It has usually been taken for granted that an individual who is required to attend an interview with a UK regulator or authority can be accompanied by a lawyer of their choice. Until now. Under new UK Serious Fraud Office...more
In this decision report we consider the FCA's final notice issued to Peter Francis Johnson on 19 May 2016.
?Mr Johnson was formerly the compliance officer and money laundering reporting officer (MLRO) for Keydata...more
The Information Commissioner held that a set of training slides provided to a public authority were not protected by legal advice privilege. However, this decision was overturned by the Tribunal, meaning that – in certain...more
It has usually been taken for granted that an individual who is required to attend an interview with a UK regulator or authority can be accompanied by a lawyer of their choice. That is until now. ...more
In this decision report we consider the FCA's final notice issued to Mark Samuel Taylor on 5 May 2016. Mr Taylor was fined £36,285 (reduced from £78,819 on the grounds of serious financial hardship) and banned from performing...more
In this case report we consider the Court of Appeal's judgment in Jeffery v FCA [2016] EWCA Civ 187 (19 January 2016).
The Court of Appeal refused an application for an appeal against a previous decision made by the...more
In this decision report we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in which the Upper Tribunal declined to suspend the effect of a decision notice that had been issued to a firm, Money Matcher...more
In this decision report we consider the recent decision notice published by the FCA, in which the FCA detailed its reasons for proposing to impose a prohibition order on a fund manager. The Upper Tribunal previously held that...more
On 5 April 2016, the UK Financial Conduct Authority (FCA) published its Business Plan for 2016/17. The Business Plan sets out a roadmap for the FCA’s principal areas of focus over the coming year. Overall, there was...more
The new Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) senior managers and certification regime (the new regime) will come into force on 7 March 2016. Many firms will see this date as marking...more
In this case report, we consider the decision of the Upper Tribunal (Tax and Chancery Chamber) in Ghanshyam Batra v Financial Conduct Authority [2014] UKUT 214 (TCC), in which the Upper Tribunal upheld the FCA's decision to...more
In this case report, we consider the High Court judgment in Re Worldspreads Ltd v Re Investment Bank Special Administration Regulations 2011 [2015] EWHC 1719 (Ch) (19 June 2015).
Originally published in Practical Law on...more
8/27/2015
/ Amended Regulation ,
Client Assets sourcebook (CASS) ,
Customer Funds Protection ,
Declaratory Judgments ,
Distribution Rules ,
Financial Conduct Authority (FCA) ,
FSCS ,
IBSAR ,
Investment Banks ,
Investment Funds ,
Special Administration ,
Trading Platforms ,
UK ,
UK Insolvency Act
The court considered whether liability for a series of Financial Ombudsman Service (FOS) complaints had been transferred by way of an insurance business transfer scheme under Part VII of the Financial Services and Markets Act...more
In this case, we consider the decision of the County Court in David Anderson v Openwork Ltd [2015] EW Misc B14 (18 June 2015) in which it dismissed an appeal against an earlier decision, finding that where a financial adviser...more
Overall, the Final Report sets out some important proposed changes for FICC markets, such as creating a new statutory civil and criminal market abuse regime for spot FX, lengthening the maximum sentence for criminal market...more
7/9/2015
/ Asset Management ,
Bank of England ,
Broker-Dealer ,
Criminal Prosecution ,
FICC ,
FICC Market Standards Board (FMSB) ,
Financial Conduct Authority (FCA) ,
Hedge Funds ,
HM Treasury ,
IOSCO ,
Prudential Regulation Authority (PRA) ,
Trade Market Abuse ,
UK
We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in which the tribunal upheld the FCA's decision to fine and prohibit a financial adviser, Clive Rosier, for poor record keeping and compliance...more
We consider here the decision of the Upper Tribunal (Tax and Chancery Chamber) in Bayliss & Co (Financial Services) Limited and Clive John Rosier v the Financial Conduct Authority [2015] UKUT 0265 (TCC) in which the tribunal...more
In this decision report, we consider the FCA’s decision notices issued to the former chief executive, sales director and compliance officer of Keydata Investment Services Ltd in connection with the sale of structured...more
In December 2014, the tribunal handed down a decision that partly upheld the FCA's findings in respect of Ms Burns in connection with her conduct as a non-executive director (CF2) of two mutual societies. The tribunal found...more
6/9/2015
/ Appeals ,
Breach of Duty ,
Civil Monetary Penalty ,
Directors ,
Failure To Disclose ,
Financial Conduct Authority (FCA) ,
Financial Statements ,
FSMA ,
Reversal ,
Sanctions ,
Trade Market Abuse ,
UK
Tackling market abuse continues to be a strategic priority for the FCA. In late 2014, the FCA undertook a thematic review into asset management firms and the risk of market abuse, the results of which were published in...more
5/25/2015
/ Asset Management ,
Compliance ,
Enforcement ,
Enforcement Actions ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Fund Managers ,
Insider Trading ,
Risk Management ,
Risk Mitigation ,
Trade Market Abuse
In this case report, we consider the High Court’s judgment in European Securities and Markets Authority v DTCC Derivatives Repository Limited [2015] EWHC 1085 (Ch), in which the High Court clarified the process that the...more
We consider here the FCA's enforcement action against Kenneth Carver for committing market abuse (insider dealing) in breach of section 118(2) of the Financial Services and Markets Act 2000 (FSMA) when purchasing shares on...more
In Michael Norcross v Chrislos Georgallides [2014] EWHC 4530 (Comm), 4 July 2014, the Commercial Court clarified the test that will be applied by a court when determining whether to grant retrospective alternative service of...more
Rules due to come into force in March 2016
Yesterday HM Treasury announced the commencement date for the new FCA and PRA Senior Managers and Certification Regime. Relatively limited information has been released, but...more
On 18 December 2014, HM Treasury published a final report following the review that it has undertaken of enforcement decision-making processes at the FCA and the PRA.
Originally published in Practical Law on February...more