Clifford Chance

• Payments Systems Regulator issues first competition infringement decision in the payments sector The PSR has imposed fines totalling over £33m against five companies. The PSR found that they had infringed competition law by agreeing not to compete or poach each other's customers in the UK prepaid cards market. Samantha Ward Partner 20 January 2022 Read more about Payments Systems Regulator issues first competition infringement decision in the payments sector
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Update on the implementation of the Whistleblower Protection Directive in the Netherlands The preparations for the parliamentary debate on the implementation of the Whistleblower Protection Directive in the Netherlands, have resulted in amendments to the initial bill. Sara Schermerhorn Senior Advisor 17 January 2022 Read more about Update on the implementation of the Whistleblower Protection Directive in the Netherlands
  • Europejurisdiction:europe
• Tech sector continues to ripen for whistleblowing at a time when EU Directive may complicate investigations The tech industry, much like other industries, has certain characteristics that make it particularly vulnerable to whistleblowing. Its rapid and ever-increasing growth, overarching presence in our daily lives and the surge of government contracts over recent years combine to create the perfect storm for whistleblowing. Jamal El-Hindi Counsel 14 February 2022 Read more about Tech sector continues to ripen for whistleblowing at a time when EU Directive may complicate investigations
  • Internationaljurisdiction:international
• Luxembourg publishes draft bill transposing the EU Whistleblower Directive – better late than never? The government chose to extend the scope of the protection of whistleblowers compared to the scope of the EU Whistleblower Directive (EU) 2019/1937 (the "Directive"). Albert Moro Partner 14 February 2022 Read more about Luxembourg publishes draft bill transposing the EU Whistleblower Directive – better late than never?
  • Europejurisdiction:europe
• ESG Investigations: The challenges of investigating ESG-related issues and incidents Investigations relating to Environmental, Social or Governance (ESG) issues or incidents are not new. However, over the last decade the interest in ‘ESG’ has grown and with more attention on the risk and rewards, ESG-related investigations, and focus on how they are conducted, are on the rise. Ellen Lake Senior Associate 1 February 2022 Read more about ESG Investigations: The challenges of investigating ESG-related issues and incidents
  • Internationaljurisdiction:international
• A ripening conflict for us defense and government contractors with the newly imposed eu whistleblower directive Regulators in the United States and the European Union have placed a significant emphasis on removing barriers for whistleblowers as part of addressing fraud and corruption, with the EU taking bold steps by imposing its new Whistleblower Protection Directive ("EU Directive" or "Directive"). This development in the EU however could have direct and perhaps unintended consequences for defense and government contractors at a time when largescale government spending is creating fertile ground for whistleblowers. David DiBari Partner 24 February 2022 Read more about A ripening conflict for us defense and government contractors with the newly imposed eu whistleblower directive
  • Internationaljurisdiction:international
• FCA's Consumer Duty - what should firms be doing today to prepare? Now that the FCA's consultation on its new Consumer Duty has closed, and while we wait for the FCA to agree to a more reasonable, perhaps phased, implementation period, what should firms be doing today to prepare? Dorian Drew Partner 28 February 2022 Read more about FCA's Consumer Duty - what should firms be doing today to prepare?
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Economic Crime Act in force – the three key areas for reform Recent events in Ukraine have seen the Economic Crime (Transparency and Enforcement) Bill fast-tracked through Parliament to receipt of Royal Assent on 15 March 2022, with a number of significant implications for reform of sanctions and the economic crime regime. Ellen Lake Senior Associate 16 March 2022 Read more about Economic Crime Act in force – the three key areas for reform
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Initiation Game Over: Lloyd's tackles non-financial misconduct As published in a notice of censure on 16 March 2022 (the "Notice"), Lloyd's of London ("Lloyd's") has publicly censured and fined member organisation, Atrium Underwriters Limited ("Atrium"), in relation to non-financial misconduct by Atrium employees and the way in which Atrium responded to allegations of such misconduct. Dorian Drew Partner 29 March 2022 Read more about Initiation Game Over: Lloyd's tackles non-financial misconduct
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• ASIC keeps a sharp eye on 'finfluencers' and doesn't 'double tap' Influencer marketing is an increasingly lucrative revenue stream for companies. ASIC has issued a reminder that the law applies equally to social media personalities promoting financial products and services online - and the AFS licensees who use them. Alexandra Zhu Senior Associate 29 March 2022 Read more about ASIC keeps a sharp eye on 'finfluencers' and doesn't 'double tap'
  • Asiajurisdiction:asia
• FinCEN is poised to increase use of Section 311 and apply it in new ways Recent remarks from Acting Director Himamauli Das of FinCEN, pending Congressional action to strengthen Section 311 of the Patriot Act, and the new Executive Order on digital assets indicate a possible new wave of actions. Jamal El-Hindi Counsel 1 April 2022 Read more about FinCEN is poised to increase use of Section 311 and apply it in new ways
  • Americasjurisdiction:americas
• Financial Accountability Regime Bill 2021 (Cth): A FAR away prospect? Implications for the industry The Financial Accountability Regime Bill 2021 (Cth) (FAR) has lapsed in light of the 2022 Federal Election being called. This means that Australian entities and executives will need to revisit their obligations under the existing Banking Executive and Accountability Regime (BEAR). Christine Wang Associate 26 April 2022 Read more about Financial Accountability Regime Bill 2021 (Cth): A FAR away prospect? Implications for the industry
  • Asiajurisdiction:asia
• Whistleblowing in China: Demystifying the Myths It is a prevalent myth that China has no whistleblower protection. True, compared with the long history of whistleblower protections in the United States and emerging developments with the EU Whistleblower Directive, whistleblower protection in China remains underdeveloped – but it is there and getting stronger. Carol Lee Associate 8 April 2022 Read more about Whistleblowing in China: Demystifying the Myths
  • Internationaljurisdiction:international
• Australia joins the fray on Magnitsky-style sanctions – what businesses should know On 29 March 2022, Australia's Minister for Foreign Affairs, Senator the Hon Marise Payne, designated 39 individuals under the Australia's thematic sanctions framework, marking the first time the Australian Government has implemented sanctions under the recently introduced Magnitsky-style laws, and imposing sanctions on the individuals who were the very trigger behind the reforms. 24 May 2022 Read more about Australia joins the fray on Magnitsky-style sanctions – what businesses should know
  • Asiajurisdiction:asia
• The Risks are Turning Green: SEC Begins "Greenwashing" Enforcement Companies have been watching to see where ESG-related risks would materialize. Those risks are starting to materialize off the back of the SEC's aggressive regulatory and enforcement posture on "greenwashing" with enforcement actions regarding misstatements and disclosures. These actions should be a wake-up call to companies in the US and beyond as now is the time, if you're not already to closely consider the regulatory, enforcement, and litigation risks associated with both the SEC's current posture and the looming formal SEC disclosure proposals. 27 May 2022 Read more about The Risks are Turning Green: SEC Begins "Greenwashing" Enforcement
  • Americasjurisdiction:americas
• CMA not immune from costs orders says Supreme Court On 25 May 2022, the Supreme Court handed down an important judgment relating to appeals against decisions by public authorities (Pfizer and Flynn v CMA [2022] UKSC 14) (here). It found that there is no generally applicable principle that all public bodies should enjoy protected status as parties to litigation where they lose a case they have brought or defended in the exercise of their public functions in the public interest. Instead, it is important that a court or tribunal considers the risk that there will be a ‘chilling effect’ on the conduct of a public authority, if costs orders are made routinely against it in those kinds of proceedings. The Competition Appeal Tribunal (“CAT”) was right to distinguish Competition Act 1998 (“CA98”) appeals from appeals against public authorities where there might be a risk of a chilling effect. The starting point in CA98 appeals is that costs follow the event, but the question of success is generally considered on an issue-by-issue basis. Ben Jasper Senior Associate 1 June 2022 Read more about CMA not immune from costs orders says Supreme Court
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Cyber on ASIC's mind: AFS licensees told to manage cyber risk adequately or face enforcement action The Federal Court of Australia has handed down its judgment in the first proceedings brought by ASIC against a company for failing to have adequate cybersecurity systems in place. Alexandra Zhu Senior Associate 7 June 2022 Read more about Cyber on ASIC's mind: AFS licensees told to manage cyber risk adequately or face enforcement action
  • Asiajurisdiction:asia
• FCA Announces New Reporting Tool for Sanctions Breaches and Poor Sanctions Controls In a notice published on 17 May 2022 ("Notice"), the FCA announced the release of a new reporting tool, akin to a whistleblower hotline, this is designed to facilitate the voluntary reporting of sanctions evasion issues or weaknesses in sanctions controls by firms or persons listed on the FCA's registers, or companies with UK listed securities. Michael Lyons Partner 7 June 2022 Read more about FCA Announces New Reporting Tool for Sanctions Breaches and Poor Sanctions Controls
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Shining the Lanterne on AFS licensee obligations for "licensees for hire": Civil penalty proceedings against Lanterne Fund Services The Australian Securities & Investments Commission (ASIC) seeks to reaffirm the general obligations of Australian financial services (AFS) licensees, even where they are not dealing with retail investors and general consumers directly. Alexandra Zhu Senior Associate 11 August 2022 Read more about Shining the Lanterne on AFS licensee obligations for "licensees for hire": Civil penalty proceedings against Lanterne Fund Services
  • Asiajurisdiction:asia
• APRA continues to hack away at strengthening operational resilience Recent events have highlighted the heightened risk applicable to APRA-regulated entities, and strongly supports the importance for setting and maintaining appropriate standards for conduct and compliance to effectively manage operational risk. Rishiv Rathore Associate 26 October 2022 Read more about APRA continues to hack away at strengthening operational resilience
  • Asiajurisdiction:asia
• Hong Kong to allow retail access to virtual asset ETFs and considering legalizing retail virtual asset exchanges Hong Kong announced several fundamental virtual asset-friendly changes to the city's regulatory stance towards virtual assets, including the relaxation of rules surrounding retail access. Rocky Mui Partner 2 November 2022 Read more about Hong Kong to allow retail access to virtual asset ETFs and considering legalizing retail virtual asset exchanges
  • Asiajurisdiction:asia
• Federal anti-corruption watchdog arrives: Unpacking the National Anti-Corruption Commission Bill 2022 and its implications The National Anti-Corruption Commission Bill 2022 (NACC Bill) has been introduced into Australian Parliament for the establishment of an independent agency to investigate "serious or systemic" corruption across the Commonwealth public sector. Alexandra Zhu Senior Associate 10 November 2022 Read more about Federal anti-corruption watchdog arrives: Unpacking the National Anti-Corruption Commission Bill 2022 and its implications
  • Asiajurisdiction:asia
• The Whistle Keeps on Blowing The SEC's annual Enforcement Results for FY22 reflect continuing trends for whistleblowers and awards. Michelle Williams Partner 22 November 2022 Read more about The Whistle Keeps on Blowing
  • Americasjurisdiction:americas
• Anti-Money Laundering (AML) reforms part of sweeping changes in 2021 On January 1, 2021, Congress passed into law the National Defense Authorization Act for Fiscal Year 2021, which includes the Anti-Money Laundering Act of 2020 (the "Act"), the most sweeping anti-money laundering ("AML") legislation since the enactment of the USA PATRIOT Act of 2001. David DiBari Partner 5 January 2021 Read more about Anti-Money Laundering (AML) reforms part of sweeping changes in 2021
