News & Analysis as of

Serious Fraud Office

DOJ New No-Piling-On Policy for Corporate Sanctions Moves US Closer to UK and French Authorities

On 9 May, Deputy Attorney General Rosenstein announced a new DOJ policy that “encourages coordination among Department components and other enforcement agencies when imposing multiple penalties for the same conduct.” This...more

Implementing strong corporate compliance programs – necessity rather than nicety?

No matter the industry, maintaining effective corporate compliance programs has never been a more essential part of operations to address the legal risks that corporates face. This article, the third in a series about...more

Powers of the SFO in an Internet age

by DLA Piper on

Can the UK's Serious Fraud Office (SFO) issue "section 2 notices" compelling companies to produce documents held outside the UK? That is the question currently being considered by the High Court of England and Wales with...more

Court criticises SFO privilege over employee interview notes AL v XYZ

by Allen & Overy LLP on

R (on the application of AL) v Serious Fraud Office [2018] EWHC 856 (Admin) - Let there be no confusion: first interview notes in internal investigations are rarely privileged. This is the message of the High Court in a...more

Blog: Skansen Interiors Limited: The UK’s first contested prosecution under S7 of the Bribery Act

by Cooley LLP on

The recent conviction of UK company Skansen Interiors Limited (SIL), for the corporate offence of failure to prevent bribery has caused controversy. This is the first conviction under S7 of the Bribery Act after a contested...more

Allen & Overy's weekly update on Key Regulatory Topics - 6 April 2018 – 12 April 2018

by Allen & Overy LLP on

BREXIT - Please see the “Other” section for an update on the Joint Committee of ESAs’ report on the risks and vulnerabilities in EU financial system. CBI publishes report on the future of UK regulation On 11 April,...more

What enforcement tools are in the armoury of prosecutors in the US, UK and France?

Summary: Deferred prosecution agreements have been widely used by US prosecutors since the early 2000s. Prosecutors in the UK and France only obtained this power in 2014 and 2016 respectively – but they are making up for...more

Allen & Overy's weekly update on Key Regulatory Topics - 16 March 2018 - 22 March 2018

by Allen & Overy LLP on

BREXIT - ESMA publishes speech on supervisory convergence post Brexit - On 21 March, ESMA published a speech by Steven Maijoor, ESMA Chair, on supervisory convergence in the context of Brexit, transaction cost...more

2017 Year-End Cross-Border Government Investigations and Regulatory Enforcement Review

by BakerHostetler on

As the first year of a new administration, 2017 was a year of transition in terms of both leadership and priorities of U.S. law enforcement agencies. Despite these changes, however, pre-existing trends in cross-border...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Chairman Jay Clayton gave definition to his views on the manner in which the agency should allocate its limited resources. Specifically, the Chairman stated that the agency should focus on “pressing and significant issues for...more

privilege after SFO v ENRC – Bilta and Jukes

by Allen & Overy LLP on

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

English High Court Decision Reinforces Application of Litigation Privilege in Internal Investigations

by Latham & Watkins LLP on

The decision indicates that company counsel should consider early how best to anticipate challenges to privilege claims over investigation materials. Introduction - A recent English High Court decision has important...more

English Court Makes First Big Move on Privilege since the ENRC Decision

by Ropes & Gray LLP on

The case of Bilta & Ors v. RBS & Anor (“Bilta”) handed down at the end of 2017 was the first test of the principles in the earlier case of Serious Fraud Office v. Eurasian Natural Resources Corporation Limited (“ENRC”)...more

UK Court Takes a “Realistic” and “Commercial” Approach to Litigation Privilege in the Context of Internal Investigations

by King & Spalding on

In a judgment handed down at the end of 2017, but only recently released, the High Court in London has determined - in Bilta (UK) Ltd v RBS - that interviews held with employees in preparation of a report intended to deter a...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The UK’s Serious Fraud Office unveiled new charges against Barclays Bank yesterday over a $3 billion loan it made to Qatar in 2008 for the purpose of “allowing the firm to directly or indirectly acquire shares in Barclays...more

Bilta v. RBS: When Will Litigation Privilege Apply to Information Gathering in Internal Investigations

by Latham & Watkins LLP on

The English High Court has reconfirmed that litigation privilege can apply to information gathering in internal investigations. Specifically, lawyers must have engaged in the information gathering for the dominant purpose of...more

International Co-operation in Investigations

by WilmerHale on

In recent years, the rise of multi-jurisdictional investigations and corresponding multi-jurisdictional settlements has changed the enforcement landscape. Notable examples include the tri-lateral settlements of Odebrecht and...more

Europe Insights

Despite a year of continued global political uncertainty and increasing enforcement, shareholder activism and foreign investment control activity, the 2018 outlook for Europe is positive overall. Skadden partners in the U.K.,...more

Mad Dogs and Englishmen: Part Deux

by Cohen & Gresser LLP on

One of the most insipid hit records of the 1960s was Roger Miller’s “England Swings (Like a Pendulum Do).” In an earlier edition of this august Journal, I detailed how differently our English “cousins” swing on the issue of...more

Key Regulatory Topics: Weekly Update 12 January – 18 January 2018

by Allen & Overy LLP on

BREXIT - HoL EU Financial Affairs sub-committee publishes transcript of BoE oral evidence on financial supervision - On 17 January, the HoL EU Financial Affairs Sub-Committee published the transcript of the oral...more

A Last Hurrah - David Green CB QC’s Final Appearance Before the Justice Committee

by WilmerHale on

On 13 December 2017, the Justice Committee held an evidence session on the work of the Serious Fraud Office (“SFO”). In his last scheduled appearance before the Justice Committee, David Green CB QC—Director of the...more

What to look out for in UK litigation and investigations in 2018

by Ropes & Gray LLP on

2017 was an important year for the UK’s Serious Fraud Office (“SFO”). The Government’s plan to merge the SFO with the National Crime Agency was scrapped, seemingly securing the SFO’s future as an independent investigator and...more

Update: Creation of the National Economic Crime Centre

by WilmerHale on

On 11 December 2017 the Government announced the creation of the National Economic Crime Centre (NECC). The NECC will be based within the National Crime Agency (NCA) and will act as a multi-agency organisation, tasked with...more

FCPA Digest - January 2018

by Shearman & Sterling LLP on

Shearman & Sterling’s bi-annual Trends & Patterns in FCPA Enforcement report provides insightful analysis of recent enforcement trends and patterns in the US, the UK and elsewhere, as well as helpful guidance on emerging best...more

UK Government Announces National Economic Crime Centre

by Ropes & Gray LLP on

The UK Home Secretary, Amber Rudd, announced earlier this week that the UK Government plans to set up a new National Economic Crime Centre (NECC) to be hosted within the UK’s National Crime Agency (NCA). The focus of the NECC...more

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