Sonya Zywko (UK)

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RT Plus – Avoiding common pitfalls around market disclosure

A new episode of RT Plus is out now and available to stream and download. In this episode we’re playing a conversation that took place recently between Katie Stephen and Sonya Zywko regarding how to deal with enquiries from the regulator regarding market disclosures, including discussion of how to mitigate the risk of receiving an … Continue Reading

Webinar – Financial services academy: Mastering the fundamentals

Date: 7 July 2021 Time: 08:30am – 10:00am GMT We are pleased to invite you to our inaugural financial services academy. The academy will take the form of a series of online webinars that are aimed at up-and-coming in-house regulatory lawyers and compliance professionals, as well as anyone in need of a refresher. During the … Continue Reading

FCA statement – Temporary Registration Regime extended for crypto-asset businesses

On 3 June 2021, the FCA issued a statement on its website confirming that it is extending the end date of the temporary registrations regime (TRR) for existing crypto-asset businesses from 9 July 2021 to 31 March 2022. The FCA adds that: The TRR was established last year to allow existing crypto-asset firms that applied … Continue Reading

Beware the use of WhatsApp at work: practical steps for firms with a view to avoiding some common pitfalls

A year ago we wrote about the risks and challenges of using of WhatsApp at work.  Twelve months on and we have seen a number of developments including recent guidance from the FCA which stated that it has acted against individuals and firms for misconduct which involved the use of WhatsApp and other social media … Continue Reading

Webinar | Financial crime: AML and market abuse trends in 2021

Date: 14 April 2021 Time: 08.50-09.30 GMT Senior management and boards acknowledge the threat of financial crime as a critical risk to their business, which has been exacerbated in the last 12 months through the impact of the pandemic. The expansion of virtual currencies, the registration of trusts, and the emphasis on RegTech and FinTech … Continue Reading

Regulation Tomorrow Podcast – Episode 3 out now

Episode 3 of the Regulation Tomorrow Podcast is out now. In this month’s episode we catch up on Brexit with Jonathan Herbst, we take a global look at vulnerable customer initiatives with John Coley from the Risk Consultancy practice in London and Helen Taylor from Sydney, and we speak to Katie Stephen and Sonya Zywko … Continue Reading

Heightened risk of market abuse in a remote working context: another warning from the FCA

The resurgence of COVID-19 in the UK and a corresponding change in government guidance around remote working has caused many firms to rethink plans for a gradual return to the office in the near term.   Earlier this year we wrote about the FCA’s focus on the heightened risk of market abuse in a remote working … Continue Reading

October 40 Minute Briefing recording – Learning lessons: Proactive governance in the autumn

The recording from the October 40 Minute Briefing, Learning lessons: Proactive governance in the autumn, is now available here. In the October edition of the webinar we focussed on “lessons learned” reviews, examining how such reviews can be successfully conducted so that they are valuable exercises. The webinar also considered skilled persons reviews, focussing in … Continue Reading

Operational resilience and key learnings from operational incidents across the financial services industry

Operational incidents show no signs of abating: in recent years, there have been a number of high profile cyber-attacks by third parties, as well as IT incidents such as those resulting from system updates and migrations. Certain of these have attracted regulatory attention and in this final part of our three part series on operational … Continue Reading

FCA confirms that its investigation into London Capital and Finance is to be further extended

Following publication of a letter dated 21 August between Dame Elizabeth Gloster and Charles Randell, FCA Chair, about the investigation into the FCA’s regulation of London Capital & Finance plc (LC&F), the FCA has confirmed that the revised date for the completion of the investigatory report has moved from 30 September 2020 to 23 November … Continue Reading

UK Finance Paper on Cyber Incident Management

On 1 July 2020, UK Finance, which represents over 250 firms across the banking and finance industry, published a paper on managing cyber incidents, designed to assist firms in thinking about their response plans. The paper emphasises the importance of firms being able to action an effective response to a cyber-attack and key takeaways include: … Continue Reading

Heightened risk of market abuse in a remote working context?