  • Americasjurisdiction:americas
• New Luxembourg law on implementation of restrictive measures in financial matters Restrictive measures in financial matters have just been reviewed in Luxembourg in order to integrate U.N. and E.U. progress in this area into national legislation. Albert Moro Partner 14 January 2021 Read more about New Luxembourg law on implementation of restrictive measures in financial matters
  • Europejurisdiction:europe
• PRC Blocking Statute now in effect On 9 January 2021, the PRC Ministry of Commerce (MofCom) issued its new "blocking statute", known as the Rules on Counteracting Unjustified Extra-territorial Application of Foreign Legislation and Other Measures (Rules), which came into effect on the same date. Lei Shi Partner 15 January 2021 Read more about PRC Blocking Statute now in effect
  • Internationaljurisdiction:international
• New Federal District Court Decision Continues Trend of Ordering Disclosure of Cyber Investigation Reports A law firm was recently ordered to disclose a forensic investigation report prepared following a data breach, despite the report being prepared at the instruction of outside counsel. 25 January 2021 Read more about New Federal District Court Decision Continues Trend of Ordering Disclosure of Cyber Investigation Reports
  • Americasjurisdiction:americas
• New FTC Enforcement Action Reveals Novel Facial Recognition Settlement In a recent settlement with the FTC, a photo storage application agreed to delete any facial recognition technologies it enhanced using improperly obtained photos. 27 January 2021 Read more about New FTC Enforcement Action Reveals Novel Facial Recognition Settlement
  • Americasjurisdiction:americas
• Is Spain ready for the EU Whistleblower Protection Directive? Currently, there are no universal regulations on whistleblower protection under Spanish law, but specific laws in various sectors already contain some provisions that are in line with the requirements laid down by the Whistleblower Protection Directive. This "partial coverage" of whistleblowing under Spanish law includes certain coverage in the financial services sector, regarding anti-money laundering regulation, as well as criminal compliance programmes, but still leaves gaps in protection across other sectors. Sonia Trendafilova Abogado 29 January 2021 Read more about Is Spain ready for the EU Whistleblower Protection Directive?
  • Europejurisdiction:europe
• Enhanced U.S. Subpoena Authority over Foreign Banks with U.S. Correspondent Accounts: Watershed or Overreach? Congress passed the Anti-Money Laundering Act of 2020 (the "Act") on January 1, 2021 as part of the National Defense Authorization Act for Fiscal Year 2021. The Act includes, among other significant updates to the Bank Secrecy Act and related U.S. anti-money laundering regimes, new and potentially groundbreaking authority for the U.S. Department of Justice ("DOJ") and the U.S. Department of the Treasury ("Treasury") to subpoena non-U.S. bank records stored outside the U.S., backed by hefty penalties for non-compliance. Brendan Stuart Associate 1 February 2021 Read more about Enhanced U.S. Subpoena Authority over Foreign Banks with U.S. Correspondent Accounts: Watershed or Overreach?
  • Americasjurisdiction:americas
• Plug the Leak: Australian Regulator Orders Australian Government Agency to Compensate Victims for Unlawful Personal Information Disclosure On 10 February 2014, the Australian Department of Home Affairs (DHA) inadvertently published the personal information of 9,258 detainees in immigration detention. A report was subsequently made to the Office of the Australian Information Commissioner (OAIC). On 11 January 2021, the OAIC released its determination, ordering compensation on a categorial loss basis, ranging from AU$0 to in excess of AU$20,000. 1 February 2021 Read more about Plug the Leak: Australian Regulator Orders Australian Government Agency to Compensate Victims for Unlawful Personal Information Disclosure
  • Asiajurisdiction:asia
• What you need to know: Major overhaul of breach reporting obligations for Financial Services and Credit Licensees Australian Financial Services Licensees and, for the first time, Credit Licensees have until October to ensure they can comply with a complex overhaul of breach reporting obligations. Tim Grave Partner 4 February 2021 Read more about What you need to know: Major overhaul of breach reporting obligations for Financial Services and Credit Licensees
  • Asiajurisdiction:asia
• UK Supreme Court rebalances Serious Fraud Office's extra-territorial evidence gathering powers The SFO has suffered a further setback in its ability to gather evidence held overseas following a ruling by the Supreme Court that its "Section 2" powers do not extend to allowing it to compel the production of documents held outside of the UK by a foreign company. 9 February 2021 Read more about UK Supreme Court rebalances Serious Fraud Office's extra-territorial evidence gathering powers
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Internal investigations in Spain continue being waitlisted for regulation Latest legislative initiatives in Spain still fail to provide legal framework for internal investigations. Sonia Trendafilova Abogado 24 February 2021 Read more about Internal investigations in Spain continue being waitlisted for regulation
  • Europejurisdiction:europe
• Apply within: ASIC requests applications from individuals seeking immunity from serious market misconduct In a move that may come as a surprise to many, the Australian Securities and Investments Commission (ASIC) has released an immunity policy available to individuals who think they may have contravened certain financial market misconduct provisions in the Corporations Act 2001 (Cth) (Corporations Act). 24 February 2021 Read more about Apply within: ASIC requests applications from individuals seeking immunity from serious market misconduct
  • Asiajurisdiction:asia
• Enforcement trends as revealed in the SFC's October – December 2020 quarterly report On 23 February 2021, the Securities and Futures Commission (SFC) issued its quarterly report for October to December 2020, which keeps its stakeholders and the public informed of its key regulatory work during this period. 25 February 2021 Read more about Enforcement trends as revealed in the SFC's October – December 2020 quarterly report
  • Asiajurisdiction:asia
• Council of Financial Regulators mandates increase in cybersecurity standards and cyber resilience The Council of Financial Regulators (CFR) calls for Australian Financial Institutions (AFIs) to increase cybersecurity measures by increasing cyber self-defence activities. 26 February 2021 Read more about Council of Financial Regulators mandates increase in cybersecurity standards and cyber resilience
  • Asiajurisdiction:asia
• APRA accepts rare court enforceable undertaking to improve risk and compliance weaknesses from major insurer The Australian Prudential Regulation Authority (APRA) has accepted a court enforceable undertaking (CEU) from Allianz Australia Insurance Limited (Allianz), acknowledging "past weaknesses" in Allianz's "risk culture, risk governance, and risk management". 22 March 2021 Read more about APRA accepts rare court enforceable undertaking to improve risk and compliance weaknesses from major insurer
  • Asiajurisdiction:asia
• ASIC's 'why not litigate?' strategy alive and well, with multiple new proceedings commenced against major organisations The Australian Securities and Investments Commission (ASIC) has announced a number of significant enforcement proceedings for breaches of the Corporations Act 2001 (Cth) (Corporations Act) and ASIC Act 2001 (Cth) (ASIC Act), including criminal charges laid against Alliance and AWP, and civil penalty proceedings against NAB, CommSec and AUSIEX, and REST. 10 March 2021 Read more about ASIC's 'why not litigate?' strategy alive and well, with multiple new proceedings commenced against major organisations
  • Asiajurisdiction:asia
• Corporate investigations in Hong Kong – upcoming changes, key principles and hot topics Global Investigations Review (GIR) has published the fifth edition of its practical guide for external and in-house counsel, compliance officers and accounting practitioners. Members of the Clifford Chance global RIFC practice are editors and authored several chapters including the Hong Kong chapter. Donna Wacker Partner 23 March 2021 Read more about Corporate investigations in Hong Kong – upcoming changes, key principles and hot topics
  • Asiajurisdiction:asia
• DFS announces first cyber settlement The New York State Department of Financial Services ("DFS") has fined a mortgage lender $1.5 million to settle violations of its Cybersecurity Regulations 8 March 2021 Read more about DFS announces first cyber settlement
  • Americasjurisdiction:americas
• Exploring the latest trends in economic sanctions and trade controls In this write-up from a recent Clifford Chance webinar, we explore the latest trends in US, EU and UK policy on economic sanctions and trade controls, including compliance and enforcement risks and potential changes under the Biden Administration. David DiBari Partner 24 March 2021 Read more about Exploring the latest trends in economic sanctions and trade controls
  • Internationaljurisdiction:international
• Microsoft announces widespread hack of Exchange Server software Reports indicate that at least 30,000 companies have fallen victim to a hack compromising their Outlook email systems and broader IT networks. 11 March 2021 Read more about Microsoft announces widespread hack of Exchange Server software
  • Americasjurisdiction:americas
• OFSI updates monetary penalty guidance OFSI has issued new guidance on the monetary penalties for breaches of financial sanctions in the UK, which comes into force on 1 April 2021. The amendments highlight some subtle but potentially important changes to enforcement risk which we discuss below in more detail. Lydia Tuckey Senior Associate 16 March 2021 Read more about OFSI updates monetary penalty guidance
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• The investigation into MAPFRE cyber attack: Spanish Data Protection Agency stresses importance of a diligent response and transparency Key factors that led to the investigation closing without a fine were the diligent and efficient crisis management and the swift notice to relevant regulators and third parties. Sonia Trendafilova Abogado 6 April 2021 Read more about The investigation into MAPFRE cyber attack: Spanish Data Protection Agency stresses importance of a diligent response and transparency
  • Europejurisdiction:europe
• Operational resilience: UK policy statements set out new requirements for financial institutions The FCA and PRA have unveiled final rules reflecting new operational resilience obligations, with initial milestones to be reached by March 2022. 12 April 2021 Read more about Operational resilience: UK policy statements set out new requirements for financial institutions
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• DFS fines Insurance Company $3 Million for Unreported Data Breaches and False Compliance Certification The New York Department of Financial Services (DFS) has fined the National Securities Corporation for failing to notify it of data breaches; the Department's second settlement demonstrates DFS's demand for strict compliance with its cybersecurity regulations. 20 April 2021 Read more about DFS fines Insurance Company $3 Million for Unreported Data Breaches and False Compliance Certification
  • Americasjurisdiction:americas
• FTC issues notice of intent to enforce against unfair use of AI The Federal Trade Commission ("FTC") recently published a blog post recommending best practices to businesses that utilize Artificial Intelligence ("AI") while also warning that improper use of AI may result in FTC enforcement. 29 April 2021 Read more about FTC issues notice of intent to enforce against unfair use of AI
  • Americasjurisdiction:americas
• DFS issues guidance in response to SolarWinds attack Focus is on supply chain risk as DFS urges companies to adopt "zero trust" approach and timely address vulnerabilities. 30 April 2021 Read more about DFS issues guidance in response to SolarWinds attack
  • Americasjurisdiction:americas
• Buy now, regulate later – is the buy now pay later regulatory loophole set to close? The buy now, pay later (BNPL) sector enjoys a largely unregulated existence in Australia, sitting outside the scope of the National Credit Code. With increasing pressure from consumer groups and interest in the BNPL sector from international regulators, moves by the Australian Securities and Investments Commission (ASIC) to remind the BNPL sector of the soon to commence design and distribution obligations (DDO) regime may be the first step in strengthening the BNPL regulatory framework. 4 May 2021 Read more about Buy now, regulate later – is the buy now pay later regulatory loophole set to close?
