Tackling insider dealing: Levelling the playing field

Insider dealing has long been a permanent item on the agenda of financial regulators worldwide, including Hong Kong’s Securities and Futures Commission (SFC), primarily due to the unfair market it creates as a result of information asymmetry. Read more

Our response to the UK FCA on proposed changes to the regulator’s approach to enforcement (CP24/2)

The Financial Conduct Authority's (FCA) extended consultation window closes today in respect of Consultation Paper 24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach (CP24/2).  We remain concerned that the FCA's proposals are not necessary to meet its objectives and that the impact (intended or otherwise) on firms has not adequately been considered, nor has the impact of making the FCA an international outlier if these proposals are put into practice.  We have now submitted our written response to the FCA's consultation. Read more

Transparency in enforcement: Can CP24/2 achieve the FCA’s objectives?

On 27 February 2024, the Financial Conduct Authority (FCA) published CP24/2: Our Enforcement Guide and publicising enforcement investigations – a new approach, which sets out a proposal that would see the regulator publicly announce the opening and progress of investigations, and other proposed changes to simplify the FCA’s Enforcement Guide (EG). Read more

Bet365 fails to placate anti-money laundering regulator – Does AUSTRAC’s post-audit enforcement signal a tougher approach by its new CEO?

On 7 March 2024, Australia’s anti-money laundering (AML) regulator, AUSTRAC, announced the commencement of an enforcement investigation into whether Hillside (Australia New Media) Pty Limited, which trades in Australia as Bet365, has complied with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). Read more

The new DPA landscape for fraud

24 February 2024 will mark the tenth anniversary of Deferred Prosecution Agreements ("DPAs") being introduced in the UK as a means of resolving corporate crime. The article, 'The new DPA landscape for fraud', considers the key themes emerging from the DPAs that have been agreed to date and the likely use of DPAs in light of the incoming failure to prevent fraud offence and the recent expansion of the identification principle under the Economic Crime and Corporate Transparency Act 2023. Read more

Higher fines and early settlement – the future of UK PRA Enforcement?

As the Bank of England finalises its new Approach to Enforcement, we have taken a closer look at the implications for PRA enforcement cases and the answers to some important questions about the changes around the way firms and individuals under investigation will be able to seek to settle cases early and access larger discounts. The changes also include a new starting point for penalty calculations, which have led to concerns about higher fines for 'certain firms'. Read more