Financial services firms conduct their business activities across markets and borders, often performing services and holding data in locations other than those in which they interact with their clients.  Over a decade after the financial crisis, their regulators remain under sustained public and political pressure to improve customer outcomes and punish poor conduct.  When issues arise, those regulators frequently need to seek assistance from their global counterparts to be able to unravel what has occurred, irrespective of where it took place.

Understanding how and when regulators interact with each other and with firms across borders, how firms are required, or expected, to respond, and how to handle multiple proceedings in different jurisdictions, is more critical than ever.

This fourth edition of “The Long Arm of Regulation: Responding to Cross-Border Financial Services Investigations”, Herbert Smith Freehills’ guide to cross-border financial services investigations, gives an overview of how to approach these issues, and aims to assist firms in navigating the differing regimes across 15 key jurisdictions, including, for the first time in this edition, South Africa. The guide covers a range of important topics, including the regulators’ breadth of powers, mechanisms for obtaining – and withholding – information, consequences for failing to comply, and the management of competing confidentiality and reporting obligations.

In producing this publication, we have drawn on the expertise of our financial services regulation practice across our international network of offices and through our formal alliance with Prolegis (Singapore). In addition, we are enormously grateful for contributions from law firms Anderson Mori & Tomotsune (Japan), Stibbe (the Netherlands) and Homburger (Switzerland).

The full guide is available to legal, compliance, investigations and related teams at financial institutions on request.  Please click here to download a preview and request a full copy of the guide.

 

Jenny Stainsby
Jenny Stainsby
Partner, London
+44 20 7466 2995
Luke Hastings
Luke Hastings
Partner, Regional Head of Practice - Dispute Resolution, Australia, Sydney
+61 2 9225 5903
William Hallatt
William Hallatt
Partner, Head of Financial Services Regulatory, Asia, Hong Kong
+852 21014036
Antoine Juaristi
Antoine Juaristi
Partner, Paris
+33 1 53 57 74 04
Stuart Paterson
Stuart Paterson
Partner, Dubai
+971 4 428 6308
Natalie Curtis
Natalie Curtis
Partner, Singapore
+33 1 53 57 74 04
Cameron Dunstan-Smith
Cameron Dunstan-Smith
Director, Johannesburg
+27 10 500 2692
John O'Donnell
John O'Donnell
Partner, New York
+1 917 542 7809
Kimberly Everitt
Kimberly Everitt
Professional Support Lawyer, London
+44 20 7466 2920

Disclaimer

Herbert Smith Freehills LLP is licensed to operate as a foreign law practice in Singapore. Where advice on Singapore law is required, we will refer the matter to and work with licensed Singapore law practices where necessary.