  • Asiajurisdiction:asia
• Upcoming developments to be expected at the midpoint of the UK's Economic Crime Plan for 2019-2022 Almost two years on from the UK’s Economic Crime Plan for 2019-2022, the Government, in partnership with UK Finance, has reported on progress against the plan in the recently published Economic Crime Plan: Statement of Progress. Ellen Lake Senior Associate 11 May 2021 Read more about Upcoming developments to be expected at the midpoint of the UK's Economic Crime Plan for 2019-2022
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• ECJ opinion on the EU Blocking Regulation and US sanctions on Iran The Advocate General ("AG") of the ECJ has issued a long-awaited opinion on the meaning of the EU Blocking Regulation concerning US sanctions on Iran. If adopted by the Court, the effects could be significant and wide-ranging. Michael Lyons Partner 21 May 2021 Read more about ECJ opinion on the EU Blocking Regulation and US sanctions on Iran
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
  • Internationaljurisdiction:international
  • Europejurisdiction:europe
• Australian regulators zooming in on cyber compliance Australian regulators have flagged a continued focus on securing enforcement outcomes for data privacy breaches. Sharfah Mohamed Associate 26 May 2021 Read more about Australian regulators zooming in on cyber compliance
  • Asiajurisdiction:asia
• Targeting the tech that enables serious and organised crime: the NCA's National Strategic Assessment 2021 The National Crime Agency (NCA) has published its 2021 National Strategic Assessment on Serious and Organised Crime (NSA), which highlights the technological means used by criminals who pose serious and organised crime threats to the UK. Ellen Lake Senior Associate 28 May 2021 Read more about Targeting the tech that enables serious and organised crime: the NCA's National Strategic Assessment 2021
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• AML/CFT in the era of Regtech – guidance on integration of external data The Hong Kong Monetary Authority (HKMA) has provided helpful AML / CFT guidance following its thematic review. Jonathan Wong Partner 30 June 2021 Read more about AML/CFT in the era of Regtech – guidance on integration of external data
  • Asiajurisdiction:asia
• European Commission launches European Public Prosecutor’s Office On 1st June 2021, the European Commission (EC) launched the European Public Prosecutor’s Office (EPPO) based in Luxembourg and marking an important milestone on the way to a deeper cooperation between EU member states concerning white-collar crime. Charles-Henri Boeringer Partner 9 June 2021 Read more about European Commission launches European Public Prosecutor’s Office
  • Europejurisdiction:europe
• Is this the end of group-wide whistleblower systems and central investigations? The EU Whistleblower Protection Directive must be transposed into Member States' local legislation by 17 December 2021. With a little less than six months to go before the deadline, companies are asking important questions to the European Commission. Ines Keitel Head of the German Employment Group 22 June 2021 Read more about Is this the end of group-wide whistleblower systems and central investigations?
  • Europejurisdiction:europe
• Get Shorty? ASIC releases guidance on short selling The Australian Securities and Investment Commission (ASIC) has joined the discussion on activist short selling campaigns, with the release on 1 June 2021 of a new information sheet (Information Sheet 255 Activist short selling campaigns in Australia). 23 June 2021 Read more about Get Shorty? ASIC releases guidance on short selling
  • Asiajurisdiction:asia
• Who watches the watchers? Australian regulators now subject to oversight from independent watchdog Certain issues identified by Commissioner Hayne in the Financial Services Royal Commission will be addressed by the establishment of a Financial Regulator Assessment Authority. 4 June 2021 Read more about Who watches the watchers? Australian regulators now subject to oversight from independent watchdog
  • Asiajurisdiction:asia
• Stuart Forsyth v Financial Conduct Authority and Prudential Regulation Authority: Integrity and regulatory processes On 6 July 2021, the Upper Tribunal (UT) published its decision in Stuart Forsyth v (1) FCA and (2) PRA, [2021] UKUT 0162 (TCC), in which it affirmed the distinction between integrity and dishonesty, and severely criticised the conduct of both regulators. Carlos Conceicao Partner 30 July 2021 Read more about Stuart Forsyth v Financial Conduct Authority and Prudential Regulation Authority: Integrity and regulatory processes
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• The Law Commission consults on corporate criminal liability reform As the Law Commission's consultation on reforming the law relating to corporate criminal liability continues, Clifford Chance examines the case for reform and asks whether the need for a change in the law has been overstated. 19 July 2021 Read more about The Law Commission consults on corporate criminal liability reform
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Four things you should know about the FCA's Business Plan 2021/22 Nikhil Rathi has set out his ambition for the FCA to be more innovative, assertive and adaptive in the FCA's Business Plan 2021/22. What will this mean for firms? Carlos Conceicao Partner 15 July 2021 Read more about Four things you should know about the FCA's Business Plan 2021/22
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Cooking the books? Defendant auditors plead guilty to Australia's first criminal audit negligence charges The auditors of failed broker Halifax Investment Services Pty Ltd have entered guilty pleas to criminal charges of failing to conduct audits in accordance with auditing standards. 15 July 2021 Read more about Cooking the books? Defendant auditors plead guilty to Australia's first criminal audit negligence charges
  • Asiajurisdiction:asia
• 'Dear CEO': The FCA's warning to retail banking about the poor standard of financial crime controls The Financial Conduct Authority (FCA) recently issued a 'Dear CEO' letter to retail banks as a call for action to be taken in response to common control failings identified in anti-money laundering frameworks. Michael Lyons Partner 9 July 2021 Read more about 'Dear CEO': The FCA's warning to retail banking about the poor standard of financial crime controls
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• ASIC's Longo-range forecast: early indications signal a change in temperature within Australia's corporate regulator ASIC's new Chair has made a notable stamp on the organisation since taking the reins, including an extensive structural review of its governance and strategy. 19 August 2021 Read more about ASIC's Longo-range forecast: early indications signal a change in temperature within Australia's corporate regulator
  • Asiajurisdiction:asia
• Australian criminally sanctioned for acts done in protest of 'unjust' sanctions An Australian man has been convicted and sentenced for breaching UN sanctions imposed on North Korea for his involvement in brokering forbidden deals. Lara Gotti Senior Associate 19 August 2021 Read more about Australian criminally sanctioned for acts done in protest of 'unjust' sanctions
  • Asiajurisdiction:asia
• An expansion of global sanctions on Belarus On 23 May 2021, the Government of Belarus diverted a Ryanair passenger jet to land in Minsk and detained two of its passengers – activist and journalist Roman Protasevich, and his partner Sofia Sapega. Michael Lyons Partner 13 August 2021 Read more about An expansion of global sanctions on Belarus
  • Internationaljurisdiction:international
• Held to ransom – ransomware attacks driving regulatory reform The threat of cyber and ransomware attacks to Australian infrastructure and the economy is a top Government priority driving regulatory reforms. 26 August 2021 Read more about Held to ransom – ransomware attacks driving regulatory reform
  • Asiajurisdiction:asia
• Installation failure: Australian regulators release summary of ASX outage review The Australian Securities and Investments Commission (ASIC) and the Reserve Bank of Australia (RBA) have published the key findings from an independent review of ASX's trade outage. 26 August 2021 Read more about Installation failure: Australian regulators release summary of ASX outage review
  • Asiajurisdiction:asia
• New AML and kleptocracy-related whistleblowing provisions may accelerate and complicate internal investigation requirements Bounties in exchange for information included within US AML reforms can apply to informants from anywhere in the world. Among other issues, such incentives may complicate US and EU company compliance with whistleblowing investigation requirements. Jamal El-Hindi Counsel 3 August 2021 Read more about New AML and kleptocracy-related whistleblowing provisions may accelerate and complicate internal investigation requirements
  • Internationaljurisdiction:international
• Successful UK cryptobusiness registration – five top tips The FCA recently noted that many cryptoasset business applicants are not meeting the standards required under the UK money laundering regime. Ellen Lake Senior Associate 3 August 2021 Read more about Successful UK cryptobusiness registration – five top tips
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Into the breach: Reforms to Australian breach reporting and regulatory reference checks set to commence From 1 October 2021, Australian Financial Services and Credit Licensees must comply with a revised suite of breach reporting requirements, and additional requirements for employment reference checks for financial advisers. 28 September 2021 Read more about Into the breach: Reforms to Australian breach reporting and regulatory reference checks set to commence
  • Asiajurisdiction:asia
• Held to ransom? To pay or not to pay? The threat of cyber and ransomware attacks to Australian infrastructure and the economy is a top Government priority driving regulatory reform. 14 September 2021 Read more about Held to ransom? To pay or not to pay?
