The United Kingdom, France, and Switzerland recently issued a founding statement to establish a new anti-corruption prosecutorial taskforce—an international move that could be seen as a response to the United States’ pause on...more
The UK Supreme Court’s ruling on undisclosed commissions earned by brokers will significantly impact the automotive sector and lenders. Although banks have been the focus of debate, the decision by His Majesty’s Treasury to...more
The UK Financial Conduct Authority (FCA) recently adopted a new anti-greenwashing rule, alongside supplemental guidance, requiring that financial service businesses regulated by the FCA ensure that any sustainability claims...more
Asset freeze measures enacted by the United Kingdom against designated persons (DPs) can, under certain circumstances, extend to entities “owned or controlled” by DPs. To date, there have been few—and at times partly...more
Amid a rise of environmental, social, and governance (ESG) investing and initiatives, the European Union and United Kingdom have set their sights on efforts to combat greenwashing in the financial sector. Regulations...more
UK regulators have recently been taking aim at environmental, social and governance (ESG) issues, namely ways to approach “greenwashing,” practices where false, misleading, overstated or unsubstantiated environmental material...more
The recent passage of the Economic Crime and Corporate Transparency Act 2023 marked a significant moment in the UK government’s commitment to improving its economic crime legislative framework with the aim to deter and...more
The National Crime Agency (NCA) in the UK has indicated a willingness to investigate companies that import goods made or assembled by forced labourers on the grounds that those products may constitute the proceeds of crime....more
The United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) and Office of Financial Sanctions Implementation (OFSI) have announced they will change the structure and format of the UK Sanctions List and OFSI’s...more
The UK Financial Conduct Authority (FCA) has recently announced that it is considering adding a sixth question on diversity and inclusion (D&I) to its five conduct questions (5CQs). The significance of D&I has long been...more
The Financial Conduct Authority (FCA) has emphasised in recent years that firms should consider nonfinancial misconduct when assessing the fitness and propriety of staff. ...more
All dual-regulated and FCA solo-regulated firms are now under the scope of the Senior Managers & Certification Regime (SMCR), with many working hard in recent months to ensure all aspects of the regime are well embedded. ...more
Recent sanctions imposed by the European Union, United Kingdom, and the United States on Turkey and certain Turkish persons will be of interest to European and American investors in Turkey’s defense and energy sectors. The...more
1/29/2021
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The UK Financial Conduct Authority recently published Policy Statement 20/12, which sets out the final rules on the extension of the Senior Managers and Certification Regime implementation deadlines for the certification...more
The UK Financial Conduct Authority recently closed its consultation (CP20/10) to extend the deadline for solo-regulated firms to conduct their first fitness and propriety assessments of certified staff and train all staff on...more
A new act in the United Kingdom provides power to HMRC to claw back coronavirus (COVID-19) support payments and issue penalties for deliberate and inadvertent misuse of such schemes....more
The Financial Conduct Authority (FCA) began a consultation (CP20/10) on 17 July on the extension of the deadlines by which FCA solo-regulated firms must have first assessed the fitness and propriety of their certified staff,...more
The UK Serious Fraud Office’s Corporate Cooperation Guidance has implications for organizations operating inside and outside the United Kingdom. International organizations should take the Guidance into account in practical...more
HM Revenue & Customs has provided a timely reminder of the need for organisations with a connection to the United Kingdom to review their prevention procedures regarding the failure to prevent the facilitation of tax evasion...more