News & Analysis as of

SFO

Privilege in Investigations Is Not Yet Dead: ENRC Granted the Right to Appeal

by Morrison & Foerster LLP on

In May earlier this year the High Court handed down a judgment which surprised many people. This judgment was that litigation privilege does not necessarily apply to documents and communications produced during the course of...more

SFC Highlights Deficiencies in Asset Management Industry

• The SFC has identified nine common areas of non-compliance in managing funds and discretionary accounts. • The SFC urged licensed corporations to review their existing internal control procedures and operational...more

Mapping responsibility: HKMA extends focus on management and its accountability

by Allen & Overy LLP on

On the day the transition period for the implementation of the Securities and Futures Commission’s (SFC) Manager-in-Charge regime (MIC Regime) for licensed corporations ended, the Hong Kong Monetary Authority (HKMA) announced...more

Financial crime and investigations update for UK corporates

by Allen & Overy LLP on

The law and practice relating to financial crime and investigations is evolving fast. In the past 18 months we have seen two new Acts aimed at combatting financial crime (including the creation of two new corporate criminal...more

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

by BakerHostetler on

Welcome to BakerHostetler’s 2017 Mid-Year Cross-Border Government Investigations and Regulatory Enforcement Review. This edition delivers news, analysis and insights into key developments in the cross-border investigations...more

Directors’ liability D&O: Entering uncharted territory

by Allen & Overy LLP on

Welcome to this the fifth edition in our series of surveys on directors’ liabilities, brought to you by the international law firm Allen & Overy LLP and the global advisory broking and solutions company Willis Towers Watson....more

SFC Proposes Rules and Code for Open-Ended Fund Companies

by Dechert LLP on

Recently, the Hong Kong Securities and Futures Commission (SFC) published a consultation paper on the Securities and Futures (Open-ended Fund Companies) Rules (Rules) and Code on Open-ended Fund Companies (Code) which, if...more

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

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