  • Asiajurisdiction:asia
• Waiting, waiting, waiting… when will Australia's new foreign bribery and DPA legislation come into effect? Legislative reforms first proposed in Australia in 2017 covering a raft of significant amendments to corporate criminal liability for foreign bribery and other offences appears to have been put on the backburner again, leading the Australian corporate world to wonder when – or if – they will ever be passed. Lara Gotti Senior Associate 13 September 2021 Read more about Waiting, waiting, waiting… when will Australia's new foreign bribery and DPA legislation come into effect?
  • Asiajurisdiction:asia
• Another milestone in the fight against corruption in Europe The European landscape has significantly changed in recent years and we have witnessed an extraordinary transformation of the local and European legal panorama. Ludovica D'Alberti Senior Associate 1 September 2021 Read more about Another milestone in the fight against corruption in Europe
  • Europejurisdiction:europe
• Spotlight on the EU Whistleblower Directive and Pharma and Healthcare sectors There are several factors at play for companies in the pharma and healthcare sectors, which, when combined with the availability of rewards for whistleblowers under several US laws, as well as the EU's forthcoming whistleblowing regime, create an environment that is ripe for whistleblowing. Jamal El-Hindi Counsel 26 October 2021 Read more about Spotlight on the EU Whistleblower Directive and Pharma and Healthcare sectors
  • Internationaljurisdiction:international
• Petrofac – lessons for effective anti-bribery processes Petrofac pleaded guilty on 1 October to seven counts of failing to prevent bribery, after its anti-bribery procedures failed to prevent systematic corruption. What went wrong, and what lessons does this case offer for ensuring that anti-bribery procedures actually work? 14 October 2021 Read more about Petrofac – lessons for effective anti-bribery processes
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Poland begins to implement the EU Whistleblower Directive On 4 October the Polish government published official guidelines regarding the new law implementing the EU Whistleblower Directive. The guidelines reflect the provisions of the Directive, but in some instances the government goes a step further. Michał Magdziak Advocate 7 October 2021 Read more about Poland begins to implement the EU Whistleblower Directive
  • Europejurisdiction:europe
• FTC Tightens Data Security Requirements for Financial Institutions Under the GLBA Safeguards Rule After a two-year notice and comment period, on October 27, 2021, the Federal Trade Commission (FTC) unveiled its finalized rules amending the Gramm-Leach-Bliley Act (GLBA) Safeguards Rule. 5 November 2021 Read more about FTC Tightens Data Security Requirements for Financial Institutions Under the GLBA Safeguards Rule
  • Americasjurisdiction:americas
• It's time to improve Australia's modern slavery framework: what is being done? With Australia's existing modern slavery framework being criticised by some as "cosmetic" and lacking "substance over form", we explore weaknesses within the framework and various steps that may bolster it. Alexandra Zhu Senior Associate 3 November 2021 Read more about It's time to improve Australia's modern slavery framework: what is being done?
  • Asiajurisdiction:asia
• ASIC's cybersecurity test case in the clear The Federal Court has found that ASIC's pleaded case is sufficiently clear to allow it to proceed with its claims (the first of their kind) against an AFSL holder, RI Advice Group, for failing to maintain "minimum cybersecurity requirements" pursuant to the general obligations imposed on licensees under Australia's Corporations Act. 2 November 2021 Read more about ASIC's cybersecurity test case in the clear
  • Asiajurisdiction:asia
• Recent AML enforcement action, regulatory guidance and key lessons learned Banks should reference these examples and the expectations of the HKMA set out in its press release and recent guidance to take appropriate risk mitigating measures on an ongoing basis. Donna Wacker Partner 8 December 2021 Read more about Recent AML enforcement action, regulatory guidance and key lessons learned
  • Asiajurisdiction:asia
• The FCA implements changes to its statutory decision-making processes The Financial Conduct Authority (FCA) has published policy statement PS21/16 announcing reforms to its decision-making process to ensure faster and more effective decisions for consumers, markets, and firms. Dorian Drew Partner 8 December 2021 Read more about The FCA implements changes to its statutory decision-making processes
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• ICO proposes to fine Clearview AI £17 million over its facial recognition technology The United Kingdom Information Commissioner’s Office (ICO) and the Office of the Australian Information Commissioner (OAIC) opened a joint investigation into Clearview AI Inc's facial recognition technology in July 2020. 7 December 2021 Read more about ICO proposes to fine Clearview AI £17 million over its facial recognition technology
  • Internationaljurisdiction:international
• 5MLD Comes Into Force In The UK On 10 January: The Key Takeaways On 10 January 2020, the bulk of the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 (MLRs 2019), which implement the Fifth Money Laundering Directive (5MLD) in the UK, come into force. Ellen Lake Senior Associate 7 January 2020 Read more about 5MLD Comes Into Force In The UK On 10 January: The Key Takeaways
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• European Commission hopes for post-Brexit harmony on sanctions – Good news for businesses Last week, the European Commission's Task Force for Relations with the United Kingdom published its latest Brexit negotiation slides, relating to foreign policy, security and defence. These slides suggest a desire, that will be shared by businesses, that the EU and UK will remain aligned in their sanctions regimes post-Brexit. Lydia Tuckey Senior Associate 24 January 2020 Read more about European Commission hopes for post-Brexit harmony on sanctions – Good news for businesses
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• European Signatories Trigger Dispute Resolution Mechanism Under The Iran Nuclear Deal On 14 January 2020 the United Kingdom, France and Germany (the E3) activated the dispute resolution mechanism under the Iran Nuclear deal (or JCPOA), the outcome of which could result in a "snap back" of UN sanctions against Iran. This follows a series of high-profile political events that culminated in Iran's announcement on 5 January 2020 that it would discard "the last key component of its limitations in the JCPOA”. Carla Lewis Senior Associate 16 January 2020 Read more about European Signatories Trigger Dispute Resolution Mechanism Under The Iran Nuclear Deal
  • Internationaljurisdiction:international
• Regulatory, investigations & financial crime in the UK – horizon scan: top 10 topics for 2020 We highlight some of the key areas of focus for financial services firms in 2020. Carlos Conceicao Partner 22 January 2020 Read more about Regulatory, investigations & financial crime in the UK – horizon scan: top 10 topics for 2020
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• SFO to evaluate firms' compliance programmes during an investigation On 17 January 2020, the Serious Fraud Office (SFO) published guidance setting out how and when SFO investigators will assess the effectiveness of the internal compliance programme of a firm under investigation. Luke Tolaini Partner 28 January 2020 Read more about SFO to evaluate firms' compliance programmes during an investigation
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• U.S. Commodities Anti-Manipulation Law and Open Market Trading A recent Wall Street Journal article highlights threat of vague regulation to lawful trading strategies. Robert Houck Partner 22 January 2020 Read more about U.S. Commodities Anti-Manipulation Law and Open Market Trading
  • Americasjurisdiction:americas
• SFC's powers in seizing digital devices and accessing electronic records confirmed This is the first decision in Hong Kong confirming the SFC's powers to seize and require production of (i) digital devices and (ii) passwords to digital devices and email accounts. 25 February 2020 Read more about SFC's powers in seizing digital devices and accessing electronic records confirmed
  • Asiajurisdiction:asia
• How will Tech predictions for 2020 impact Financial Crime? I am interested to see the impact of AI in respect of financial crime. I expect to see criminals continuing to employ increasingly sophisticated technologies like machine learning to find and exploit weak points in businesses' security systems, and also to assist in concealing illegal behaviour like money laundering. Ellen Lake Senior Associate 20 February 2020 Read more about How will Tech predictions for 2020 impact Financial Crime?
