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.

Further drop in number of market abuse cases concluded by the FCA

Sarah Hitchins

The latest figures show that the gap between the number of civil market abuse cases opened by the UK Financial Conduct Authority (the FCA) and the number of these cases that the FCA manages to conclude continues to grow. Although last summer the FCA promised us that it had a number of market abuse cases Read More

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UK Senior Managers and ‘reasonable steps’: Clarity at last?

Sarah Hitchins

Last week the UK Financial Conduct Authority (FCA) published new draft guidance on the meaning of ‘reasonable steps’ for the purposes of the Senior Managers Regime. If you were hoping that this latest guidance was going to provide us an A to Z guide to ‘reasonable steps’ then, unfortunately, you are going to be disappointed. Read More

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Whistle after you work: SEC penalizes companies for restricting whistleblower rights in severance agreements

Britton Nohe-Braun

The United States Securities and Exchange Commission (SEC) recently settled two matters arising from attempts by employers to restrict the rights of employees who whistleblow to the SEC to collect monetary awards that employees may be entitled to recover in exchange for information. These settlements should prompt firms to take a fresh look at their Read More

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Shining a light into dark pools

Stacey McEvoy

The Financial Conduct Authority (FCA) has published the results of its Thematic Review into UK equity market dark pools. There is a broadly positive view of dark pools and their contribution to the market, although with a cautionary note sounded on management of conflict of interests and governance, complete with a list of 75 questions Read More

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The real-world impact of the Yates Memo

Kurt Wolfe

In September 2015, the U.S. Department of Justice (DOJ) released its policy on Individual Accountability for Corporate Wrongdoing—better known as the “Yates Memo”—which is ‘designed to ensure that individual accountability is at the heart of [DOJ’s] corporate enforcement strategy’. (Investigations Insight has posted a number of helpful pieces on the Yates Memo.) I recently published an Read More

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