The UK Upper Tribunal (Tribunal) has overruled Financial Conduct Authority (FCA) decisions that three former employees of Julius Baer International Limited (JBI) lacked integrity and should be prohibited. The Tribunal’s...more
This pair of posts focuses on ten less-obvious enforcement predictions that we think will shape the UK financial services investigations and enforcement landscape during 2023 and beyond.
Originally published in on...more
This pair of posts focuses on ten less-obvious enforcement predictions that we think will shape the UK financial services investigations and enforcement landscape during 2023 and beyond.
Originally published in Practical...more
The UK Financial Conduct Authority’s (FCA) shift towards consumer protection is intensifying. At the same time, it is gearing up to become a more assertive regulator, intervening more frequently, following the example of its...more
Financial crime has been a key area of focus for the UK Financial Conduct Authority (FCA) for a number of years, attracting some of the highest financial penalties, and this looks set to continue. With improvements to FCA...more
The requirement for firms to collect and report quality data has never been more important, with the UK Financial Conduct Authority’s (FCA) outcome driven strategy looking to rely on firm data to realise its plans. In this...more
The UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) recently published their Business Plans for 2022/23. The FCA also published a three-year strategy. But what does it really mean for firms? ...more
As the dust looks like it is starting to settle on the Covid-19 pandemic, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have been busy resuming their enforcement agendas.
Originally...more
Helping to prepare FMIs, payment and e-money firms for proposed implementation...more
The UK Government has asked the Law Commission to review the law on corporate criminal liability and propose options for reform. Supporters of reform will use recent failures of the UK Serious Fraud Office to prosecute large...more
What can in-house legal, risk and compliance leaders learn from the Covid-19 pandemic and other notable crises of the past 20 years to strengthen the legal resilience of their organisations?
More than any other crisis in...more
Virtually all evidence, whether in litigation or arbitration or relating to investigations carried out by regulators or enforcement authorities, will contain some personal data. A year on from the EU General Data Protection...more
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
The MAS is proposing to require financial institutions to clearly identify and delineate the responsibilities of senior management and of employees in material risk functions. The proposed "Guidelines on Individual...more
The EU General Data Protection Regulation (universally known as GDPR) has become ubiquitous. Less understood is what GDPR means for disputes and contentious regulatory/enforcement matters. Virtually all evidence, whether in...more
Two new corporate criminal offences come into force on 30 September 2017. The new offences can make a company criminally liable if it fails to prevent the facilitation of UK or non-UK tax evasion by an employee, agent or...more
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
The Criminal Finances Act 2017, which received Royal Assent last week, contains the largest expansion of UK corporate criminal liability since the Bribery Act 2010 and one of the most significant overhauls of money laundering...more
A proposed new UK law contains the largest expansion of UK corporate criminal liability since the Bribery Act 2010 and one of the most significant overhauls of money laundering and proceeds of crime legislation in the last...more
Overall, the Final Report sets out some important proposed changes for FICC markets, such as creating a new statutory civil and criminal market abuse regime for spot FX, lengthening the maximum sentence for criminal market...more
7/9/2015
/ Asset Management ,
Bank of England ,
Broker-Dealer ,
Criminal Prosecution ,
FICC ,
FICC Market Standards Board (FMSB) ,
Financial Conduct Authority (FCA) ,
Hedge Funds ,
HM Treasury ,
IOSCO ,
Prudential Regulation Authority (PRA) ,
Trade Market Abuse ,
UK
Tackling market abuse continues to be a strategic priority for the FCA. In late 2014, the FCA undertook a thematic review into asset management firms and the risk of market abuse, the results of which were published in...more
5/25/2015
/ Asset Management ,
Compliance ,
Enforcement ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Fund Managers ,
Insider Trading ,
Risk Management ,
Risk Mitigation ,
Trade Market Abuse
Rules due to come into force in March 2016
Yesterday HM Treasury announced the commencement date for the new FCA and PRA Senior Managers and Certification Regime. Relatively limited information has been released, but...more
On 18 December 2014, HM Treasury published a final report following the review that it has undertaken of enforcement decision-making processes at the FCA and the PRA.
Originally published in Practical Law on February...more
On 6 May 2014, the Chancellor of the Exchequer announced that HM Treasury would undertake a review of the enforcement decision making processes for the Financial Conduct Authority (the FCA) and Prudential Regulation Authority...more