One of the key risks that financial institutions both sides of the pond are currently grappling with relates to the use by employees of “off-channel” communications. These are typically communications not monitored by the institution and not retained under various regulators’ business records requirements. Despite most companies having a policy that prohibits the use of
The US DOJ establishes a tip line to fight corruption in El Salvador, Guatemala and Honduras.
High-level officials at the Justice Department are warning that the DOJ is “surging” resources in a new effort to combat corporate crime.
The SEC remains busy exploring additional, alternative means for requiring public companies to disclose climate risks and greenhouse gas emissions.
On 28 April 2021, Airbus’ UK subsidiary GPT Special Project Management Ltd (GPT) was convicted of corruption and sentenced to pay penalties of over £30m by the Crown Court in London.
This case preceded the wider investigation into Airbus culminating in its US$3.9 billion global deferred prosecution agreement in 2020 (see our previous article here
Throughout 2020 and 2021, financial services firms have had to respond and adapt to a number of regulatory challenges in an unprecedented fashion. Firms now have to navigate a diverging regulatory landscape as a result of Brexit, at the same time as continuing to respond to an array of pandemic-related risks that have arisen. Nevertheless,
Information requests from regulators can raise a host of complex legal and practical issues for entities and individuals.
Our experts in this field have set out the key considerations around the production of information to UK and US regulators, including information-gathering powers, privilege issues and increased global data sharing.
Information-gathering powers
Many UK regulators have
On March 3, 2021, the New York Department of Financial Services (NYDFS) announced a Consent Order with a NYDFS-licensed Maine-based mortgage banker and loan servicer settling alleged violations of the NYDFS cybersecurity regulations. (In the matter of Residential Mortgage Services, Inc., March 3, 2021).
As a result of the regular safety and soundness
On February 26, 2021, the Securities and Exchange Commission’s (“SEC”) Division of Examinations (the “Division” and formerly known as “OCIE”) released a Risk Alert (the “Risk Alert”) reminding market participants – investment advisers, broker-dealers, exchanges, and transfer agents – of the framework surrounding digital assets that are securities (“Digital Asset Securities”). The Division also set
On December 8, 2020, BlueCrest Capital Management Limited (“BlueCrest”), a UK-based investment adviser, agreed to a $170 million settlement with the Securities and Exchange Commission (“SEC”) to settle charges involving insufficient and misleading disclosures to investors that BlueCrest was also operating a proprietary, internal fund, moving its best traders to such fund and replacing the