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Individuals

Taking enforcement action against individuals has long been a priority for the FCA in the UK, as well as regulators across the globe. Read Allen & Overy’s thoughts on this topic below.

“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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Regulatory focus on senior management accountability in Asia – a victim of Covid-19 coronavirus?

For many years, regulators across the globe have been extolling the importance of senior management accountability and an appropriate culture for financial institutions. In the Asia-Pacific region, the Securities Futures Commission (SFC) led the vanguard with the introduction of its Manager In Charge regime in 2017. This was followed by regulators in Australia and Singapore Read More

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Employee interviews in internal investigations

Recent developments in the U.S., UK and Germany have cast a spotlight on the interplay between corporate internal investigation interviews and investigations by, and cooperation with, the authorities. Interviewing company employees is often a key part of an internal investigation. Despite most employees having little choice but to agree to give internal interviews, they are Read More

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Parent company atones for the crimes of a subsidiary

The fifth DPA, between the SFO and Serco Geografix Ltd, is the first in which a parent company has undertaken to pay a penalty and oversee a group wide reinforcement of its compliance programme even though it was not liable for the underlying fraud and false accounting by its subsidiary.  Also worthy of note are Read More

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SFO rhetoric about cooperating witnesses continues to pile on the pressure

Lisa Osofsky, Director of the UK’s Serious Fraud Office (SFO), has talked about wanting to bring cases to life for juries by relying on cooperating offenders to give evidence against senior individuals. She reinforced this message last week at the GIR Live, Women in Investigations conference. The SFO’s aim here is to bring more senior Read More

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