Investigations

The focus of this blog is to provide insights into the latest trends, risks and developments in financial services investigations, including those conducted by the FCA, the PRA and other overseas regulators. Set out below are Allen & Overy’s thoughts on the latest developments in this area.

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

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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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Mapping responsibility: HKMA extends focus on management and its accountability

Charlotte Robins

On 16 October 2017, the Hong Kong Monetary Authority (HKMA) announced the introduction of a new Management Accountability Initiative (MAI) aimed at increasing the accountability of the senior management of Hong Kong registered institutions (RIs). The MAI, effective from 16 March 2018, requires every RI to identify (and disclose to the HKMA and the SFC) Read More

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Whistleblower Update: SEC announces whistleblower award to a government agency employee

Kurt Wolfe

The SEC recently approved a $2.5 million whistleblower award to “an employee of a domestic government agency whose whistleblower tip helped launch an SEC investigation and whose continued assistance enabled the SEC to address a company’s misconduct.” The award is noteworthy because of the source of the tip—a government employee—and because it is a first-of-its-kind Read More

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