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Enforcement action

Set out below are thoughts from Allen & Overy’s market leading investigations team on issues relating to enforcement action taken by the FCA, as well as other regulators in the UK and overseas.

FCA enforcement priorities during and after the pandemic

A number of weeks into the Covid-19 pandemic, the FCA has, as you would expect, produced guidance and information for firms, including warnings in this week’s Market Watch 63 about FCA expectations around market conduct. So have the FCA’s enforcement priorities changed? In short, no. But they have adjusted. The FCA’s Covid-19 webpage updates the Read More

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Amid falling markets, valuation challenges and mis-marking fraud risks rise

Amidst a troubled economy and falling public markets, private-equity firms and financial institutions are facing valuation challenges that may spell trouble with United States regulators. In early April, the Wall Street Journal reported that private-equity firms are grappling with how to assess the impact of the current economic turmoil on the value of the illiquid Read More

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Recognising and mitigating COVID-19 corruption risk

Legal and compliance professionals should consider how COVID-19 coronavirus may affect corruption risk under applicable anti-corruption laws, including the Foreign Corrupt Practices Act, and what steps may be taken to mitigate these risks even while large swaths of the company’s employees may be working remotely.  Some corruption risks are amplified in the current environment. Government Read More

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A steady hand on the tiller: how to build operational resilience

In a financial services sector heavily reliant on technology and subject to increasing numbers of cyber-attacks, how can firms hope to avoid operational disruption? This is the focus of a suite of consultation papers published on 5 December by the Prudential Regulation Authority (PRA), the Financial Conduct Authority (FCA), and the Bank of England. Although Read More

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Anti-Money Laundering: HMRC raises its game

The UK’s fight against money laundering is not breaking news. In particular, the regulatory spotlight has increasingly been focused on anti-money laundering (AML) compliance. In light of HM Revenue & Customs’ (HMRC) largest ever fine against the money transmitter Touma Foreign Exchange Ltd (Touma), the question arises of whether the enforcement spotlight is shifting away Read More

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