News & Analysis as of September 17, 2024

Food Safety Modernization Act › Enforcement Actions

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The Food Safety Modernization Act is a United States federal statute enacted in 2011 to ensure the safety of the U.S. food supply and prevent food contamination. The main features of the FSMA include expanding... more +

The Food Safety Modernization Act is a United States federal statute enacted in 2011 to ensure the safety of the U.S. food supply and prevent food contamination. The main features of the FSMA include expanding the FDA's inspection of food processing facilities and imported food products, requiring all food processors, manufactures and handlers to register with HHS and maintain food safety records, and shifting the government's focus away from responding to food contamination and towards preventing food contamination. less -

Likes to liability: UK FCA cracks down on 'finfluencers'

A&O Shearman on 6/18/2024

"Promotions aren't just about the likes, they're about the law," is the caption that accompanies the UK Financial Conduct Authority's (FCA) recent decision to charge nine influencers in connection with the promotion on social...more

Unpacking the FCA’s survey on non-financial misconduct

A&O Shearman on 3/19/2024

The Financial Conduct Authority’s (FCA) latest survey issued to certain regulated firms suggests that tackling non-financial misconduct remains a key strategic priority for the UK regulator. This comes hot on the heels of...more

Update on UK Cryptoasset Marketing Rules: What Do Firms Need to Do by 8 October?

Dechert LLP on 10/3/2023

From 8 October, firms wishing to make a “financial promotion” relating to a “qualifying cryptoasset” can only do so legally if: The financial promotion is communicated by an FCA- or PRA-authorised person....more

Court of Appeal Takes Expansive View of Regulated “Arranging” Activities

Latham & Watkins LLP on 10/13/2021

This decision shines a spotlight on the activities of unregulated introducers. In a recent decision, the Court of Appeal upheld the FCA’s findings that unregulated introducers had been carrying on regulated activities...more

FCA proposes to take enforcement action against an individual relating to "non-financial misconduct"

A&O Shearman on 4/27/2021

The UK Financial Conduct Authority (the FCA) is proposing to take enforcement action against an individual, Jon Frensham, relating to "non-financial misconduct". The FCA has made clear its commitment to tackling...more

A new perspective on the FCA’s focus on market abuse

A&O Shearman on 2/25/2021

The FCA's focus on market abuse is nothing new. Frequent references to the FCA's focus on tackling market abuse have featured in every single one of its Business Plans since 2013/14, with similar references also running...more

First FSVP Warning Letter Issued by the FDA

Wilson Sonsini Goodrich & Rosati on 8/20/2019

In a signal to industry that the period for education and enforcement discretion related to the Foreign Supplier Verification Programs (FSVP) may be concluding, the Food and Drug Administration (FDA) recently issued its first...more

FDA Issues First Warning Letter for Foreign Supplier Verification Program Violations under FSMA

Hogan Lovells on 8/16/2019

The U.S. Food and Drug Administration (FDA) recently issued the first Warning Letter addressing violations of the Foreign Supplier Verification Program (FSVP) rule, one of the seven major FDA Food Safety Modernization Act...more

A Client's Guide to FDA Inspections

Akin Gump Strauss Hauer & Feld LLP on 9/12/2017

A Food and Drug Administration (FDA) inspector has just knocked on your door and announced that he or she will now inspect your facility. What happens before, during and after this inspection, and what should your firm do to...more

Tesco to Pay Compensation of £85 m and Further Fine of £129 m for Market Abuse

Jones Day on 5/29/2017

On 28 March 2017, the FCA announced that Tesco plc and Tesco Stores Limited ("Tesco") had agreed to committing market abuse in relation to a trading update published on 29 August 2014. In that update, Tesco plc had stated...more

Regulation Round Up - February 2017

Proskauer Rose LLP on 2/28/2017

The FCA and PRA announced changes to enforcement process with the aim of strengthening the transparency and effectiveness of enforcement decision-making processes. Some of the changes have already come into force, the rest...more

Regulatory Enforcement in the UK - A Retrospective on 2015. Can the Fines Get Any Bigger?

Dechert LLP on 1/4/2016

When the UK Financial Services Authority became the Financial Conduct Authority (“FCA”) in April 2013, we were told that this would herald a tougher and more intrusive style of regulation. The FCA’s enforcement record in the...more

"The UK Softens Its Approach to Senior Banker Regulatory Liability"

Skadden, Arps, Slate, Meagher & Flom LLP on 10/20/2015

The aftermath of the financial crisis saw regulators worldwide tighten rules and launch large-scale enforcement investigations, particularly directed at the banking sector. The U.K., notwithstanding the importance to it of...more

Case Note: Market Abuse Proceedings in the High Court

WilmerHale on 9/9/2015

The judgment in The Financial Conduct Authority v. Da Vinci Invest Limited [2015] EWHC 2401 (Ch) was published on 12 August 2015, following a trial in front of Mr Justice Snowden. The case concerned allegations that the...more

Achilles Macris v FCA: Court of Appeal Ruling Safeguards Individuals’ Rights in Regulatory Investigations

Dechert LLP on 6/4/2015

As part of its policy of credible deterrence, the UK Financial Conduct Authority (FCA) has frequently sought to include specific examples of individuals’ behaviour in its enforcement notices in order to highlight the failings...more

UK FCA Focuses Increased Scrutiny on Asset Managers

Dechert LLP on 4/10/2015

Regulators across the globe are intensifying their focus on enforcing the regulation of the asset management industry. Over the last twelve months, the global Financial Stability Board, the International Monetary Fund, the US...more

FCA Imposes Industry Ban on Fare Dodger

Katten Muchin Rosenman LLP on 12/31/2014

On December 15, the UK Financial Conduct Authority (FCA) imposed a financial industry ban on Jonathan Paul Burrows in light of Mr. Burrows’ repeated failures to purchase a valid ticket for his daily commute to London. In the...more

New FDA Strategy Document for FSMA, Food Safety Modernization ACT

Weintraub Tobin on 5/5/2014

The USDA has issued a new “strategy” document that outlines the agency’s direction with regard to implementing the Food Safety Modernization Act (“FSMA”). The document is intended to “to guide the next phase of FSMA...more

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