News & Analysis as of

United Kingdom Financial Conduct Authority (FCA) Enforcement Authority

BCLP

The FCA’s Commitment to “test and Use” Its Powers Pays Off in FCA v Bluecrest Capital

BCLP on

The recent decision by the Court of Appeal in FCA v BlueCrest Capital Management [2024] EWCA Civ 1125 reverses the Upper Tribunal’s decision in BlueCrest Capital Management (UK) LLP v FCA [2023] UKUT 00140 (TCC) (which we...more

WilmerHale

The FCA Enforcement Club: Public Membership Soon to be Available...

WilmerHale on

“The first rule of enforcement club is that you do in fact talk about enforcement club”; so Therese Chambers, the UK Financial Conduct Authority’s (FCA) joint executive director of enforcement and market oversight, announced...more

BCLP

On Watch - Do regulators now expect firms to monitor communications using AI?

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Artificial Intelligence (AI) is no longer just a buzzword, but a reality that is firmly on the radar of regulators and regulated firms in the US and UK. Recently, considerable investment into this area has prompted...more

BCLP

Stumbling Block? What is the Path Ahead for DeFi Through the Eyes of Policymakers?

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DeFi development carried quietly on throughout 2023, but DeFi protocols also faced significant hurdles. In the US, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) increased their...more

WilmerHale

Call for Reform of Regulatory Supervision of Auditors

WilmerHale on

Chartered accountants are accustomed to continuous oversight of their work by regulators. While regulatory supervision can often be a collaborative process, it does sometimes culminate in individual accountants and firms...more

American Conference Institute (ACI)

How to Handle a Cross-Border Anticorruption Investigation

Juggling conversations with multiple enforcement agencies simultaneously in the course of a cross-border anticorruption investigation can be a difficult and daunting task for legal and compliance teams. Getting it right can...more

BCLP

FCA proposals to cut out RDC involvement in significant supervisory cases will lead to undesirable outcomes for the regulator and...

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At the end of July 2021, the FCA published a consultation paper, CP21/25, setting out proposals to reduce the decision-making remit of its quasi-independent Regulatory Decisions Committee (“RDC”) and instead bring those...more

White & Case LLP

Landmark decision suggests a tough approach by the FCA to information exchange and its enforcement of competition law in the UK

White & Case LLP on

In a landmark decision on 21 February 2019 (the "Decision"), marking the first use of its enforcement powers under the Competition Act 1998 ("CA 1998"), the Financial Conduct Authority ("FCA") imposed fines on three asset...more

Eversheds Sutherland (US) LLP

Recent guidance brings OFAC in line with domestic and global compliance trends

On May 2, 2019, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued guidance titled “A Framework for OFAC Compliance Commitments” (Guidance), providing direction regarding what OFAC considers to...more

BCLP

The UK’s Anti-Money Laundering framework is on the cusp of a facelift – are you ready for it?

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With the UK on the brink potentially of exiting the EU and business certainty at an all-time low, the Government faces enormous pressure to ensure that the UK remains an attractive place to do business. One very significant...more

BCLP

DOJ New No-Piling-On Policy for Corporate Sanctions Moves US Closer to UK and French Authorities

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On 9 May, Deputy Attorney General Rosenstein announced a new DOJ policy that “encourages coordination among Department components and other enforcement agencies when imposing multiple penalties for the same conduct.” This...more

WilmerHale

FCA Enforcement - Five Years on

WilmerHale on

On 1 April this year the FCA turned five years old. Born from and in reaction to the financial crisis, its principal purpose was to protect consumers, through more effective supervision and more aggressive enforcement. ...more

WilmerHale

Update: Creation of the National Economic Crime Centre

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On 11 December 2017 the Government announced the creation of the National Economic Crime Centre (NECC). The NECC will be based within the National Crime Agency (NCA) and will act as a multi-agency organisation, tasked with...more

A&O Shearman

UK Central Securities Depositaries Regulations 2017 Published

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HM Treasury has published the Central Securities Depositories Regulations 2017, together with an explanatory memorandum. The Regulations implement, in part, certain Articles of the EU Central Securities Depositaries...more

WilmerHale

OPBAS: An AML “Super” Supervisor?

WilmerHale on

On 15 March 2017, the Government announced its plans to launch a new anti-money laundering (“AML”) watchdog, the Office for Professional Body AML Supervision (“OPBAS”). OPBAS is intended to complement the soon-to-be updated...more

WilmerHale

Welcome changes to the Enforcement Process: more streamlined, efficient and transparent

WilmerHale on

The Financial Conduct Authority ("FCA") and the Prudential Regulatory Authority ("PRA") (collectively referred to as "the Regulators") published a joint policy statement ("the Statement") on 1 February 2017. The Statement...more

A&O Shearman

Proposed Amendments to UK Proceeds of Crime and Terrorism Legislation 

A&O Shearman on

A Bill was introduced in the UK Parliament proposing amendments to the Proceeds of Crime Act 2002 and Terrorism Act 2000. The Bill forms part of the UK Government’s Action Plan to counter money laundering and the funding of...more

Latham & Watkins LLP

CFTC Proposes New Enforcement Authority and Other Amendments in Its Whistleblower Program

Latham & Watkins LLP on

Mirroring existing SEC authority, the CFTC’s proposal would allow it to impose sanctions for retaliation against whistleblowers. On August 30, 2016, the US Commodity Futures Trading Commission (CFTC) published proposed...more

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