Cross-border issues

Read Allen & Overy’s latest thoughts on cross-border issues affecting financial services investigations.

SEC disgorgement – It’s now or never

Rebecca Delfiner

When is a penalty a “penalty,” and why does it matter?  The question is whether SEC-mandated disgorgement of illicit profits is a “penalty” under the law, and the decision is Kokesh v. SEC.  Why do we care?  A “penalty” is subject to a five-year statute of limitations under 28 U.S.C. §2462.  Per a unanimous panel, Read More

No Comments

Whistleblower update: Normal service resumes at the SEC’s Office of the Whistleblower

Kurt Wolfe

Things went conspicuously quiet at the SEC’s Office of the Whistleblower after President Trump took office. Over the past several weeks, however, there have been a number of interesting developments at the Whistleblower Office, which remind us that the SEC’s whistleblower program is still up and running. In this blog, we take a look at Read More

No Comments

Privilege in Cross-Border Investigations – Whither Shall We Go Following the Rights Issue Decision?

Brandon O'Neil

The ripple effects of the important December 2016 decision by the English High Court in The RBS Rights Issue Litigation continue to reverberate. In holding that notes of interviews by a firm’s lawyers of the firm’s own employees created for the purpose of providing legal advice are nonetheless not protected from disclosure by legal advice Read More

No Comments

Quick Read: What you need to know about the DOJ Fraud Section’s new ‘Evaluation of Corporate Compliance Programs’ guidance

Claire Rajan

In February 2017, the U.S. Department of Justice (“DOJ”), through the Fraud Section of the Criminal Division, issued new guidance on how it evaluates corporate compliance programs, available here. The Guidance details sample topics and questions that the DOJ is likely to ask in evaluating the strength of a corporate compliance program, which is of Read More

No Comments

The U.S. SEC and Hong Kong SFC enter into a new cooperation agreement

Kurt Wolfe

This blog post was co-authored by Matt Bower, a litigation and regulatory investigations partner based in Hong Kong.  The U.S. Securities and Exchange Commission (SEC) and the Hong Kong Securities and Futures Commission (SFC) recently entered into a Memorandum of Understanding (MOU) regarding the supervision and oversight of regulated entities that operate in the United States and Read More

No Comments