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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.

SEC being forced to change its enforcement approach

In a conversation with A&O partner and former SEC Enforcement Official Bill White, Billy Jacobson explores the Supreme Court’s decision in SEC v. Liu decided in late June 2020, and two other recent Supreme Court decisions which are already having an impact on the SEC’s ability to bring cases going forward. To listen to the podcast click here. Read More

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SFC Enforcement Trends

Hong Kong’s Securities and Futures Commission (the SFC) recently published its annual report for 2019 to 2020. The report highlights the SFC’s regulatory work for the period dated April 2019 to March 2020 (the 2019/2020 Period). As part of this, the SFC has published information on its enforcement actions, in addition to its regular enforcement Read More

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Direct access – a sea change in data gathering in UK/U.S. criminal investigations

A new UK/U.S. bilateral agreement for accessing electronic data in cases of serious crime, which was negotiated and released in autumn 2019, is about to enter into force. The Agreement represents a sea change in cross-border investigations.  The Agreement permits criminal authorities in each country to obtain electronic data directly from a range of telecommunications Read More

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Update on enforcement risks associated with valuation of illiquid securities and investments

In April, we noted on this blog that increased government enforcement activity around issues of perceived or actual mismarking or over valuation of illiquid securities should be expected in light of recent market turmoil. We have now started to see examples of this type of enforcement. Overvaluation by investment advisory firm On April 28, 2020, Read More

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U.S. Department of Justice tweaks its guidance on compliance programs

The Department of Justice has been in a chatty mood lately on the subject of corporate compliance programs.  Framed as guidance to prosecutors as to how they should evaluate the programs of companies that come before them, the Department has now issued three documents over the last four years on this subject.  While ostensibly instructing Read More

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