  • Europejurisdiction:europe
• Operational resilience: increased regulatory scrutiny and new obligations The increased regulatory focus on operational resilience stems from a combination of factors, including: a shift in the way customers access financial services; the use of new technologies; the significant negative impact of IT failures/incidents; and the introduction of new types of risk. 11 February 2020 Read more about Operational resilience: increased regulatory scrutiny and new obligations
  • Internationaljurisdiction:international
• CMA secures further director disqualification in an increased focus on individual responsibility for competition breaches The CMA can prohibit directors from having any involvement in the management of any company for up to 15 years. These tools are now a key part of CMA enforcement. Ben Jasper Senior Associate 5 March 2020 Read more about CMA secures further director disqualification in an increased focus on individual responsibility for competition breaches
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Coronavirus: Five steps to building a financial institution's resilience In the financial services sector, particularly in the UK, regulated firms such as banks, asset managers and insurers must ensure that their Coronavirus contingency planning meets not just the complex challenges raised by this event but also increasingly stringent regulatory standards. 11 March 2020 Read more about Coronavirus: Five steps to building a financial institution's resilience
  • Internationaljurisdiction:international
• CMA loses in the Court of Appeal in landmark case on unfair pricing As well as clarifying the law on unfair pricing, this judgment has important implications for the duty of competition authorities to investigate and the evidential burden placed on defendants. Ben Jasper Senior Associate 10 March 2020 Read more about CMA loses in the Court of Appeal in landmark case on unfair pricing
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• FCA publishes guidance to financial services firms on COVID-19 The FCA has set out information for, and the expectations of, firms during the coronavirus pandemic (COVID-19). Carlos Conceicao Partner 24 March 2020 Read more about FCA publishes guidance to financial services firms on COVID-19
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Regulators provide further clarity of senior managers' obligations in response to COVID-19 Both the FCA and PRA have recently issued statements providing guidance to senior managers on ensuring that they are supporting the Government's efforts to protect the public during the COVID-19 health emergency. 31 March 2020 Read more about Regulators provide further clarity of senior managers' obligations in response to COVID-19
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Regulatory risk and compliance during the coronavirus outbreak The FCA, Bank of England and HM Treasury has published a statement on coronavirus. Ellen Lake Senior Associate 6 March 2020 Read more about Regulatory risk and compliance during the coronavirus outbreak
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Latest Ofgem enforcement action gives much for the wholesale energy markets to consider Significant financial penalty and redress payment signals Ofgem's intention to take strong action in respect of the manipulation of the wholesale energy markets, but leaves questions unanswered for market participants. 28 April 2020 Read more about Latest Ofgem enforcement action gives much for the wholesale energy markets to consider
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Financial crime compliance in unprecedented times – key themes for financial services firms In a world of increased financial crime threats and challenges as a result of coronavirus, we look at 6 key areas for financial services firms to take action to stay in compliance. Ellen Lake Senior Associate 27 April 2020 Read more about Financial crime compliance in unprecedented times – key themes for financial services firms
  • Internationaljurisdiction:international
• The NCA's 2020/21 Annual Plan and National Strategic Assessment: Criminal use of tech and crypto and the threat of cyber crime The recently published Annual Plan for 2020/21 sets out the National Crime Agency's operational priorities for the year ahead and its enforcement response to the serious and organised crime threats set out in its National Strategic Assessment (NSA). Ellen Lake Senior Associate 21 April 2020 Read more about The NCA's 2020/21 Annual Plan and National Strategic Assessment: Criminal use of tech and crypto and the threat of cyber crime
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Responding to change and challenge: FCA publishes its Business Plan for 2020/21 On 7 April 2020, the FCA released its Business Plan for 2020/21, setting out its priorities for the year ahead, with specific focus on the unprecedented challenges arising from the coronavirus (Covid-19) pandemic. In this context of uncertainty and disruption, the Business Plan is understandably shorter in length this year. Emily Goddard Senior Associate 16 April 2020 Read more about Responding to change and challenge: FCA publishes its Business Plan for 2020/21
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Caution! Temporary changes to Australian continuous disclosure regime likely to be ineffective to reduce class-action risk The temporary changes, which are in effect for six months from 26 May 2020, ignore a number of provisions commonly invoked by class action plaintiffs to pursue damages claims in relation to alleged continuous disclosure failings 27 May 2020 Read more about Caution! Temporary changes to Australian continuous disclosure regime likely to be ineffective to reduce class-action risk
  • Asiajurisdiction:asia
• The PCAOB's International Focus – The US Public Company Accounting Oversight Board's Activity Abroad PCAOB registered non-US audit firms and individuals continue to be a focus for the PCAOB. Enforcement statistics for 2015-19 show significant non-US activity, which we expect to continue. 12 May 2020 Read more about The PCAOB's International Focus – The US Public Company Accounting Oversight Board's Activity Abroad
  • Americasjurisdiction:americas
• FCA guidance for firms on financial crime systems and controls during the coronavirus crisis On 6 May, the FCA published brief guidance as to its expectations of how firms should apply their financial crime systems and controls during the Covid-19 crisis. Ellen Lake Senior Associate 11 May 2020 Read more about FCA guidance for firms on financial crime systems and controls during the coronavirus crisis
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• CARES Act Funding Comes with Enforcement Risk CARES Act funding from the US government aims to help businesses weather the COVID-19 storm, but companies will need effective compliance measures to mitigate the risk of government enforcement. 4 May 2020 Read more about CARES Act Funding Comes with Enforcement Risk
  • Americasjurisdiction:americas
• Culture in financial services: developing thinking in the year of Coronavirus and BLM protests The FCA's thinking on culture is continuing to develop in the year of Coronavirus and BLM protests with focus on corporate purpose and the role of discrimination as both a symptom and cause of poor culture. Oliver Pegden Partner 24 June 2020 Read more about Culture in financial services: developing thinking in the year of Coronavirus and BLM protests
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Is Poland ready for the EU Whistleblower Protection Directive? Currently, Polish law contains no universal regulations on whistleblower protection. However, there are some specific laws in various business sectors that already contain provisions that are in line with the requirements laid down by the EU Whistleblower Protection Directive. Monika Diehl Advocate 17 June 2020 Read more about Is Poland ready for the EU Whistleblower Protection Directive?
  • Europejurisdiction:europe
• Issuer claims for share manipulation – where are we after Burford? The recent Commercial Court decision in Burford v LSE has highlighted the difficulties faced by listed companies who wish to bring civil claims for manipulation of their own shares. Jason Epstein Senior Associate 15 June 2020 Read more about Issuer claims for share manipulation – where are we after Burford?
  • United Kingdomclient_portal:country_state/united_kingdom
• The ICC emphasises the threats that sanctions clauses pose to trade finance The ICC Banking Commission has issued updated guidance to banks concerning the use of sanctions clauses in trade finance-related instruments subject to the ICC Rules, including documentary and standby letters of credit, documentary collections and demand guarantees and counter-guarantees. Carla Lewis Senior Associate 15 June 2020 Read more about The ICC emphasises the threats that sanctions clauses pose to trade finance
  • Internationaljurisdiction:international
• The New EU Whistleblower Protection Directive– Are The Member States Ready? Almost six months have passed since the Whistleblower Protection Directive came into force. This blog piece provides an overview of the new whistleblower protections and related obligations for companies. Paweł Pogorzelski Counsel 8 June 2020 Read more about The New EU Whistleblower Protection Directive– Are The Member States Ready?
  • Europejurisdiction:europe
• HKMA's observations on AML/CFT control measures for remote customer on-boarding activities The Hong Kong Monetary Authority (HKMA) elaborates on its regulatory expectations of Authorized Institutions (AIs) in respect of remote on-boarding activities, outlining good practices and suggestions to mitigate AML/CFT risks. 4 June 2020 Read more about HKMA's observations on AML/CFT control measures for remote customer on-boarding activities
  • Asiajurisdiction:asia
• What lies ahead? The Federal False Claims Act What lies ahead? Our investigations, enforcement, litigation, and compliance teams have been thinking hard to help you stay two-steps in front. In this video, partner Glen Donath brings you up to speed on the Federal False Claims Act and what business across all industries need to know about the investment and enforcement of the Act when pursuing Federal Government support during the current pandemic. Glen Donath Partner 27 July 2020 Read more about What lies ahead? The Federal False Claims Act
  • Americasjurisdiction:americas
• Partner Joshua Berman highlights investigations trends for 2020 Our clients can't predict the future – but we can help them stay ahead of trends in investigations, enforcement, litigation, and compliance. In this video, Josh Berman highlights the expected spike in investigations and inquiries from prosecutors, law enforcement agents and regulators during the current pandemic and into the future – take a look to see why. Joshua Berman Partner 24 July 2020 Read more about Partner Joshua Berman highlights investigations trends for 2020
  • Americasjurisdiction:americas
• New investigation reveals risks of biometric data processing for law enforcement purposes The regulatory woes of facial recognition firm Clearview AI deepened last week when data regulators in the UK and Australia (the ICO and OAIC) announced a joint investigation into their personal information handling practices, and signalled that they would liaise with other global data protection authorities. 16 July 2020 Read more about New investigation reveals risks of biometric data processing for law enforcement purposes
  • Internationaljurisdiction:international
• Preeminent French criminal lawyer, Eric Dupond-Moretti, appointed Minister of Justice by President Macron: three key takeaways from his inaugural speech It has been 34 years since a criminal lawyer was appointed Minster of Justice in France. The announcement on Monday of the make-up of the new French cabinet with Mr. Dupond-Moretti as new Minister of Justice came as a shock to the legal profession as this talented but controversial criminal lawyer, known for his strong criticism against judges and the judicial system, was totally unexpected. Thomas Baudesson Partner 9 July 2020 Read more about Preeminent French criminal lawyer, Eric Dupond-Moretti, appointed Minister of Justice by President Macron: three key takeaways from his inaugural speech
  • Europejurisdiction:europe
• UK Government announces first sanctions under a new global human rights regime On 6 July 2020, Foreign Secretary Dominic Raab announced the first set of autonomous UK sanctions to be imposed since the country left the European Union. Marking a potential divergence in approach between the UK and the EU towards tackling human rights abuses, this latest step adds to the growing complexities businesses face when conducting international trade. Particularly UK financial institutions. Carla Lewis Senior Associate 8 July 2020 Read more about UK Government announces first sanctions under a new global human rights regime
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
  • Internationaljurisdiction:international
• Enforcement risks for payment services firms raised by FCA's latest "Dear CEO" letter On 9 July 2020, the FCA wrote to payment services firms highlighting the key areas of risk that firms must take steps to manage. Payment services is a key strategic priority for the FCA and these areas will likely form the basis of subsequent enforcement in the payment services sector. Ellen Lake Senior Associate 17 July 2020 Read more about Enforcement risks for payment services firms raised by FCA's latest "Dear CEO" letter
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Is Italy ready for the EU Whistleblower Protection Directive? Italy enacted the "Law on Whistleblowing" to establish general laws applicable alongside sector legislation. This is however limited to entities that adopted systems and controls under the Italian Vicarious Liability Act. Simonetta Candela Partner 3 August 2020 Read more about Is Italy ready for the EU Whistleblower Protection Directive?
