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.

Market abuse controls: Global approaches vs. local requirements – which one wins?

Sarah Hitchins

The UK FCA recently imposed a financial penalty of just over £1 million on an online brokerage firm for failing to have adequate controls to identify and report potential market abuse. Each of the FCA’s findings can be traced back to one root cause: reliance on a global approach to identifying and reporting market abuse, Read More

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UK National Economic Crime Centre: a period of stability for UK economic crime, but is it enough?

Christian Parker

In December 2017, the UK Government announced creation of a new National Economic Crime Centre (NECC) as part of the Government’s Anti-Corruption Strategy (ACS). Amber Rudd’s announcement outlined that the UK will introduce a multi-agency NECC, and formalised the UK’s approach to economic crime, in an attempt to ensure the UK maintains its “reputation as Read More

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The SEC Enforcement Landscape: What to Watch in 2018

Kurt Wolfe

Last year was something of a transitional year at the U.S. Securities and Exchange Commission (“SEC” or the “Commission”) and changes are now taking shape that will figure prominently on the SEC enforcement landscape in the coming year. Among them are the influence of new leadership, new enforcement priorities and programs, and new case law. Read More

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‘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

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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

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