Credit to the UK PRA for looking at ways to speed up an enforcement investigation. Their proposed solution? The Early Account Scheme (EAS). Without explanation, the name doesn't give a lot away. So, what's the deal? Read more

In her inaugural speech as FCA Joint Executive Director of Enforcement and Market Oversight, Therese Chambers gave a seemingly straightforward headline message to the financial services industry – 'Do the right thing'. Read more

On 30 March 2023, HM Treasury launched a Call of Evidence, alongside Discussion Paper 23/3 jointly issued by the FCA and PRA, on the Senior Mangers and Certification Regime ('SMCR'). The review of the SMCR was announced as part of the Edinburgh Reforms which were unveiled by the Chancellor of the Exchequer, Jeremy Hunt, in December 2022. Read more

On 16 March, the UK's Office of Financial Sanctions Implementation ("OFSI") updated its guidance on monetary penalties and enforcement (the "Guidance") to set out its enforcement approach in cases involving ownership and control by designated persons. This is an issue which has assumed increased prominence during the past year with the escalation of sanctions against Russia and the huge number of additional asset freeze designations made as a result. This has resulted in many companies analysing whether their counterparties may be deemed to be "owned or controlled" by a sanctions target – a question to which there is often no easy answer. Read more

The Stock Exchange of Hong Kong Limited (SEHK) recently published its new Guidance Note on Cooperation (Cooperation Note) and revised Enforcement Sanctions Statement (Sanctions Statement). The Cooperation Note is a brand new guidance note that stresses SEHK’s expectations regarding cooperation. It sets out examples of good cooperation with the possible benefits and examples of uncooperative conduct with the possible consequences. Read more

Our Global FSR Outlook 2023 has been published.  In the Outlook, our Financial Services Regulatory (FSR) team surveys the regulatory landscape for 2023 and considers the challenges confronting firms and regulators. Read more

Statistics recently obtained by Herbert Smith Freehills call into question whether the Senior Managers Regime has been effective in allowing UK regulators to pursue enforcement against senior individuals in financial services. Read more

The Hong Kong Securities and Futures Commission (SFC) has proposed a number of sweeping enforcement-related reforms which would significantly enhance the SFC’s ability to obtain investor compensation orders against regulated persons who have committed wrongdoing. Read more