  • Europejurisdiction:europe
• The Insurance Authority of Hong Kong issues guidance on enforcement and secrecy provisions The Insurance Authority of Hong Kong (IA) has issued Frequently Asked Questions (FAQs) on enforcement and an Explanatory Note (Explanatory Note) to clarify Section 121 of the Insurance Ordinance (Cap. 41) (IO) on the secrecy provisions 5 August 2020 Read more about The Insurance Authority of Hong Kong issues guidance on enforcement and secrecy provisions
  • Asiajurisdiction:asia
• SFC publishes review of Hong Kong Stock Exchange's performance in its regulation of listing matters In this review report, the SFC continues its focus on listed company compliance and recommends enhancement of the investigatory and enforcement processes for oversight of the Hong Kong Stock Exchange 5 August 2020 Read more about SFC publishes review of Hong Kong Stock Exchange's performance in its regulation of listing matters
  • Asiajurisdiction:asia
• Record-setting CFTC and DOJ penalties imposed after failure to provide complete and accurate information On August 19, 2020, the U.S. Commodity Futures Trading Commission (“CFTC”) announced a $127.4 million settlement with a bank headquartered outside the United States (the “Bank”) for spoofing and false statements David Yeres Senior Counsel 27 August 2020 Read more about Record-setting CFTC and DOJ penalties imposed after failure to provide complete and accurate information
  • Americasjurisdiction:americas
• FCA Enforcement on AML – the risks associated with a supervisory visit laid bare In its annual AML and CTF supervision report, HM Treasury has reported on the work of the FCA and other supervisory bodies in relation to the supervision and enforcement of the Money Laundering Regulations in the UK. The report highlights the enforcement risk associated with supervisory visits. Michael Lyons Partner 7 August 2020 Read more about FCA Enforcement on AML – the risks associated with a supervisory visit laid bare
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• FCA Reveals Data on Cyber Notification and Investigation Trends New data released by the FCA reveals significant insights into the number of cyber incidents that have been reported to them and the number of investigations they have consequently opened 25 August 2020 Read more about FCA Reveals Data on Cyber Notification and Investigation Trends
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• FCA to extend the scope of the REP-CRIM reporting regime The Financial Conduct Authority (FCA) is consulting (CP20/17 'Extension of Annual Financial Crime') (24 August 2020) on a proposal to significantly extend the scope of firms required to provide information under the current annual financial crime reporting (REP-CRIM) requirements. Michael Lyons Partner 27 August 2020 Read more about FCA to extend the scope of the REP-CRIM reporting regime
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• ACCC seeks to strengthen Global Collaboration on Anti-Competitive Investigations The Australian Competition and Consumer Commission (ACCC) has announced a new multilateral memorandum of understanding aimed at tackling anti-competitive behaviour by multinational companies. 21 September 2020 Read more about ACCC seeks to strengthen Global Collaboration on Anti-Competitive Investigations
  • Asiajurisdiction:asia
• FCA Proceedings and Privilege Reasoning in the recent FCA v Carillion PLC (In Liquidation) decision may be relevant to the question of when litigation privilege arises during a regulatory investigation. Oliver Pegden Partner 16 September 2020 Read more about FCA Proceedings and Privilege
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• FCA issues statement on cannabis-related businesses The FCA has issued a statement in response to queries from companies involved in the lawful cannabis industry outside of the UK who are interested in listing in the UK. In its statement the FCA sets out its analysis of the Proceeds of Crime Act in relation to cannabis-related businesses and how this impacts any application to list in the UK. Lydia Tuckey Senior Associate 21 September 2020 Read more about FCA issues statement on cannabis-related businesses
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Is Belgium ready for the EU Whistleblower Protection Directive? Belgium as yet does not have a comprehensive framework for whistleblower protection. Two piecemeal regulations, however, regulate such protection for financial markets and money laundering. Dorothée Vermeiren Partner 2 September 2020 Read more about Is Belgium ready for the EU Whistleblower Protection Directive?
  • Europejurisdiction:europe
• Is Luxembourg ready for the EU Whistleblower Protection Directive? The EU Whistleblower Directive (the "Directive") provides for a general framework of whistleblower protection, in stark contrast to the number of sectorial rules currently in force in Luxembourg. Albert Moro Partner 4 September 2020 Read more about Is Luxembourg ready for the EU Whistleblower Protection Directive?
  • Europejurisdiction:europe
• Is the Netherlands ready for the EU Whistleblower Protection Directive? In the Netherlands, whistleblower protection legislation (the "Whistleblower Act") has been effective since 1 July 2016. Relevant legislation provides for an obligation for employers that generally have at least 50 people working within their organisation in the Netherlands to draw up an internal procedure for reporting wrongdoing. The new EU Whistleblower Protection Directive (the "Directive"), will bring several changes to the existing legal framework. Sara Schermerhorn Senior Advisor 22 September 2020 Read more about Is the Netherlands ready for the EU Whistleblower Protection Directive?
  • Europejurisdiction:europe
• Is Romania ready for the EU Whistleblower Protection Directive? As of the date of this briefing, no general regulation for the protection of the whistleblowers is in force in Romania. Moreover, no draft law for implementing the Whistleblower Protection Directive has been published yet. However, some sector-specific legislation in force includes certain protection provisions related to reporting procedures and whistleblowers' protection. 21 September 2020 Read more about Is Romania ready for the EU Whistleblower Protection Directive?
  • Europejurisdiction:europe
• L'AFA publie un guide sur les cadeaux et invitations en entreprise Le guide pratique sur la gestion des cadeaux et invitations publié le 11 septembre précise certaines bonnes pratiques sans être pour autant prescripteur. Charles-Henri Boeringer Partner 22 September 2020 Read more about L'AFA publie un guide sur les cadeaux et invitations en entreprise
  • Europejurisdiction:europe
• OFSI issues Maritime Financial Sanctions Guidance Over the summer, the UK Office of Financial Sanctions Implementation ("OFSI"), issued new sanctions compliance guidance for entities and individuals operating within the maritime shipping sector. Lydia Tuckey Senior Associate 3 September 2020 Read more about OFSI issues Maritime Financial Sanctions Guidance
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• PSR interim report on the supply of card acquiring services encourages smaller merchants to switch Following the launch of its market review into the supply of card-acquiring services in July 2018, the Payment Systems Regulator's (PSR) has published its interim report: Market Review (MR18 1.7) (15 September 2020) (MR18/1.7), setting out a number of key recommendations that include advising smaller merchants to switch supplier and removing perceived barriers which potentially impede the switching process. Samantha Ward Partner 22 September 2020 Read more about PSR interim report on the supply of card acquiring services encourages smaller merchants to switch
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• The French Anti-bribery Agency publishes Gifts and Hospitality guidelines Guidelines on the management of Gifts and Hospitality published on 11 September by the French Anti-bribery Agency ("AFA") specify some good practices but leave some room for corporate entities to tailor their Gifts and Hospitality policy to their risk profile. Charles-Henri Boeringer Partner 22 September 2020 Read more about The French Anti-bribery Agency publishes Gifts and Hospitality guidelines
  • Europejurisdiction:europe
• The FCA's latest published figures show that skilled person reviews remain a key supervisory tool Section 166 reviews are likely to be an attractive means to assist regulators in assessing the impact of the pandemic. 30 September 2020 Read more about The FCA's latest published figures show that skilled person reviews remain a key supervisory tool
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Strengthen and Simplify: ALRC Advocates for a Corporate Criminal Responsibility Regime with Sharper Teeth The Australian Law Reform Commission report, Corporate Criminal Responsibility, was tabled in Parliament on 31 August 2020, making 20 recommendations for reform. Access the final report here and the summary report here. 7 September 2020 Read more about Strengthen and Simplify: ALRC Advocates for a Corporate Criminal Responsibility Regime with Sharper Teeth
  • Asiajurisdiction:asia
• European Digital Operational Resilience – the next chapter The European Commission unveils wide-ranging proposals to regulate digital operational resilience in financial services. 2 October 2020 Read more about European Digital Operational Resilience – the next chapter
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Ransomware: More than your data is at risk warns latest US Treasury Advisories The US Department of Treasury recently issued advisories aimed at financial institutions and corporates being extorted to make or process payments relating to ransomware attacks. The advisories are a reminder to consider money laundering and sanctions risks as part of ransomware crisis management. Michelle Williams Partner 6 October 2020 Read more about Ransomware: More than your data is at risk warns latest US Treasury Advisories
  • Americasjurisdiction:americas
• ICO Announces Significantly Reduced GDPR Fine for British Airways The ICO has issued a Penalty Notice fining British Airways £20m for infringements of the GDPR, a reduction of £163 million from its original intended fine. 19 October 2020 Read more about ICO Announces Significantly Reduced GDPR Fine for British Airways
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Law Commission to investigate corporate criminal liability laws in the UK The Government has recently asked the Law Commission to consider options for reforming corporate criminal liability – but this is unlikely to be the magic wand that those calling for reform have hoped for. Ellen Lake Senior Associate 10 November 2020 Read more about Law Commission to investigate corporate criminal liability laws in the UK
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• UK Government publishes new guidance for post-Brexit sanctions With less than two months to go until the end of the Brexit Implementation Period, the UK Government is continuing its efforts to help ensure UK businesses are fully prepared for the transition, publishing further guidance on the UK's post-Brexit sanctions regime. Michael Lyons Partner 16 November 2020 Read more about UK Government publishes new guidance for post-Brexit sanctions
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Three ICO Enforcement actions in a month – What do the Ticketmaster, Marriott and British Airways penalties tell us about cyber resilience and data breach? It has been a busy few weeks for the Information Commissioner, with the ICO most recently publishing a Penalty Notice for GDPR breaches under the Data Protection Act 2018 (DPA) against Ticketmaster, which it has fined £1.25m. 23 November 2020 Read more about Three ICO Enforcement actions in a month – What do the Ticketmaster, Marriott and British Airways penalties tell us about cyber resilience and data breach?
