Corporate Crime Update – Winter 2019

Welcome to the Winter 2019 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… Read more

Corporate Crime update – December 2018

Welcome to the December 2018 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. This month, we would like to wish all of our regular readers a… Read more

Brexit Final Political Declaration: Nothing [new] to see here?

On financial services, the final political declaration contains essentially the same three points as in last week's outline political declaration (the implications of which were discussed in our blog post of 15 November, available here), although there is some limited… Read more

Do we need a new duty of care in financial services?

On 17 July 2018, the FCA published a paper on its Approach to Consumers (the Approach), accompanied by a discussion paper DP18/5 (the DP) on the possible introduction of a new duty of care and other alternative approaches (a New Duty). The… Read more

Corporate Crime update – June 2018

Welcome to the June 2018 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. For the full update on each jurisdiction, please click on the name of the jurisdiction below. Below… Read more

Corporate Crime update – March 2018

Welcome to the March 2018 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,… Read more

Corporate Crime Monthly Update January 2017

Welcome to the January 2017 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,… Read more

Publication of the Criminal Finances Bill 2016-17

The Criminal Finances Bill 2016-17 (the "Bill") was presented to Parliament and had its first reading in the House of Commons on Thursday 13th October. In a press release on the same day, the Home Office stated that the new… Read more

UK: FPC seeks new macro-prudential tools

The Bank of England’s Financial Policy Committee (FPC) has recommended that HM Treasury should exercise its statutory power to prescribe two new macro-prudential measures, thereby granting the FPC powers of direction in the residential mortgage market, covering both owner-occupied and… Read more

UK: New Regulators’ Code now in force

On 6 April 2014 the new Regulators' Code (the "Code") replaced the Regulators' Compliance Code, which dated back to December 2007.  The Code applies to a range of regulators, including more than 50 national regulators, all local authorities and some… Read more

DPAs for the FCA? A New Year’s enforcement treat

As New Year's resolutions go, "read Schedule 16 to the Crime and Courts Bill" may not have been top of anyone's list.  Buried, however, in the Bill's provisions on deferred prosecution agreements ("DPAs") are some interesting pointers to the future… Read more

Draft Banking Reform Bill published

The draft Financial Services (Banking Reform) Bill has now been published.  This draft Bill is the first legislative step towards implementing the ring-fencing and depositor preference recommendations of the Independent Commission on Banking (ICB) made in September 2011.  The Government… Read more

Product intervention – what should the future hold?

The Herbert Smith financial services team recently hosted a roundtable discussion with high profile members of the financial services industry and a key policymaker at the FSA, to discuss product intervention and what shape the future landscape should take.        ... Read more

Competition considerations in product intervention

With its consumer protection and competition objectives, the FCA's aspirations should be fully aligned with those of the OFT.  In a speech on Competition in the financial services sector this week, Clive Maxwell (Chief Executive designate of the OFT), referred… Read more

The FPC’s new tools

The interim Financial Policy Committee (FPC) has recommended that the following macro-prudential tools should be made available to the statutory FPC in order to meet its proposed objective: counter-cyclical capital buffers: adjusting required capital ratios through a time-varying capital buffer… Read more

Syrian sanctions regime

Following the recent unrest in Syria, the EU has this week imposed new sanctions on the Syrian regime, including an arms embargo, the freezing of funds and economic resources, and a travel ban on certain persons said to be responsible… Read more

A pan-European short selling regime: request for evidence

The EU Economic and Financial Affairs and International Trade sub-committee of the House of Lords has made a request for evidence in connection with its review of the European Commission’s proposal for a regulation on short selling and certain aspects… Read more

UK Bank Levy – draft legislation released

The Government has published draft legislation for the UK Bank Levy for comment. The Bank Levy (the Levy) is intended to encourage banks to move away from 'riskier funding' and will see the banks making 'an appropriate contribution' to reflect… Read more