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
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
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
In Nayif v The High Commission of Brunei Darussalam [2014] EWCA Civ 1521 the Court of Appeal allowed a personal injury claim to be pursued in the High Court, even though a discrimination claim based on the same facts was...more
In this report, Sarah Hitchins and Andrew Lee, associates in Allen & Overy LLP's Banking, Finance and Regulatory Litigation Group, consider the High Court's judgment in Financial Conduct Authority v Anderson [2014] EWHC 3630...more
In this report, Sarah Hitchins, an associate in Allen & Overy LLP's Banking, Finance and Regulatory Litigation Group, considers the decision of the Upper Tribunal (Tax and Chancery Chamber) (the Upper Tribunal) in which it...more
In this case report we consider enforcement action taken by the FCA in relation to three former senior executives of a large retail insurance firm (the former Chief Executive, Finance Director and Marketing Director). This...more
In Christian Kruppa v Alessandro Benedetti & anr [2014] EWHC 1887 (Comm), 11 June 2014, the Commercial Court held that a dispute resolution clause that required the parties to "endeavour" to resolve a dispute through...more
In this case report, Sarah Hitchins, an associate in Allen & Overy LLP’s Banking, Finance and Regulatory Litigation Group, considers the High Court’s decision to allow an application for permission to bring judicial review...more
In this report we consider the FCA’s decision to fine Invesco Asset Management Ltd and Invesco Fund Managers Ltd (together, Invesco Perpetual) £18,643,000 for failings relating to fund management and for exposing investors to...more