  • United Kingdomclient_portal:country_state/united_kingdom
• First Legal Action Under The 2017 French Vigilance Law On 10 December 2020, the Court of Appeal confirmed the decision of the juge des référés of the Tribunal of Nanterre ruling that it did not have jurisdiction to hear the complaint filed by NGOs against the oil company under the French Vigilance Law. Charles-Henri Boeringer Partner 22 December 2020 Read more about First Legal Action Under The 2017 French Vigilance Law
  • Europejurisdiction:europe
• AUSTRAC seeks to guide industry Australian Transaction Reports and Analysis Centre (AUSTRAC) has announced its plan to increase guidance for industry including by establishing a division dedicated to educating and engaging with regulated entities. The Australian Financial Review has reported on the developments here. Lara Gotti Senior Associate 1 December 2020 Read more about AUSTRAC seeks to guide industry
  • Asiajurisdiction:asia
• What you need to know about UK sanctions post-Brexit At 11pm on 31 December 2020, EU sanctions will cease to apply within the UK, and will be replaced by a new UK sanctions regime which is similar, but not identical to the current EU sanctions regime. Michael Lyons Partner 30 December 2020 Read more about What you need to know about UK sanctions post-Brexit
  • Internationaljurisdiction:international
• FCA consultation on further amendments to the SMCR: Head of Legal function excluded On 23 January 2019, the Financial Conduct Authority (FCA) issued a consultation paper (CP19/4) on amendments and clarifications to the Senior Managers and Certification Regime (SMCR). Emily Goddard Senior Associate 31 January 2019 Read more about FCA consultation on further amendments to the SMCR: Head of Legal function excluded
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
  • Europejurisdiction:europe
• Insider trading: What amounts to material non-public information (MNPI)? The question of whether information amounts to materially non-public information (MNPI) is always a challenging one. Janice Goh Partner, Cavenagh Law LLP* 25 January 2019 Read more about Insider trading: What amounts to material non-public information (MNPI)?
  • Asiajurisdiction:asia
• President Trump, human rights, US sanctions and global business: Traps for the unwary Over the past year, completely contrary to public expectations, President Trump has unleashed the power of US economic sanctions to champion human rights and fight corruption globally. George Kleinfeld Partner 14 January 2019 Read more about President Trump, human rights, US sanctions and global business: Traps for the unwary
  • Internationaljurisdiction:international
• FCA issues first decision using its Competition Act powers The FCA's decision on 21 February 2019 underscores the risks associated with competitors exchanging strategic information with each other, particularly in relation to prices and volumes. Ben Jasper Senior Associate 26 February 2019 Read more about FCA issues first decision using its Competition Act powers
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
  • Europejurisdiction:europe
• Final transitional period under DFS Cybersecurity Regulations ends March 1, 2019 The New York State Department of Financial Services (DFS) reminded regulated entities last week that the final transitional period for DFS's Cybersecurity Regulations ends March 1, 2019. Brian Yin Associate 12 February 2019 Read more about Final transitional period under DFS Cybersecurity Regulations ends March 1, 2019
  • Americasjurisdiction:americas
• Looking ahead to whistleblower protections in 2019 in the US, UK and EU Financial institutions should be monitoring expected changes to whistleblower protections in the US, UK and EU, which will require enhancements to existing policies to prevent your financial institution from making a critical misstep in an ever-changing legal area. Michelle Williams Partner 27 March 2019 Read more about Looking ahead to whistleblower protections in 2019 in the US, UK and EU
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
  • Americasjurisdiction:americas
  • Europejurisdiction:europe
• The UK Bribery Act is the gold standard, but more guidance is needed The House of Lords Bribery Act 2010 Committee has concluded that the legislation is 'exemplary' in its post-legislative scrutiny report on the Bribery Act 2010, but has identified areas where more guidance is needed. Ellen Lake Senior Associate 25 March 2019 Read more about The UK Bribery Act is the gold standard, but more guidance is needed
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• There may be changes ahead: UK Treasury Select Committee has recommended a sweeping overhaul of the fight against economic crime On 8 March 2019, the UK Treasury Select Committee released its report into economic crime, anti-money laundering supervision and sanctions implementation. Carla Lewis Senior Associate 20 March 2019 Read more about There may be changes ahead: UK Treasury Select Committee has recommended a sweeping overhaul of the fight against economic crime
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• How the Banking Royal Commission will change the Australian regulatory landscape The final report brings Australia's Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry to a close, with a series of 76 recommendations. In an election year, this promises to reshape the regulatory compliance and enforcement landscape for the entire industry. 15 March 2019 Read more about How the Banking Royal Commission will change the Australian regulatory landscape
  • Asiajurisdiction:asia
• FCA Enforcement action against Carphone Warehouse: Key points The recent FCA fine imposed on Carphone Warehouse raises important points regarding systems and controls, whistleblowing and the FCA's partial settlement and penalty policies. Oliver Pegden Partner 14 March 2019 Read more about FCA Enforcement action against Carphone Warehouse: Key points
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Canadian Cannabis vs POCA: High time for guidance It is now over four months since the Canadian Cannabis Act 2018 was passed but there has yet to be any guidance provided by the UK government in light of the wide ambit of the UK's money laundering legislation. Lydia Tuckey Senior Associate 4 March 2019 Read more about Canadian Cannabis vs POCA: High time for guidance
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Cyber-enabled crime highlighted as key risk area for financial and economic crime in the NCA's 2019/20 Annual Plan The National Crime Agency's Annual Plan highlights risks for cyber crime, money laundering, fraud, bribery, corruption and sanctions evasion – in particular the use of more complex and cyber-enabled methods by organised crime groups. Ellen Lake Senior Associate 29 April 2019 Read more about Cyber-enabled crime highlighted as key risk area for financial and economic crime in the NCA's 2019/20 Annual Plan
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• US Department of Justice CLOUD Act White Paper The US Department of Justice released in April a White Paper addressing a so-far unused aspect of the CLOUD Act. Steve Nickelsburg Partner 26 April 2019 Read more about US Department of Justice CLOUD Act White Paper
  • Americasjurisdiction:americas
• US Department of Treasury's FinCEN penalizes individual operating peer-to-peer virtual currency exchange Last week, US Department of Treasury's Financial Crimes Enforcement Network (FinCEN) assessed a $35,350 civil money penalty against an individual operating a peer-to-peer virtual currency exchange without registering as a Money Services Business (MSB). Megan Gordon Office Managing Partner, Washington, DC 24 April 2019 Read more about US Department of Treasury's FinCEN penalizes individual operating peer-to-peer virtual currency exchange
  • Americasjurisdiction:americas
• US expands focus on corporate officer wrongdoing with novel prosecution under the Consumer Product Safety Act For the first time ever, the US Justice Department has prosecuted corporate officers for violations of the Consumer Product Safety Act. Joshua Berman Partner 23 April 2019 Read more about US expands focus on corporate officer wrongdoing with novel prosecution under the Consumer Product Safety Act
  • Americasjurisdiction:americas
• Trump's Iran oil embargo: What if China ignores it? The White House announced on 22 April that it will terminate in early May an exception to the US secondary sanctions that had enabled 8 countries, including China and India, to import crude oil from Iran without risking the imposition of US sanctions in response. George Kleinfeld Partner 23 April 2019 Read more about Trump's Iran oil embargo: What if China ignores it?
