ...more

Banking & Finance LItigation Update - Issue 71 (Global)

In This Newsletter: - Domestic Banking - Domestic General - European Banking - European General - International Banking - International General - Press Releases - Excerpt from Domestic Banking:...more

2014 Trends: #3 Whistleblowing and Retaliation: Both on the Rise

A continuation of our recent coverage on ethics and compliance trends to watch in 2014, we’re taking a deeper look at whistleblowing and retaliation trends today. ...more

Pharmaceutical Company to Pay More Than $5 Million for Alleged Kickbacks

Abbott Laboratories has agreed to pay $5.475 million to settle allegations that it paid kickbacks in violation of the Anti-Kickback Act (AKA) to induce doctors to perform surgeries using the company's products. The global...more

Co-Op Bank Subject to Enforcement Investigation by the UK PRA and FCA

On January 6, The UK Regulator, the Prudential Regulation Authority (PRA) published a press release confirming its intention to undertake an enforcement investigation into the Co-Op Bank. The UK’s other regulator, the...more

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