The third episode of Regulation in Focus, our podcast series of short, sharp insights into regulatory issues that matter to you, features Katherine Dillon and Emma Reid from our non-contentious financial services regulatory practice in London, discussing the role that equivalence might play in accessing EU markets post-Brexit. Read more
The FCA has published the results of its review into how asset management firms selected and used risk modelling and other portfolio management tools, focussing on how these firms are placed to respond to system failures or service interruptions which could cause serious harm to consumers or potentially damage market integrity. This review builds on … Read more
The FCA has warned CEOs that how a firm handles non-financial misconduct is indicative of a firm's culture. It is the FCA's view that embedding healthy cultures includes, therefore, taking steps to address the discrimination, harassment and bullying that remains "prevalent" in firms.
In a 'Dear CEO' letter (the Letter), which follows recent incidents in the wholesale general insurance sector, the FCA considers the need for fundamental change in firms' culture and calls on leaders to bring about that change. Read more
On 20 December 2019 reporting restrictions were lifted in respect of a Deferred Prosecution Agreement (“DPA”) agreed between the Serious Fraud Office ("SFO") and Guralp Systems Ltd (“GSL”). Under the DPA, which was approved in October 2019, GSL agreed to disgorge relevant profit of £2,069,861 in relation to charges of conspiracy to make corrupt payments and failure to prevent bribery by its employees, both in respect of South Korean business. Three GSL personnel, who were also charged with conspiracy to make corrupt payments, were subsequently acquitted in December. GSL also agreed to continue to cooperate with the SFO and to maintain and keep its (already enhanced) Anti-Bribery and Corruption ("ABC") procedures under review. Read more
The second episode of Regulation in Focus, our podcast series of short, sharp insights into regulatory issues that matter to you, features London partners Hywel Jenkins (contentious financial services regulatory) and Christine Young (employment) discussing our top 5 tips for dealing with employee misconduct investigations in a regulated context. Read more
The High Court has recently held that privilege was not lost in a solicitor’s note of a client interview in circumstances where the note had been disclosed to the SFO under a limited waiver and then referred to in the course of argument during a criminal trial held in public: SL Claimants v Tesco plc; MLB Claimants v Tesco plc [2019] EWHC 3315 (Ch). Read more
On 5 December 2019, the Bank of England (BoE), the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) released a number of publications on operational resilience, marking the launch of a consultation phase which will inform how the UK authorities seek to embed the consideration of operational resilience into the regulatory framework. Read more
Welcome to the December 2019 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. Read more
In this blog post, we round-up forthcoming developments in the UK and at EU and International levels in financial services regulation which are expected for December 2019. Read more
