Sonya Zywko (UK)

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Decision by the FCA to ban and fine former Chief Executive at TailorMade Limited is upheld

This decision makes it clear that personal culpability cannot be avoided through delegation or collective decision-making structures, such as the board, even where other directors have been allocated particular responsibility for specific areas including compliance.  Where responsibility is delegated, directors are not absolved from acquiring a sufficient understanding of the business to enable them to … Continue Reading

Tribunal strikes out application by third party in relation to Supervisory Notice

The Tribunal has held that third party rights do not arise in the context of Supervisory Notices, nor do the relevant provisions allow third parties to refer Supervisory Notices to the Tribunal, even where they are identified. Although Parliament has specifically provided for this right in the context of Warning and Decision Notices, it has … Continue Reading

Upper Tribunal determines that Mr Bittar is identified in bank’s Decision Notice

Christian Bittar was a trader holding the position of Manager of a bank’s Money Markets Derivatives (MMD) desk in London during the relevant period. On 23 April 2015, the FCA published a Final Notice imposing a penalty on the bank for misconduct, including the attempted manipulation of the LIBOR and EURIBOR benchmarks (the Final Notice). … Continue Reading

Asia Resource Minerals Plc (formerly Bumi plc): Takeover Panel censures advisers

The Takeover Panel (Panel) has censured certain legal and financial advisers in connection with the acquisition by Vallar plc (Vallar) of interests in two Indonesian coal mining companies. Background/Facts Vallar was the predecessor of Bumi plc, which subsequently became known as Asia Resource Minerals plc. As a result of connected transactions, Vallar’s three Indonesian counterparties, … Continue Reading

High court rules on scope of legal of advice privilege in PAG v RBS

Overview The High Court has upheld a claim to privilege by RBS in respect of certain documents prepared by external lawyers in the context of LIBOR investigations by regulators in various jurisdictions. Mr Justice Snowden ruled that: (i) factual updates provided to the Executive Steering Committee (ESG), a committee set up to oversee such investigations; … Continue Reading

Asia Resource Minerals plc (formerly Bumi plc) fined £4,651,200 for Listing Rule and Disclosure and Transparency Rule breaches

The Asia Resource Minerals plc (formerly Bumi plc) (the Company) was fined for failing to take reasonable steps to establish and maintain adequate procedures, systems and controls to enable it to comply with Listing Principle 2 (in force at the relevant time), impeding the Company’s ability to identify related party transactions (RPT) despite the  “heightened … Continue Reading