UK

NEW SANCTIONS REPORTING REQUIREMENTS FOR NON-FINANCIAL SECTOR BUSINESSES

With effect from 8 August, the Government has introduced significant new reporting requirements in relation to EU asset freeze regimes. Previously, only businesses in the financial sector were subject to the obligations, found in UK financial sanctions instruments, to report … Continue reading

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Filed under Corporate Crime, Sanctions and Money Laundering, UK

UK GOVERNMENT PUBLISHES RESPONSE ON THE LEGAL FRAMEWORK FOR SANCTIONS POST-BREXIT

On 2 August 2017, the UK Government published its response to the public consultation on the UK’s future legal framework for imposing and implementing sanctions after the UK’s exit from the European Union (see our previous blog post). The response … Continue reading

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Filed under Europe, Sanctions and Money Laundering, UK

FCA publishes proposals to extend the Senior Managers and Certification Regime

The FCA has published proposals to replace the Approved Persons Regime with the Senior Managers and Certification Regime (SMCR) currently in force for banks. Almost all financial services firms will be required to comply with the SMCR. There is a … Continue reading

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Filed under Asset management, Banking, Funds, Investment banking, Investment Funds, UK

Managing risk: a disputes perspective (2017)

Herbert Smith Freehills recently held its annual disputes client conference exploring some key legal and compliance risks facing major corporates. Following opening remarks by Mark Shillito, head of dispute resolution for the UK and US, there were presentations on cyber … Continue reading

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Filed under Banking, Commercial Litigation, Insurance, Investigations, Investment banking, Investment Funds, Retail Banks, 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

UK: 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