On 12 January 2023, the FCA published its whistleblowing data for the period July to September 2022 (Q3 2022). During this period, it received 291 new whistleblowing reports, containing 734 allegations. Most of the new reports were received via the online reporting form and the majority of whistleblowers provided their contact details, rather than seeking … Continue Reading
On 11 January 2023, the FCA published its latest quarterly Skilled Person data for the period July to October 2022 (Q2 2022/23). There were 11 reports commissioned during this time (following nine in the first quarter of the year). This is broadly in line with the number of reports commissioned last year (when 38 reports … Continue Reading
It is widely recognised that poor culture has been a major root cause of past conduct failures. To assist firms in this area, we have analysed some of the key FCA enforcement cases from the past year to draw out some learning points on governance, focusing on the following themes: roles and responsibilities; oversight; policies … Continue Reading
The FCA has recently fined Sir Christopher Gent, former non-executive Chairman of a global medical products and technologies company (the Company), £80,000 for the unlawful disclosure of inside information relating to the Company in contravention of the EU Market Abuse Regulation (EU MAR). The published decision contains a number of key takeaways in relation to … Continue Reading
Our latest episode of Regulation Tomorrow Plus is now available to stream and download on ‘Apple podcasts‘ and ‘Spotify‘ In this podcast Katie Stephen, Co-Head of our Contentious Financial Services Group in London, and Celia Cohen, Co-Head of Financial Institutions in the United States, discuss the key regulatory risks for financial services firms in their … Continue Reading
On 28 July 2022, the Office of Financial Sanctions Implementation (OFSI) updated its general guidance for financial sanctions under the Sanctions and Anti-Money Laundering Act 2018. The guidance outlines firms’ obligations under financial sanctions, as well as OFSI’s approach to licensing and compliance issues. It takes into account relevant case law and guidance at the … Continue Reading
In June, HM Treasury issued its response to its October 2021 consultation on amendments to the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs 2017). The response contained a number of updates to the MLRs 2017 which, for the most part, come into force on 1 September 2022. … Continue Reading
The sixth instalment of our Beyond Sanctions podcast series is now available to stream and download on Apple Podcasts and Spotify. In this episode, David Harris, Co-Head of our Contentious Financial Services Group in London, discusses some recent developments in the sanctions landscape for regulated firms, including key points from the: Red Alert on Financial Sanctions … Continue Reading
On 22 July 2022, the FCA published its financial promotions quarterly data for Q2 2022. Between April and June 2022, 374 promotions were amended or withdrawn following FCA intervention. Retail investments and retail lending were the sectors with the highest amend/ withdraw outcomes and in 58% of cases website or social media promotions were involved. … Continue Reading
Anti-money laundering and the prevention of financial crime continues to be a key focus for the FCA, which reiterated in its most recent Business Plan its commitment to continue to use its enforcement powers to pursue those committing financial crime and their enablers. According to the notice published on 23 June 2022, the FCA has … Continue Reading
Investors are increasingly seeking sustainable financial products and ESG investing, traditional investing combined with sustainable or otherwise philanthropic aims, has seen huge growth in recent years. Regulated firms are also seeking to improve their own ESG performance more generally to build stronger relationships with their stakeholders, including those who use their services. Whilst the growing … Continue Reading
Whilst historically there have been relatively low levels of sanctions enforcement in the UK, in light of recent developments, in the coming months we expect to see more scrutiny in this area and increased enforcement activity in relation to sanctions breaches. In our latest briefing, first published on Thomson Reuters Regulatory Intelligence on 24th June … Continue Reading
The next instalment of our Beyond Sanctions podcast series is now available to stream and download on Apple Podcasts and Spotify. In this episode, David Harris and Katie Stephen, Co-Heads of our Contentious Financial Services Group in London, discuss some recent developments regarding sanctions enforcement for regulated firms. For further updates in this area please … Continue Reading
As the economy starts to recover following the impact of the COVID-19 pandemic, regulatory changes are under way in the anti-money laundering and market abuse space. In addition, the events in Ukraine, and the wide range of financial sanctions imposed on Russia in response, are having a significant impact on financial markets and must now … Continue Reading
The events in Ukraine and the economic sanctions imposed on Russia raise a number of issues that financial services firms will need to consider. Above and beyond the immediate challenges arising from the imposition of sanctions on clients and counterparties, firms may also need to address concerns about market conduct and systems and controls. This … Continue Reading
The pandemic, and the associated move to hybrid working, and the current geopolitical environment are creating a number of unique governance challenges for regulated firms across the financial services industry. Whilst regulators understand the broader backdrop that firms face, they have also remained clear throughout that firms must take reasonable steps to meet their regulatory … Continue Reading
In this episode of our Beyond Sanctions series, David Harris and Katie Stephen, Co-Heads of our Contentious Financial Services Group in London, discuss their sanctions and governance insights from recent work, as well as some practical takeaways for firms from these. The podcast is available to stream and download from the Norton Rose Fulbright website, … Continue Reading
In this next instalment of our Beyond Sanctions series, Katie Stephen and Joe Smallshaw discuss examples of market manipulation, red flags for firms and practical steps firms can be taking now to help detect and prevent market manipulation. The podcast is available to stream and download from the Norton Rose Fulbright website, Apple Podcasts and … Continue Reading
The events in Ukraine are having a significant impact on financial markets. In the UK, the FCA recently issued a statement reminding issuers of securities admitted to UK trading venues of their disclosure obligations under the UK Market Abuse Regulation. More widely, the FCA will be keeping a close eye on market conduct during this … Continue Reading
UK regulators have sent strong messages to financial institutions operating manipulative trading practices. As at 31 March 2021, the Financial Conduct Authority had 17 market manipulation cases open according to its 2020-21 Annual Report and the Office of Gas and Electricity Markets has also made it clear that market manipulation will not be tolerated. To … Continue Reading
The latest episode of the Regulation Tomorrow Podcast is out now to stream and download. In this episode we hear from Celia Cohen in New York who discusses privilege, particularly in the context of internal investigations; Joe Smallshaw and Catherine Pluck discuss the Frensham case and how the FCA treats non-financial misconduct; and Lisa Lee … Continue Reading
In a speech yesterday by the FCA’s CEO, Nikhil Rathi, to FinTech Week the FCA has said that it is currently reviewing how the Regulatory Decisions Committee (RDC) functions. The RDC is a Committee of the FCA Board which makes certain key decisions including in the context of contested enforcement matters and supervisory and authorisation … Continue Reading
On 29 March 2021, the European Securities and Markets Authority (ESMA) published its advice to the European Commission concerning the application of administrative and criminal sanctions under MiFID II/MiFIR. The legislative background to the advice is Article 90 of MiFID II which provides that the Commission, after consulting with ESMA, will present a report to … Continue Reading
Culture and governance remains a key focus for the FCA and line with this, the FCA has today launched a new whistleblowing campaign called ‘In confidence, with confidence’ to encourage more reporting of potential misconduct to the FCA by those working in financial services. To support the campaign the FCA has produced: materials for firms … Continue Reading
