In our latest Global Regulation Tomorrow Plus podcast, Kevin Harnisch, Mark Highman, Katie Stephen and Hannah McAslan-Schaaf discuss the failure to prevent fraud offence under the UK’s Economic Crime and Corporate Transparency Act 2023, which comes into force on 1 September 2025, and how it might impact US firms.
Listen to the podcast here.
Following publication of the government’s guidance in November 2024 and ahead of the new offence coming into force on 1 September 2025, UK Finance has published guidance for the financial services sector on failure to prevent fraud (FtPF) which it says “should be taken into account by a supervisory or enforcement agency when
On 6 February 2025 the House of Lords Financial Services Regulation Committee published its report entitled ‘Naming and shaming: how not to regulate’ on the FCA’s November 2024 CP24/2, Part 2 regarding the controversial ‘name and shame’ proposals (which we summarised here). Responses to the FCA’s consultation are due next Monday 17th February
In October, we published an article setting out five key steps for regulated financial services firms to be thinking about in relation to the new failure to prevent fraud (FTPF) offence. We also have a number of more general publications on this topic which can be found on our knowledge hub.
The
Last month the FCA published Primary Market Bulletin 52 (PMB 52) discussing a number of potential issues, and practical steps for issuers to consider, in relation to the identification, handling and dissemination of inside information in accordance with the UK Market Abuse Regulation.
In our latest briefing we summarise the areas covered in
Introduction
On 6 November 2024 the UK government published its long-anticipated guidance on the failure to prevent fraud offence (the Guidance).
The new offence will come into force in September 2025. It will apply both to UK and to non-UK organisations, where there is some nexus to the UK. The only defence for an
On 28 November 2024 the FCA published CP24/2, Part 2 in relation to its controversial ‘name and shame’ proposals, having trailed this in oral evidence before the House of Lords Financial Services Regulation Committee earlier this month. In the paper, the CP24/2 proposals have been re-drafted with a view to addressing the concerns raised about
On 12 November 2024, the Bank of England (BoE) published an updated procedures document for its Enforcement Decision Making Committee (EDMC). The update follows the publication of the BoE’s policy statement on its approach to enforcement and proposed changes to statements of policy and procedure following the Financial Services and Markets
On 12 November 2024, the Bank of England (BoE) published a policy statement on its approach to enforcement and proposed changes to statements of policy and procedure following the Financial Services and Markets Act 2023 (FSMA 2023). The policy statement provides feedback on responses to the BoE’s consultation paper on the
On 6 November 2024 the UK government published its long-awaited guidance (the Guidance) on the new offence of failure to prevent fraud (here) and confirmed the offence will be in force from 1 September 2025.
Under the new offence an organisation (whether or not it is a UK organisation) may be criminally