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.

‘The more serious the allegation, the more cogent the evidence must be’: The UK FCA receives a reminder from the Court of Appeal

Sarah Hitchins

In a judgment handed down just before Christmas, the UK Court of Appeal took the opportunity to remind the UK Financial Conduct Authority (the FCA) that the more serious the allegation it makes about the conduct of a subject, the more cogent the evidence must be in order to overcome the ‘inherent improbability’ that it Read More

No Comments

Revisiting cooperation with the Hong Kong SFC: A carrot not a stick?

Matt Bower

At the end of last year, the Hong Kong Securities and Futures Commission (the SFC) published updated guidance on cooperation (the Guidance) in disciplinary, civil court and Market Misconduct Tribunal (MMT) proceedings. Much of the guidance is neither new nor will surprise the market. However, formal discounts for early settlement will be welcomed, while its Read More

No Comments

DOJ’s new FCPA Corporate Enforcement Policy: Companies have greater incentives to disclose, but caveats remain

Alexander Calthrop

On November 29, 2017, the U.S. Deputy Attorney General, Rod Rosenstein, announced the Department of Justice’s new FCPA Corporate Enforcement Policy. The Policy is similar to the FCPA Pilot Program announced last year (discussed here), but goes further in the potential rewards it offers companies that self-disclose FCPA-related misconduct. Rosenstein said he hoped the Policy Read More

No Comments

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

No Comments

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

No Comments