  • Internationaljurisdiction:international
• AMF's recent action on insider trading: lessons learned The AMF has recently imposed fines; punishing the Chairman of a French telecommunications company for insider trading, whilst letting bankers who acquired the information by looking over a neighbour's shoulder on the Eurostar off scot free. We consider the reasoning, as well as key takeaways from this decision. Charles-Henri Boeringer Partner 22 May 2019 Read more about AMF's recent action on insider trading: lessons learned
  • Europejurisdiction:europe
• Highlights from the FCA's 2019/2020 Business Plan On 17 April 2019, the FCA released its latest Business Plan, setting out its key priorities and main areas of focus for 2019/2020. The FCA has since published its Approach to Enforcement and Approach to Supervision, which aim to help explain how the FCA carries out its activities in accordance with its Mission. We consider some of the key themes. Emily Goddard Senior Associate 10 May 2019 Read more about Highlights from the FCA's 2019/2020 Business Plan
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• New Guidance from OFAC: A Framework for OFAC Compliance Last year, OFAC signaled that it would be issuing much-anticipated guidance for companies on building sanctions compliance programs and, on May 2, 2019, OFAC delivered. David DiBari Partner 9 May 2019 Read more about New Guidance from OFAC: A Framework for OFAC Compliance
  • Americasjurisdiction:americas
• HM Treasury considers gold-plating 5MLD requirements for cryptos HM Treasury's consultation on the transposition of 5MLD highlights the potential gold-plating of 5MLD in relation to the requirements for cryptos. We look at the proposal and consider some of the potential impacts. Lydia Tuckey Senior Associate 8 May 2019 Read more about HM Treasury considers gold-plating 5MLD requirements for cryptos
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• New Guidance from DOJ on "Evaluation of Corporate Compliance Programs" On April 30, 2019, the US Department of Justice, Criminal Division, published an updated "Guidance Document" on "Evaluation of Corporate Compliance Programs". David DiBari Partner 8 May 2019 Read more about New Guidance from DOJ on "Evaluation of Corporate Compliance Programs"
  • Americasjurisdiction:americas
• Reform of corporate criminal liability – unresolved On 7 May 2019, the Government published its response to the House of Commons Treasury Committee's March 2019 report "Economic Crime - Anti-money laundering supervision and sanctions implementation" – but deferred again on addressing calls for reform of the corporate criminal liability framework. Ellen Lake Senior Associate 16 May 2019 Read more about Reform of corporate criminal liability – unresolved
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Cybersecurity and financial sector firms: IOSCO poses 15 sample questions to ask when reviewing your practices The IOSCO Cyber Task Force has produced a set of questions to assist in understanding core cybersecurity standards and to promote international consistency in the fight against cybercrime. Ellen Lake Senior Associate 19 June 2019 Read more about Cybersecurity and financial sector firms: IOSCO poses 15 sample questions to ask when reviewing your practices
  • Internationaljurisdiction:international
• Senior Manager Delegation – some wise words from a US President Delegation of responsibilities has taken on new significance for insurance firms since the implementation of the Senior Managers Regime. For the first time, senior managers have an express obligation under the conduct rules to take reasonable steps when delegating responsibilities and providing oversight of them. Dorian Drew Partner 13 June 2019 Read more about Senior Manager Delegation – some wise words from a US President
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
  • Europejurisdiction:europe
• Focus on the protection of whistleblowers in Poland and the EU The current proposal of the new Polish law on corporate criminal liability provides for protection for whistleblowers. This is in line with the most recent EU policy. Monika Diehl Advocate 7 June 2019 Read more about Focus on the protection of whistleblowers in Poland and the EU
  • Europejurisdiction:europe
• Outsourcing and operational resilience: Lessons from recent regulatory findings As financial institutions increase their use of outsourcing, particularly in the FinTech sector, recent enforcement actions and authority publications offer useful indicators of key regulatory concerns. 5 June 2019 Read more about Outsourcing and operational resilience: Lessons from recent regulatory findings
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Russian sanctions post-Brexit: Further risks As at the date of publication, leaving the EU without a deal seems an increasingly realistic outcome. To prepare for this eventuality, the Government has put into place various regulations to implement sanctions into UK law that will apply from "Brexit Day". Carla Lewis Senior Associate 6 June 2019 Read more about Russian sanctions post-Brexit: Further risks
  • Europejurisdiction:europe
• HKCFA clarifies agency relationship under Prevention of Bribery Ordinance in Hong Kong The Hong Kong Court of Final Appeal (HKCFA) clarifies that no pre-existing legal relationship is required for an agency relationship to arise under section 9 of the Prevention of Bribery Ordinance (Cap. 201) (POBO). 2 July 2019 Read more about HKCFA clarifies agency relationship under Prevention of Bribery Ordinance in Hong Kong
  • Asiajurisdiction:asia
• Expectations of Private Sector actors in the fight against economic crime The UK's Economic Crime Plan for 2019-22 places heavy emphasis on new requirements for the private sector in defending against economic crime. Ellen Lake Senior Associate 26 July 2019 Read more about Expectations of Private Sector actors in the fight against economic crime
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• FCA publishes Enforcement Annual Performance Report 2018/2019 Alongside its Annual Report and Accounts, on Tuesday 9 July 2019 the FCA published its Enforcement Annual Performance Report, which provides an overview of the FCA's enforcement activities during 2018/2019. Emily Goddard Senior Associate 11 July 2019 Read more about FCA publishes Enforcement Annual Performance Report 2018/2019
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• Hong Kong Competition Tribunal's first decisions: Six key takeaways On 17 May 2019, the Competition Tribunal handed down its judgments in Hong Kong's first two competition cases involving bid-rigging, market sharing and price fixing. 8 July 2019 Read more about Hong Kong Competition Tribunal's first decisions: Six key takeaways
  • Asiajurisdiction:asia
• Crypto exchanges have 12 months to implement FATF anti-money laundering standards FATF Recommendation 15 means that crypto exchanges and other virtual asset service providers must share originator and beneficiary information during transactions between exchanges. Ellen Lake Senior Associate 4 July 2019 Read more about Crypto exchanges have 12 months to implement FATF anti-money laundering standards
  • Internationaljurisdiction:international
• Hacked! High Court of Australia dismisses action to restrain use of "Paradise Papers" on grounds of LPP The unanimous decision of all seven judges of Australia's highest court in Glencore International AG v Commissioner of Taxation [2019] HCA 26 underlines the importance of confidentiality in maintaining a claim for legal professional privilege (LPP) and leaves open the question of whether a claim of LPP will be available in litigation in the ordinary course if the otherwise privileged documents have entered the public domain following a cyber-attack. 23 August 2019 Read more about Hacked! High Court of Australia dismisses action to restrain use of "Paradise Papers" on grounds of LPP
  • Asiajurisdiction:asia
• Turbulent Times: OFAC warns Aviation industry on deceptive practices On 23 July 2019, "Iran-Related Civil Aviation Industry Advisory", the US Department of Treasury Office of Foreign Assets Control (OFAC) delivered a warning as to the "deceptive practices by Iran with respect to the Civil Aviation Industry". Michelle Williams Partner 8 August 2019 Read more about Turbulent Times: OFAC warns Aviation industry on deceptive practices
  • Americasjurisdiction:americas
• The US imposes additional sanctions on Russia in response to the UK 'Novichok' Incident On 2 August 2019, the US announced that new sanctions will be imposed on Russia as required under the Chemical and Biological Weapons Control and Warfare Elimination Act of 1991 in response to the March 2018 "novichok" nerve agent incident against Sergei and Yulia Skripal in the UK. David DiBari Partner 9 August 2019 Read more about The US imposes additional sanctions on Russia in response to the UK 'Novichok' Incident
  • Americasjurisdiction:americas
  • Europejurisdiction:europe
• Raising the bar: New Fit and Proper and CPD Guidelines published for insurance intermediaries in Hong Kong In preparation for the new regulatory regime for insurance intermediaries in Hong Kong, the Insurance Authority has published two new guidelines on Fit and Proper Criteria and Continuing Professional Development to come into effect on 23 September 2019. Helen Fu Associate 5 August 2019 Read more about Raising the bar: New Fit and Proper and CPD Guidelines published for insurance intermediaries in Hong Kong
  • Asiajurisdiction:asia
• New SFO Corporate Co-operation Guidance issued The UK's Serious Fraud Office has published new guidance on corporate co-operation. The SFO meaning of co-operation? Providing assistance to the SFO that goes above and beyond what the law requires. Ellen Lake Senior Associate 8 August 2019 Read more about New SFO Corporate Co-operation Guidance issued
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• U.S. Treasury Department Issues Proposed Rules Implementing New CFIUS Regulations Under FIRRMA Pursuant to the Foreign Investment Risk Review Modernization Act of 2018, the United States Treasury Department's Office of Investment Security has issued Proposed Rules implementing the changes FIRRMA brought to the Committee on Foreign Investment in the United States. 26 September 2019 Read more about U.S. Treasury Department Issues Proposed Rules Implementing New CFIUS Regulations Under FIRRMA
  • Internationaljurisdiction:international
• Do the U.S. Securities and Commodities Laws Reach Foreign Conduct? Two recent appellate court decisions shed light on the limited circumstances in which regulators and private plaintiffs can pursue claims for violations of the U.S. securities and commodities laws for conduct occurring outside the United States. David Yeres Senior Counsel 24 October 2019 Read more about Do the U.S. Securities and Commodities Laws Reach Foreign Conduct?
  • Americasjurisdiction:americas
• Key points from the FCA's disciplinary action against Tullet Prebon On 11 October the FCA published a Final Notice imposing a fine of £15.4m on Tullet Prebon for breaches of Principles, 2, 3 and 11. Nadège Huart Senior Associate 22 October 2019 Read more about Key points from the FCA's disciplinary action against Tullet Prebon
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom
• The Wheels Of Justice Turn Slowly – Case Progression At The UK's Serious Fraud Office Criminal practitioners know it, the current Director of the SFO has acknowledged it, and now HM Crown Prosecution Service Inspectorate has confirmed it – the SFO has room for improvement when it comes to the speed at which they progress cases under investigation. 17 October 2019 Read more about The Wheels Of Justice Turn Slowly – Case Progression At The UK's Serious Fraud Office
  • United Kingdomclient_portal:country_state/united_kingdom
• Crypto and financial crime – what are the risks for Facebook's Libra? Facebook’s proposed global digital currency, Libra, aims to provide instant money transfers using blockchain technology for the 1.7 billion adults globally without access to a traditional bank account. Ellen Lake Senior Associate 8 October 2019 Read more about Crypto and financial crime – what are the risks for Facebook's Libra?
  • Internationaljurisdiction:international
• New Guidance On Hong Kong Licensed Corporations' Use Of Cloud Services And Other External Electronic Data Storage The Securities and Futures Commission sets out requirements for licensed corporations which keep regulatory records externally and clarifies their general obligations when using external electronic data storage providers. 8 November 2019 Read more about New Guidance On Hong Kong Licensed Corporations' Use Of Cloud Services And Other External Electronic Data Storage
  • Asiajurisdiction:asia
• Tensions Between The EU And US On Iran Sanctions: Are The Solutions Real Or Illusory? Recent events suggest that EU measures aimed at frustrating US sanctions on Iran are unlikely to be a match to the threats imposed by the Trump Administration on those who try to use them. Lydia Tuckey Senior Associate 23 December 2019 Read more about Tensions Between The EU And US On Iran Sanctions: Are The Solutions Real Or Illusory?
  • Internationalclient_portal:jurisdictions_cp/global
• Enforcement Risks In Becoming A Hong Kong SFC Licensed Virtual Asset Trading Platform Some of the key enforcement risks that a virtual asset trading platform needs to be aware of when seeking to be regulated under the new framework 4 December 2019 Read more about Enforcement Risks In Becoming A Hong Kong SFC Licensed Virtual Asset Trading Platform
  • Asiajurisdiction:asia
• AML failings and senior managers: what if senior managers don't have AML experience? The FCA has again made clear that inexperience is no excuse when it comes to failings in the UK regulatory environment. But what if senior managers lack experience in an area for which they are responsible? Ellen Lake Senior Associate 5 December 2018 Read more about AML failings and senior managers: what if senior managers don't have AML experience?
  • United Kingdomjurisdiction:europe/western_europe/united_kingdom

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