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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.

Dubai Financial Services Authority Business Plan 2021/22: key messages for litigators and contentious regulatory lawyers

The Dubai Financial Services Authority (DFSA) has published its Business Plan for 2021/22 (the Business Plan) setting out its areas of focus for the upcoming financial year. Here we provide the key highlights, with particular focus on the matters that are of most relevance to litigators and DFSA-regulated institutions.   Strategic themes for managing risks Read More

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Global trends in antitrust enforcement

The Allen & Overy Global antitrust enforcement report reviews antitrust enforcement around the world, including cartels, vertical arrangements and abuse of dominance/monopolisation cases. The report looks at key statistics for a number of major jurisdictions in 2020, including the impact of the Covid-19 pandemic on the data and on antitrust authorities’ investigative practices. Fewer dawn Read More

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Remote working: No excuse for non-compliance with obligations to record telephone conversations and electronic communications

The UK Financial Conduct Authority (FCA) has emphasised in the latest edition of its Market Watch Newsletter its expectations for firms to record telephone conversations and electronic communications in light of the increased use of alternative working arrangements by employees such as increased homeworking. The FCA has highlighted that risks from misconduct may be heightened Read More

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SFO rebuked for overreaching: no power to seek overseas documents from non-UK companies

The Supreme Court has decided the Serious Fraud Office does not have the power to issue a section 2 notice to a non-UK company with extraterritorial application.  It can, however, continue to compel production of documents held extraterritorially by UK companies: The Queen on the application of KBR Inc v The Director of the Serious Read More

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Woefully inadequate anti-bribery measures lead to deferred prosecution agreement for aircraft refurbishment company

The SFO has concluded a deferred prosecution agreement with Airline Services Limited (ASL), a UK supplier of aircraft cabin parts and services, for failure to prevent bribery under s7 Bribery Act 2010.  Despite the company having received external legal advice on ABAC policies and procedures, it had failed to implement the recommendations adequately: Serious Fraud Read More

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