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

Anti-money laundering regulatory round-up

Author: Susannah Cogman Late 2018 and early 2019 saw a flurry of regulatory developments and proposals relating to anti-money laundering. We have reported on these in brief in our regular corporate crime updates, but for those who have been –… Read more

FCA consults on further changes to SMCR

Authors: Sarah Thomas, Cat Dankos and Hywel Jenkins At the end of January, the UK Financial Conduct Authority (FCA) issued a further consultation paper (CP19/4, the CP) on the Senior Managers and Certification Regime (SMCR). Responses to the CP are… Read more

FCA fines asset managers in first use of its competition powers

On 21 February 2019, the FCA announced its first decision under its competition enforcement powers, finding three asset management firms have breached competition law. This decision is an important assertion of the FCA's intention to use its competition powers – previous matters which… 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


In May, we published an e-bulletin discussing President Trump's announcement that the United States would withdraw from the Iran nuclear deal (the Joint Comprehensive Plan of Action – "JCPOA"), and that all pre-JCPOA nuclear-related sanctions on Iran (including secondary sanctions) would be… Read more

FCA consults on proposals to regulate claims management firms

The Financial Conduct Authority (FCA) has issued a joint consultation paper - Claims management: how we propose to regulate claims management companies (CP18/15) (the Consultation) with the Financial Ombudsman Service (FOS) setting out draft proposals on how the FCA intends… Read more

PRA Business Plan 2018/19

Today, 9 April 2018, the Prudential Regulatory Authority (PRA) has published its Business Plan 2018/19.  The Business Plan sets out: An overview of the PRA's responsibilities and approach; The PRA strategy; Business Plan 2018/19; and Budget 2018/19. Alongside the Business… Read more

Corporate Crime update – February 2018

Welcome to the February 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

FCA Report: Algorithmic trading compliance in wholesale markets

Relevant to both solo- and dual-regulated firms, the report reflects the findings of both firm-specific and cross-firm reviews into algo trading undertaken in the run-up to MiFID II implementation. Within the introduction, the FCA lists relevant MiFID II requirements, noting… Read more

Feedback Statement: Distributed Ledger Technology

The FCA has today published the Feedback Statement (FS) to its April 2017 Discussion Paper (DP) DP17/03 on Distributed Ledger Technology (DLT). In its introduction to the FS, the FCA articulates its position on DLT as follows: "Our aim is… Read more

Managing risk: a disputes perspective (2017)

Herbert Smith Freehills recently held its annual disputes client conference exploring some key legal and compliance risks facing major corporates. Following opening remarks by Mark Shillito, head of dispute resolution for the UK and US, there were presentations on cyber… Read more

Criminal Finances Bill receives royal assent

The Criminal Finances Bill 2016-17 received royal assent on Thursday 27 April. The Criminal Finances Act 2017 (the Act), which has not yet come into force in its entirety, will introduce two new corporate offences of "failure to prevent facilitation… Read more