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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.

Australian corporate regulator adjusts its strategic priorities to deal with the pandemic

The Australian Securities and Investments Commission (ASIC) recently released its Corporate Plan for 2020-24, recalibrating its regulatory priorities in the wake of the COVID-19 pandemic. ASIC’s Chair, James Shipton, emphasised that the quality of financial reports is “more important than ever” to inform investors and preserve market confidence. Moreover, a recent Enforcement Report confirms ASIC’s Read More

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How to train your employees on the UK FCA’s Code of Conduct

The UK Financial Conduct Authority (FCA) has highlighted shortcomings relating to firms’ employee training programmes in 32% of the Final Notices that it has published since the start of 2019. With this statistic in mind, firms will no doubt want to compare the training that they provide to their employees on the FCA’s Code of Read More

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The UK FCA publishes observations on fitness and propriety assessments

Fitness and propriety is not a new concept in the UK financial services industry. However, the implementation and extension of the UK Senior Managers and Certification Regime (SMCR) over the last few years has forced firms to think more about what fitness and propriety means and, importantly, how they will go about assessing it in Read More

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The French Anti-Corruption Agency’s 2019 Report: Key Takeaways

Earlier this month, the French Anti-Corruption Agency (Agence française anticorruption) published its 2019 annual report, setting out its main actions over the course of last year as regards training and awareness, enforcement and cooperation. France needs to strengthen its anti-corruption culture and framework Whilst noting that France dropped from 21st to the 23rd on the Read More

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“Strong and prompt enforcement” under Nikhil Rathi, new Chief Executive of the FCA

Nikhil Rathi[1] gave evidence last week to the Treasury Committee following the announcement on 22 June that he will be the new permanent Chief Executive of the UK Financial Conduct Authority (FCA) in Autumn 2020. Commentators have noted that likely priorities for Mr Rathi will be the Covid-19 debt burden, post-Brexit regulation, consumer protection and Read More

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