News & Analysis as of

SFO

European White Collar Crime Report: Views on the key developments across Europe

by Allen & Overy LLP on

Europe at a glance - Across Europe, law makers are steadily expanding the circumstances in which companies can be found liable (whether criminally or otherwise) for the criminal conduct of their employees and other...more

Blog: High Court Supports SFO Bid To Obtain Documents Claimed As Privileged

by Cooley LLP on

In a landmark ruling on 8 May 2017, the High Court ordered that the Eurasian Natural Resources Corporation (“ENRC”) should hand over to the SFO documents prepared during an internal investigation, despite the fact that the...more

SFO v ENRC privilege ruling internal investigations

by Allen & Overy LLP on

Enforcement authorities (both criminal and regulatory) have been taking an increasingly combative approach to claims to legal professional privilege in recent years. In Serious Fraud Office (SFO) v Eurasian Natural Resources...more

A Judicial Take On SFO Investigative Powers

by Morrison & Foerster LLP on

The High Court of Justice of England and Wales (“The High Court”) recently provided a rare insight into the difficulties that companies and individuals may face when challenging the basis of a Serious Fraud Office (“SFO”)...more

Blog: Tesco announces Deferred Prosecution Agreement

by Cooley LLP on

It was announced last week that Tesco PLC’s subsidiary, Tesco Stores Ltd, has finalised the terms of a Deferred Prosecution Agreement (DPA) with the SFO (subject to court ratification on 10 April 2017). The DPA concludes the...more

The Future of Deferred Prosecution Agreements

by Allen & Overy LLP on

A recent settlement by the SFO with a UK company accused of bribery has resulted in the SFO being accused of suffering a “failure of nerve”. In a speech on 7 March 2017 Ben Morgan, Joint Head of Bribery and Corruption at the...more

Rolls-Royce Plc Motors Away from Prosecution by Paying Authorities £671m in Connection with Bribery and Corruption Offences

by Sedgwick LLP on

After a four year investigation by the UK’s Serious Fraud Office (“SFO”) into car and engine manufacturer Rolls-Royce, a UK Court approved a Deferred Prosecution Agreement (“DPA”) in January 2017. The investigation focused on...more

The Delta Report – Derivatives Newsletter: January 2017

by White & Case LLP on

In this first issue of The Delta Report for 2017, we cover crucial updates on developments in the derivatives space in Europe and Asia. In the UK, Brexit-related issues continue to take the spotlight. The Article 50 challenge...more

HKMA issues guideline on exercising disciplinary power to order pecuniary penalty under the Securities and Futures Ordinance...

by White & Case LLP on

The Securities and Futures Ordinance (Chapter 571) ("SFO") regulates the financial products, securities and futures market and industry in Hong Kong. The SFO also provides a comprehensive civil and criminal regime to address...more

Modern Enforcement: Rolls-Royce’s $800 Million Global Settlement

by Bracewell LLP on

Rolls-Royce plc, a UK-based company that manufactures engines and generators for the aerospace, defense, marine, and energy sectors, has agreed to pay over $800 million to resolve parallel investigations by U.S., UK, and...more

Investigations: notes of employee interviews not privileged

by Allen & Overy LLP on

Lawyers' notes of interviews with a bank's employees conducted as part of two investigations were not privileged since the employees were not the "client" and the notes were not lawyers' working papers, according to the...more

The FCPA Enforcement Run Continues into 2017

by Michael Volkov on

Just when we thought 2016 was over and we could all breathe a sigh of relief, DOJ and the SEC have continued to run with a string of new enforcement actions. To all of those prognosticators, paparazzi, commentators, chicken...more

Rolls-Royce Global Enforcement Action: Part IV – What Does it all Mean?

by Thomas Fox on

Today I conclude my series on the Rolls-Royce global anti-corruption enforcement action by taking a look what it all means going forward. The resolution is more than simply the stunning fines and penalties of £671 million...more

New Sheriff In Town As Rolls-Royce Pays Record Penalty For Foreign Bribery And Corruption

On 17 January 2017, the UK Serious Fraud Office (“SFO”),[1] the US Department of Justice (“DOJ”),[2] and the Brazilian Ministério Público Federal (“MPF”) announced an $800 million global settlement with Rolls-Royce plc and...more

Rolls Royce Global Enforcement Action-Part III, the US DPA

by Thomas Fox on

Today I continue my exploration of the Rolls-Royce global corruption enforcement action by considering the company’s resolution in the US under the Foreign Corrupt Practices Act (FCPA). Before we dive into that, I first...more

Rolls-Royce Global Enforcement Action, Part II

by Thomas Fox on

Today I continue my exploration of the Rolls-Royce global corruption enforcement action which included the largest fine to-date under the UK Bribery Act, with its total fines and penalties under three agreements being around...more

Rolls-Royce Global Enforcement Action: Part I

by Thomas Fox on

When most people across the globe think of Rolls-Royce, one word comes to mind – excellence. Yet that image largely relates to Rolls-Royce Limited, the automobile manufacturer, which was founded in 1909. Just a few years...more

Multi-Jurisdictional Prosecutions and the SFO Show Teeth in Rolls Royce Settlement

by Michael Volkov on

Rolls Royce’s $800 million global settlement further solidifies what the future of anti-bribery and corruption enforcement looks like: multi-jurisdictional prosecutions based on egregious conduct supported by strong evidence....more

Attempt to stop SFO investigation fails

by Allen & Overy LLP on

The Queen on the application of Soma Oil & Gas Ltd v Director of the Serious Fraud Office [2016] EWHC 2471 (Admin), 12 October 2016 - An on-going bribery investigation can severely affect a company's reputation, business...more

The Bribery Act: To Disclose or Not To Disclose?

In this video interview, Barry Vitou (www.thebriberyact.com), Partner, Pinsent Masons, and head of their Global Corporate Crime Team, addresses: • His initial interest in global anti-corruption issues. • The role and...more

Excluding lawyers from Section 2 interviews: has the SFO gone too far?

by Allen & Overy LLP on

It has usually been taken for granted that an individual who is required to attend an interview with a UK regulator or authority can be accompanied by a lawyer of their choice. Until now. Under new UK Serious Fraud Office...more

Latest Keydata enforcement action sets out valuable lessons for compliance officers

by Allen & Overy LLP on

In this decision report we consider the FCA's final notice issued to Peter Francis Johnson on 19 May 2016. ?Mr Johnson was formerly the compliance officer and money laundering reporting officer (MLRO) for Keydata...more

"Cross-Border Investigations Update - June 2016"

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a look at recent cases and enforcement trends, including proposed amendments to China’s commercial bribery law, the use in U.S. courts of compelled...more

UK Bribery Act – 5 lessons in 5 years: No. 4 – International Hurdles

by White & Case LLP on

The SFO has spread its wings. It has visibly increased its efforts to investigate companies for bribery and corruption offences and in the last year it has had success with a new weapon: the Section 7 UK Bribery Act...more

Release clause in settlement agreement includes fraud-based claims

by Allen & Overy LLP on

Tchenguiz & ors v Grant Thornton UK LLP & ors [2016] EWHC 865 (Comm) considers the circumstances in which the court may be prepared to conclude that a party intended to release fraud-based claims. A settlement agreement in...more

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