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.

Last Call for Securities Class Actions

Justin Ormand

The Supreme Court made clear this past Monday that there’s no room for hesitation in pursuing claims for securities law violations. In a 5-4 decision, the Court held in California Public Retirement System v. ANZ Securities (CalPERs) that the three year deadline for filing claims under Section 11 of the Securities Act of 1933 is Read More

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Kokesh is a game changer for the SEC’s FCPA Enforcement Program

Kurt Wolfe

The U.S. Supreme Court recently ruled, in Kokesh v. SEC, that a five-year statute of limitations applies to claims for disgorgement in SEC enforcement proceedings. It is an important decision that is likely to impact the SEC’s enforcement program, particularly in Foreign Corrupt Practices Act (FCPA) cases. Below, we suggest five changes that are likely to Read More

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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

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The FCA’s Business Plan 2017/2018: Key themes

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

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FCA and PRA confirm changes to their enforcement decision-making processes

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

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