FCA criminal prosecution for destruction of documents – lessons for firms

The Financial Conduct Authority (“FCA”) ) has been unsuccessful in its attempted prosecution of a former banker, Konstantin Vishnyak, for destroying documents relevant to an FCA investigation brought against him for suspected insider dealing offences. This marks the first time the FCA has exercised its powers in connection with a destruction of documents offence under section 177(3)(a) of the Financial Services and Markets Act 2000 (“FCA”). Despite the outcome, it illustrates the risks for firms and individuals in using messaging systems such as WhatsApp. Read more

Corporate Crime update – August 2020

Welcome to the August 2020 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Read more

Megan Butler on the FCA’s response to Covid-19 and expectations for 2020

On 4 June 2020, Megan Butler, Executive Director of Supervision – Investment, Wholesale and Specialists at the FCA, delivered a speech on the FCA’s response to Covid-19 and expectations for 2020. Addressing a virtual audience at PIMFA’s Virtual Festival, Ms Butler explored the FCA’s priorities and longer-term expectations, in particular for the wealth management and advice industry. This briefing considers the key points from the speech. Read more

Corporate Crime update – Spring 2020

Welcome to the Spring 2020 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Read more

FCA publishes information for firms on COVID-19

The FCA has published information for firms on COVID-19. Communication with the FCA will be key as the situation evolves, and we recommend that firms regularly monitor the FCA’s website for news and developments. Firms are expected to: take reasonable steps to ensure they are prepared to meet the challenges coronavirus could pose to customers … Read more

HKMA publishes supervisory expectations and sound practices relating to algo trading following thematic examinations

On 6 March 2020, the HKMA issued a circular setting out its expectations on risk management for algorithmic (algo) trading, as well as sound practices observed from thematic on-site examinations of seven authorised institutions (AIs) in 2019. The on-site examinations of the seven AIs, mainly international banks using algorithms for making investment decisions, were conducted following a survey by the HKMA which found (among other things) that around 40% of the AIs surveyed were engaging in algo trading and that a majority of such AIs were intending to expand the scale of their algo trading.   Read more

Corporate Crime update – Winter 2020

Welcome to the Winter 2020 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. Read more