In a recent snapshot poll of webinar participants, 87% of our clients thought there was an increased risk of market abuse in a remote working context. The FCA appears to share this view and has identified a heightened risk of market abuse in the context of COVID-19 in the following areas: (i) in the context … Continue Reading

Horizon scan: more FCA spoofing cases in 2020/21?

Commentators sometimes compare the FCA’s spoofing case record unfavourably with that of its US counterparts. Where the FCA has pursued cases, typically the FCA has used its civil powers in relation to market manipulation rather than its criminal powers to prosecute those who create false or misleading impressions in relation to the market in or … Continue Reading

July 40 Minute Briefing on Operational Resilience – register now

On 1 July we will be releasing the July edition of the 40 minute briefing. The webinar will cover issues relating to operational resilience, with views from lawyers and consultants on the following: The operational resilience process – mapping, impact tolerances and testing Outsourcing and third party supply What we are seeing in the market … Continue Reading

July 40 Minute Briefing – Operational Resilience

Financial institutions have to deal with two challenges in the face of the COVID-19 pandemic. The first challenge is financial – how to address and mitigate the sharp drop in the value of financial assets or loss of liquidity. The second challenge is operational – how to address the risk of failure of resources (people, … Continue Reading

Beware the use of Whatsapp at work

Introduction Before the onset of COVID-19, many firms did not permit the use of WhatsApp in a work context.  However, many employees are now working remotely in response to the government’s guidance to avoid non-essential social contact and travel with effect from Monday March 16 2020, and certain firms may be contemplating relaxing their Whatsapp … Continue Reading

Practical governance: top tips for conference calls/virtual meetings

Many UK boards will be operating on a remote basis in response to the government’s guidance to avoid non-essential social contact and travel with effect from March 16 2020. Listed entities in particular will be facing difficult decisions about the impact COVID-19 is having, or might foreseeably have, on expected performance in a fast evolving … Continue Reading

Regulatory Enforcement and Sanctions Trends 2019

In this on-demand webinar, members of our Regulation and Investigations team in London explore regulatory and sanctions trends that emerged throughout 2019 as well as likely developments for the upcoming year based on recent enforcement cases and forward-looking statements from the regulators. To access the webinar, please click the below link and enter your details … Continue Reading

First FCA prosecution for alleged destruction of documents

A former banker has been charged with the offence of destroying documents which he knew or suspected were relevant to an FCA investigation.  It is alleged that Mr Vishnyak deleted WhatsApp messages after he was required to provide them as part of an FCA investigation into suspected insider dealing offences.  He pleaded not guilty at … Continue Reading

FCA publishes Decision Notices concerning the market disclosure and related conduct of a premium listed issuer, its CEO and Finance Director

The FCA has decided to fine a premium listed issuer, Cathay International Holdings Limited (Cathay) £411,000 for a number of breaches of the Listing Principles and the Disclosure and Transparency Rules.  In addition, the FCA has decided to fine Cathay’s CEO £214,300 for being knowingly concerned in those breaches and its Finance Director £40,200 for … Continue Reading

London Stock Exchange announces public censure and £300,000 fine for a PLC for AIM Rule breaches

On 30 May 2019, the London Stock Exchange (the Exchange) announced a public censure and £300,000 fine for a PLC in relation to breaches of a number of AIM Rules for Companies (AIM Rules) arising from a variety of failings including misleading announcements, non-disclosure of related party transactions and inadequate board level challenge.  The fine … Continue Reading

Global Regulatory Enforcement and Sanctions Trends for 2019

In this on-demand webinar, members of our Regulatory, Compliance and Investigations team in London, France, the US and Hong Kong give their thoughts on likely regulatory enforcement and sanctions trends for the rest of this year based on recent enforcement cases and forward looking statements from the regulators. Topics discussed include individual accountability, anti-money laundering … Continue Reading

FCA bans Christian Bittar in relation to Euribor submission requests without imposing an additional fine

The FCA has prohibited Christian Bittar, a former derivatives trader of products referenced to Euribor at a global bank, from all controlled functions for seeking to manipulate Euribor. The FCA refrained from imposing an additional financial penalty on the basis that the Crown Court had sentenced Mr Bittar to 5 years and 4 months in prison … Continue Reading