Enforcement Watch

Enforcement Watch

Issue 28
4739Adam Epstein

Editor's Note

Welcome to the 28th issue of Enforcement Watch, our three times per year round up of enforcement activity and look to the horizon.

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Enforcement Case Highlights

5 February 2019: FCA fines former fund manager Paul Stephany - read more

21 February 2019: FCA Issues its First Decision under Competition Law - read more

28 March 2019:  FCA fines UBS and Goldman Sachs £27.6m and £34.3m respectively for transaction reporting failures - read more

9 April 2019: FCA fines Standard Chartered Bank £102.2 million for poor AML controls - read more

10 April 2019: Tribunal's first decision in an FRA case - read more

7142FCA fines former fund manager Paul Stephany

FCA fines former fund manager Paul Stephany

The FCA imposed a financial penalty of £32,200 on Paul Stephany, former fund manager at Newton Investment Management Limited for conduct failings in relation to an Initial Public Offering (IPO) and a placing.

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7146FCA Issues its First Decision under Competition Law

FCA Issues its First Decision under Competition Law

The FCA has found three asset management firms in breach of competition law and imposed fines on two of them.

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7148FCA fines UBS and Goldman Sachs £27.6m and £34.3m respectively by FCA for transaction reporting failures

FCA fines UBS and Goldman Sachs £27.6m and £34.3m respectively for transaction reporting failures

On 18 March 2019 the FCA fined UBS £27.6m for failings relating to 135.8 million transaction reports between November 2007 and May 2017.

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7151FCA fines Standard Chartered Bank £102.2 million for poor AML controls

FCA fines Standard Chartered Bank £102.2 million for poor AML controls

The FCA has fined Standard Chartered Bank (SCB) £102.2m for Anti-Money Laundering (AML) breaches in two higher risk areas of its business.

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7156Tribunal's first decision in an FRA case

Tribunal's first decision in an FRA case

In the first ever Focused Resolution Agreement (FRA) case to come before the Upper Tribunal, the Tribunal refused to reduce the penalty that had been imposed by the RDC.

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On the horizon

FCA Publishes finalised SMCR guidance for Solo Regulated Firms on Statements of Responsibility and Management Responsibilities Maps - read more

Director of Enforcement speech on recent trends - read more

What the FCA business plan tells us about enforcement in the forthcoming year - read more

7158FCA Publishes finalised SMCR guidance for Solo Regulated Firms on Statements of Responsibility and Management Responsibilities Maps

FCA Publishes finalised SMCR guidance for Solo Regulated Firms on Statements of Responsibility and Management Responsibilities Maps

The FCA has now published finalised guidance in respect of Statements of Responsibility (SoR) and Management Responsibilities Maps (MRM) for firms authorised by the FCA only (Solo Regulated Firms).

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7160Director of Enforcement speech on recent trends

Director of Enforcement speech on recent trends

On 4 April 2019, Mark Steward (Director of Enforcement at the Financial Conduct Authority) delivered a speech at the Global Investigations Review Live event covering partly contested cases, the FCA’s recent cases and AML investigations.

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7162What the FCA business plan tells us about enforcement in the forthcoming year

What the FCA business plan tells us about enforcement in the forthcoming year

The FCA has published its business plan for the year 2019/20. In many respects, themes for 2019/20 are not significantly different than those in the 2018/19.

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