UK

Criminal Finances Bill receives royal assent

The Criminal Finances Bill 2016-17 received royal assent on Thursday 27 April. The Criminal Finances Act 2017 (the Act), which has not yet come into force in its entirety, will introduce two new corporate offences of "failure to prevent facilitation … Continue reading

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Filed under Corporate Crime, Sanctions and Money Laundering, UK

New UK financial sanctions enforcement powers come into force

On 1 April 2017, Part 8 of the Policing and Crime Act 2017 (the “Act”) came into force, introducing new powers for HM Treasury’s Office of Financial Sanctions Implementation (“OFSI”) to enforce financial sanctions in the UK.

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Filed under Corporate Crime, Sanctions and Money Laundering, UK

Supreme Court clarifies what is required for “identification” in respect of third party rights under s393 FSMA

In a judgment highly anticipated by firms and their senior managers as well as the regulators, the Supreme Court has overturned decisions of the Court of Appeal and Upper Tribunal, holding in FCA v Macris [2017] UKSC 19 that Achilles … Continue reading

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Filed under UK

FCA orders listed company to compensate investors following market abuse

The Financial Conduct Authority (FCA) has ordered that Tesco plc and Tesco Stores Limited (together, Tesco) pay compensation to certain Tesco shareholders and bondholders following the FCA's finding that they committed market abuse in relation to a trading update published … Continue reading

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Filed under UK, UK Regulations

SFO ENTERS INTO THIRD AND LARGEST DEFERRED PROSECUTION AGREEMENT

On 17 January 2017, Sir Brian Leveson QC approved the UK's third Deferred Prosecution Agreement ("DPA"), resulting in orders for disgorgement, penalties and costs exceeding £500 million. This is the largest DPA since their introduction in the UK in 2014. … Continue reading

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Filed under Bribery and Corruption, Sanctions and Money Laundering, UK

UK: FCA Asset Management Market Study – Interim Report

The FCA has published its Asset Management Market Study Interim Report, which can be accessed here, with annexes. The FCA sets down a clear marker as to its direction of travel. Clearly uninhibited by Brexit on the horizon, it is … Continue reading

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Filed under Asset management, FCA, UK

Corporate Crime Monthly Update October 2016

Welcome to the October 2016 edition of our corporate crime update – our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Our update now covers a number of jurisdictions. For the full update on each jurisdiction, … Continue reading

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Filed under Bribery and Corruption, Cambodia, China, Corporate Crime, Cuba, Dubai, EU, European Regulation, Germany, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Pakistan, Sanctions and Money Laundering, Singapore, UAE, UK, US

UK: FCA and PRA final rules on regulatory references: strengthening accountability in banking and insurance

The FCA and PRA have published new policy statements relating to regulatory references under the new accountability regimes for banks and insurers, which will come into force on 7 March 2017 (see FCA PS16/22 and PRA PS27/16). Banks and insurers … Continue reading

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Filed under FCA, PRA, UK

UK: One month to deadline for implementing FCA and PRA whistleblowing rules

Given the distractions of the summer holiday season and the aftermath of the Brexit referendum, it would be understandable if other developments slipped off the radar. However, there is one particular deadline for regulated firms that demands urgent attention.  Under … Continue reading

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Filed under FCA, Insurance, Investment banking, PRA, Retail Banks, UK

Serious Fraud Office secures second Deferred Prosecution Agreement

London’s Southwark Crown Court recently approved only the second Deferred Prosecution Agreement (DPA) since the introduction of DPAs in 2014. Herbert Smith Freehills' London Corporate Crime and Investigations team negotiated the first DPA with the SFO, which was concluded in … Continue reading

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Filed under Bribery and Corruption, Corporate Crime, Investigations, UK