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.

Clarification on regulatory expectations and enforcement actions by the Hong Kong Securities and Futures Commission

Fai Hung Cheung

On 21 November 2017, the Hong Kong Securities and Futures Appeal Tribunal (Tribunal) issued a much awaited determination in respect of a private bank’s review of disciplinary action taken against it by the Hong Kong Securities and Futures Commission (SFC) in July 2015. The determination clarifies the murky area of fines and sanctions by the Read More

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A slow start to enforcement activity under the UK SMCR

Sarah Hitchins

Attempts made by the UK Financial Conduct Authority (the FCA) to reassure the industry that the UK Senior Managers and Certification Regime (the SMCR) is not ‘all about enforcement’ have been met with some scepticism. However, that scepticism may have been misplaced, in light of the latest figures from the FCA regarding the number of Senior Read More

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SEC Creates Cyber Enforcement Unit

Kurt Wolfe

The Enforcement Division of the U.S. Securities and Exchange Commission recently announced the formation of a dedicated “Cyber Unit” that will focus on detecting and prosecuting cyber-related misconduct. (1)   The announcement follows several statements by high-ranking SEC officials that stress the programmatic importance of cyber enforcement. For example, in a recent interview with Reuters, Read More

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Global cartel enforcement: Where is it heading in 2017?

John Terzaken

Depending on how you choose to read the mid-year statistics, 2017 is either trending towards record high or record low fine totals for global cartel enforcers. Fine totals in the first half of 2017 are at USD1.64bn. But this figure is heavily influenced by nearly USD1bn in fines the European Commission re-imposed on air cargo Read More

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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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