The Economic Crime and Corporate Transparency Act 2023 (the Act), which includes the failure to prevent fraud offence (the FTPF Offence), has received Royal Assent.
Overview
The FTPF Offence will make an organisation liable if it fails to prevent a specified fraud offence from being committed where: (i) an employee or agent commits
The next round of the consideration of the new failure to prevent fraud offence (the FTPF Offence), proposed as part of the Economic Crime and Corporate Transparency Bill (the Bill), saw the House of Lords push back again on restricting application of the offence to large organisations only.
The proposal, which the House
In our latest Regulation Tomorrow Plus podcast, Senior Knowledge Lawyer Catherine Pluck is joined by London Financial Services partners Jonathan Herbst and Katie Stephen, who discuss some recent regulatory developments in relation to culture, as well as some practical steps that firms can be taking in this area. The podcast can be found here.
The UK Parliament is in the process of debating the Economic Crime and Corporate Transparency Bill (the Bill), which is expected to be finalised by the end of the year and come into force during 2024.
There has been much discussion of the new failure to prevent fraud offence (for more detail see our
This post was co-authored with Abhirami Ravishankar.
On 10 May 2023, following the Federal Treasurer’s Budget announcement of additional funding for ASIC’s greenwashing surveillance and enforcement work, ASIC issued two noteworthy publications providing guidance for market participants on how, and how not to, display their green credentials.
The first release was the ASIC Report 763
Introduction
In a landmark decision on the legal status of digital assets in Hong Kong handed down on 31 March 2023, the Court of First Instance, in Re Gatecoin Limited[1], has ruled that cryptocurrencies satisfy the definition of “property” under Hong Kong law and are capable of being held on trust.
The case arose
The Insurance Ordinance (Amendment) Bill (the Bill) was published by the Hong Kong Government (Government) in the Gazette on 6 April 2023. The Bill seeks to amend the Insurance Ordinance (Cap.41) (the IO) and other relevant legislation to provide the legal framework for the implementation of a risk-based capital (RBC
Updated Friday 8 September 2023
The UK Government intends to introduce a new “failure to prevent fraud” offence as an amendment to its Economic Crime and Corporate Transparency Bill (the Bill). On 11 April 2023, the Home Office published a fact sheet (which was updated on 20 June 2023) and tabled an amendment to
On 29 December 2022, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report titled ‘Capital Markets Information Security Monitor’ (the Report).
According to the AFM, business processes of capital market institutions (e.g. trading venues, proprietary traders, and clearing & settlement institutions) are heavily and increasingly
On 26 October 2022, the Bank of England (the Bank) provided an update on the Data Standards Review, which has been commissioned by the Transforming Data Collection joint transformation programme being led by the Bank of England and FCA with industry. The joint transformation programme’s vision is that ‘The Bank of England and the