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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.

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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Watershed moment for prosecution of corporate crimes in Germany gets closer

Resistance has been futile. Although practitioners and academics strongly criticised a previous working draft, the German Federal Ministry of Justice has now formally published its proposal for a Corporate Sanctions Act (Verbandssanktionengesetz, the Draft Bill). The Draft Bill reflects some of the concerns that were raised about the previous draft (discussed here).  It has become Read More

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Amid falling markets, valuation challenges and mis-marking fraud risks rise

Amidst a troubled economy and falling public markets, private-equity firms and financial institutions are facing valuation challenges that may spell trouble with United States regulators. In early April, the Wall Street Journal reported that private-equity firms are grappling with how to assess the impact of the current economic turmoil on the value of the illiquid Read More

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Current and emerging issues for in-house investigations lawyers

The Allen & Overy Cross-Border White Collar Crime and Investigations Review, reviews recent developments from ten jurisdictions and highlights our global investigations lawyers’ selection of the ten most significant current and emerging issues for in-house investigations lawyers. The selection includes the need to tread very carefully when authorities from a number of jurisdictions are involved.  Read More

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Hong Kong Court of First Instance confirms SFC’s powers to seize digital devices and demand passwords

The recent High Court decision of Cheung Ka Ho Cyril v Securities and Futures Commission and another [2020] HKCFI 270 confirmed the powers of the Securities and Futures Commission (SFC) to (i) seize digital devices such as smart phones and tablets in the course of executing a search warrant, and (ii) demand passwords to the Read More

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