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.
SEC disgorgement – It’s now or never
08 June 2017 - 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
The FCA’s Business Plan 2017/2018: Key themes
20 April 2017 - Samantha Holland
Earlier this week, on 18 April 2017, the UK Financial Conduct Authority (the FCA) published its Business Plan for 2017/2018 setting out the FCA’s activities and priorities for the coming year. At the same time the FCA published its Mission (see our previous blog post on the FCA’s consultation on its Mission here) and, for › Read More
FCA and PRA confirm changes to their enforcement decision-making processes
02 February 2017 - Sarah Hitchins
Following a process that has lasted for more than two years, yesterday the UK Financial Conduct Authority (FCA) and the UK Prudential Regulation Authority (PRA) confirmed changes to their enforcement decision-making processes. These changes take the form of guidance, not formal rules. We set out below the key changes announced by the regulators, some of › Read More
08 November 2016 - Sarah Hitchins
The FCA is on a mission, and wants you to know about it. So much so that it has published a 50 page consultation paper on it. But what does the FCA’s mission actually mean in practice? Can we expect any changes? Below we highlight the key elements of the FCA’s proposed mission and their › Read More
The SEC’s Renewed Focus on Gatekeepers
01 November 2016 - Todd Fishman
In the fall of 2001, Enron Corporation collapsed amidst a scandal over its suspect corporate governance practices and accounting strategies. Arthur Andersen, the company’s primary gatekeeper, became part of the narrative over its role in the auditing of Enron and, more significantly, the charges of document destruction and obstruction of justice. Andersen was criminally prosecuted › Read More