The UK Supreme Court has unanimously ruled that the criminal dishonesty test in R v Ghosh is wrong and that courts should no longer follow this test. The recent decision in Ivey v Genting Casinos clarifies that the test for...more
Dealmakers’ appetite for transactions involving publicly listed companies remains strong — 2016 saw an increase in deal volume, a trend which continues into 2017. However, deals remain challenging, partly due to limitations...more
The court vacates LIBOR convictions with significant implications for US criminal cases involving cross-border investigations.
Key Points:
..The Fifth Amendment also limits the use a defendant’s statements compelled by...more
Legal professional privilege allows clients to share information with lawyers, knowing it need not be revealed in court. Privilege extends to legal advice generally, and to documents prepared in contemplation of litigation. ...more
Corporations should take steps to ensure their internal investigations are not used against them in English litigation.
A recent decision in an English court could have important consequences for internal corporate...more
Proposed changes to corporate criminal offending should cause corporate dealmakers to review the scope of acquisition diligence, particularly in light of the UK Serious Fraud Office’s (SFO’s) increasing use of deferred...more
“Privilege is a fundamental human right guaranteed by the common law, and a principle which is central to the administration of justice. Once a document is subject to privilege, the privilege is absolute: it cannot be...more
ESMA’s new Q&A clarify a number of key points on the MTF, OTF and SI regimes.
On 5 April 2017, ESMA published an updated version of its Q&A document on market structures under MiFID II. The final section has been...more
Fifth Consultation Paper and first Policy Statement issued, with the FCA’s second Policy Statement due in June.
The FCA has just published two further papers on its approach to implementing MiFID II. The first, which is...more
Following a two-year investigation, Tesco PLC has announced that its subsidiary Tesco Stores Limited (Tesco Ltd) had agreed in principle the terms of a Deferred Prosecution Agreement (DPA) with the UK Serious Fraud Office...more
Deferred prosecution agreements (DPAs) became part of the prosecutors’ toolbox in 2014, allowing for settlement instead of bringing a case to trial. Recent statements from the Serious Fraud Office (SFO) indicate an increasing...more